Money Management in Theory and Practice: Part 3by Steve Zolotow | Published: Sep 26, 2018 |
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In part one of this series on how to optimally manage money and maintain a bankroll, I stated that this is not a one-size-fits-all endeavor. It varies from individual to individual depending on factors relating to finances, psychology, skill level, and personal situation. That column included a list of questions. The second column reviewed those questions relating to your net worth. It divided bankrolls into three sizes – small, medium and large. A small bankroll is an amount you could get in a month or less from working, from your business or from your investments. A medium bankroll should take about six months to accumulate. A large bankroll takes a least a year. If you have no outside sources of income, then either decide how many weeks it would take you to earn your present bankroll (after expenses) at whatever job you can find or just treat your bankroll as ...
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