I agree about prioritizing retirement over college. I had zero help paying for college. I was conservative, graduated with a bachelors in five years and still paid it off in about 9 years on a teachers salary. Sucked…but it’s done. Also, I’m very glad my mom is retired comfortably now.
So glad you talked about trade schools and community colleges. I went to a two year college and graduated making more money than friends with 4 year degrees who had been working for several years already.
Dave’s “balls to the wall” face was priceless!!! For the record, any and all CrossFit athletes use that phrase regularly. I absolutely love your content!
Great information. My youngest child took what's called dual credit classes. While in high school, allowing both college and high school credits. Each class was only $150.00 with no extra fees. We were able to make payments throughout the semester if needed. They graduated high school with 48 college credit hours. They then chose to go to a local community college to finish up an association degree with no student loans. Then, onto a four year university with only 2 small student loads. They graduated in 2018, and the loans are almost paid off. Payments were made during the payment freeze with no interest. It really helped pay the loan down. I have a son who chose the Navy for training. He now works for Lockheed Martin in Fort Worth, Texas. I am not saying join the military. I know it's not for everyone but it is an option.
Love this! Will just add as someone who got through 2 degrees with no debt and now helps students do the same I always tell them the goal is to go to school for free. My addition to your ideas is that the only caveat to college choice is that IVY+ schools for low income families can actually be the cheapest option. I would've paid more for state school than at a private school because of their aid policies. So if you've got real bright scholars, have them give the super pricey schools a shot anyway!
Two of my kids went private for that exact reason..cheaper than a state school with all of the scholarships. Both came out debt-free because of scholarships, dual credit in high school, summer jobs, and a little help from us.
Just a thought with the food budget- some of the kids that have special needs could also have food allergies & specific dietary needs that could affect the budget. Some of those foods are so expensive! 🥴
26:49 That’s a new video idea How freaking hilarious would it be Or even give your kids the job of grocery shopping for a week, but follow them around and chop stuff out their hand if they pick the wrong thing 😂
As someone that is retired, I feel that to much emphasis is placed on saving for retirement. I know, I know. My husband and I, were both were self employed and worked hard to be successful in our business. We didn’t take vacations for years, did without, the whole bit. We did save a lot for retirement and at this point, 9 years in , we having had to use any of it yet. So my advice is, take the vacation, buy the shoes , have some fun in life, worry about old age, when it comes
I agree with the retirement first. When my husband and I got married, he still had a college loan because his POA due to being in the military was only paying minimum payments. I wanted to pay off his college loan before we had our first child. We took a side job of mowing property that was repossessed from the bank. Also, they contacted us and asked us if we would rip down an addition that was added onto the home. We took that job as well. By the time, we were done. My husband's college loan was paid off. Also, speaking of college. I have a family member that worked at a high-tech business as an adult. The business is paying for my family members college while my family member works for them for a certain amount of years. Approximately halfway through this process, the business moved my family member from their "regular" job in their business to a position that my family member is going to graduate college for within the business.
I sure love listening to you guys discuss these things together. It helps me think these things through and then apply the same principles in our finances. Thanks much.
Regarding college expenses- we have told our kiddo from when he was really small that he needs to be smart about college. Our school district has school choice (which means he can choose which high school he goes to- we live in an urban area so it's totally doable). The high school he has chosen offers IB, AP, and Concurrent enrollment classes. He has chosen to pursue these as much as he can in order to get college credit. He can also take classes at the community college in Junior and Senior year summers. This college credit is 25$ PER CREDIT HOUR. It's insanely cheap compared to normal tuition. If he does the classes he plans to, and passes them all, he will graduate really close to having an associates degree. Which means less college to pay for later for his computer science and engineering degrees he wants to pursue.
We r 1 income house hold, we set up long term disability in case my husband is in accident or gets sick, it good to have in case, also about investing too much there is a limit I think, it’s different for everyone, but if you invest 30-40% for retirement, you start affecting your life today, what you want to do today with your spouse and experiences. Food for thought. We r balls to the wall for t retirement.
Yes! Kids need to have skin in the game. We did that with all of our kids and they all finished their post secondary education (one trade school, two university students). Also, don't discount private universities completely. My two youngest actually went private because they ended up with amazing scholarships from those schools that actually beat state school prices. Both took advantage of dual credit while in high school to help pay as well. With summer jobs and the help we provided, they are all debt free. Definitely think outside the box when researching college options!
You guys make a great team! 👏 About college education...kids not only "can" work, but should (in my humble opinion). I am amazed that some kids go through college never having had a job! 🙄 I learned so much from my summer and weekend jobs as a teenager.
Your comments about “I’m maxing my 401k. That isn’t a flex. You can’t tell anyone that.” I spent years reassuring my husband that our 401k priority was the right thing. He worked in an industrial plant situation and so many of the workers were new trucks, boats, motorcycles, snowmobiles, etc. I spent so much time asking , “How much debt are they in? Are they living on credit cards? How do they like making the boat payments for the six months we have snow? We decided a long time ago that this was our priority.” What makes it hard, in my opinion, is that no one goes around comparing the same things. They just go around comparing lifestyles. As a team you have to keep your eye on the prize. Our prize was early retirement. We did it. Retired early, no debt and still able to travel some and enjoy ourselves. We win. 🤷🏻♀️
They are doing amazing!! Can't get over being that young and thinking of the questions they were asking... really smart. Love Dave's reactions to some of it - totally agree - hate asking those questions! This one was really great - I'm not near their boat but got some great ideas as usual!
I'm surprised that they didn't mention the MIL contributing in some way. A grocery store I go to gives 5% off to seniors on Tuesday. She might be eligible for other discounts that the household could use.
My husband and I started retirement savings at 23 and 33. Our incomes were not high. My husband was laid off before age 65 and didn't return to work because of a disability. I left work in my mid 50s. We are comfortable. It's all about having your priorities aligned as a couple, being committed to eliminating debt, and a willingness to sacrifice to meet goals. It's not sexy but the peace of mind is priceless.
RE the food budget.... some special need children have food issues (mine does) and it does elevate my food budget a lot. It's not about being a picky eater. It's about getting calories into one's child.
I'm a picky eater with stomach issues. It's about eating what makes my stomach happy not about what's on sale necessarily. Plus I don't eat all those cheap starches.
We have 1 child, we r debt free, our son is going to in state school and paying for his tuition, we only pay for his books. I think that teaches responsibility and motivation to actually graduate and get a job.
For college, in SC high schools will offer dual enrollment in community colleges where you can take college Gen Ed courses for free, earn course credits transferable to other schools in state AND it also counts as much as AP courses towards your high school GPA while usually being less difficult material. Some kids get enough credits to skip a whole year or MORE of college thus paying less for college overall.
In situation like this, if the divorce happens, does the 401k also get split in half? That sounds unlikely to me, but I'm outside of the US. If it doesn't get split, I'd say it would be good to have the second retirement account (IRA?) in her name, so they both have something in their name that's not dependent on the other. I'm a big fan of each person in the couple having their money and, sadly to say, there are way too many stories when the women are hurt financially in the divorce (there are stats on this, it's not just my opinion, please, everybody, don't come after me, I'm only trying to help!). Thanks again for doing this series, it's really inspiring and thought-provoking!
During the course of the marriage, yes. You worked 20 years and contributed to your 401k and contributed to your 401k for the 10 years married. They will only split the 10 years.
I love “ I don’t know how ours is set up ! Christine and I know !!!! “ my husband is the same way … that’s why our marriages work ! 46 and counting ! Glenda
omg the cell phone cost KILLS me every time there's one in these videos! In Canada because we don't have very many companies competing our cell phone costs are outrageous! For my family of 4 we pay $380 per month! Our electric bills have skyrocketed this past year. For a 3 bedroom bungalow (1180sq feet) our last bill was $398! Then there's still water, gas and everything else. With everything going up I do a lot of bulk buying and meal prepping otherwise we wouldn't be able to afford to buy some wants every now and then.
Yeah I think one of the cultural problems is that for so long it’s just “the next step” high school, then college. College should only be if you really know what you want. All my friends don’t use their first college degrees at all and are now back in school.
Yesss! I'm a first generation college graduate with immigrant parents and am so glad I saw through the bs of college. I only recommend college if you can go for basically free or know that your career choice REQUIRES a degree.
What some US-folks get wrong about some european markets is, that we have a social (not socialist) system build in. Germany for example (other countries are even doing more): from your income are deducted taxes (scaled depending on several circumstances), health insurcance (14,6%), retirement (18,6%), job loss insurance (2,4%), nursing care insurance (3,05%). Yes, you're paying for everybody who gets benefits/has higher health costs (person without a job, person with a handicap, person with cancer etc.), but you do that, because you know, you could be next. When you finish school (either after 10 or 12/13 years), you can get an "Ausbildung", which is a skilled job training during which you already earn money, or go to university (we don't have college) for BA/MA. Your tuition fee at the state university (which are good) ranges from 150 - 350€/semester and most of the times includes a ticket for public transport. (not kidding) If you are a low income houshold, you can apply for Bafög (only German citizens right now, under 45 at the beginning of the studies/again not kidding), which is currently 934€/month, only half of which is a loan you need to pay back after a grace period and if you make a certain amount of income, but they also have that system of paying amount x rest is forgiven. You can take out student loans, but it's not too common. A lot of students work. And that is because of our constitution and the ammendment "right to education". Priorities!
We rotate through TV subscriptions. 😂 One month we do Prime, the next Netflix, the next Hulu, etc. If there is something specifically we want to watch, we get that service for the month.
We sort of do this too. We always have Prime because we pay the Prime subscription annually. Then we add another streamer for a month *if* any of them have something we specifically want to watch. Lots of months we're good with CZcams & Prime plus the freebie channels included on our Roku.
You guys can still open HSAs outside of your employers! Similar to opening a taxable brokerage. The custodial bank will just have you sign to verify you are currently enrolled in a high deductible healthcare plan. I opened them for people in all kinds of jobs when I was a banker.
My first service dog was bought from a foundation and she said the same thing. They wanted a number low enough that it could be raised but wants them to pay alittle. My first service dog was 1500$ which is nothing.
Some trade schools are three months or just around 12 weeks for software development. Almost 5 years ago my partner did one (18k) but got a job just twelve weeks later starting at 55k with decent benefits and we paid the loan off in three years. There are so many options other than a four year college to get good jobs!
As always, I love seeing you two talking together. You have marriage goals for sure. I am curious about their grocery budget. Some special needs require or are helped by a clean diet. Also, the mention of marriage catastrophe and separate retirement accounts sounds like a red flag. Marriage and personal counseling might be a worthy addition to the budget. The family dynamics sound stressful.
Yes, to working at places that pay for education! Every person (full-time, benefits eligible) is eligible for tuition reimbursement at the community college where I work, from the president to the custodians. There are even scholarships specifically for employees to help cover the cost of books. Also, IMO, $1,200 for 8 grown people for groceries and toiletries isn't that bad. Not a whole lot of wiggle room considering the special needs kids may have food aversions and take more time to parent. That extra time to parent may take away time for food prep.
You guys are awesome! You nail it every time! I do really wish I could take Christine shopping with me though. We are also a family of 8 with six kids ages 19 months to 17 and I am seriously struggling to get our grocery budget under $1,200 per month! It is a battle! We do not eat organic or buy a ton of treats - I just do not have your skill set! 😂 This family will soon be millionaires if they tackle the debt then max retirement out. They are doing great! We have a similar income as them and our only debt is also a HELOC (paid our mortgage off three years ago but had to remodel when baby #6 arrived). We are tackling our HELOC like crazy people and want it gone by Christmas. We definitely stopped all 529 contributions in the mean time. We may not even restart that as we’ve saved quite a bit and are thinking we’d be much better off buying a rental property instead…
Meal plan, see what you have in fridge and pantry before you go shopping, also check what’s on sale and used coupons, also if you see a good sale get it added it up. A lot of foods can be put in the freezer for later used . Also save favorite recipe family likes .
I learn so much from your videos. If you can would like to see how you can help an elderly couple who saved nothing for retirement, have no mortgage (living off grid) and no savings. Could you discuss average expenses?
Thank you, Dave and Christine, for another excellent breakdown! It is fantastic seeing a larger family this time, as budget needs etc are quite different (especially with special needs). Cannot wait for the next episode! God bless you and your family! ☀️
My husband and I live off one income and a side job. Right now business is slow its just temporary. We bought our home February 2022 for 127,900. We now owe 77600. We have been making double mortgage payments last year. Also put 20% down cash and 15 year fixed. Crunching the numbers we will be mortgage free which is our only debt in 3 years or less. We also put around 10,000 from our savings on top of the principal. Spent the rest for renovations on a budget of around 6000 to 7000. Planning to sell our home few years and buy property with small house in the country. Are income will also go up this year which we're going to take advantage of that. Make triple mortgage payments
I love this, I'm working part time as a 1099 and my husband works full time (W2). This is the first year I'm learning how to pay my quarterly business taxes and my husband is going to pay more in taxes throughout the year to pay offset my taxes at the end of the year. Edit: There are some fields where a private school may be a benefit, especially if the parents are an alumni. I'm a social worker, so for my field, I would recommend public colleges even though I went to a private school. My husband is a software engineer and his private school is highly recommended for particular aspects of that field. So depending on what our child wants, I would look at the major and employment statistics post graduation. Would the gas be a utility? Our gas and electric bill skyrocketed at the fault of the utility company.
For those that don't have an employment match and dont have a centralized bank for various reasons, who do you trust with an investment account now that the banks are a fumbling?? Also, we have no medical or life insurance, who do we trust to pay out a death benefit or whatever benefit?
This one was good. I thought you were done at one point and was like huh they didn’t say to pay off that Heloc… over investing. I think those sinking funds should go to that Heloc or is that what is was for? I like you two so much and how you communicate 👍🤩
Our gas is $300 a week. My husband drives to multiple counties/locations for security jobs. I work from home (Etsy) and have 3 kids homeschooled. No car payment though.
I agree with Dave Ramsey attack that home equity loan and get out from under it. Step 2 Even before increasing retirement, then throw that payment to retirement. Step 4
Skin in the game is the truth!!! Also making sure kids don’t barrow the max to live a crazy life while in college!!! Stay in the dorm use the meal plan!!! Not to pay rent!!
With today's losses in the stock market, do you think we should put more into 401K? Yes, the employer matches but you are still losing. Great show! Starbucks also pays for a kids college.
When the stock market is losing you are actually buying more shares that will increase by a lot when the market corrects so yes you need to continue to put into retirement. Don't ever stop or pull the money out. You will make it all back if you stand firm.
The reality is that specials needs parents divorce at a much higher rate than other families. It is so hard to parent special needs kids. I see you, I empathize. I am in the boat with you.
I feel like for me, I would go balls to the wall on the loan before I did anything with my retirement. I would want to pay that off within a year or two if I could. I know 7% isn't a personal loan at 20% but I still wouldn't consider it with the mortgage.
One thing the budget didn't make clear is who was covered by the life insurance. Many couples purchase insurance for the breadwinner but not the stay-at-home spouse. If she is taking care of all household responsibilities plus special-needs children and she dies, her widower will have to hire someone to do the work she was doing, at a huge expense. She may even need a larger insurance policy than he does.
I think y’all may live where gas is extremely low! I have an 1100 sq foot home with full basement everything but the dryer is gas during winter my gas bill bounces around 250-300 we have new windows and keep the heat at 68.
That HELOC is years from getting paid off unless they absolutely prioritize it A#1. It doesn't sound like they're interested in that. Putting that $400 into buffer is a bit premature.
When you say taking care of handicap children, that's fantastic, but her income is taking care of three handicap kids. She gets money and medical. Im feeling like this allows them the gross income reported and however altruistic not usual.
I agree about prioritizing retirement over college. I had zero help paying for college. I was conservative, graduated with a bachelors in five years and still paid it off in about 9 years on a teachers salary. Sucked…but it’s done. Also, I’m very glad my mom is retired comfortably now.
They need life insurance on the mom, too. If she dies, it’s going to cost the dad a lot of money to hire someone to take care of his kids.
These budget videos are my absolute favorites! Please do someone who has very little money and whose spending is out of control.
The two of you are so fun to watch…real, honest, knowledgeable and you both keep it simple and fun!
So glad you talked about trade schools and community colleges. I went to a two year college and graduated making more money than friends with 4 year degrees who had been working for several years already.
I don’t have a college degree and make 6-figures. It’s about identifying your skill set and following that path, which supports your focus/passion.
Dave’s “balls to the wall” face was priceless!!! For the record, any and all CrossFit athletes use that phrase regularly.
I absolutely love your content!
I just looked up the expression balls to the wall to see where it came from. It's a plane thing! I had no idea. You learn something new everyday😂
If you are doing Dave Ramsey, he would say pause the retirement savings until the debt is paid off (except the house).
I love how you talk things out with a whiteboard! It is very interactive and informative that way!
Great information. My youngest child took what's called dual credit classes. While in high school, allowing both college and high school credits. Each class was only $150.00 with no extra fees. We were able to make payments throughout the semester if needed. They graduated high school with 48 college credit hours. They then chose to go to a local community college to finish up an association degree with no student loans. Then, onto a four year university with only 2 small student loads. They graduated in 2018, and the loans are almost paid off. Payments were made during the payment freeze with no interest. It really helped pay the loan down. I have a son who chose the Navy for training. He now works for Lockheed Martin in Fort Worth, Texas. I am not saying join the military. I know it's not for everyone but it is an option.
Love this! Will just add as someone who got through 2 degrees with no debt and now helps students do the same I always tell them the goal is to go to school for free. My addition to your ideas is that the only caveat to college choice is that IVY+ schools for low income families can actually be the cheapest option. I would've paid more for state school than at a private school because of their aid policies. So if you've got real bright scholars, have them give the super pricey schools a shot anyway!
Two of my kids went private for that exact reason..cheaper than a state school with all of the scholarships. Both came out debt-free because of scholarships, dual credit in high school, summer jobs, and a little help from us.
Just a thought with the food budget- some of the kids that have special needs could also have food allergies & specific dietary needs that could affect the budget. Some of those foods are so expensive! 🥴
26:49 That’s a new video idea
How freaking hilarious would it be
Or even give your kids the job of grocery shopping for a week, but follow them around and chop stuff out their hand if they pick the wrong thing 😂
I'd consider paying for you tube premium just to see that....
As someone that is retired, I feel that to much emphasis is placed on saving for retirement. I know, I know. My husband and I, were both were self employed and worked hard to be successful in our business. We didn’t take vacations for years, did without, the whole bit. We did save a lot for retirement and at this point, 9 years in , we having had to use any of it yet. So my advice is, take the vacation, buy the shoes , have some fun in life, worry about old age, when it comes
I agree with the retirement first. When my husband and I got married, he still had a college loan because his POA due to being in the military was only paying minimum payments. I wanted to pay off his college loan before we had our first child. We took a side job of mowing property that was repossessed from the bank. Also, they contacted us and asked us if we would rip down an addition that was added onto the home. We took that job as well. By the time, we were done. My husband's college loan was paid off. Also, speaking of college. I have a family member that worked at a high-tech business as an adult. The business is paying for my family members college while my family member works for them for a certain amount of years. Approximately halfway through this process, the business moved my family member from their "regular" job in their business to a position that my family member is going to graduate college for within the business.
I sure love listening to you guys discuss these things together. It helps me think these things through and then apply the same principles in our finances. Thanks much.
I totally agree with kids working. My older kids had an amazing scholarship however in order to keep it they had to work 20 hours a week to keep it.
I love the “you’re killing me smalls ! “ t shirt ! I got it for one of my adult boys … gotta love that movie ! Glenda
I live for this stuff! I’m constantly recalculating how we can do more and better for retirement with the tax advantaged accounts.
Regarding college expenses- we have told our kiddo from when he was really small that he needs to be smart about college. Our school district has school choice (which means he can choose which high school he goes to- we live in an urban area so it's totally doable). The high school he has chosen offers IB, AP, and Concurrent enrollment classes. He has chosen to pursue these as much as he can in order to get college credit. He can also take classes at the community college in Junior and Senior year summers. This college credit is 25$ PER CREDIT HOUR. It's insanely cheap compared to normal tuition. If he does the classes he plans to, and passes them all, he will graduate really close to having an associates degree. Which means less college to pay for later for his computer science and engineering degrees he wants to pursue.
This was so interesting!! More of this please
We r 1 income house hold, we set up long term disability in case my husband is in accident or gets sick, it good to have in case, also about investing too much there is a limit I think, it’s different for everyone, but if you invest 30-40% for retirement, you start affecting your life today, what you want to do today with your spouse and experiences. Food for thought. We r balls to the wall for t retirement.
This is so cool! I’m glad you guys are doing this! I’ll watch every episode!
Yes! Kids need to have skin in the game. We did that with all of our kids and they all finished their post secondary education (one trade school, two university students). Also, don't discount private universities completely. My two youngest actually went private because they ended up with amazing scholarships from those schools that actually beat state school prices. Both took advantage of dual credit while in high school to help pay as well. With summer jobs and the help we provided, they are all debt free. Definitely think outside the box when researching college options!
You guys make a great team! 👏
About college education...kids not only "can" work, but should (in my humble opinion). I am amazed that some kids go through college never having had a job! 🙄 I learned so much from my summer and weekend jobs as a teenager.
YOU TWO ARE JUST FANTASTIC... Talking About Every Issue Wow. Thanks Chris from Chicago ❤
Your comments about “I’m maxing my 401k. That isn’t a flex. You can’t tell anyone that.” I spent years reassuring my husband that our 401k priority was the right thing. He worked in an industrial plant situation and so many of the workers were new trucks, boats, motorcycles, snowmobiles, etc. I spent so much time asking , “How much debt are they in? Are they living on credit cards? How do they like making the boat payments for the six months we have snow? We decided a long time ago that this was our priority.” What makes it hard, in my opinion, is that no one goes around comparing the same things. They just go around comparing lifestyles. As a team you have to keep your eye on the prize. Our prize was early retirement. We did it. Retired early, no debt and still able to travel some and enjoy ourselves. We win. 🤷🏻♀️
They are doing amazing!! Can't get over being that young and thinking of the questions they were asking... really smart.
Love Dave's reactions to some of it - totally agree - hate asking those questions!
This one was really great - I'm not near their boat but got some great ideas as usual!
I'm surprised that they didn't mention the MIL contributing in some way. A grocery store I go to gives 5% off to seniors on Tuesday. She might be eligible for other discounts that the household could use.
My husband and I started retirement savings at 23 and 33. Our incomes were not high. My husband was laid off before age 65 and didn't return to work because of a disability. I left work in my mid 50s. We are comfortable. It's all about having your priorities aligned as a couple, being committed to eliminating debt, and a willingness to sacrifice to meet goals. It's not sexy but the peace of mind is priceless.
Christine, the devastation on Dave's face thinking about something happening to you was something special. ❤ That man loves you so much.
RE the food budget.... some special need children have food issues (mine does) and it does elevate my food budget a lot. It's not about being a picky eater. It's about getting calories into one's child.
I'm a picky eater with stomach issues. It's about eating what makes my stomach happy not about what's on sale necessarily. Plus I don't eat all those cheap starches.
I love this series!!! Keep 'em comin'!
We have 1 child, we r debt free, our son is going to in state school and paying for his tuition, we only pay for his books. I think that teaches responsibility and motivation to actually graduate and get a job.
For college, in SC high schools will offer dual enrollment in community colleges where you can take college Gen Ed courses for free, earn course credits transferable to other schools in state AND it also counts as much as AP courses towards your high school GPA while usually being less difficult material. Some kids get enough credits to skip a whole year or MORE of college thus paying less for college overall.
In situation like this, if the divorce happens, does the 401k also get split in half? That sounds unlikely to me, but I'm outside of the US. If it doesn't get split, I'd say it would be good to have the second retirement account (IRA?) in her name, so they both have something in their name that's not dependent on the other. I'm a big fan of each person in the couple having their money and, sadly to say, there are way too many stories when the women are hurt financially in the divorce (there are stats on this, it's not just my opinion, please, everybody, don't come after me, I'm only trying to help!).
Thanks again for doing this series, it's really inspiring and thought-provoking!
Yes in the US all the retirement plans also get split.
During the course of the marriage, yes. You worked 20 years and contributed to your 401k and contributed to your 401k for the 10 years married. They will only split the 10 years.
I love “ I don’t know how ours is set up ! Christine and I know !!!! “ my husband is the same way … that’s why our marriages work ! 46 and counting ! Glenda
omg the cell phone cost KILLS me every time there's one in these videos! In Canada because we don't have very many companies competing our cell phone costs are outrageous! For my family of 4 we pay $380 per month! Our electric bills have skyrocketed this past year. For a 3 bedroom bungalow (1180sq feet) our last bill was $398! Then there's still water, gas and everything else. With everything going up I do a lot of bulk buying and meal prepping otherwise we wouldn't be able to afford to buy some wants every now and then.
Oh loved this one! Also a single income family with five kids but younger kids. But a different country so different retirement and education options
I'm retiring this week and since last year I've done 30%, before that I was doing 20%, also company matched.
Love your budget videos they really make me think about mine thank you
Yeah I think one of the cultural problems is that for so long it’s just “the next step” high school, then college. College should only be if you really know what you want. All my friends don’t use their first college degrees at all and are now back in school.
Yesss! I'm a first generation college graduate with immigrant parents and am so glad I saw through the bs of college. I only recommend college if you can go for basically free or know that your career choice REQUIRES a degree.
Legit I am enjoying this podcast so much!
I love how you say you are unique with how you do grosheries! I'm the same. My mom did it the same, I learned from her. I'll be unique with you!
What some US-folks get wrong about some european markets is, that we have a social (not socialist) system build in. Germany for example (other countries are even doing more): from your income are deducted taxes (scaled depending on several circumstances), health insurcance (14,6%), retirement (18,6%), job loss insurance (2,4%), nursing care insurance (3,05%). Yes, you're paying for everybody who gets benefits/has higher health costs (person without a job, person with a handicap, person with cancer etc.), but you do that, because you know, you could be next.
When you finish school (either after 10 or 12/13 years), you can get an "Ausbildung", which is a skilled job training during which you already earn money, or go to university (we don't have college) for BA/MA. Your tuition fee at the state university (which are good) ranges from 150 - 350€/semester and most of the times includes a ticket for public transport. (not kidding) If you are a low income houshold, you can apply for Bafög (only German citizens right now, under 45 at the beginning of the studies/again not kidding), which is currently 934€/month, only half of which is a loan you need to pay back after a grace period and if you make a certain amount of income, but they also have that system of paying amount x rest is forgiven. You can take out student loans, but it's not too common. A lot of students work.
And that is because of our constitution and the ammendment "right to education". Priorities!
We rotate through TV subscriptions. 😂 One month we do Prime, the next Netflix, the next Hulu, etc. If there is something specifically we want to watch, we get that service for the month.
That's too much messing around
We sort of do this too. We always have Prime because we pay the Prime subscription annually. Then we add another streamer for a month *if* any of them have something we specifically want to watch. Lots of months we're good with CZcams & Prime plus the freebie channels included on our Roku.
You guys can still open HSAs outside of your employers! Similar to opening a taxable brokerage. The custodial bank will just have you sign to verify you are currently enrolled in a high deductible healthcare plan. I opened them for people in all kinds of jobs when I was a banker.
I love these budgets so much!! More than all of the other channels I watch that do this! These have been so helpful to watch.
My first service dog was bought from a foundation and she said the same thing. They wanted a number low enough that it could be raised but wants them to pay alittle. My first service dog was 1500$ which is nothing.
Some trade schools are three months or just around 12 weeks for software development. Almost 5 years ago my partner did one (18k) but got a job just twelve weeks later starting at 55k with decent benefits and we paid the loan off in three years. There are so many options other than a four year college to get good jobs!
I love these videos/podcasts!!!
I love the killing me smalls shirt!😀 oh and the pod cast too!
As always, I love seeing you two talking together. You have marriage goals for sure.
I am curious about their grocery budget. Some special needs require or are helped by a clean diet.
Also, the mention of marriage catastrophe and separate retirement accounts sounds like a red flag. Marriage and personal counseling might be a worthy addition to the budget. The family dynamics sound stressful.
Been married 30 years and we have separate retirement accounts. Who doesn't? And the spouse gets half in a divorce anyway.
I absolutely love these scenarios
First 2 years community College then transfer.
Yes, to working at places that pay for education! Every person (full-time, benefits eligible) is eligible for tuition reimbursement at the community college where I work, from the president to the custodians. There are even scholarships specifically for employees to help cover the cost of books.
Also, IMO, $1,200 for 8 grown people for groceries and toiletries isn't that bad. Not a whole lot of wiggle room considering the special needs kids may have food aversions and take more time to parent. That extra time to parent may take away time for food prep.
Great content! The comment on the kids phones seems like a very interesting topic, maybe in a future video ;)
You guys are awesome! You nail it every time! I do really wish I could take Christine shopping with me though. We are also a family of 8 with six kids ages 19 months to 17 and I am seriously struggling to get our grocery budget under $1,200 per month! It is a battle! We do not eat organic or buy a ton of treats - I just do not have your skill set! 😂
This family will soon be millionaires if they tackle the debt then max retirement out. They are doing great! We have a similar income as them and our only debt is also a HELOC (paid our mortgage off three years ago but had to remodel when baby #6 arrived). We are tackling our HELOC like crazy people and want it gone by Christmas. We definitely stopped all 529 contributions in the mean time. We may not even restart that as we’ve saved quite a bit and are thinking we’d be much better off buying a rental property instead…
Meal plan, see what you have in fridge and pantry before you go shopping, also check what’s on sale and used coupons, also if you see a good sale get it added it up. A lot of foods can be put in the freezer for later used . Also save favorite recipe family likes .
I learn so much from your videos. If you can would like to see how you can help an elderly couple who saved nothing for retirement, have no mortgage (living off grid) and no savings. Could you discuss average expenses?
Thank you, Dave and Christine, for another excellent breakdown! It is fantastic seeing a larger family this time, as budget needs etc are quite different (especially with special needs).
Cannot wait for the next episode! God bless you and your family! ☀️
My husband and I live off one income and a side job. Right now business is slow its just temporary. We bought our home February 2022 for 127,900. We now owe 77600. We have been making double mortgage payments last year. Also put 20% down cash and 15 year fixed. Crunching the numbers we will be mortgage free which is our only debt in 3 years or less. We also put around 10,000 from our savings on top of the principal. Spent the rest for renovations on a budget of around 6000 to 7000. Planning to sell our home few years and buy property with small house in the country. Are income will also go up this year which we're going to take advantage of that. Make triple mortgage payments
I love this, I'm working part time as a 1099 and my husband works full time (W2). This is the first year I'm learning how to pay my quarterly business taxes and my husband is going to pay more in taxes throughout the year to pay offset my taxes at the end of the year.
Edit: There are some fields where a private school may be a benefit, especially if the parents are an alumni. I'm a social worker, so for my field, I would recommend public colleges even though I went to a private school. My husband is a software engineer and his private school is highly recommended for particular aspects of that field. So depending on what our child wants, I would look at the major and employment statistics post graduation.
Would the gas be a utility? Our gas and electric bill skyrocketed at the fault of the utility company.
If hubby pays enough in you shouldn't have to pay quarterly. I don't! And they usually end up owing us a few hundred.
@@dianasimplifies that's our plan for 2023. I paid my estimated quarterly so I hope things will even out
For those that don't have an employment match and dont have a centralized bank for various reasons, who do you trust with an investment account now that the banks are a fumbling??
Also, we have no medical or life insurance, who do we trust to pay out a death benefit or whatever benefit?
I love these conversations! I learn something from each one. This one has inspired me to re-evaluate our retirement savings.
Fantastic video!!!
This one was good. I thought you were done at one point and was like huh they didn’t say to pay off that Heloc… over investing. I think those sinking funds should go to that Heloc or is that what is was for? I like you two so much and how you communicate 👍🤩
Our gas is $300 a week. My husband drives to multiple counties/locations for security jobs. I work from home (Etsy) and have 3 kids homeschooled. No car payment though.
You should follow up with this family in 12 months. See how things changed. :)
I agree with Dave Ramsey attack that home equity loan and get out from under it. Step 2 Even before increasing retirement, then throw that payment to retirement. Step 4
Great podcast with a very helpful concept!!
Balls to the walls 🤣🤣🤣👍
My food budget is 600 for 4 in a low COL area so 1200 for 8 sounds reasonable.
Skin in the game is the truth!!! Also making sure kids don’t barrow the max to live a crazy life while in college!!! Stay in the dorm use the meal plan!!! Not to pay rent!!
When I was in the dorm the meal plan was super expensive. I never did the meal plan.
Great financial analysis
With today's losses in the stock market, do you think we should put more into 401K? Yes, the employer matches but you are still losing. Great show! Starbucks also pays for a kids college.
When the stock market is losing you are actually buying more shares that will increase by a lot when the market corrects so yes you need to continue to put into retirement. Don't ever stop or pull the money out. You will make it all back if you stand firm.
@@dianasimplifies Ok. That's good to know. I will have to look into this. Thank you very much!
Love these budget videos! Please keep them coming.
Great job!! Very informative!
Love these!
I think you should get a bigger white board!
Y'all are awesome!!! ❤️❤️
This was fun thanks 😊
The reality is that specials needs parents divorce at a much higher rate than other families. It is so hard to parent special needs kids. I see you, I empathize. I am in the boat with you.
I’m loving your podcast!
I feel like for me, I would go balls to the wall on the loan before I did anything with my retirement. I would want to pay that off within a year or two if I could. I know 7% isn't a personal loan at 20% but I still wouldn't consider it with the mortgage.
Love this.
One thing the budget didn't make clear is who was covered by the life insurance. Many couples purchase insurance for the breadwinner but not the stay-at-home spouse. If she is taking care of all household responsibilities plus special-needs children and she dies, her widower will have to hire someone to do the work she was doing, at a huge expense. She may even need a larger insurance policy than he does.
Absolutely ride that school bus 🚍
Love Dave's shirt
I think y’all may live where gas is extremely low! I have an 1100 sq foot home with full basement everything but the dryer is gas during winter my gas bill bounces around 250-300 we have new windows and keep the heat at 68.
My bad 😂 I thought it was for heat not the car!!! Woooooooops
You guys are so funny!🤣🤣🤣
That HELOC is years from getting paid off unless they absolutely prioritize it A#1. It doesn't sound like they're interested in that. Putting that $400 into buffer is a bit premature.
You can get a solo 401k as a business owner but not always the best route for every owner compared to a Simple or Sep retirement accounts.
Stop the college fund, cut the groceries and pay off the HELOC. Also, save toward a 6 to 12 month savings in case of a layoff.
I need y’all to break down my budget 😭
There are also agencies to help disabled people get jobs if need be.
Maybe the gas price looks high cause it could be part of gas to heat the house.
Where can we submit our budgets for you to do??
In true baby step fashion they would pause retirement and pay off that HELOC.
He could borrow from his 401k using a loan and pay off loan amount. The payments back to the 401k you are paying yourself the interest.
When you say taking care of handicap children, that's fantastic, but her income is taking care of three handicap kids. She gets money and medical.
Im feeling like this allows them the gross income reported and however altruistic not usual.