You should contribute to your retirement diligently, or better still look into financial planning don't come to youtube for advise, consult a Local or trusted online broker/ planner
This is huge! would love to grow my reserve regardless of the economy situation, my 407k has lost everything accrued since early 2019, at this point, i'm in need of guidance, can you point me?
I would highly recommend calling the hospital and asking them to reduce the bill. Often times just asking them will help, or they’ll have you fill out a financial aid form and this persons income likely would qualify for some forgiveness there.
This is fantastic! Thank you so much for going through these realistic budgets! Its so easy to want to do the avalanche method but the snowball really kicks it into gear, I appreciate you showing the difference!
You're more generous in your assessment than I would be. No Amazon Prime until the debt is gone, ditto the monthly massage. Slash the personal spending, gifts, and phone bill. Put some of the emergency fund towards debt now. These moves will only be necessary for a few years. Of course, these steps will only work if they are not continuing to use the credit card.
I never feel like I can live up to others financially even though my wife and I are worth $700,000K in net assets (everything) but I never feel like it is enough. Then I look at these videos and feel calmer.
I would probably spend down some of the emergency fund to pay off debt faster, especially the HELOC and that credit card debt. That would still leave you $12k for emergencies which is over 7 months of expenses. It doesn't really make sense to have more than 6 months of expenses saved when your debt is at higher interest rates than a high yield sabings can make.
Depends on mindset. For example, im carrying quite a bit of debt, but refuse to dip into our emergency fund. We currently have about 19 months of reserves to carry us for 19 months, and i want to increase it. Personally speaking, id rather keep high cash reserves just in case something happens to my job..... even if im paying more in interest.
Just depends on your goals I guess. I personally would rather get to where I'm going financially in the most optimal way with the least amount of stupid tax. Less debt means lower expenses, which means your savings go further in your emergency fund. Always try to make interest work in your favor as opposed to against you. My family is a two income household and my wife and I are very secure in our jobs though, so I can understand carrying a larger emergency fund if your situation isn't as secure. @@Charlesbjtown
Buffalo! Maybe I'll show this to my hubby (we're both native-ish to Buffalo) to show him we can actually survive there. He thinks it's too costly (as we live in NYC 🙄)
Hello! I’m 25 years old and I’ve been watching your videos for about a week. I requested to follow your Facebook page and I bought your budget workbook hoping that the template spreadsheet would be in it but I can’t find it. Am I too young to start following this Facebook page and start investing?
This is why people shouldn’t give financial advice. You listed loans 2 and 3 on top YET YOU SAID YOURSELF INTEREST RATES WERE PAYING 4.5/5!!!!!! Omg. Just stop. Please seek a professional and dont lose money. Be smart, I apologize for attacking the youtuber but this is bad advice….-Tax Cpa Use your emergency fund to pay the heloc. Then use the fund to pay the capital one right before the no interest stops. Then start wage paying the fed 1 till paid, then the fed 4 or fed 4 but if interest rates stay at 5 percent for savings slow pay it. If the hospital bill starts charging interest over 3.5, pay it . Cheers and good luck
The HELOC seemed to have highest interest rate and I assume that the capital one is a credit card. Those two should be prioritized and the rest can be finished off with the debt snowball method.
I can relate; my debt has been a burden too. Investing seems like a distant dream with limited income
Dealing with debt is tough, especially on a tight budget. It might be beneficial to explore ways to increase income while managing expenses
You should contribute to your retirement diligently, or better still look into financial planning don't come to youtube for advise, consult a Local or trusted online broker/ planner
This is huge! would love to grow my reserve regardless of the economy situation, my 407k has lost everything accrued since early 2019, at this point, i'm in need of guidance, can you point me?
try the 50/30/20 rule or the 5 dollar saving challenge.. that will teach you how to save consistently!
I would highly recommend calling the hospital and asking them to reduce the bill. Often times just asking them will help, or they’ll have you fill out a financial aid form and this persons income likely would qualify for some forgiveness there.
This is fantastic! Thank you so much for going through these realistic budgets! Its so easy to want to do the avalanche method but the snowball really kicks it into gear, I appreciate you showing the difference!
You're more generous in your assessment than I would be. No Amazon Prime until the debt is gone, ditto the monthly massage. Slash the personal spending, gifts, and phone bill. Put some of the emergency fund towards debt now. These moves will only be necessary for a few years. Of course, these steps will only work if they are not continuing to use the credit card.
Buffalo NY is my home town. Good luck with her new journey.
I never feel like I can live up to others financially even though my wife and I are worth $700,000K in net assets (everything) but I never feel like it is enough. Then I look at these videos and feel calmer.
Love your content!!!
Should pay off the HELOC asap given its 10% interest. And call the hospital to negotiate the payment. Good luck!
I would probably spend down some of the emergency fund to pay off debt faster, especially the HELOC and that credit card debt. That would still leave you $12k for emergencies which is over 7 months of expenses. It doesn't really make sense to have more than 6 months of expenses saved when your debt is at higher interest rates than a high yield sabings can make.
Depends on mindset. For example, im carrying quite a bit of debt, but refuse to dip into our emergency fund. We currently have about 19 months of reserves to carry us for 19 months, and i want to increase it. Personally speaking, id rather keep high cash reserves just in case something happens to my job..... even if im paying more in interest.
Just depends on your goals I guess. I personally would rather get to where I'm going financially in the most optimal way with the least amount of stupid tax. Less debt means lower expenses, which means your savings go further in your emergency fund. Always try to make interest work in your favor as opposed to against you. My family is a two income household and my wife and I are very secure in our jobs though, so I can understand carrying a larger emergency fund if your situation isn't as secure. @@Charlesbjtown
One man's debt is another man's asset.
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Got gold ?
$500 for a rent or mortgage? Wow! $1500 - $2000 is probably more realistic average across the US.
Buffalo! Maybe I'll show this to my hubby (we're both native-ish to Buffalo) to show him we can actually survive there. He thinks it's too costly (as we live in NYC 🙄)
Hello! I’m 25 years old and I’ve been watching your videos for about a week. I requested to follow your Facebook page and I bought your budget workbook hoping that the template spreadsheet would be in it but I can’t find it. Am I too young to start following this Facebook page and start investing?
Just create your own budget template on Google sheets … you can make it how you want
how she spents 3k monthly?
This is why people shouldn’t give financial advice. You listed loans 2 and 3 on top YET YOU SAID YOURSELF INTEREST RATES WERE PAYING 4.5/5!!!!!! Omg. Just stop. Please seek a professional and dont lose money. Be smart, I apologize for attacking the youtuber but this is bad advice….-Tax Cpa
Use your emergency fund to pay the heloc. Then use the fund to pay the capital one right before the no interest stops. Then start wage paying the fed 1 till paid, then the fed 4 or fed 4 but if interest rates stay at 5 percent for savings slow pay it. If the hospital bill starts charging interest over 3.5, pay it . Cheers and good luck
The HELOC seemed to have highest interest rate and I assume that the capital one is a credit card. Those two should be prioritized and the rest can be finished off with the debt snowball method.
No she's not using her emergency fund to pay the HELOC, because that's not an unexpected expense.
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