Without sounding pretentious, I really appreciate these “higher income” scenarios. As someone that came from a very tight budget family, I’ve now found myself receiving essentially more income than I know what to do with sometimes. It’s really helpful to get some direction other than just paying off debt :)
I have to agree. I'm from El Salvador, a country where the "minimum" wage is $300.00 (some people make $200). And I was making $600.00 about 2 years ago. Then I was making $800.00 and had 1 debt. I paid off that debt and started making $1,000.00 but not knowing how to manage that, I got 2 credit cards and a loan, maxed out my CCs and ended up not having enough to pay my loan somehow. Now I've got 5 debts, including my CCs. And Miko has definitely helped me get my shit together. It's only my second month, but I'm definitely doing much better and feel much more motivated with a plan!
I love this type of video. I will love watching one about a young adult living by herself working full time + going to college with a salary around 1600 bucks monthly
Miko - Could you do some stuff on how to protect yourself financially and legally as a woman living with a partner when you're not married? Like discuss things to consider in term of if you actually want your partner to have the same benefits/responsibilities as marriage from a financial and legal perspective and how to achieve those through alternative legal means and what to consider as to why you might not want them to have those benefits/responsibilities.
I have a request for these videos. 1) show how you would do their budget based on their goals and requests built in. As in, their trip and other savings goals built into their budget. 2) then showing how YOU would modify the budget (including decreasing bills and variable expenses). 3) their new budget after they’ve followed your suggested budget. So in 4-5 months their debt would be gone. How would your focus their budget in that case. Including showing a breakdown of debt payments and when it gets paid off. For me, this would definitely showcase how your budget suggestions could get them out of debt and possibly improve their financial position. It may also help show us viewers how these changes may just be a short temporary “pause on life.”
enjoying watching the higher income scenario. we make around this but are a family of 5 living on an alaskan island so our groceries are through the roof. paying off the last of our debt and just paid my car in full last month! finding this channel has been so motivating and encouraging, i’m excited to get somewhere on our goals.
I love this couple because of their dedication to their rescued fur babies! I relate completely with the pet expenses. I also spend $$$ so they can have a good life.
Honestly made me emotional when you spoke about their pets. Bless this family for doing what they do and having such big hearts. Lol I could spend that household $500 budget if I went unsupervised at Costco!
Oh my gosh! This is exactly how I used to do our budget when my Hubby was on disability for 10 years! His check would cover the mortgage and bills week 1 and my 2 checks would cover everything else. NOW, he's working fulltime again and gets paid weekly. I LOVE IT, but it was quite the adjustment from once a month stretching it out, to weekly having a surplus!!! 💙💜💙
This was a great rundown, but I had to laugh when you mentioned that $11,000 for FL sounds like a lot, but in reality if they're doing an all inclusive Disney trip or going to Miami. $11k is pretty easy to spend if you're truly going to go all out. Then the pet budget, before you mentioned their pets, I first thought oh she must have horses. As $1,000 a month for a horse is pretty typical as well. This was really fascinating. Thanks, Miko~
Thank you for sharing this higher income scenario. My husband and I make good money and only have one small car loan so this was nice to hear your recommendations on paying the car off and what to do with our savings. Please continue to throw in similar scenarios like this occasionally!
If it takes less than 6 months to be debt free, they should do it. They would be able to save much more once all that debt is gone. I wish I had three pays per month, would make life much easier. 😁
I agree with you on everything you said. My additional concern, which I realize they probably didn't ask you about, is that since they are not married and are combining income, should they ever split up, it would be an absolute financial nightmare for them. We all know that when couples are breaking up, logic doesn't always rule the day. It's an extremely emotional time when people can say and do ridiculous things...like, say it was my money that went to all the savings and investments. I get that. Or, your income paid for all the trips. We went for memories. You've got those memories, so you get nothing more. Or some such. I realize and respect that they've picked the lifestyle that's what they want. I'd like to see a plan where, if they ever do split up, (which is just an in case scenario) neither one would be left to potential financial loss. That might be something like having each pay half the bills and variable expenses. It could mean each keeps an individual in-case account, etc. I know they're not thinking about breaking up. Almost nobody does....but look at how many couples do. When couples are married, there are divorce laws that cover their situations. When they're not married, the situation becomes much stickier. They could also just get married.
I so can relate with the pet expenses. I don't earn a lot but i put $500 every month for my 2 rescues as well - good quality foods (both are on special diet), vet bills and pet emergency fund. 😊
Most likely theres two identical payments is because with certain banks/companies, we can split the monthly payment in half and it gets paid on the 1st and 15th.
I will deffinately pay off everything and then save for a vaca in a few years in cash. I will take mini in city vacations bushcrafting to get some excitement and might cost practically nothing but a tank of gas to do. Camping is another fun thing to do without a lot of investment. I will deffinately try to reduce the grocery bill by going to aldi and lower 8t to 300 a month
i really love your video,s i am from holland and some things ar different here but still i am really learning so much from you i hope i will be debt free in 4 jears i think whit your motivation it will happen
Looking at their spending I was astonished at $500/mo. groceries and $90/mo. eating out. Also, they listed a mortgage. It made me curious as to whether or not they are using their military benefits- mainly on-base housing and commissary privileges.
Uhh I didn’t know that 100% disability means medically retired . I don’t think so since Even permanent Va can take it away if they feel like her health got better
First off saving money and investing is beyond smart and ideal. Sure paying off debt is great however they will need to keep the oldest accounts open with long payment histories in order to qualify for the 800,000 home even with a down payment. Once they have paid off their debt they loose their credit score. You should absolutely start investing and building your portfolio as soon as possible. What they are doing is smart. And yet again another video giving advice that you aren’t qualified to give. You’re going to cause ppls credit scores to tank leaving them with no way of obtaining credit again or purchasing things like homes or vehicles. Also to discourage investments and savings while young is irresponsible as hell.
