I think I what is up with the first couple. Their childcare is cheap because they probably pay a babysitter to come watch their kid which can be like $10/hrs more of less for a few hours during the week. But their dog is a Yorkie and Yorkies have A LOT or hair and instead of cutting the dogs hair themselves they probably to it to the groomee every week or two, maybe a dog walker, pet food and treats costs if not factored into groceries, they might even get a petsitter.
I'm thinking how complicated cmps get when for couples. In my own case my income is low (not likely to change for various reasons) but accordng to your analysis my relationship with money is fairly good. My partner earns a lot more but is fearful of money and we have way too much cash in term deposits and transaction accounts, I have encouraged them to increase thier concessional contributions to retirement funds to the maximum allowable (we live in Australia), but our lives are impoverished by living with a severe fear of money. Wr are kind of heading in the same direction but it feels like we are sailing against a strong headwind.
Hi, I like your content, but I feel like you are sometimes a bit condescending. Please try to be a bit nicer. Like the comment with the book, “never mind” like some readers don’t understand what you’re trying to say
Even in the scenarios that don’t fit my life, I got little tidbits of truth I need to reinforce in my mind. Thank you!! ❤❤ I like your style of presentation and will definitely look into your resources. ❤🎉
Why are these ppl not paying themselves FIRST before spending their income, at least 20-25% of net income. Your name shld be on the first line before Rent/Mortgage. This trick will force you to cut spending & be debt free. Thank me later.
Biggest take away is that husband and I are doing some things well and there are areas that we could improve upon. Wish I had known you in my 20's! I think I could have really benefited from having a buddy with head full of numbers.
In the 2nd scenario, the couple thought they reached the goal, and just started living big. (They have a high amount of assets, yet only like $100 investments or savings.) Also, maybe daycare can be reduced…
I am actually very comfortable talking finances with my coworkers and friends. Ive built a budget spreadsheet and shared it with several friends to help them keep better track of where their finances are going!
I can bet you that first couple included Uber eats into their grocery amount. It’s easy to spend $600 on groceries and another $600 on eating out for two adults and a kid.
Thank you for sharing this! It gave me an idea of where I stand with my finances. I am a single mom as well! But I do invest 30% of my income (work 401k, Roth IRA, brokerage, custodial brokerage, etc) my paycheck is automatically moved to other buckets that I only end up with enough cash to pay the bills and some extra for leisure. I love it since I believe that if I don't see the cash sitting in my checking it is easier to adjust my living expenses to what I have. I recently adjusted my investments for a short term so I can pay off my student loan. Once that is paid off, that cash will be going back to investments
Two takeaways – start the engine moving on non retirement investments and rethink how we categorize food spending (move restaurants to guilt free category)
25 comments
Lol @ gucci
@ramitsethi would I be able to get your opinion on my financial situation?
I think I what is up with the first couple. Their childcare is cheap because they probably pay a babysitter to come watch their kid which can be like $10/hrs more of less for a few hours during the week. But their dog is a Yorkie and Yorkies have A LOT or hair and instead of cutting the dogs hair themselves they probably to it to the groomee every week or two, maybe a dog walker, pet food and treats costs if not factored into groceries, they might even get a petsitter.
I'm thinking how complicated cmps get when for couples. In my own case my income is low (not likely to change for various reasons) but accordng to your analysis my relationship with money is fairly good. My partner earns a lot more but is fearful of money and we have way too much cash in term deposits and transaction accounts, I have encouraged them to increase thier concessional contributions to retirement funds to the maximum allowable (we live in Australia), but our lives are impoverished by living with a severe fear of money. Wr are kind of heading in the same direction but it feels like we are sailing against a strong headwind.
Hi, I like your content, but I feel like you are sometimes a bit condescending. Please try to be a bit nicer.
Like the comment with the book, “never mind” like some readers don’t understand what you’re trying to say
Even in the scenarios that don’t fit my life, I got little tidbits of truth I need to reinforce in my mind. Thank you!! ❤❤
I like your style of presentation and will definitely look into your resources. ❤🎉
Personal finance intelligence of this creator about a 6.4/20. He has lots more to learn on his journey before being an expert.
I just came here to say that I love my pet, and the anti pet hatred you spout is inhumane and you should be ashamed 😅
Why are these ppl not paying themselves FIRST before spending their income, at least 20-25% of net income. Your name shld be on the first line before Rent/Mortgage.
This trick will force you to cut spending & be debt free.
Thank me later.
What do they do there income is high
Biggest take away is that husband and I are doing some things well and there are areas that we could improve upon. Wish I had known you in my 20's! I think I could have really benefited from having a buddy with head full of numbers.
Their dog must be sickly. 🥺
In the 2nd scenario, the couple thought they reached the goal, and just started living big. (They have a high amount of assets, yet only like $100 investments or savings.) Also, maybe daycare can be reduced…
I am actually very comfortable talking finances with my coworkers and friends. Ive built a budget spreadsheet and shared it with several friends to help them keep better track of where their finances are going!
Is there a version of this for college kids? Part time workers?
I can bet you that first couple included Uber eats into their grocery amount. It’s easy to spend $600 on groceries and another $600 on eating out for two adults and a kid.
Where I live internet isn't free and is $99+ for a good connection for hybrid work. Keeping subscriptions to $40 isn't realistic
Childcare 3000$ wtf he has ai robots for charging as children
Thank you for sharing this! It gave me an idea of where I stand with my finances. I am a single mom as well! But I do invest 30% of my income (work 401k, Roth IRA, brokerage, custodial brokerage, etc) my paycheck is automatically moved to other buckets that I only end up with enough cash to pay the bills and some extra for leisure. I love it since I believe that if I don't see the cash sitting in my checking it is easier to adjust my living expenses to what I have.
I recently adjusted my investments for a short term so I can pay off my student loan. Once that is paid off, that cash will be going back to investments
Do you have kids yet? Groceries are pricey.
A house is not an asset!!! biggest misunderstanding.
Two takeaways – start the engine moving on non retirement investments and rethink how we categorize food spending (move restaurants to guilt free category)
Mate a Yorkie will eat in 1 month less then my Central Asian Shepherd eats in one go, and costs me to maintain 10% of that
Great video – would recommend the 3rd person sell that expensive car and drive a used $6K Honda Fit. That would be a game changer.
I include my emergency fund and Roth IRA contributions into my budget💀only way I can force myself to do it. It works lol