Money Guy Show Does Budgeting Actually Work?
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Oct 23, 2024 Curious about budgeting? Dive into insightful cash management strategies that go beyond traditional budgeting. Discover how to navigate the complexities of car financing with tips for making smart purchases and managing debt. Enjoy lighthearted banter filled with humor and pop culture references, all while learning to optimize your 401(k) contributions. Celebrate significant podcast milestones alongside practical financial advice, and engage with an appreciative audience ready to improve their wealth-building journey.
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The 23-8 Rule for Car Buying
- Prioritize affordability and practicality when choosing a car.
- The 23-8 rule suggests 20% down, a 3-year loan, and car expenses under 8% of your income.
401k Caps and Safe Harbor Plans
- Company 401k plans have caps to prevent high earners from disproportionately benefiting.
- Safe harbor plans bypass this by requiring minimum employer contributions.
Alternative Savings Strategies
- If your 401k contributions are capped, explore after-tax accounts like Roth IRAs, HSAs, or brokerage accounts.
- Maintain 25% gross income savings by diversifying investment strategies.