A young finance pro has shared exactly how she manages her money when she gets paid, and how she tracks her finances in order to hit new savings goals.
Ex marketing manager Queenie Tan, 26, from Sydney, started researching and investing when she was 19, and she now has a diverse financial portfolio and net worth of more than $500k.
In a new Instagram video, Queenie said she has a ‘regular payday routine’ in which she pays herself a monthly salary.
Scroll down for video
A young finance pro with a net worth of over $500k has shared exactly how she manages her money when she gets paid, and how she tracks her finances in order to hit new savings goals (Queenie Tan pictured)
Ex marketing manager Queenie Tan (pictured), 26, from Sydney, started researching and investing when she was 19, and she now has a diverse portfolio and net worth of over $500k
‘Before my monthly salary hits my bank account, I pay tax and 10.5 per cent of my salary goes to my superannuation, which is my retirement savings,’ Queenie said.
‘Then, I have my expenses.’
The 26-year-old defined her expenses as her housing – which accounts for 37 per cent of her income, her savings and investments – which account for 20 per cent of her income every single month – and then her everyday expenses like bills, food, transport and entertainment.
These everyday expenses occupy the remaining 43 per cent of her income.
The 26-year-old defined her expenses as her housing – which accounts for 37 per cent of her income, her savings and investments – which account for 20 per cent of her income every single month – and then her everyday expenses like bills, food, transport and entertainment
‘I like to use credit cards for my everyday expenses so that I can earn points,’ Queenie said.
However, she did add the caveat that she always goes through her statements regularly and settles her bills in full each and every month.
‘This is so I don’t pay any interest and so I can keep a good credit score,’ she said.
Queenie checks her credit score and other financial details via the We Money app, which is a smart money app that helps people keep on top of their debt.
‘I like to keep track of my finances and upcoming bills, because all of my accounts are listed in the one place,’ Queenie said.
She said it’s also easy to set goals with the app because you can see your progress, and added that her own goal is to ‘save for a property that I can start a family in’.
Queenie (pictured) said she always goes through her statements regularly and settles her bills in full each and every month
Financial advisers typically advise people follow some iteration of the 50/30/20 budget rule.
This rule states that 50 per cent of your after-tax income should be spent on needs and obligations that you have to meet, like rent and utilities.
The remaining half should then be split between 20 per cent savings and debt repayments and 30 per cent to your wants and entertainment.
Queenie Tan’s seven streams of income
Brand collaborations – 50 per cent
YouTube – 15 per cent
Referrals – 15 per cent
Dividends – 10 per cent
Events – 4 per cent
Rent – 3 per cent
Digital products – 3 per cent
Previously, Queenie shared the seven streams of income she has to bring her closer to becoming a millionaire.
Queenie has multiple shares and EFTs or Exchange Trade Funds in her portfolio that pay her dividends and make up 10 per cent of her overall income.
The investor has a popular YouTube channel with more than 55,100 subscribers and every time an advertisement plays on one of her videos she gets 55 per cent of the revenue.
Queenie shared that she has an estimated revenue for the next six months of more than $12,000 with the payments making up 15 per cent of her income.
Another 15 per cent of the money Queenie said she takes in is from referrals: ‘I have partnerships where I get a bonus if someone signs up and they can get a bonus too.’
Half of Queenie’s income comes from brand collaborations on her popular social media channels.
Brands pay the influencer to create content for and promote them in the form of paid partnerships.
The ex-marketing manager sometimes shares her savvy financial knowledge by speaking at events where she gets a fee for appearing.
She also earns money by renting out her two-bedroom apartment and from selling digital products she developed like her income tracker program.
‘I didn’t build these income streams overnight, they all took patience, hard work and a bit of luck,’ Queenie added.
‘But I think it’s important to build different streams of income so you don’t have to rely on just one.’
To follow Queenie Tan on Instagram, please click here.