Hi there. My name is Jason Dalton. I am a real estate agent in the triangle area of North Carolina. One of the most thriving areas in the United States that people flock to because of the wonderful offerings. We've got Apple and Amazon and wonderful companies bringing their businesses here because it's such a solid, stable, cost of living is great. Our tax rate is it's low, relatively speaking. Our public schools are stellar so I've been operating my business in the Raleigh, Cary, Durham,. Chapel Hill, Holly Springs, Apex, Cary, Garner... here for 18 years and budgeting and setting aside money is absolutely one of the first steps towards financial freedom.
This is how I explain it.
We get paid.
I don't care if it's once a week, once every two weeks,
once a month, once whenever the money comes in
we got to do something wise with it.
We cannot let it sit because odds are you'll spend it.
So account number one
and I think this needs to be at a stand alum
separate lending institution that just is free
and no frills or fluffs, convenient,
ATM... it's convenient for you.
Great mobile deposit.
That's your operating account.
That is the account that you put money
into to pay your mortgages, your utilities
your... any expenses associated with you living.
So put them up in there to cover those expenses.
The second account that I think
that you have to start, you have to start it.
I don't care if you can put $10
or $20 or whatever is your life savings.
That is the account that you do not touch.
And this is the one.
And this is the reason that you go
to the separate lending institution
not where your operating account is.
This one is life savings.
I suggest no checkbook to it.
No ATM card to it.
Deposit slips only.
That's how I started.
I would take money and I would put in here.
And then it was this is for emergencies.
This is for, this was for the downturn
of the real estate market in 2007 and eight and nine.
This is the money that keeps you from Short Selling,
Foreclosing, being in trouble...
start here, start here.
I think six months to 12 months of your,
of what it costs you to live, need to be in here
at all times, just so you can sleep and build off of that.
So that's account number two,
account number three is your travel account.
Plan for travel.
We need it.
Our body need rest and relaxation.
Go somewhere recharge,
then you can come back and be better at your job,
better parents, better managers, better everything.
So plan for this.
If you can put $10 from your paycheck.
It adds up.
That was one.
That was two.
There was three.
Number four is your home maintenance fund.
I'm assuming that you own a home, but let's say
if you don't, then we'll change it.
We'll call it something else.
But home maintenance
Set aside some money to plan for things
that are going to happen.
Mulch costs money, mulch costs.
If you freshen up your guard, four or $500
if your water heater needs to be replaced, $1,500 to set
aside money, each time you get paid so that you
don't have surprises as pertains to your home.
Let's just say, you're not a homeowner.
Let's call this one.
Your down-payment fund.
Okay, if it's your down payment fund, be as aggressive
as humanly possible.
Putting money in here to cover the expenses,
due diligence money, earnest money, repairs, do it.
The last one, the fifth one that I recommend having it
the same lending institution with your travel and your
your others is I call it your slush
because lets just say I know fund
or your multipurpose fund.
And this one will likely change names.
As you become more financially savvy.
This is the one I call it slush, because let's just say
I know that I am going to see my best friend in Chicago.
I know I like shoes.
I don't want to see a pair of shoes,
a pair on my credit card statement,
because I don't like that.
This is where I set aside money for things
that I wanna to treat myself because I work hard.
So from each time I get paid,
I just set aside a little bit of money
so that when I want something nice
or I want something that doesn't really adhere
to my normal monthly budget.
I go into this slush fund and it's, they are not
don't feel guilty.
It's like, I've prepared for it.
I've earned it.
Do it, do it.
If it is a very special,
if it's a very special event,
it's your wedding anniversary or something. You want to do something wonderful for your friend that is
has had a baby, or has had a divorce. Go into your slush fund.
And there you go.
You've got, you've got
a little bit of some money set aside to do either wonderful things
for yourself or for someone near and dear to you .
The reason that I swear by this is
because if you don't get the money
that you've made out of your fingertips, you will blow it.
This is a way of making it work for you. If you train your brain, if you train your fingertips to do these key strokes every time you get paid, you will build wealth.
You will not be in debt or learning this discipline will help you get out of debt.
Be it credit card debt, or student loan debt or paying a car off these. Like, it's so simple, but it takes discipline. If you will start, I swear. I don't care if you go to Bank of America and open four different accounts that are free that costs $25 to put in each one.
Alright, take a hundred dollars bill and allocate $25 for each one of those four accounts.And the next time you get paid, put 25 more dollars. Or if you have a great month, a great bonus, put a hundred but this will help you. Any more questions you just let me know.
You can always reach me at (984) 230-9170.
I love to talk on the phone.
I love finance and this stuff.
So you're always welcome.
If you have any questions, real estate or not real estate related, please ask it is my absolute pleasure. I promise where I wouldn't have put this out here.