Money Guy Show Is a $100k Income STILL Enough to Buy the American Dream? | Making a Millionaire
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Apr 28, 2025 A couple shares their journey through financial challenges while raising kids and aiming for homeownership. They discuss budgeting on a $100K income, the tough choices between Roth contributions and emergency savings, and the pressure to achieve financial goals. Insights include the importance of a fully funded emergency fund, tracking financial assets, and consolidating retirement accounts for better management. They explore the balance between financial stability and personal fulfillment, encouraging adaptability and strategic planning.
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Early Debt Payoff Experience
- Daniel and Hannah entered marriage with some debt but prioritized paying it off quickly.
- They focused on clearing debt before other financial steps, reflecting early financial discipline.
Importance of Emergency Fund
- Without a fully funded emergency fund, unpredictable expenses can cause financial turmoil.
- Building a cash reserve acts as the protective foundation to avoid debt and emotional stress.
Prioritize Emergency Fund Over Roth
- Prioritize fully funding your emergency fund before maximizing Roth IRA contributions.
- Shifting Roth contributions to savings can build a proper emergency fund within a year.