The plan should be flexible and include monthly expenses, such as mortgage or rent, utilities, food, transportation, entertainment and clothing. Make sure your expenses are not higher than your income. If they are, adjust the plan.
I will want to wholesale to other investors and will only need 1 day cash but in the event that they are not able to close for one reason or another I need to make sure that I can still close so that I do not jeporadize my ability to obtain more deals.
When I was in the UK I spent most of what I earnt in taxes;
Pay as You Earn tax (PAYE) - 22% - 40% of Gross National Insurance (NI) - 12% of Gross Value Added Tax (VAT) - 17.5% on non esential purchases Tax on Fuel - ?? 75% of the price at a guess Tax on energy - 9% of household bills Tax on Insurance - ??? Local Council Tax - Based on house value but a lot..
I hate to think how much of what I earned went in tax in total, but I guess 60 - 70%!!!!
My husband and I both work fulltime. Although he makes considerably more then me, I still contribute a little toward bills.But I have issues with money, I like to spend it. It's like I don't have anything in my brain...