No matter how much money you earn or have saved, here's how you can make the most of what you're working with.
Krawcheck advises putting 50% of your take-home pay toward needs ; 30% toward “wants” ; and 20% toward “future you,” meaning savings, investments, and debt payments above minimums.Alice Yoo / BuzzFeed
A good rule of thumb, advises Krawcheck, is putting 10% into your 401, and then, aligning with the 50-30-20 rule, putting that other 10% for “future you” into savings or investments. And as you get older, you might want to consider switching those percentages around and investing more in your 401 and putting less in your savings — after, for instance, you’ve already bought the property you were saving up for all those years.
While a “good” credit score is generally considered to be 700-749 and an “excellent” one 750+, if that range seems miles away, just take a deep breath and do what you can. “Don’t cry over spilled milk,” Krawcheck says. “If you’re there, you’re there, so just pay your debt on time, work down that credit card debt to the best of your ability, pay those student loans, and just one foot in front of the other and don’t make the same mistakes again.
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