Money Guy Show Your Salary Structure is WHAT?
Dec 25, 2024
Discover how to navigate financial challenges with inconsistent income, especially for those starting a new job with delayed pay. Learn how NFL players tackle money management amidst irregular earnings. Explore the truth about estate planning and the tax advantages of keeping assets until death. Uncover the 'Rule of 55' for accessing 401k funds without penalties in retirement. Finally, embrace the tough lessons of life likened to 'leg day' in fitness, proving that hard work fosters growth and satisfaction.
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Budgeting for Irregular Income
- Budget based on your average monthly income, even if it's received in chunks.
- Automate transfers to a separate account to normalize cash flow and avoid overspending.
Navigating Family Expectations
- Acknowledge family expectations associated with gifted shares.
- Communicate your financial plans with family to manage relationships and financial well-being.
Managing Gifted Shares
- Evaluate the impact of gifted shares on your overall financial health.
- Consider diversifying if they represent a significant portion of your net worth.