News Information and Media Site: US Couple With $175K Salary Splurges 83% On Fixed Expenses; Ramit Sethi Reveals Why That's A Costly Mistake

Newsletter Sep 3, 2024

US Couple With $175K Salary Splurges 83% On Fixed Expenses; Ramit Sethi Reveals Why That's A Costly Mistake

A married couple in their early 40s living in the Bronx, New York, finds themselves in financial distress despite a combined annual income of nearly $175,000. With a 9-year-old daughter and a puppy, they struggle to save, having only $200 set aside and no other assets. Despite paying relatively modest rent of $3,007 per month, which accounts for 22% of their take-home pay, 83% of their income is consumed by fixed costs, leaving little room for savings or financial growth.

The couple sought help from Ramit Sethi, host of Netflix's "How To Get Rich," who highlighted that their spending nearly matches their monthly take-home pay of $8,700. Fixed costs amount to $7,263 per month, including $1,200 on groceries, $496 on their puppy, and $781 in debt payments. Although their rent and childcare costs are relatively low, Sethi pointed out that the couple's expenses are still unsustainable. He suggested a conscious spending plan to prioritize what they value, like their pet, while cutting down on less essential expenses.

Sethi remains optimistic that the couple can turn their situation around, given their high incomes. He advised aggressively paying down their $25,000 in debt, cutting back on groceries and subscriptions, and allocating 20% of their income to savings and investments. By focusing on reducing high-interest loans and building their savings, the couple could regain control of their finances and better prepare for unexpected life events. (Full story)

Indian Students Are Ditching Universities In The US, UK And Canada—Here's Where They're Going Instead

With tightening visa regulations in traditional study destinations like the US, UK, Canada, Australia, and New Zealand, Indian students are increasingly exploring alternative countries for education. This shift is driven by factors such as economic challenges, accommodation shortages, high costs, and limited job opportunities in these popular destinations. As a result, countries like Ireland, the Netherlands, Finland, Singapore, South Korea, Lithuania, Estonia, Chile, Turkey, Malta, and Taiwan are gaining traction among Indian students due to their lower costs, student-friendly policies, and better job prospects. Projections indicate a continued rise in the number of Indian students studying abroad, with an estimated 2 million expected to pursue international education by 2027. (Full story)

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Donald Trump Crushes Kamala Harris in Mark Cuban's Poll: 68.9% Say They Want Their Kids to Be Like Him

Mark Cuban, billionaire and "Shark Tank" host, sparked controversy on social media after posting a poll on X (formerly Twitter) asking which 2024 presidential candidate's character and persona people would prefer for their children. Despite Cuban's past criticism of Donald Trump, the poll's results overwhelmingly favored Trump, with 68.9% of 804,173 votes cast supporting him over Kamala Harris. The poll triggered widespread debate, with figures like Senator John Kennedy emphasizing policy over personality and critics revisiting past accusations against Harris. Cuban's complicated relationship with Trump, once supportive and now critical, was highlighted, while Elon Musk mocked Cuban's decision to conduct the poll. As the 2024 U.S. presidential election approaches, the contest between Harris and Trump remains contentious and highly charged. (Full story)