Marc Bineham
speaker
467 appearances
1 recordings
1 series
first heard Aug 2022
last heard Aug 2022
Marc Bineham’s voice in public audio — every appearance, attributed to the second.
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Appearances
That's fine if you want to spend it and you just say, don't have any money at the end of the month, but at least you know.
That's absolutely the number one tip for people for me is to get, once you get that cashflow, and it is actually a tip that I actually do like to say is, one is I actually say, if you do get paid monthly,
the easiest way is to last a week.
And so have a separate bank account that from your main bank account, you just pay yourself a weekly salary once a week and just automatic.
And then you don't touch the main bank account where the monthly salary goes in and expenses come out, but you have your tap and go weekly salary.
And if you blow it with...
in four or six days, you know you're only going to last two days until your next one is.
And I think that's a great habit because it was always people who get paid weekly found it far easier with cash flow and budgeting than present with the whole month thing now.
Yeah, exactly right.
The second thing is good debt versus bad debt.
It's to me, once you get your cash flow right, it's part of that is understanding how much you're paying for credit cards and all that and getting them under control.
You know, credit cards, you should never have more debt from a buy now,
pay later or a credit card or a loan that you can't pay back in 10 months based on your savings capability.
So for example, you know you can save $200 or $300 a month.
Therefore, you should never be able to borrow more than $2,000 or $3,000 because you should be able to pay that.
It doesn't matter what the credit card says you need to pay back as a minimum.
because that will take you 20 years.
You want to be able to pay it back in 10 months.
So roughly thinking whatever the amount you loan, if you pay it back in 10 months, it's going to be very little interest.
So you can just do a simple divide by 10 situation.
Showing 361–380 of 467 · page 19 of 24
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