I think you should require people to fill out both the budgeted and actual columns. Because people can budget whatever they want, but what are they *actually* spending in a month?
Regarding the dog food subscription: When each of my dogs got really old, like within the last 18 months of life, they got so selective about food. Boney, unhealthy, no amount of "if they're hungry they'll eat". For us it was worth it to have a food delivery service like that because they were willing to eat it. We used Darwins, the price is probably comparable.
I live in Fort Worth, this is not high for our area. The Texas Triangle is the new California it’s like $90k an acre for land alone right now. New construction is $400k+
Good point.. the market has been crazy lately, a few surprises here and there.. with all the global happenings taking place I think it’s safe to say that a severe global recession is looming..
i just googled the man you mentioned, I am quite impressed with his credentials, will get in touch because I need all the help I can get, and consequently schedule a phone call. Thanks.
You cannot max out a Roth IRA and then contribute to a traditional ira. The Ira contribution limit is total contribution amount across all IRAs. So after maxing out Roth IRA and 401k, they would have to then either do after tax contributions (and conversions/rollovers) if the plan allows it or contribute to a taxable brokerage account.
If the dog is 80lbs or more, that's a very reasonable price for quality dog food. Feeding big dogs is very expensive! Purina is a quality pet food brand, so they could price compare with any of their products to get comparable quality.
The IRA contribution limit is aggregate- you can split the limit between Roth and traditional but it is one limit (7k for 2024) not a separate bucket to fill up.
We’re DINKS, don’t have any debt other than our mortgage. We live in CA. Our household monthly net is $10k and our mortgage is $3600/mo but we’re adding $600 to our principal monthly making it $4200/month. After our fixed and variable expenses, we still end up being able to invest $500 a month and save $1800 a month for short term goals/travel. We have $20k in emergency fund and automatically invest 15% of our gross monthly salary into mine and my husband’s employer sponsored roth 401k. This is the beauty of being debt free. And not having kids. Lol
I was enjoying reading this while adding up the numbers until you mentioned not having kids, LOL. I have 3 kids and planning to add one in the next 24 months.
What is your interest rate on your home? If it is low it might make sense to take some (I don't know about all) and take that extra principle and put it in an HYSA. Might net you an extra percent or two in the short term in a safe, short term investment.
@@gabrieliacoboni6951 it’s at 5.85%. I take finance more with an emotional approach rather than numbers. The reason we add $600 monthly to principal is because this would allow us to own our home (God-willing) in 20 years instead of 30 and we’ll be 55 by then. The dream is to have no mortgage payment and stay debt free by 55 so we can semi retire by then. Granting we remain child-free and employed with dual income. ☺️
@@mccq5913 Based on that rate you are making a very prudent move. Short of investments you won't beat 5.85% in a meaningful way and paying more in principle to lessen the life of the loan and save money in interest is very smart. I salute you for doing that. We do the same but were blessed enough to buy in when rates were lower so we can beat our interest rate with HYSAs and CDs. Sounds like you got this.
In 1945 a minimum wage job paid .45 cents and in most cities a house cost $4,300. Today that would $100 minimum wage since a house cost $1 million dollars in most cities. The banks, politicians and corporations have people fighting over dog scraps. My great-grandfathers were doing day labor jobs and on that single low wage were able to buy a house and raise 4-6 kids.
It's way cheaper to just homecook a big batch of dog food, freeze, and thaw as needed. Audible sub is probably not needed as Spotify has audiobooks now.
We’re DINKS, don’t have any debt other than our mortgage. We live in CA. Our household monthly net is $10k and our mortgage is $3600/mo but we’re adding $600 to our principal monthly making it $4200/month. After our fixed and variable expenses, we still end up being able to invest $500 a month and save $1800 a month for short term goals/travel. We have $20k in emergency fund and automatically invest 15% into mine and my husband’s roth 401k. This is the beauty of being debt free. And not having kids. Lol
@@mccq5913 Thanks for sharing! i’m in CA too and the only way I can own a home is to pay atleast upto 40% my net pay and im so scared to do it even without debt since every homebuying video I watch advises not to do so😬 Plus I have a kid. But im really glad to know that it is still doable for others😊
If you put 40% net toward mortgage, it would take up your entire recommended debt spending. (30% mortgage + 8% other debts). So you could run into financial trouble if you ever have any other debts while you're paying the mortgage.
I think you should require people to fill out both the budgeted and actual columns. Because people can budget whatever they want, but what are they *actually* spending in a month?
Regarding the dog food subscription: When each of my dogs got really old, like within the last 18 months of life, they got so selective about food. Boney, unhealthy, no amount of "if they're hungry they'll eat". For us it was worth it to have a food delivery service like that because they were willing to eat it. We used Darwins, the price is probably comparable.
I live in Fort Worth, this is not high for our area. The Texas Triangle is the new California it’s like $90k an acre for land alone right now. New construction is $400k+
It's eating into my budget, and I'm worried about how it might affect my finances in the long run.
Good point.. the market has been crazy lately, a few surprises here and there.. with all the global happenings taking place I think it’s safe to say that a severe global recession is looming..
i just googled the man you mentioned, I am quite impressed with his credentials, will get in touch because I need all the help I can get, and consequently schedule a phone call. Thanks.
Love watching your advice, so levelheaded and without bias! Can't wait to see my budget reviewed!
You cannot max out a Roth IRA and then contribute to a traditional ira. The Ira contribution limit is total contribution amount across all IRAs. So after maxing out Roth IRA and 401k, they would have to then either do after tax contributions (and conversions/rollovers) if the plan allows it or contribute to a taxable brokerage account.
yea that’s fine for really good dog food. i pay about the same for a great dane mix and pitty mic
You just turned it to 11 for me after you brought up the New Heights podcast. Respect!
I do like these videos. Low key and solid.
If the dog is 80lbs or more, that's a very reasonable price for quality dog food. Feeding big dogs is very expensive! Purina is a quality pet food brand, so they could price compare with any of their products to get comparable quality.
Thanks for chiming in! I was unsure what was reasonable for that.
The IRA contribution limit is aggregate- you can split the limit between Roth and traditional but it is one limit (7k for 2024) not a separate bucket to fill up.
Yes, correct!
We’re DINKS, don’t have any debt other than our mortgage. We live in CA. Our household monthly net is $10k and our mortgage is $3600/mo but we’re adding $600 to our principal monthly making it $4200/month. After our fixed and variable expenses, we still end up being able to invest $500 a month and save $1800 a month for short term goals/travel. We have $20k in emergency fund and automatically invest 15% of our gross monthly salary into mine and my husband’s employer sponsored roth 401k. This is the beauty of being debt free. And not having kids. Lol
I was enjoying reading this while adding up the numbers until you mentioned not having kids, LOL. I have 3 kids and planning to add one in the next 24 months.
What is your interest rate on your home? If it is low it might make sense to take some (I don't know about all) and take that extra principle and put it in an HYSA. Might net you an extra percent or two in the short term in a safe, short term investment.
@@gabrieliacoboni6951 it’s at 5.85%. I take finance more with an emotional approach rather than numbers. The reason we add $600 monthly to principal is because this would allow us to own our home (God-willing) in 20 years instead of 30 and we’ll be 55 by then. The dream is to have no mortgage payment and stay debt free by 55 so we can semi retire by then. Granting we remain child-free and employed with dual income. ☺️
@@mccq5913 Based on that rate you are making a very prudent move. Short of investments you won't beat 5.85% in a meaningful way and paying more in principle to lessen the life of the loan and save money in interest is very smart. I salute you for doing that. We do the same but were blessed enough to buy in when rates were lower so we can beat our interest rate with HYSAs and CDs. Sounds like you got this.
In 1945 a minimum wage job paid .45 cents and in most cities a house cost $4,300. Today that would $100 minimum wage since a house cost $1 million dollars in most cities. The banks, politicians and corporations have people fighting over dog scraps. My great-grandfathers were doing day labor jobs and on that single low wage were able to buy a house and raise 4-6 kids.
Is the stated income gross?
A side hustle is feasible
It's way cheaper to just homecook a big batch of dog food, freeze, and thaw as needed. Audible sub is probably not needed as Spotify has audiobooks now.
For your budget toolkit template is the income Gross or Net?
Net!
Isn't the 30% rule calculated off of gross? @@DebtFreeMillennials
can you go upto 40% net pay for mortgage if you dont have any debt?
We’re DINKS, don’t have any debt other than our mortgage. We live in CA. Our household monthly net is $10k and our mortgage is $3600/mo but we’re adding $600 to our principal monthly making it $4200/month. After our fixed and variable expenses, we still end up being able to invest $500 a month and save $1800 a month for short term goals/travel. We have $20k in emergency fund and automatically invest 15% into mine and my husband’s roth 401k. This is the beauty of being debt free. And not having kids. Lol
@@mccq5913 Thanks for sharing! i’m in CA too and the only way I can own a home is to pay atleast upto 40% my net pay and im so scared to do it even without debt since every homebuying video I watch advises not to do so😬 Plus I have a kid. But im really glad to know that it is still doable for others😊
If you put 40% net toward mortgage, it would take up your entire recommended debt spending. (30% mortgage + 8% other debts). So you could run into financial trouble if you ever have any other debts while you're paying the mortgage.
She really should look at increasing her income first and foremost.
What about the $1600 extra income needed?
cut out the fun money and her credit card is gone in less than 2 months