Essential Personal Finance Numbers You Need to Know
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- Опубликовано: 13 сен 2024
- Using your money to create your best life start with understanding your finances. Knowing these six numbers are an essential part of building wealth. Grab our free guide and get started: onebighappylif... . We're going to show you the essential personal finance numbers that you need to know to take control of your finances.
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We are Tasha & Joseph a millennial couple balancing kids, jobs, money, and life.
One Big Happy Life is our website which focuses on creating a life you love by finding the right balance between your personal and financial goals.
Life isn’t just about one thing but money touches on just about everything. Personal finance doesn't have to be complicated or overwhelming.
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Knowing these six numbers are an essential part of building wealth. Grab our free guide and get started: onebighappylife.com/numbers
I am sweating and dizzy just thinking about what I need to do.....
I just got a new making a little over 64k that I start in a couple weeks. Currently Im at 33k so im very excited. My goal is to save half of my new income and pay off some debt. And its in finance!
congratulations!!!
Congratulations!!!🎊🎊💃🏿💃🏿💃🏿🥂
I love tracking our net worth because sometimes I feel like I’m not getting anywhere when I actually am 🙋🏻♀️
I hear you guys! I don’t make much now, but during this quarantine I’ve learned that I can actually save money. I don’t need to spend it all! I was looking into my companies 401k and it was so daunting. I had no idea what I was looking at. I want to retire in the millions, but I have no idea how to invest. I would love to see more videos explaining investments. Thanks!!
Consider contacting the administrator for your 401k they will be best suited for giving advice on your situation. Good luck
Thank you guys! My husband and I discuss financial goals often, but tracking where we stand is so valuable and will hold us accountable to strive towards those goals.
I really like the reminders from you guys that I'm going in the right direction and helping myself. I may not be a millionaire in 3 years like a lot of other people on RUclips, but I'm doing so much better than I could be otherwise
I love listening to you both agreeing on planning for a bright financial investment future. May God bless you both.
Could you do a video solely on calculating net worth? Examples of assets vs. debts please :-)
Assets:
Homes
Cars
Cash in the bank
Value of investments
Value of retirement accounts
Liabilities:
Debts
Anything that costs money
lol the golf analogy is actually a really great analogy! Golfers definitely cannot always see the flag from the tee box (especially on longer holes that are 500+ yard with hills and trees in the way). They use different tools to help them, like the scorecard, which has tiny images of each entire hole so you know which direction you need to go and what traps will be in the way, and sometimes a gps/distance tool that helps you gauge how far the hole is from where you are standing. Professional golfers have a caddy that helps them walk the course, determine what club to use for the distance, where the flag is on the green that day (since that changes), identify wind speed and direction, etc. so caddies are kind of like financial planners or other money tools like apps!
That's good to know! Thanks for dropping that golf knowledge on us. I think I'll keep using that analogy.😆--Tasha
Your videos are always so helpful! Thanks so much for the honest financial advice!
You are so welcome!
What are your thoughts on handling a parent who has not prepared well for retirement & is just a few years away from retiring?
Share this video with them so that they can download the worksheet and start understanding what's going on with their finances.
When I was younger, I wish I were as smart as you guys. I did well--by normal standard--but it could have been a lot better.
Great points and thanks for the video! Tracking your net worth is SUPER important and I am so happy you guys chose the cover that in the beginning. Really liked the golf analogy. -Meshack
I love the drive you both have! You guys are my inspirations ! Thanks for these awesome tips! 💕
Thanks the info on how to calculate your minimum savings rate! Really helpful!
Gosh thank you so much for your videos. So helpful. I had no idea about what goals I wanted to hit but making those plans now.
I shared it to several people.
Such a great breakdown of these big picture concepts. I do track our net worth but certainly see the value in all of these and am excited to incorporate all of them. Thank you!
Y’all are such a beautiful couple. I love y’all’s energy ❤️🥰 new sub, btw! I started following from your vision board video
That golf analogy killed me 😂😂
One important number for me is net income. Your net income is how much money you get after taxes and withholdings are taken out. This is an important number because this is how much money you have available to work with to pay bills and to save and invest.
Net income is a subset of budget surplus, just like total debt is a subset of net worth. So in order to calculate your budget surplus you need to know your net income and minimum required expenses. That's why we say to look at the budget surplus number because it requires you to also know two other important numbers.--Tasha
Me I have several cars and a house. But I do not include them in my net worth, because I am never going to sell them. So I did put the amount of 0,00 $. I calculate my other assets. It's going to increase, because as soon as the pandemic is done I will start investing more and more. Now I am stack pilling money. Also my goal was to live with 3000,00 $ per month. But it depends where in the world I am going to be living. It's not the same costs if you live in Cuba than living in Canada.
SimonJPA Baillargeon also different where in Canada you live. $3000.00/mo in Saskatchewan right now is plenty.
@@fedxiii Good to know. I was not aware of that. Thanks!
If you'll never sell your cars, are you going to move internationally with them?
Lol loving these analogies! Also - great advice as always
Ok this was a lot of information, I think I have to watch this video a few times to understand it all. That golfing metaphor was good but so funny that neither of you know how to play golf :D (neither am I so do not worry)
Thank you!
I guys love your videos, and your story I must say though that, Being financially independent and doing something you love is one aspect of the fire movement. I don’t think fire is one size fit all
If you're not going to actually retire and stop working then the whole FIRE thing really just amounts to working a job that you don't enjoy long enough to be able to finally switch to making money doing work you love. That's a lot of years wasted doing work that you don't enjoy just to reach financial independence.
That means my net worth is negative $20,000, though I'm in my early twenties and still in college so I guess that's ok :)
I started this year with a net worth of about -21,000 because of student loans and a personal loan, but I've gotten it up to -9,227 in 6 months. It is possible. You can do it!
I’ve tried three times with three different emails to get your worksheet and it just keeps saying “error occurred”. This is the third item I’ve tried to download from your different videos where there was an error or it was just never sent to my email. I even emailed you about one and still never got it. 😔
I find it really discouraging to do my net worth as I have few assets (savings and investments) and 75k in debt. :/
Do you guys do personal consults at all?! I need help. lol
How do you make your minimum savings rate work if you expect your income to increase over your career? I’m already saving at 15% of gross income and not reaching my abundance retirement goal, but I do expect my income increase in time. Is it okay to assume I will contribute more per month in the future?
The truth is that it doesn't matter what percentage of your income you are saving. It's a largely meaningless rule of thumb . You need to know your actually minimum savings rate (the dollar amount) so that you can aim for it. If you can't reach it now, you need to set a goal to get there ASAP because the number will keep increasing over time.
Thanks for the video. Any tips on how to find a personal financial advisor who doesn't have a bias (ex doesn't sell whole life insurance)? We're looking for someone who we can pay to take a look at what we have and make suggestions for the future, but we're finding it hard to trust the "advice" we've gotten so far because it usually involves buying something they're selling.
Sure, hire a fee-only advisor that is a fiduciary.
Net worth should be calculated as a couple if possible, right?
Love your shirt, Tasha! Where did you get it?
Lmao the golfing part
@onebighappylife how would you best calculate your networth across multiple currencies?
Love your videos and advise and trying to build and implement with the things ive learned from you.
Just like adding fractions--you have to pick a common denominator. So pick one currency and convert the others to that currency.
Thank you
That would be tricky 😱
It's not! There are currency converters all over the internet.
I mean the rate could be in another row and technically you could low key trach the rate each month if you track that growth monthly I guess, just a thought really, on top of that you could also tranfer the whole amount back in to the other currency so you have that information for when your talking to relatives or friends from the other country. Just another thought.hope it makes sense
👊👊
I thought Tasha opted out on the LASHES!
Those are strip lashes!
All your strokes are getting you close to the hole.