Your Salary Structure is WHAT?
Money Guy Show
Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors
4.7 • 3.1K Ratings
🗓️ 25 December 2024
⏱️ 22 minutes
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Summary
Transcript
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| 0:00.0 | Worried about running out of money, here's what to do. |
| 0:10.0 | Brett, I am so excited about this because a lot of people have this question. |
| 0:13.0 | Their income comes in unique spurts and they want to figure out how do I plan for this? |
| 0:18.0 | How do I budget for this? |
| 0:19.0 | And I love that we get to answer these kind of questions. As a matter of? And I love that we get to answer these kind of |
| 0:21.2 | questions. As a matter of fact, I love that we get to answer all of your questions. It's why every |
| 0:25.4 | Tuesday at 10 a.m. We do a live show. We want to load you up and speak to things that you are |
| 0:30.7 | curious about because we believe that there's a better way to do money. So with that, I'm going to |
| 0:36.4 | throw it over to you, creative director Revy. |
| 0:39.6 | Yes, Casey asks this very question. He says, I have started a new job where I get paid 90% of my |
| 0:46.9 | salary within five months. How do I go about planning for this without running out of money |
| 0:53.4 | before my pay kicks in again? |
| 0:55.8 | What would you do in this unique situation? |
| 0:58.1 | Well, okay, so 90% pay inside of five months. That's unique, right? Like not a lot of folks, |
| 1:03.4 | not a lot of vocations allow that to happen, but there are a lot of folks out there. |
| 1:09.1 | They have like very sporadic and inconsistent income |
| 1:12.6 | streams. And it does pose a very real problem for folks. And I figure, okay, well, how do I budget? |
| 1:18.2 | Or these guys say that I'm supposed to be saving 25% of my gross income, but my gross income varies |
| 1:23.9 | month to month or pay cycle to pay cycle. How do I do this well? How do I think about this |
| 1:29.7 | well? And frankly, I think that people that are in this kind of situation, Brian, it's even a little bit, |
| 1:33.6 | it's harder for them. It's harder than just the normal W-2 employee who gets the same paycheck, |
| 1:38.6 | every single pay cycle for an entire year. So as you worked with folks in the past, who've had like sporadic income streams like |
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