3361: Why Increasing Your Income Won't Solve Your Financial Problems by Andy Hill of Marriage, Kids and Money

Optimal Living Daily - Personal Development and Self-Improvement

Optimal Living Daily LLC

Education, Mental Health, Self-improvement, Health & Fitness

4.6 • 3.2K Ratings

🗓️ 20 October 2024

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3361: Andy Hill shares how increasing his income didn’t solve his financial problems, despite earning more over time. He highlights the importance of focusing on net worth rather than just income, as building wealth is about managing the gap between earnings and expenses. Hill’s story emphasizes that lasting financial security comes from reducing debt, controlling lifestyle inflation, and investing wisely. Read along with the original article(s) here: https://marriagekidsandmoney.com/why-increasing-your-income-wont-solve-your-financial-problems Quotes to ponder: "My net worth was -$50,000. So it was really my Net 'Unworth.'" "We grow the gap by increasing income and reducing expenses; we protect the gap by avoiding lifestyle inflation." "Income can go away in an instant. My income would be gone, but my net worth would still be intact." Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is optimal living daily, why increasing your income won't solve your financial problems by Andy
0:07.4	Hill of Marriage Kids and Money.com and I'm Justin Molick.
0:11.6	Welcome back to our usual Sunday bonus episode,
0:14.0	where I share an episode from one of the other podcasts
0:17.1	in the Optimal Living Daily Network,
0:19.4	usually overlaps with the kinds of themes
0:20.9	that come up here.
0:22.4	Today's episode comes from Optimal Finance Daily.
0:25.0	You can follow or subscribe to that show wherever you're hearing this if you enjoy what you're about to hear.
0:30.0	So with that, let's get right to the post and commentary from Diana as we optimize your life.
0:36.0	Why increasing your income won't solve your financial problems by Andy Hill of Marriage
0:45.8	Kids and Money.com.
0:48.8	I remember the day I received my first job offer. A $38,000 annual income. For a young guy right out of
0:57.8	college, this seems like an absolute boatload of money. I felt like Scrooge McDuck swimming through his vault of
1:05.3	gold coins. That same year I leased an Audi convertible, bought my first home
1:11.4	with 10% down, and traveled on a week-long vacation to Mexico
1:16.1	using my home equity line of credit or Heilock. I was in my early 20s. I was living paycheck to paycheck but I was living paycheck to paycheck, but I didn't care. I was having a blast. A few
1:28.6	years later I was able to increase my
1:35.0	$48,000. I decided that if I really wanted to make the big bucks,
1:36.0	then I needed to go back to school and get my MBA.
1:39.0	It would be a lot of hard work
1:41.0	and it would cost me $40,000 over the years I would be studying.
	...

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