Your budget is like your fingerprint. It's so unique to you.
More moments · 10
Ep 86Two couples across the street: one lives on $60K, the other needs $110KDr. Shloime Zimmerman
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Two couples across the street: one lives on $60K, the other needs $110K
Ep 86'We don't have any luxuries.' Then they described their life.Dr. Shloime Zimmerman
▶1:07
'We don't have any luxuries.' Then they described their life.
Ep 86If you only have $25,000 to make a wedding, make a wedding for $25,000Dr. Shloime Zimmerman
▶1:27
If you only have $25,000 to make a wedding, make a wedding for $25,000
Ep 86Newlyweds leasing two cars: $40,000 later they hand back the keysDr. Shloime Zimmerman
▶0:52
Newlyweds leasing two cars: $40,000 later they hand back the keys
Ep 86She thought one day of work was a drop in the bucket. It became their entire savings.Dr. Shloime Zimmerman
▶0:57
She thought one day of work was a drop in the bucket. It became their entire savings.
Ep 86A couple with more money and no plan is more stressed than a couple in debt with oneDr. Shloime Zimmerman
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A couple with more money and no plan is more stressed than a couple in debt with one
Ep 86Have you ever sat with someone making $1 to $2 million a year who's still struggling?Dr. Shloime Zimmerman
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Have you ever sat with someone making $1 to $2 million a year who's still struggling?
Ep 86My son wanted to go ice skating. I told him to pay for it.Dr. Shloime Zimmerman
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My son wanted to go ice skating. I told him to pay for it.
Ep 86If others are paying your tuition, your vacation isn't fair to themDr. Shloime Zimmerman
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If others are paying your tuition, your vacation isn't fair to them
Ep 86Big red flag: 'We're deep in debt, so we're moving out of town'Dr. Shloime Zimmerman
▶0:37
Big red flag: 'We're deep in debt, so we're moving out of town'
Try this · top 3
Quotes
“Your problem wouldn't be solved at all because you're bleeding $5,000 every month.”
Dr. Shloime Zimmerman
“It takes two seconds to get used to things. And the key word here is enough.”
Dr. Shloime Zimmerman
“If you can't afford a house, don't buy the house. Wait until you can. The money doesn't just appear.”
Dr. Shloime Zimmerman
“It doesn't make you a bad parent or a bad grandparent. It makes you a responsible person.”
Dr. Shloime Zimmerman
“Money loves time.”
Dr. Shloime Zimmerman
“If you're not keeping a written budget, don't complain later.”
Dr. Shloime Zimmerman
Takeaways
1 Kosher Money surveyed about 3,000 Orthodox Jews in North America. Two-thirds have debt and over half of those carry more than $20,000.
2 Among those over 40, 48% have over $20,000 of debt and over 40% don't pay credit cards in full. Credit cards and car loans are about 60% of the debt.
3 Median income was about $175,000 and median assets outside home equity about $75,000. 54% earn under $200,000.
4 78% feel money stress at least sometimes. Retirement is the top worry: 47% feel not at all prepared, and only 61% of those over 40 have started planning.
5 No one-size-fits-all budget: therapy, family size and location change everything.
6 What we call basics - a home in an expensive area, full-time help, private school, camp - is a luxurious lifestyle. Fine if you choose it, but call it what it is.
7 Two families of six can spend $350 or $1,000 a week on groceries - a gap of $30,000-$50,000 a year. Two young couples across the street from each other needed $60,000 vs $110,000 a year.
8 Leasing two cars at $500 each costs a young couple $13,000-$14,000 pre-tax a year, about $40,000 over a three-year lease.
9 People adjust to more very fast. The families who don't level up when income rises are the ones who save and feel most confident.
10 62% say parents or in-laws helped significantly, but many make it without help. Older parents who can't afford to help aren't failing.
11 Lack of a written plan causes more stress than lack of money: a couple in debt with a plan can be calmer than a richer couple without one.
12 A coach looks forward, not back. Sometimes an outside eye spots in minutes what a couple has argued about 15 times.