Discover the secret to true wealth and happiness. It's not about fancy cars or big houses, but rather living modestly, saving money, and avoiding stress. Start thinking deeply about what really brings you joy and financial security.
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- When would it be the best time to start saving for retirement?(11 votes)
- I would say as soon as possible. :) I'm not 13 yet and I'm saving! I would think that the sooner you start, the more money you'll have in the end. I hope that helps!(8 votes)
- I have question about budgeting/saving for when I might or might not get taxed in the future on income from some part time stuff I work on.
My real job usually the taxes all deduct out to about 20% of my gross pay (I see this on my check stubs) but lately instead of just volunteering crowd-source "interning" (= work for free for someone bcz you love what you do and because they can) I'm starting to be able to pick up nuts and berries, scraps, free lance-ish/contractor basis. Is this going to get taxed at the same rate as my employee income? That has social security AND income tax plus also just recently our company (ily <3 u rok!) started doing health insurance too so there are different biweekly deductions for that.
HOW DO I BUDGET for taxes?? What's too small to count (i.e., I get to keep the money for the castle I sold, no questions asked) and what's going to whack me on the side of the head next April 13th by surprise? Usually at the same time my beater needs oil change/brakes repair and my cat needs her rabies shot. Is there a rule of thumb?
(p.s. completely hypothetical castle, just an example. NO CASTLE)
Four different "hobby incomes" from four different organizations adds up to actual income that's going to need accounted for, even if I already spent it...(9 votes)
- How do you plan for expenses that are not regular, like pet expenses? I use Capital One 360. I have an account for vacation and an account for car expenses, ect. And every month or I have money automatically pulled from my regular bank account into these accounts. I don't really miss it and it is there when I need it. (It also earns a bit of interest).
How do you plan for taxes, considering you have all this $ coming in from different smaller sources? Until you know more, I'd save 40% of it for taxes. It's not ideal, but it is better to have too much than not enough.(4 votes)
- how much of your paycheck should you save(3 votes)
- Hey gianna!
That totally depends on what your living conditions are like. Lets say your monthly income is, for example $3,500. Well food might be $250, housing might be around $800, insurance is around $500, $500 for things of comfort like netflix/activities/etc, and around $100 for utilities. That all costs $2,150 which leaves you with $1,350. Obviously you'll have more expenses and those numbers will be lower/higher depending on where you live, what car you drive, etc. But, Out of that hypothetical $1,350 you have left, I'd save all of it. Which means you'd be saving, for example, roughly 40% of your paycheck.
Hope this helps!(13 votes)
- I thought this video would actually tell me how much to save...(4 votes)
- The way I see it is that the answer depends wildly on your personal situation. Sal doesn't give a specific answer because it won't work for everyone. Instead, he's teaching us to assess our own situation and come to our own conclusion. "Give a man a fish" and all that.
As a side note, though, I wouldn't mind a few straight answers myself, but something tells me that will happen later in the course.(3 votes)
- When would it be the best time to start saving for retirement?(2 votes)
- Think seriously about the things that really make you happy. When you look at a lot of adults in the world, you'll see some people, they might be driving fancy cars and big houses. A lot of those people are actually really struggling because they bought the fancy cars or the big houses and they're stressed because of it and then you might see other people who maybe they're driving more basic cars or living a little bit more modestly. A lot of those people are actually richer. They're saving a lot of money. They have their retirement. They're sleeping better at night because they're not as stressed, because they're not living paycheck to paycheck. So think deeply about these things and this is the best time to start.