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The Ramsey Show Highlights

Living Paycheck-to-Paycheck on $600K a Year

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6682 Ratings

🗓️ 13 January 2025

⏱️ 7 minutes

🧾️ Download transcript

Summary

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Transcript

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0:00.0

Brought to you by the Every Dollar app.

0:04.3

Start budgeting for free today.

0:06.4

My wife and I combined, we make about $500,000 to $600,000 a year,

0:11.9

but we still somehow are unable to save as much as I believe we should save.

0:18.5

So that's my problem.

0:21.3

I mean, our monthly expenses are about $30,000 a month and, you know,

0:26.3

we don't add taxes to that.

0:27.7

So we pretty much even out every year.

0:30.2

And I believe when we make $5,000 to $600,000 a year, we should be able to save one.

0:36.0

I would agree.

0:36.8

I think the $30,000 a month expense is your clue.

0:41.7

How much of that is debt payments?

0:45.1

Well, it's on two properties.

0:48.0

One is primary residence and one is an investment property.

0:51.5

And the debt payments on the mortgage are added to about $12,000 a month.

0:57.0

Yeah.

0:58.0

Why do you need $18,000 a month to run your household?

1:04.0

Well, about $8,000 to $9,000 bill to charity for a good cause.

1:13.3

And then the rest, like I'll say, about $10,000 is for groceries, utilities, for the car payment,

1:25.0

and a little bit for, you know, towards a...

1:28.5

Why do you have car payments when you make $600,000 a year?

1:33.2

Say that again?

...

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