How much money you should spend and earn to afford your lifestyle

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In this episode, I am answering 2 of the most common questions I am asked as a #certifiedfinancialplanner. Question 1: How much money should I be spending? and 2. How much should I be making based on the lifestyle I desire?

Many of you wonder if you're managing your finances to align with your long-term goals and if you’re actually making enough money to achieve it. In this episode, I am going to help you find the answer for yourself, enabling you to have confidence in your financial decisions and ensuring they contribute to the life you envision.

I'll provide straightforward formulas that you can use to calculate these figures, granting you a greater sense of awareness and helping you determine whether your current financial approach will lead to the desired outcomes. Enjoy!

Key highlights

[00:01:05] Introduction to today’s topic

[00:03:03] How much money should you spend in order to also save and invest?

[00:04:29] What does your lifestyle consist of?

[00:05:15] How to calculate your ideal monthly lifestyle spend?

[00:06:37] What to do if you are overspending on your lifestyle

[00:7:02] How to calculate your ideal annual income given your current lifestyle spend

[00:8:23] Why 20-25% is the general recommendation for savings and investing

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