If you want to build the life of your dreams, and if you really believe you can, then you’ve got to have a plan.
Create the lifestyle you want and have peace of mind to sleep well at night by putting your cash into these three buckets:
- The Generosity Bucket
This is where you seed money into something that sets your soul on fire. Seed your money, time, and resources into something you’re passionate about. Develop this into a habit by giving away your cash 24 hours from when you earned it. Others call it tithing, but you can call it whatever you want. Seed it into whatever cause, community, or organization you prefer.
- Short-Term Bucket
This is your cash emergency fund bucket or your vacation fund bucket. In other words, your short-term money goes toward anything you plan to spend your money on in the next five years. And make sure and put three to six months’ worth of your expenses into this bucket.
It’s important to have a cash emergency fund so you have fallback money whenever stuff hits the fan. Whether you get laid off from your job, or you get sick, or whatever. We don’t really know what’s going to happen next and you don’t know if you’re going to have a job tomorrow. So you need to plan and prepare. Cash gives you options.
- Long-Term Bucket
This is where you let the money you earn work for you. Create long-term savings for your future. This could be money saved up for your dream vacation, future home, retirement, or whatever that looks like. A penny saved is a penny earned and a little bit of long-term planning today can make all the difference.
If you want to learn more about how you can make your money work for you, check out https://marissanehlsen.com/llr010.
