Let’s see he has had this job for almost a year. Take home is 2000 more than expenses per month and claims to be frugal and not spend on that much. Yet he still has almost no money 🤔 something is not adding up
There could very well be some expenses like food, entertainment, and other subscriptions left out. But I don't want to assume! Thanks for watching and commenting!
He should absolutely liquidate and invest in Roth assets, such as the IRA (max them out every year with his income). The long term tax savings in that account will make the tax on liquidation look like a drop in the bucket.
I do agree that the Roth takes priority, and you do make a great point about the long term tax savings of converting his brokerage account. BUT I’d hope he can keep his brokerage and still max out the Roth moving forward. Ideally. 😅 Thanks for commenting!
I made 72k before taxes back in about 2016. It was enough then but rent was like half what it is now. If inflation gets much worse then people will be poor if they don’t make 100k.
Good eye! I tried my best not to make any assumptions that deviated from the Viewer's email, but I think they were trying to say those deductions were bi-weekly. So doubling their total deductions and adding that back to $3,080, it tracks a salary around $72K. And maybe they decided to round up to 75K for simplicity?
Alex, I like that you have that little Christmas tree in the background. 👀
😂 Thank you!
Let’s see he has had this job for almost a year. Take home is 2000 more than expenses per month and claims to be frugal and not spend on that much. Yet he still has almost no money 🤔 something is not adding up
There could very well be some expenses like food, entertainment, and other subscriptions left out. But I don't want to assume!
Thanks for watching and commenting!
He should absolutely liquidate and invest in Roth assets, such as the IRA (max them out every year with his income). The long term tax savings in that account will make the tax on liquidation look like a drop in the bucket.
I do agree that the Roth takes priority, and you do make a great point about the long term tax savings of converting his brokerage account. BUT I’d hope he can keep his brokerage and still max out the Roth moving forward. Ideally. 😅
Thanks for commenting!
75 banderoonis really dont get it done nowadays. This was helpful, thanks!Also, therapy at $195 pop is insanium
I made 72k before taxes back in about 2016. It was enough then but rent was like half what it is now. If inflation gets much worse then people will be poor if they don’t make 100k.
@@AJohnson0325 my point precisely good sir! Best of luck out there my man
His gross income of 75,000 doesn't seem to add up. According to the chart, it adds up to around 54,000
Good eye! I tried my best not to make any assumptions that deviated from the Viewer's email, but I think they were trying to say those deductions were bi-weekly. So doubling their total deductions and adding that back to $3,080, it tracks a salary around $72K. And maybe they decided to round up to 75K for simplicity?