EP08 Money Stories: Ivan & Daniel Budget for the High Income Earner
The Jesse Mecham Show
YNAB
4.7 • 1.1K Ratings
🗓️ 23 June 2021
⏱️ 61 minutes
🧾️ Download transcript
Summary
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:
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/
Transcript
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| 0:00.0 | Hello wine-avers, my name is Jesse Meak and this is podcast number 504 for Wine-Abb where |
| 0:17.3 | we teach you four rules to help you stop if you pay check to pay check, get out of debt, |
| 0:20.3 | and save more money. |
| 0:21.7 | Today, we welcome Daniel Chen and Ivan Smirnov. |
| 0:26.6 | The episode that we have today is a little bit different from our typical money story interviews |
| 0:31.3 | and that we're talking about budgeting for, quote unquote, high income. |
| 0:36.0 | In the interview, we sort of debunk the idea that a budget isn't necessary if you earn |
| 0:40.3 | a certain amount of money, and if you listen to last week's episode, I think that starts |
| 0:44.6 | to bear itself out. |
| 0:46.4 | But truly, everybody needs a budget, no matter how much money you have or don't have. |
| 0:51.6 | Daniel and Ivan have an interesting story and wine-app connection. |
| 0:54.3 | They met through a mentorship program and reconnected over wine-app when Daniel saw a blog |
| 0:58.8 | post that Ivan had written for us on his own budgeting strategy. |
| 1:02.4 | In his own words, Daniel calls himself a personal finance nerd and has worked as a CPA, worked |
| 1:07.0 | it into it, and now another finance startup. |
| 1:09.3 | I found it interesting to hear them discuss how they use an integrate wine-app into their |
| 1:12.5 | overall financial strategy and how they both have found immense value in giving every dollar |
| 1:18.0 | a job. |
| 1:19.0 | From how to handle inflows like a bonus, to nitty gritty budgeting tips and thoughts on |
| 1:23.0 | personal finance education, this episode is filled with a lot of unique insights and |
| 1:27.5 | budgeting tactics that I think you will find just as fascinating as I did. |
| 1:31.9 | So let's get this episode started. |
... |
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