How to be financially free

Take your monthly income and multiply it by 0.55. That's the maximum you should aim to spend on essentials like housing, groceries and transportation. Then take your monthly income and multiply it by 0.05. That's your guilt-free spending money. Use it however you want without feeling bad. Then take your monthly income and multiply it by 0.1. If you're debt, use that to pay it down each month. If you're debt free, add it to your investments. Take your monthly income and multiply it by 0.15. That's how much you should aim to save for short term goals like buying a home, getting a car, taking a vacation or anything else you're working towards. And lastly, take your monthly income and multiply it by 0.15. That's how much you should aim to invest every month to build long-term wealth. Save this video so you can come back to it and follow for more Canadian personal finance content.