2 Budget Categories Everyone Must Have
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- Опубліковано 18 кві 2024
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Handling your money with intentionality is the key to building wealth. And when it comes to saving your money in the right account, it’s going to take some strategy. Here’s everything you need to know about sinking funds vs. emergency funds.
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High mortgage rates and unexpected expenses can really shake things up.
I grew up in an area of Miami that is mostly made up of * middle-class Cuban Americans where just five years ago a house would cost 250-350k for the most part.
Now the cheapest one goes for 600k. Forget working class being able to afford them. A professional lawyer, engineer, etc. would now struggle to buy a home in that same neighborhood. Something needs to change and it will change
The ownership rate was noted to have peaked in 2004 in the other comment. Having previously peaked in the second quarter of 2020, we are currently at the median level. Between 2008 and 2012, it dropped by 3%, and by the second quarter of
2020, it had dropped from 68 to 65.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
there are a few out there who know what they are doing. I tried a few in the past years, but I've been with Eric Paul Elmer for the last five years or so, and his returns have been pretty much amazing.
i already copied and put the his name on the web and i'm really impressed with his
website, thanks for the recommendation
We have 5 main sinking funds
1 home repair
2 auto maintenance
3 vacation
4 Christmas
5 car ins (paid every 6 months, and I have teenagers 😲)
When something goes wrong with house or car, we might not have the entire amount we need, but we usually have a good chunk.
I do sinking funds for vacation, home improvements, Christmas, and summer camps. It doesn’t wreck the budget bc i save for them every month and I always have the money when I need it!
Most rich people stay rich by spending like the poor and investing without stopping then most poor people stay poor by spending like the rich yet not investing like the rich but impressing them
People prefer to spend money on liabilities, Rather than investing in assets and be very profitable
You are so correct! Save, invest and spend for necessities and a few small luxuries relatives to one's total assets ratio.
Making a living is becoming more challenging, and it's difficult for me to save enough to enjoy quality time with my loved ones.
Even though digital currency has taken over the world, people still work for people. So, why not consider buying stocks and crypto and holding onto them?
Absolutely! With the increasing popularity of digital currency, investing in stocks and cryptocurrencies can be a wise decision.
You need a pre-emergancy fund: house repairs like roofs and HVAC generally are not a true surprise. Tires again, if you pay attention, you can see that a year away. With used cars, always be saving every month for repairs. Same when owning a home; pipes leak, HVAC needs repairs, it's not if--but when and how $$.
Too much usage of the prefix....pre
Ya don't need pre...just " emergency fund" is plenty enough tp get through point across
We have added more sinking funds envelopes and they don't get funded monthly. Just as we are able to add a few dollars here and there. It will help long haul.
New tires are absolutely a sinking fund unless they get damaged. You know how long tires are good for, if not ask your shop. When you buy tires, start a singing fund that goes for like six years, then when your tires are getting old you have the money.
Tires last you 6 years?!?
@@JddB229 Obviously when they're worn down to 3mm or less of tread you need to replace them, but I think once you hit six years even with good tread they should be replaced anyway.
I have three cars and the year round car also has a set of winter tires, so they do last a lot longer for me.
That's amazing. I live on a farm and drive A LOT of gravel roads. So my tires only last 2-3 years. I honestly couldn't remember how long my tires used to last from when I lived in a city, it was close to a decade ago. Oh and I also use winter tires for winter and switch them in the spring.
@@JddB229 We'll find out! Up until 2018 or so I never really bought tires, always ended up changing cars before I needed to. I set my sinking funds for them to four years and will see how long they go. My oldest set on the IROC still look great so they'll definitely last that long.
Honestly I think I always bought a new vehicle before the tires were worn out too haha! I used to buy a different (used vehicle and bought with cash every. Single. Time) vehicle every 2-4 years and lived in a city. So I guess that's why I never noticed haha!
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Love your videos!❤
amazing tips.
Useful advice and tips
Great video! Thanks for going into these categories with more detail!
Very helpful. This clarified a lot if things for us. Thank you!
Hi Rachel, I enjoy your show so very much. I do not have Instagram buy I'd like to ask a question on how to repay my debt. Is there another way?
I wish I could get EVERYDOLLAR in Canada 😢
good ole pen and paper work just as well..... personally i use an envelope system
I use excel and it's great. There are lots of great apps though if you need
I use it in the Netherlands on my laptop.
Just use a vnp to the us or create a us account
Unless your tire blows out, I would keep this on the sinking fund list.
Definitely I had too many categories 😅
Which High Yield Saving bank do you use or recommend?
I use capital one hysa
I try to save extra money for restaurants to impress my wife.
You're a simp...got it. 😂
Where does a 79 year old man find a sinking fund?
First