I Lost Income This Month | July 2023 Beers & Budgeting
TL;DR
Couple reviews their July budget while enjoying a craft beer, staying under budget despite lower income.
Transcript
you know it okay we are going over the July budget in today's episode of beers and budgeting drinking a really good beer so stick around hopefully hey guys welcome to the debt free Millennials Channel I'm your host Justine and this is my husband Kyle too and together every single month we go over our real income inexpenses and then talk about our f... Read More
Key Insights
- 😘 Budgeting with a lower income month while keeping savings rate consistent.
- ✋ Liquidity concerns influenced decision to keep down payment funds in high-yield savings accounts.
- 👨💼 Justine's business investments impacted personal income in July.
- 💄 Financial priorities and decision-making process discussed in the budget review.
- 🥅 Opportunities to adjust expenses, savings, and investments to meet financial goals.
- 💬 Engagement with audience through shoutouts and comments on previous videos.
- 🚙 Considerations for retirement savings vehicles based on individual circumstances.
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Questions & Answers
Q: Why did the couple keep their down payment in high-yield savings instead of other investment options?
The couple prioritized liquidity and risk management, avoiding market volatility affecting their short-term down payment needs.
Q: Why did Justine choose to continue with a SEP IRA over a solo 401(k) for retirement savings?
Justine switched to an LLC from a sole proprietor and found the SEP IRA guided by her CPA to be a suitable retirement investment option.
Q: How can viewers support Debt Free Millennials beyond watching videos?
Viewers can enhance their financial journey by purchasing Justine's spending control workbook, opting for one-on-one coaching, or signing up for her budget toolkit.
Q: Why did the couple see a decrease in income in July?
Business investments led to the decrease in income as Justine focused on rebranding and investing in new mentors and coaches for her business growth.
Summary & Key Takeaways
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Couple reviews July expenses, keeping savings rate consistent, under budget.
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Income slightly lower due to business investments, spouse not paying self salary.
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Discuss spending, savings, investments, future financial plans while enjoying craft beer.
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