The 60/40 Principle and How It Can Help You with Janine Bolan - 146

Money Talk with Skyler Fleming

In this episode of Money Talk, I delve into the 60/40 principle with Janine Bolan, a biochemist turned financial educator. Janine shares her journey of creating this principle to help her family live on a single income after transitioning from a two-income household. The 60/40 principle is a straightforward approach where 60% of found money (unexpected income like bonuses and gifts) goes into your checking account, while the remaining 40% is divided equally among short-term savings, long-term savings, philanthropy, and charity or spirituality. Janine emphasizes starting with found money to gradually build the habit of saving before applying the principle to your regular income. This method not only aids in habitual saving but also helps in reducing debt. If you're looking to improve your financial situation and develop a strong saving habit, this episode is packed with valuable insights and practical advice. Tune in to learn how you can implement the 60/40 principle in your life and start your journey toward financial stability.

The Money Talking points for today’s episode are:

1. How does becoming aware of your financial situation help you make changes?
2. Are rules of thumb good for you to implement or are they just extra noise?

Find Janine online at https://the8gates.com/

Check out the website at moneytalkwithskylerfleming.com

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Watch the podcast on YouTube at youtube.com/@MoneyTalk.SkylerFleming

"Upbeat Forever" Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0http://creativecommons.org/licenses/by/3.0/