Back in 2010 Kyle Taylor was sinking in massive $50,000 student loans and credit card debt. He began blogging about his adventures of becoming debt free. The blog called The Penny Hoarder, has grown from something that was mainly personal to media company, bringing in over 14 million unique readers a month, over 5 million subscribers and nearly $20 million a year in revenue.
The 30-year-old keeps simple financial strategy he calls “Financial Sunday.” Every Sunday Taylor pours himself a glass of wine and goes over both his checking and savings accounts, determining where he needs to make adjustments.
According to CNBC Taylor also keep one more rule calls the 50/20/30 rule. Whenever he receives a big extra money, such as a bonus, raise, or gift, Taylor puts 50% directly into savings, 30% he spend on new clothes or saving up for an apartment down payment. The remaining 20% he is using for fun.
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“Having those percentages set up ahead of time will give you the freedom and the control to make sure you’re making a wise financial decision,” he told CNBC.
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