Advanced: Elements of My "ADVANCED" Money Management Flow Chart

In addition to the essential elements of My Money Management Flow Chart I've created "ADVANCED" elements. Here is a closer look:

 

Seventh Element: Kidz AccountThis account is where you set-aside just for your children. The percentage you elect is to be determined. Examples include non-court ordered child support, birthdays, or a 529-education savings plan.

Eighth Element: Project Account
This account is where you elect to repair your credit, build a deck, or remodel your basement. 10% from your main account is deposit in this account. For example, if you earn $500 a week, $50 is placed in your Project account.

Ninth Element: Tithes Account
This account is where you elect to pay your tithes. 10% from your main account is deposit in this account. For example, if you earn $300 a week, $30 is placed in your Tithes account.

Tenth Element: Miscellaneous Account
This account is where you set aside for miscellaneous purchases and/or items 1% to 5% from your main account. For example, if you earn $1,000 a week and elect to allocate 5% for miscellaneous purchases and/or items, $50 deposit into this account. For example, if you are allergic to cut grass at the beginning of spring you could elect to pay someone to cut your lawn funded by this account.

These are the "ADVANCED" elements of a Money Management Flow Chart.

Next: Project Account - Credit Repair

"Isaac L. Black III -the Money Management Flow Chart is not a quick fit or a get rich scheme. Over time you will enjoy your financial freedom & the health of your finances. You can change the trajectory of your future."
February 1 at 2:28pm via Mobile Web

The Essentials: Elements of My Money Management Flow Chart

Here is a closer look at key elements of My Money Management Flow Chart

First Element: Main AccountThis account is where all your income(s), investments returns, and saving interest all rest
before being allocated to other accounts.


Second Element: Savings Account
This account is where you place your savings. 1% to 5% from your main account.
For example, if your earn $500 a week and elect to save 5%, $25 deposit into this account.

Third Element: Investments AccountThis account is where you set aside for investments. 1% to 5% from your main account. For
example, if you earn $1,000 a week and elect to allocate 5% towards investments, $50 deposit into this account.

Fourth Element: Charity AccountThis account is where you elect to give. 1% from your main account or 25% from your savings account.
For example if you earn $300 a week, $3 goes towards giving to charity.

Fifth Element: Me AccountThis account is where you elect to pay yourself. 10% from your main is deposit in this
account. For example, if you earn $500 a week, $50 is placed in your Me account.

Sixth Element: BillsThis account is where you set aside just for your bills. The percentage you elect is to be
determine.

These are the essentials, the must have that every Money Management Flow Chart should
possess.

"Isaac L. Black III -the Money Management Flow Chart is not a quick fit or a get rich scheme. Over time you will enjoy your financial freedom & the health of your finances. You can change the trajectory of your future."