Categories: Business

How to manage money properly according to Bill Gates and Mark Zuckerberg?

In the world of business and technology, Bill Gates and Mark Zuckerberg He is widely recognized not only for his business successes, but also for his Ability to manage your personal finances efficiently.

These technology giants often offer advice and recommendations for managing personal and business finances.

It is worth mentioning that Apart from its technology giantsAmerican businessmen have Financial and Administrative Skills Which has allowed them to grow and expand their businesses, it is known that entrepreneurs apply a powerful rule of thumb to take care of their money and ensure financial success in the short and long term.

50/30/20 rule implemented by Bill Gates and Mark Zuckerberg

This technique was popularized by personal finance expert elizabeth warren and your daughter Amelia Warren Tyagi in his book ‘All Your Worth: The Ultimate Lifetime Money Plan’.

The 50/30/20 Rule is a Personal Finance Strategy Simple and it has been effective in managing income efficiently and wisely.

To implement In the 50/30/20 method you must have 100% of your fixed income available.Of this total, 50% will be allocated to meet basic needs, 30% to desires and tastes, and the remaining 20% to cover debts and savings.

Both Bill Gates and Mark Zuckerberg have expressed a commitment to prudent management of their personal finances on various occasions in their interviews or conferences, and the 50/30/20 rule is a tool they have used to achieve this goal. .

What is the 50/30/20 rule?

Basic needs (50%): Even with their vast wealth, these entrepreneurs recognize the importance of meeting their basic needs before anything else. This includes expenses such as accommodation, food, transportation and medical care. Although your needs may differ from those of the average person, the basic idea is to prioritize what is necessary to maintain a solid foundation.
Desires and tastes (30%): Millionaires also understand the importance of enjoying life and allowing themselves some luxuries. This 30% goes towards discretionary spending like entertainment, travel, restaurants and luxury purchases. Although this portion of the budget may vary depending on personal preferences, it is essential to maintain a balance between affordability and financial responsibility.
Savings and Loans (20%): Perhaps the most important aspect of the 50/30/20 rule is allocating 20% of income to savings and debt management. This money is spent on building an emergency fund, investing for the future, and reducing existing debt, such as student loans or mortgages.

Alejandra Hernandez Torres

Digital Scope Editorial

Time