MYOB Infographic Presentation
MYOB is a community to help people get their financial courses to allocate their income wisely.
They specialize in breaking down financial needs into simple and obtainable steps.
To know more about what MYOB can do for you, let’s look at the more detailed explanation below.
Freedom-Choice-Actions
MYOB empowers its members to take control of their future by applying the financial principles of successful corporations.
When one successfully follows the financial principles, they can get the best of their personal and business finances.
Moreover, they also can change careers, have the option to buy a new car, and have the power to take a vacation.
How to Budget
The average Kellog Graduate earns a $130,000 salary per year.
For secure finance, those who earn around $130,000 per year can apply the budgeting scheme below:
60% or $78,000 actual take home
33% or $42,900 for taxes
4% or $5,200 for insurance
3% or $3,900 for retirement
Recommended Percentages
From the income you get, the recommended percentage for spending are:
- 10% for saving
- 10% for goals
- 30% for living
- 25% for housing
- 5% for utilities
- 10% for transportation
- 10% for investing
- 0% for debt
Debt
It’s always best to get yourself free from debt. If you have zero debt, you can allocate money to more valuable activities, such as:
Travel
Choose where you work
Enjoy your life
Choose where you live
What You Drive
You can spend 10% of your income on transportation from the percentage spending recommendation.
Here are what the 10% can do for you:
- Car payment (not recommended)
- Maintenance
- Gas
- Auto insurance
- Parking and storage fees
- Tolls
Meanwhile, the lifetime costs for cars according to vehicle types are:
$234,000 for a midsize sedan
$526,000 for a pickup truck
$780,000 for a luxury car
Where You Live
Housing takes 25% of your income. You can use the allocation for several necessities, including:
- Rents
- Renter’s insurance
- Mortgage
- Homeowners Insurance
- Hazard insurance
- Property taxes
- Homeowners association fees
Furthermore, you should consider several factors before choosing your place.
Some factors that you must consider are:
- Know the area
- Distance from frequently traveled place
- Ensure work permanence
- Prove consistency with income and discipline wish budget
- Debt-free
- Save an entire emergency fund
- Save 20% down payment
- Housing is still 25% or less of the income
The Takeaway
MYOB can help you break down your financial decisions by considering your income and necessities.
You can get consultation about prioritizing your expenses and creating strategic and wise budget allocations.
There is still more financial help that you can get from MYOB. See the infographic below to uncover more information.
