A Nashville entrepreneur breaks down the 5-step 'profits-first' system she uses to keep her money automated, unemotional, and growing. Presented by Fidelity.
6% to one called"taxes"When they have to pay a bill, it comes out of the living expenses account. Likewise, a restaurant dinner comes from discretionary spending. Not only does this keep their spending on track — when a fund is empty, it's empty until the next scheduled deposit — but it also eliminates the need to constantly monitor exactly where money is going. As the couple was building out this system, they sat down to discuss where they wanted their profits to go.
Day to day, most of the money Sellers spends is either coming out of the discretionary-spending account or the living-expenses account. But once a quarter, they divide up the profit account among these goals. Ten percent off the top is automatically set aside to give to charity. The remainder of what's left is then divided among various accounts that correspond with their goals: Some goes to retirement, some to a dream-home fund, and so on."I'm crazy about efficiency, so it's nice to only have to do it once a quarter," Sellers said. "Once a year, I like to do any annual money planning and take stock of things," she said.
"Some people would salivate over this structure, and some people would run for the hills," Sellers said,"But this system makes me feel good."
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