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What To Do When You GET PAID | How to Manage Money and Grow Wealth With YOUR PAYCHECK in 2021

Find out what to do when you get paid. Manage money and grow wealth with your paycheck in 2021. By using these steps when you get paid, you can easily manage your money and grow wealth in 2021. By using your paycheck, you will be able to grow wealth in 2021 and understand what to do when you get paid. The key to grow wealth is managing your money when you get paid in 2021. Follow these steps when you get paid. Whether it is weekly or bi-weekly, you can benefit from following these steps when you get paid. ►Press the LIKE button! It will help me a ton! ►SUBSCRIBE if you are new!    / @drjarednelson   ►Follow me on Instagram! @TheJaredNelson ►PAYING OFF DEBT RESOURCE: https://www.nerdwallet.com/blog/pay-o... 1. INVEST This can actually be before you get paid, but saving and investing is the baseline to build wealth. Many people do not understand the importance of investing, and do not invest. Before you do anything, take your investing off of the top. Autodraft into a savings or retirement account. A ROTH IRA and a 401k are great options here for retirement! The younger you are, the more beneficial this will be. I know lots of Gen X and Millennials that do not invest their money at all. If you don't invest in retirement, invest in your future instead! Buy a masterclass, learn a new skill, or level up your life in some way. Right off the top, take money out and invest in yourself! 2. NEEDS Right in the beginning you need to set aside money for your needs. Make sure you have the necessities for survival such as food, shelter, and clothing. Calculate this, because many things such as your grocery bills can be higher than you think. Your grocery bill can escalate very quickly! I want to see if I can rank for grocery bill... grocery bill. Try to also shave off things that you may not need. Separate your wants and your needs. This steps alone will save you hundreds of dollars per year. 3. EMERGENCY FUND This is a security net in case of financial trouble. Something will come up eventually! Car breaking down? $1,200! If you don't have an emergency fund, you will go into debt. 3 to 6 months of your total expenses is recommended to be put into an emergency fund. I know that is a lot of money, but try to at least have $1,000 to $3,000 in case of emergency. Try to really save some money for a rainy day. Your personal finances and your car will thank you later. 4. PAY OFF DEBT This is the foundation for gaining wealth long term. If you do not handle your debt it isn't going anywhere. The debt that you have will stay in your life forever. Try to find a spot in your income to put a little extra towards debt if you have any. Getting out of debt is going to greatly build your wealth. Focus on debt, it will not magically go away! Pay off the debt in your life as soon as possible! The snowball method made famous by Dave Ramsey knocks out low interest first, but the avalanche method takes out the highest interest rate first. Make minimum payments on all debt that you have. But, pay it off as quickly as possible. 5. WANTS Freedom gets a lot of people on this step, so be careful. Be sure that what you buy is actually what you want. Don't buy off of emotion trying to buy the next big thing. Buy things that you actually do want, or invest/save the difference that you don't spend. ROTH IRA is a good example here! Invest that money into a ROTH IRA and watch it grow over your lifetime. Be responsible with the things that you buy. Although you have saved, invested, and paid on debt, you don't have to blow all of the money you have. Instead, invest or save a little extra! Enjoy your money, but focus on the things you actually want, and don't waste money on things you really don't need. WRAP UP What are you going to do? Are you going to blow all of the money you make every month/ Or are you going to save, invest, and make the most of the money that you get every single month? By starting this early in your life, you financial future will be very bright. The multiplication of wealth is going to fall right into your lap. ►Press the LIKE button! It will help me a ton! ►SUBSCRIBE if you are new!    / @drjarednelson   ►Follow me on Instagram! @TheJaredNelson ►Footage credit: Videvo That's it guys, I will see you in the next one!