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EP08 Money Stories: Ivan & Daniel Budget for the High Income Earner

You Need A Budget (YNAB)

Release Date: 06/23/2021

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You Need A Budget (YNAB)

School is in session! Jesse teamed up with Matthew Amster-Burton (who you have heard on the Behind the Scenes series), a YNAB team member and former financial advisor, to create a short series demystifying the world of investing. For the first day of class, they cover some of the basic investing terms you will encounter.

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It's time to play a little game. Jesse and a couple YNAB team members gather to play "you might be a budget nerd if...." See if you can call yourself an official budget nerd!

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Do you pay off debt first, or invest for retirement while paying it off slower? Or do you build an emergency fund first? How much? There are a number of tradeoffs when it comes to paying off debt, saving, and investing, and Jesse reminds us that there is no prescription! Everyone's budget is personal, and will depend on their goals, values, and emotional response to the budgeting process.

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With the Baby Boomer generation rapidly aging into retirement, more and more Generation X and older Millennials face some tough financial questions: how do you financial support parents that need medical care, or long-term assistance, but cannot afford it? Should you support kids after college by allowing them to live at home while they get their financial feet under them? Should you save for your own retirement first, or help your parents/kids first?

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You Need A Budget (YNAB)

As you might have noticed by now, the team at YNAB is diverse, eclectic, and full of passionate people with a wide range of interests. It is no surprise, then, that in the course of conducting these Behind the Scenes interviews, Jesse discovered a ton of interesting and, well, random things about the employees of YNAB!

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In today's installment of Behind the Scenes, YNAB team members share their insights about personal finance, whether it's overcoming the fear and confusion of investing, learning to push yourself to achieve things you never thought you could, or better understanding our conditioning around money and success.

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It's that time of the year again, when summer is winding down and children are starting the new school year. As seasons go, starting the new school year is a time of new schedules and new challenges. It's also a great time to rethink the budget, or simply get back in touch with the budget.

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Today Jesse asks the team at YNAB to share their top pieces of advice for new YNAB users... besides, you know, that you need a budget.

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Jesse chats with two people that are passionate about personal finance and share a common trait: they are high income earners. YNAB doesn't often talk about people earning high incomes, but contrary to popular belief, earning a lot of money does NOT mean you don't need to budget!

 

As Ivan Smirnov and Daniel Chen attest, high incomes often come with high cost of living areas, where housing costs can run well into the 7 figures for homes or multiple thousands for rent. High income can also come with lifestyle inflation, as well as debt from post-graduate student loans and professional programs. Both of these things (and much more) can be managed with an effective budget, and Ivan and Daniel share their tips in keeping their costs under control and managing their investments using YNAB.

 

Ivan Smirnov is a software engineer at Google, and he loves to share his personal finance journey and YNAB power tips with friends and co-workers. He writes occasionally for a couple blogs:

https://ivansmirnov.name

https://ivans.io

 

Daniel Chen is a former Big 4 accountant, personal finance entrepreneur, and currently the Head of Business Development at a personal finance educational startup Brightside. You can find Daniel on twitter:

https://twitter.com/chenthusiast?lang=en

 

 

YNAB for Good: https://www.youneedabudget.com/good/