AAR20 - New Job? How to Handle Finances During a Job Change
The Investing for Beginners Podcast - Your Path to Financial Freedom
A 30/70 Rule for Spending vs Saving Raises
Evan recommends spending 30% of a raise and allocating 70% to savings and retirement to balance enjoyment and future security.
You can find Evan's custom home buying spreadsheet by going to http://Einvestingforbeginners.com/homebuying
In this episode, host Evan Raidt is joined by Andrew Sather to offer practical advice on managing finances during a job transition.
They discuss the concept of lifestyle inflation and why merely avoiding it isn't sufficient. Instead, they recommend a balanced approach, suggesting a 30/70 split between spending and saving any income increase.
Key points include accounting for hidden expenses like insurance and taxes, understanding the importance of emergency funds, and navigating the complexities of benefits like 401k and FSA accounts when switching jobs.
The episode also emphasizes the significance of communication and financial rebalancing in relationships during such transitions. Evan and Andrew conclude with sustainable strategies to ensure financial stability and emotional well-being.
Whether you're receiving a raise or taking a pay cut, their advice aims to help you make informed, balanced financial decisions during your job move. 00:00 Introduction and Welcome 00:57 Defining Lifestyle Inflation 02:34 Handling Salary Increases and Decreases 03:46 Hidden Expenses and Detailed Budgeting 06:59 Spending and Saving Strategies 20:27 Emergency Funds and Job Security 21:54 Retirement Accounts and Benefits 26:25 Relationship and Financial Communication 32:07 Conclusion and Final Thoughts
Timestamps are generated by artificial intelligence, and are not 100% accurate depending on the platform used for listening.
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Have questions? Send them to Evan at evan@einvestingforbeginners.com
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