brought to you by the every dollar app start budgeting for free today. Sabrina starts off this hour in Tampa, Florida. Hi Sabrina. How are you?
I'm doing better to deserve as well. I can't believe you finally get to settle this for my husband and I once and for all. I get to put on my referees jersey get out my whistle marital referee Dave Absolutely and you've been with us in power engagement because we did SPA was a part of our marriage counseling So we had every dollar we do the budget meetings. We paid off our house last March So you guys already know the answer to this question whatever it is.
I I do know the answer I know he knows the answer, but he has made the journal thing So our network is 800,000 but my husband is ready to buy his dream truck And I know he's a wait until your network is at least a million dollars We bring in about 215 K a month or truck with me between 15 you mean a year you mean a year? Yeah I was about to buy a truck. Okay. Okay.
Yeah at 2.5 million annual income. I'm ready to go. Okay. All right $15,000 a year you're still doing good.
Okay. Yeah, we already put in 15% for retirement. How much is the truck? Their truck will be 50 to 60 K.
Okay, so what is it? It's gonna probably be a Silverado. He's torn between the Silverado or honestly, Michael's own bear What is the oh F4? 150 repent You can't call about the truck man's truck and not know what the man's truck is it's just wrong.
Okay, bless your heart This is wonderful. Okay, so the only art you're out of debt. You have the money to pay cash for the truck The only argument is 800 versus a million Right, okay, and so what's your home worth? Our home is worth a little over 300 K.
It varies on below the 2330 Okay, and you're in Tampa, Florida, and you're adding 15% so you're adding $60,000 a year not counting growth to your 401ks And so that's 120 so in three years you'll be there if there's no growth in the stock market So you're a millionaire's in 18 months from now roughly That's crazy. That's wild. Yeah. That's what the math says.
Okay, that's good for y'all. How are you? I'm 35 and he's 37. You guys rock.
You're so smart. We owe you all right. You all got it. You're not giving you any money I just showed you how to do it.
What's the nomination are you guys? Oh, I know that I'm just trying to figure out you're selling to come from a very legalistic background and All right, she's a funny Dave will give you the answer and I'll see if I can give you a workaround because my church is all over the I'm just kidding go ahead Dave So the concept is and the reason we put a million dollars on there is you need to have a really strong net worth and being a really Strong financial position in order to be able to lose as much money You're gonna lose when you drive a brand new truck off the lot when the sound goes boom boom when you go into the street On a Ford F 150 the 60 grand or a nice silver rod of the 65 or 70,000 you just lost 15,000 bucks when it goes boom boom That's what it costs when you drive it in the street So you got to be able to absorb that blow and it not change your life at all most people do that crap while they're broke middle-class People and they I need a track I deserve a track cuz I work hard You know deserve squat you don't work hard enough and you haven't done a good job yet So that's who we're talking to we try to get put a million dollars up there because at a million dollars net worth at 35 years old Making 215 you can absorb a $15,000 blow right? That's where the concept comes from so really what we need to understand is the concept under the principle rather than the legalistic number Because if it was 1.1 or 900 or 800 it doesn't really matter what matters is the concept is you can absorb the blow So if Sharon and I were doing this and it was me wanting a truck Which is very very possible that that conversation has occurred Because I drove my Raptor here today, so there you go, but the we heard it coming like a dick Good redneck truck man. I'm just saying you know make an announcement when you come around the corner But the alright so if we were doing this we would probably say alright the good news is the principle that's in place made us stop and think Are we wise?
Okay, so the good news is you're wise both of you. You've done a great job with your money You're incredible if you buy this truck. It's not going to destroy your life Okay, and we set out on a journey following a set of principles and guidelines that got us here deviating from those is kind of damaging to your psyche It feels like you cheated. You know what I'm saying?
Yeah, so technically legally technically financially you could buy the truck And you would notice I worry more about you deviating from this and saying okay, I get I got the cheat code, right? I got the hack and so so it you could buy it today We're gonna be problem So what Sharon and I would do with both of those things in mind the concept matters more than anything else and the deviation scares me more than the technical Math on it scares me and so what we would do is we would probably land in the middle we'd say okay We're not gonna do it this year. We're gonna watch the stock market and what it does with our 401k We're gonna watch our Zillow or whatever probably some more accurate than Zillow on my valuation of my real estate And you know if we get up in the nine hundreds in the next 18 months I'll buy truck We might cheat in the middle, you know, you're probably meeting the middle is probably what we would do Okay, so this is not but I can't I don't get to blow my whistle because I'm not gonna yell at you if you do it today And I'm not gonna yell at you and I'm not gonna say you're super extra smart if you do it You know if you wait till it's exactly a million because there's nothing magic about the million What was magic is we made you pay attention? What was magic is we gave you a plan that you believed in and you executed on it?
What was magic is you got a large enough net worth that you can absorb the blow that's the magic That makes sense and we didn't lose any of the magic if you buy something today and I I absolutely love that plan and the one I got out at do it is does it have to be a 2024? There's a 2023 or 2022 get you there where somebody else get you get this amazing If you want to do it 23 you can do it today F 150 somebody else is already eating that 15k for you And you buy a car with 9,000 miles out of somebody returned it and you're gonna go. I will tell you this I'm on my fourth Raptor So you're gonna do it again anyway, so you could do it 23 and in two years go to a brand new one and that was All right, you're smart trying we got you around here, man That's a good solution that all my meandering around the barn six times create your free every dollar budget today the simplest way to budget for your life