ACCOUNTANT REACTS to 6-Figure Family Man Living Paycheck to Paycheck | Budget Breakdown

[@GabrielleTalksMoney]

Let me know if you saw yourself in Mark and money habits YOU want to work on! If you need help with budgeting, check out my Budget & Net Worth Tracker ➡www.gabrielletalksmoney.com/product-page/2024-budget-net-worth-tracker-template

[@floydchusset3143]

I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K savings.

[@smithdavis1362]

Don't put all your eggs in one basket; instead, diversify into different asset classes to mitigate risk. If you lack extensive knowledge, consult a financial advisor.

[@adamweah8037]

Accurate asset allocation is crucial with an Experts guidance. I have 850k in equity, 300K cash earning 5.25 interest, 685k in 401k, 250k cash account, 120k in car assets ( paid off cars) Gold and silver bars. age is 64. My advisor helped me realign my portfolio to my risk tolerance and it boomed overtime.

[@ashwinaditi1039]

pls how can I reach this expert, I need someone to help me manage my portfolio

[@adamweah8037]

Laura Grace Abels is the licensed advisor I use and im just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.

[@JasonDinero]

Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.

[@porkchop9024]

It’s 100% possible to turn your financial situation from being in the red to black, but it will definitely take sacrifice. I find people don’t want the short term pain for long term gain, but you gotta remember, no one else will look out for you. You gotta take care of present you + future you! Mark, you can do it! It won’t be easy, but it is possible. Something that might be helpful as well is creating a net worth tracker and updating it every quarter (or monthly if you need the extra motivation). This will help you visually see your progress and give you small doses of motivation to keep going. Curious to see how Mark is doing in the coming months! Mark, also put your emergency fund into a high interest savings account; it will help your money grow faster via compound interest.

[@GabrielleTalksMoney]

Appreciate the encouraging words! and I totally agree 👍

[@gord1527]

I work in an industry with mostly 6 figure income earners. It amazes me the differences in what people have when we all make about the same money. People who do well have had a respect for money from when they are young, mostly instilled in them from their parents. They get the value of a buck. Others like Mark think money is limitless. It will be very difficult to fix Mark. He will wallow in debt for most of his life until he gets some kind of windfall, usually from an inheritance. But he will probably have the most fun lol.

[@GabrielleTalksMoney]

Let's be a bit more positive for Mark! I see where you are coming from but I believe he can turn it around and he was serious about making changes. Stay tuned for my accountability update with Mark

[@Knowledgeabletuber]

I came from a poor upbringing, I had no help yet I make over 140k a year now. I own my house outright that’s valued at over 225k and another house I just bought that’s about 400k I will have paid off in 3 years. It’s not about having respect for money, it’s about making smart choices. Where most people go spend their money on the weekends at clubs or cigarettes, beer or what have you. I put most of all my money in investments and on my house to pay it off. You can either be bitter and throw shade on mark because he makes more money than you, or hope the best for him and be a decent human being.

[@plato1234plato]

I’m surprised re-financing wasn’t mentioned. There are many ways to transfer balances to lower or no interest cards to defer or eliminate interest. That would be a huge boost right off the bat. Ultimately I agree with your main points. Can’t spend more than you have for very long!

[@_sparrowhawk]

This is so awesome - a Vancouverites version of Ramit Sethi.

[@GabrielleTalksMoney]

Thank you, I'm flattered!

[@laundrygoddess4]

Better than ramit. One who understands different situations and isn't so rigid with certain ideas.

[@skfanfanfan]

Gabrielle gives a fantastic presentation. Mark is wise and realises his financial issues. Having said that, I find that some people are "addicted to spending". YES. Just like people addicted to drugs, cigarettes, alcohol...It takes strong will to get out of the hole. Also, some people seem to have NO concept on "value of money" and "value for money".

[@WesleyWong-l4z]

Consolidating on 1 credit card helps consolidate credit card reward points. Then use those reward points to buy air fare or gift cards for shops you regularly need to purchase from (eg: groceries or walmart). And buy the gift cards when they are on promotion when it uses 20%-30% less points!

[@user-ms3mx7gz9g]

You can do it Mark! 🙏

[@AW-gj4ji]

Lucky for Mark, college funds for Quebec is very low compared to the US. Student loans are very generous too.

[@tntfyah]

I found it informative the breakdown. Wish there was more options given on what he or one can do. ie emergency fund. Through a high interest account, TSFA or TFSA backed my dividend stocks etc. From viewing and creating a budget does it help with taxes at the end of the year as Quebec taxes are crazy high.

[@bchan_]

6 figures feels like nothing while living in Vancouver, but it's a start.

[@moldenm5239]

The budget reminds me of austerity with sudden cuts. I was surprised pharmacy costs could be cut as I assume those are either co-pay or necessary over the counter medication.Clothes and shoes hard to be at zero. Car insurance is low with two vehicles at $75 a month. ICBC basic is $1000+ a year with optional expect $1500+ a year. I assume prorated monthly unless cash method which is 1x payment a year. With current spending habits definitely curious how one became owners to save the initial down payment amount or it was given as gift by parents or inherited home would have changed equation / interpretation. Too much austerity could negatively impact relationships and quality of life, so cutting is limited. More realistic to find ways to increase income.

[@sobeso]

The too many finical priorities is very interesting to eliminate because the priorities listed for Mark seemed like very important things to tackle but in reality trying to do it all at once is unreasonable at his incomes levels...

[@eecc17]

Wonder if combining your budgeting strategy with paying off all debt using a HELOC can speed things up. Since he's a home owner, he has the option of debt consolidation using a HELOC to pay everything down at a lower interest rate while not giving up flexibility for emergency expenses since the HELOC is liquid. That being said this would really require huge discipline on his part and may be challenging depending on his (poor at least based on the 2 months' history) spending habits. He's so lucky to have a 2k mortgage. Something alot of people dream of.

[@tuttoaposto4011]

For the month of June what funded the overbudget expenses? Was it credit cards, HELOC, savings?

[@GabrielleTalksMoney]

Mark had saved up some savings prior that he used to pay for the expenses for June

[@tuttoaposto4011]

What is your suggestion for an emergency fund? And when determining a fully funded emergency fund do you incorporate unemployment payments into the calculation?

[@jimc9516]

"6-figure salary" doesn't mean what it used to 20 years ago. Between a mortgage, property tax, car, food and utilities, you're easily looking at $6000-8000/month in expenses. Which is about 150k/year before tax in Quebec. To follow 50-30-20 rule, you'd need about 330k/year income before taxes. This government is pushing everyone into downsizing/child-free/own-nothing lifestyle. That's not to say he shouldn't reign in his spending.

[@GabrielleTalksMoney]

I know what you mean by 6 figure salary not being what it used to be - we are all feeling the effects of inflation!

[@Schnarr007]

I’m interested in why he’s creating an initial emergency fund before paying down his debts? Any payments towards servicing debt would reduce his overall interest faster. I guess if he’s not able to secure affordable debt then that’s not an option.

[@GabrielleTalksMoney]

It's to create a buffer so if something happens, he isn't forced to go into debt again, which would increase the amount of his income going to paying the debt!

[@JMaki-mr2mh]

I do understand the question, Why save when the debt is hampering the savings? Truth: he would lose 300-400 annually. So why? Mark is building the framework of his financial future. Completing level 1 pushes you to reach for level 2. In 4 years, he will be debt free and funded for 3 months. Maintaining this structure could keep him out of credit card debit for the rest of his life. Excellent question!

[@moldenm5239]

Would retirement savings be needed if there is CPP or defined pension or equivalent ($60k/yr)? When you get older, you could do less like traveling so expenses one expects to decrease. One of the modern strategy seem to be building a 6+ figure TFSA account, paid off home and then collect GIS, CPP, and other low income government benefits. Marginal improvement helps the family circumstances a lot. There are no or very minor addictions (shopping) that I see. There seems to be little psychological pushback to changes. Often these are serious and complex.

[@JoeSmith-pu9hi]

Wow. Needs to cut all plastic cards now.

[@valeriepoirier9537]

37 000 $ in debt at 10 %. Wouldn't this be more like 308 $ per month versus "well over a thousand per month"?

[@GabrielleTalksMoney]

Not sure what the payment terms are, but $1,150 includes principal and interest payments

[@Silver-Canada]

The first guy mark he should NOT be Broke if your a full time Police officer making six figures. Im only a security guard making 72K per year & i am doing great i just took a 6 month vacation & i still have lots of cash left over

[@Huey-f8l]

$250 for fun is so little.

[@Samanthael1234]

Can I contract you to do mine??

[@charlottebreton6796]

Even if you make 100,000, it's still not enough to pay for 4 people. I earn that much by myself, and it's not enough. At this point, im retraining just so I can go from earning 100,000 to close to 200,000

[@GabrielleTalksMoney]

I'm a big fan of investing in yourself to increase your income potential!

[@JMaki-mr2mh]

This can be very true especially depending on what city you live in and what you pay for previous debt, mortgage debt, transportation debt, and necessities. Best time to save for something is before we need it.

[@kingphilt]

Stop spending money on stuff you dont need!!!. Find cheaper priced insurance, cellphone internet etc. Cut speding on subscriptions. Dont shop on amazon unless needed. "school supplies" of $83 a month? Why. No eatting out till debt is paid off. Work more overtime. And if u have too. Sell a car buy a cheaper priced car? Cpuld pocket $10k+ He will be where he should be and a better future for everyone financially in a few easy steps.

[@skfanfanfan]

I was wondering about the same things. I also wonder what his spending pattern is in months when there are no emergency or unforeseen spending items.

[@kyuchangjo]

Mark needs to get rid of 1 car 😊

[@dexteranime7906]

I love you, your so beautiful