Daniel G. Taylor

Raising young men from adversity to prosperity through business

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Mastering Your Finances: The Ultimate 50/30/20 Rule Spreadsheet Guide for Young Entrepreneurs

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Estimated reading time: 6 minutes

Hey there, future business moguls! Daniel G. Taylor here, CEO of Mayer Marketing Agency and mentor to ambitious young entrepreneurs like yourself. Today, we’re diving into a game-changing financial strategy that’ll help you manage your money like a boss: the 50/30/20 rule spreadsheet.

A minimalist illustration of three piggy banks labeled 50% Needs, 30% Wants, and 20% Savings representing the 50/30/20 rule spreadsheet

As someone who’s been in your shoes, I know how overwhelming finances can be when you’re starting out. But trust me, getting a handle on your cash flow is crucial for both personal and business success. That’s why I’m excited to share this simple yet powerful budgeting method with you.

Table of contents

Key Takeaways:

  • The 50/30/20 rule divides your income into needs (50%), wants (30%), and savings/debt repayment (20%).
  • Using a spreadsheet makes implementing this budget strategy a breeze.
  • Consistency and automation are key to making this method work for you.
  • Changing your mindset about spending can transform your financial habits.

Let’s break down the 50/30/20 rule and how you can use a spreadsheet to make it work for you.

What is the 50/30/20 Rule?

The 50/30/20 rule is a straightforward budgeting method that allocates your after-tax income (especially if you’re using my tips to make money fast) into three major categories:

  1. 50% for Needs: These are your essential expenses. Think about rent, groceries, utilities, and minimum debt payments.
  2. 30% for Wants: This is the fun stuff! Dining out, entertainment, that new gadget you’ve been eyeing.
  3. 20% for Savings and Debt Repayment: This chunk goes towards building your financial future. Emergency fund, investments, and crushing that debt.

Why Use a Spreadsheet?

Look, I get it. Spreadsheets might not sound sexy, but they’re a powerful tool for managing your finances. A 50/30/20 rule spreadsheet can help you:

  • Visualize your spending habits
  • Track your progress over time
  • Make quick adjustments to stay on target

Plus, it’s way easier than trying to do the math in your head. Trust me on this one.

Setting Up Your 50/30/20 Rule Spreadsheet

Ready to get started?

You can download my spreadsheet here:

50_30_20 Rule Spreadsheet for Budgeting [WORKSHEET]Download

Here’s how to create your own 50/30/20 budget template excel:

1. Open up Excel or Google Sheets.

2. Create three main columns: Needs, Wants, and Savings/Debt.

3. Under each column, list out specific expenses. For example:

  •    Needs: Rent, Utilities, Groceries, Insurance
  •    Wants: Dining Out, Entertainment, Hobbies
  •    Savings/Debt: Emergency Fund, Investments, Extra Debt Payments

4. Add a row for your monthly after-tax income.

5. Set up formulas to calculate 50%, 30%, and 20% of your income.

6. Track your actual spending in each category.

7. Compare your actual spending to your targets.

Pro Tip: Color-code your spreadsheet. Use green for areas where you’re on target, yellow for close calls, and red for overspending. It’s a quick visual cue that can keep you motivated.

Making the 50/30/20 Rule Work for You

A smiling young man in business attire standing next to a large calculator and spreadsheet tracking his 50/30/20 rule spreadsheet

Now that you’ve got your 50/30/20 budget spreadsheet set up, let’s talk about how to make it work in real life.

1. Make it a Daily Habit

I can’t stress this enough: consistency is key. Set aside 5-10 minutes each day to update your income and expenses. It might seem tedious at first, but it’ll become second nature before you know it. Stay on track towards achieving your financial goals.

2. Automate, Automate, Automate

As an entrepreneur, your time is precious. Automate your savings, investments, and regular expenses. This not only saves time but also removes the emotional aspect of managing finances. Set it and forget it!

3. Reframe Your Spending Mindset

Here’s a mindset shift that changed the game for me: view your expenses as “requests for appreciation” rather than obligations. When a bill comes in, it’s an opportunity to appreciate the service you’ve received. This turns spending from a chore into an act of gratitude.

4. Be Flexible

The 50/30/20 rule is a guideline, not a strict law. If your business is just taking off, you might need to adjust these percentages. Maybe it’s more like 60/20/20 for a while. That’s okay! The key is to be aware of where your money is going.

5. Plan for Irregular Income

As an entrepreneur, your income might fluctuate. Use your spreadsheet to track your average monthly income over time. On months when you earn more, resist the urge to splurge. Instead, sock away that extra cash for leaner times.

Alternative Budgeting Methods

While the 50/30/20 rule is my go-to, it’s not the only game in town. Here are a couple of alternatives to consider:

Zero-Based Budgeting: This method assigns every dollar a job. It’s great for detail-oriented folks who want maximum control over their spending.

Pay Yourself First: With this approach, you prioritize savings and investments before anything else. It’s perfect for those who struggle to save what’s left at the end of the month.

Conclusion

The 50/30/20 rule spreadsheet is more than just a budgeting tool—it’s a roadmap to financial freedom. By giving every dollar a purpose and tracking your progress, you’re setting yourself up for long-term success.

Remember, managing your personal finances is just as important as managing your business finances. They’re two sides of the same coin. Master this, and you’ll be well on your way to building the empire of your dreams.

Action Steps:

  1. Download my free 50/30/20 budget template excel sheet (BELOW).
  2. Customize the template to fit your specific income and expenses.
  3. Commit to updating your spreadsheet daily for the next 30 days.
  4. Set up automatic transfers for your savings and regular bills.
  5. Schedule a review once every pay cycle to assess your progress and make adjustments.
50_30_20 Rule Spreadsheet for Budgeting [WORKSHEET]Download

Frequently Asked Questions (FAQs)

Is the 50/30/20 rule suitable for variable income?

Absolutely! Use your average monthly income as a baseline. In higher-earning months, save the excess for leaner times.

What if my needs exceed 50% of my income?

Don’t sweat it. Adjust the percentages to fit your situation. The key is awareness and gradual improvement.

Should you include business expenses in the 50/30/20 budget?

For simplicity, keep personal and business finances separate. Create a separate budget for your business expenses.

How often should I update my 50/30/20 rule spreadsheet?

Daily updates are ideal, but aim for at least weekly. Consistency is more important than frequency.

Can I use a 50/30/20 budget template free instead of creating my own?

Definitely! There are many free templates available online. Just make sure to customize it to fit your specific needs.

Remember, financial management is a skill, and like any skill, it takes practice. Stick with it, and you’ll be amazed at how quickly you progress. Here’s to your financial success, future tycoons!

Make Money Fast: The Ultimate Guide for Young Entrepreneurs

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Estimated reading time: 9 minutes

Hey there, fellow hustlers! Daniel G. Taylor here, CEO of Mayer Marketing Agency and mentor to young male entrepreneurs like yourself. Let’s talk about something we’ve all faced: the need to make money fast. Whether you’re funding your startup or just trying to keep the lights on, sometimes you need cash ASAP. I’ve been there, and I’m here to share the fastest, easiest, and cheapest ways to make extra money.

Stack of dollar bills with a stopwatch on top, representing making money fast

Remember, there’s no shame in doing what it takes to make ends meet (legally and ethically, of course). It might take some humility, but that’s part of the entrepreneurial journey. Let’s dive in!

Table of contents

Key Takeaways:

  • Fast, easy, and cheap ways to make money exist
  • Developing sales skills can boost your earning potential
  • Humility and a willingness to work hard are key

The Ultimate Money-Making List

I’ve ranked these opportunities based on how fast, easy, and cheap they are. Those scoring 3 points (fast + easy + cheap) come first, followed by 2-pointers, then 1-pointers. Let’s get to it!

3-Point Money Makers

1. Online Surveys

Fast: ✓ | Easy: ✓ | Cheap: ✓

Sites like Survey Junkie and Swagbucks pay you for your opinions. It’s not big money, but it’s quick and easy. You can do these in your downtime, like while watching TV or waiting for a bus.

2. Microtasks

Fast: ✓ | Easy: ✓ | Cheap: ✓

Platforms like Amazon Mechanical Turk offer small, simple tasks you can complete for cash. These might include data entry, image tagging, or short transcriptions. It’s a great way to earn a few bucks when you have spare moments.

3. Sell Unused Gift Cards

Fast: ✓ | Easy: ✓ | Cheap: ✓

Got gift cards collecting dust? Sell them on sites like CardCash for quick cash. You might not get the full value, but it’s better than letting them go to waste.

4. Recycle Cans and Bottles

Fast: ✓ | Easy: ✓ | Cheap: ✓

It’s not glamorous, but it’s fast money. Plus, you’re helping the environment! Check your local recycling center for rates. Some states offer 5-10 cents per container.

5. Pet Sitting or Dog Walking

Fast: ✓ | Easy: ✓ | Cheap: ✓

Love animals? Apps like Rover connect you with pet owners who need help. You can often start within a day or two of signing up. Plus, who doesn’t love getting paid to play with pets?

2-Point Money Makers

6. Freelance Writing

Fast: ✓ | Easy: ✗ | Cheap: ✓

If you’ve got writing skills, sites like Upwork offer quick gigs. You might write blog posts, product descriptions, or even social media content. It takes some effort to land your first job, but once you do, the work can be steady.

7. Food Delivery

Fast: ✓ | Easy: ✓ | Cheap: ✗

Apps like DoorDash let you deliver food on your schedule, but you’ll need a vehicle. This is great for flexible hours, and you can often start within a week of signing up. Just remember to factor in gas and vehicle wear and tear.

8. Sell Stuff Online

Fast: ✓ | Easy: ✓ | Cheap: ✗

Declutter and make money on Facebook Marketplace or eBay. You need items to sell, though. Look around your home – you might be surprised at what people will buy. Old electronics, clothes, and books are all fair game.

9. Rent Out a Room

Fast: ✗ | Easy: ✓ | Cheap: ✓

If you’ve got extra space, Airbnb can turn it into cash. It takes time to set up, though. Make sure to check local regulations and consider the impact on your living situation. But once you’re set up, it can be a great passive income stream.

10. Transcription Work

Fast: ✓ | Easy: ✗ | Cheap: ✓

Sites like Rev.com pay you to transcribe audio. It’s fast money if you can type quickly. This skill improves with practice, so don’t get discouraged if you’re slow at first. Medical and legal transcription can pay even better, but require specialized knowledge.

1-Point Money Makers

11. Freelance Web Development

Fast: ✗ | Easy: ✗ | Cheap: ✓

If you’ve got coding skills, this can be lucrative. But it takes time to find clients and complete projects. Start by building a portfolio, even if it’s just personal projects. Networking events and online communities can help you find clients.

12. Start a YouTube Channel

Fast: ✗ | Easy: ✗ | Cheap: ✓

It’s free to start, but it takes time to build an audience and monetize. Focus on a niche you’re passionate about. Consistency is key – regular uploads help build your audience. Don’t forget to optimize your titles and descriptions for search. Semrush offers a free YouTube SEO course.

13. Flip Items

Fast: ✗ | Easy: ✗ | Cheap: ✓

Buy low, sell high. It can be profitable, but requires knowledge and initial investment. Start small with items you know well. Thrift stores, garage sales, and clearance aisles can be goldmines for flippers.

Apart from the above ideas, there are other ways to make money online.

The Power of Sales Skills

Salesperson shaking hands with a client, surrounded by success symbols

Here’s a pro tip: to make money fast, you often need strong sales skills. Whether you’re selling items online, pitching your services, or negotiating rates, the ability to sell is crucial (copywriting is using the written word to sell). As entrepreneurs, we’re always selling something – our products, our ideas, ourselves. Honing these skills won’t just help you make quick cash; it’ll serve you throughout your career.

In fact, you can learn to sell even when you hate selling.

But how do you develop these skills? Start by studying successful salespeople. Watch how they interact with customers, how they handle objections, and how they close deals. Practice your pitch – whether it’s for a product you’re selling or a service you’re offering. The more you do it, the more natural it becomes.

Remember, good sales isn’t about being pushy or manipulative. It’s about understanding the customer’s needs and showing how you can meet them. Listen more than you talk. Ask questions. Show genuine interest in solving their problems.

And don’t forget the power of storytelling. People connect with stories. If you can weave a compelling narrative around what you’re selling, you’re more likely to make the sale. This could be the story of how your product was developed, how it’s helped others, or even your own journey as an entrepreneur.

Mastering the Art of the Side Hustle

As young entrepreneurs, we’re in a unique position. We have the energy, the tech-savvy, and the flexibility to take on multiple income streams. This is where the concept of the “side hustle” comes in.

A side hustle is more than just a way to make extra cash. It’s a testing ground for your entrepreneurial skills. It’s a way to explore different industries, build new skills, and expand your network. And who knows? Your side hustle today could become your chief business tomorrow.

One of my side hustles is as a mental health speaker and one kind of talk I give is a workshop on improving men’s mental health.

The key to a successful side hustle is balance. You need to find something that fits into your schedule without burning you out. Something that energizes you rather than drains you. And ideally, something that aligns with your long-term goals.

For example, if your dream is to start a tech company, a side hustle in web development or app testing could give you valuable insights and connections. If you’re interested in e-commerce, selling items online could teach you about inventory management, customer service, and digital marketing.

Remember, the goal isn’t just to make money (although that’s important, and saving is even more important). It’s to learn, to grow, and to position yourself for future success.

Conclusion

Making money fast isn’t always easy, but it’s definitely possible. The key is to do what others won’t. It might mean swallowing your pride and picking up cans, or pushing yourself out of your comfort zone to pitch to clients. But remember, every dollar you earn is a step towards your bigger goals.

As young entrepreneurs, we have a unique advantage. We’re adaptable, we’re tech-savvy, and we’re hungry for success. Use these qualities to your advantage. Be creative in your approach to making money. Don’t be afraid to try new things or to fail. Each experience, whether or not successful, is a learning opportunity.

And most importantly, don’t lose sight of your long-term goals. These money-making methods are great for short-term cash, but they’re also stepping stones. Use them to fund your bigger dreams, to learn new skills, and to build your network.

In our next post in this series, I introduce you to the 50/30/20 rule spreadsheet — a way to budget.

Action Steps:

1. Choose 2-3 methods from the list that fit your skills and situation.

2. Set a specific income goal for the next 30 days.

3. Track your progress and adjust your approach as needed.

4. Use this experience to identify potential long-term income streams.

5. Invest time in developing your sales skills.

6. Consider how your money-making methods align with your long-term goals.

Frequently Asked Questions (FAQs)

How to make money as a kid?

Kids can earn money by doing chores, selling lemonade, or helping neighbors with yard work. Always get parent permission first!

How to make money as a teenager?

Teens can try babysitting, tutoring younger students, or doing online surveys. Many of the methods in this article work for teens too.

How to make money fast as a man?

Focus on leveraging your skills and network for quick opportunities. Examples include online surveys, pet sitting or dog walking, and recycling cans and bottles.

How to make money as a teen?

Teens can explore part-time jobs, freelance work like graphic design or writing, or even start a small online business.

How to make money this summer as a teen?

Summer jobs like lifeguarding or camp counseling are great. You could also mow lawns, wash cars, or sell crafts online.

Remember, the journey to entrepreneurial success isn’t always glamorous. Sometimes it means doing whatever it takes to keep moving forward. Stay hungry, stay humble, and keep hustling. You’ve got this!