Part 1
Income and Expenses:
Your Guide to Success Happiness
"Success is getting what you want.
Happiness is wanting what you get." – Dale Carnegie
Earning Income
"Your success is a function of your resilience over failure."
– Scott Galloway
Exploring Earning Streams
Jobs
  • traditional employment
  • career
  • consistent income source
  • benefits like health insurance
  • paid time off
Freelancing
  • writing, design, or web development
  • flexibility
  • set your own rates
  • requires self-discipline
  • managing your own workload
Side Hustles
  • additional income outside your primary job
  • driving for ride-sharing services
  • selling online
  • tutoring
  • pursue your passions.
Passive Income
  • earned without (much) active effort
  • dividends from stocks
  • royalties from creative works
  • long-term financial stability
"Most people work just hard enough not to get fired and get paid just enough money not to quit." – George Carlin
Side Hustles
Dogs have no money. Isn't that amazing? They're broke their entire lives. But they get through. You know why? No pockets." – Jerry Seinfeld
Negotiating Your Worth
Salary Negotiation Tips
Research industry benchmarks, prepare a compelling pitch highlighting your skills and experience, and be ready to negotiate.
Don't be afraid to ask for what you deserve.
Asking for Raises or Promotions
Document your achievements and contributions to demonstrate your (perceived) value.
Be specific about your goals and how you plan to contribute even more. Have a clear understanding of your company's performance and salary policies.
Advice for Women
Women in STEM and related fields often face challenges related to gender bias.
It's important to advocate for yourself, network with other women in the field, and seek mentorship to help you navigate the workplace.
"A big paycheck is not wealth. Freedom is wealth." – Naval Ravikant, Co-founder of Epinions
Robert Kiyosaki
"It’s not about how much money you make, but how much money you keep." – Robert Kiyosaki
The Four Quadrants of Income
"People don't turn down money! It's what separates us from the animals." – Jerry Seinfeld
Spending
and
Expenses
"Do not spoil what you have by desiring what you have not." – Epicurus
Budget
1
Track your income and expenses
2
Categorize your expenses
3
Create spending limits
4
Review and adjust your budget regularly
Zero-Based Budgeting (ZBB)
1
Start with funds available right now, not future income
2
Funds are allocated based on current needs rather than historical spending patterns
3
Allocate every dollar towards expenses, savings, and debt, unexpected emergencies, ensuring that every dollar has a purpose
4
YNAB (You Need A Budget) app
"A budget is telling your money where to go instead of wondering where it went." – Dave Ramsey
Sample Budget for College Graduates (Monthly)
Assumes a $50,000 salary (~$3,300 take-home pay after taxes)
Essentials
(50% - $1,650)
  • Rent & Utilities – $1,000 (Varies by location)
  • Groceries – $300
  • Transportation (Gas/Public Transit) – $150
  • Health Insurance – $100
  • Phone & Internet – $100
Discretionary
(30% - $990)
  • Entertainment & Dining Out – $300
  • Travel & Fun – $200
  • Subscriptions (Streaming, Gym, etc.) – $100
  • Personal Spending (Clothes, hobbies, etc.) – $200
  • Giving/Charity – $50
Financial Goals (20% - $660)
  • Student Loans – $300 (Adjust based on loan size)
  • Retirement Savings (401k/IRA) – $200
  • Emergency Fund – $100
  • Investments – $60
"Know what you own, and know why you own it." – Peter Lynch
Minimum Budget for Basic Needs
This budget assumes a barebones lifestyle in a low-cost major city prioritizing survival over comfort. ~$38/day ~$13,800/year
Essentials (100% - $1,150)
Major Lifetime Expenses
1
Housing: Rent or mortgage payments, property taxes, utilities, and insurance.
$800k - $1M
2
Transportation: Car payments, insurance, fuel, public transportation, and parking.
$500k - $600k
3
Raising Children: Childcare, education, clothing, food, healthcare, and activities.
Raising a child to age 18 is approximately $310k plus:
4
Education: Tuition, books, fees, housing, and living expenses.
  • In-state public: $20k - $60k
  • Out-of-state public: $60k - $160k
  • Private nonprofit: $80k - $240k
5
Healthcare: Health insurance premiums, medical expenses, and prescription drugs.
$500k - $2M
Embracing a Frugal Spending Philosophy
1
Spend on Essentials
Prioritize spending on items that are essential for your well-being, like food, housing, and healthcare.
2
Invest in Experiences
Invest in experiences that bring you joy and create lasting memories, like travel, concerts, or hobbies.
3
Avoid Unnecessary Purchases
Ask yourself if a purchase is truly essential or just a fleeting desire.
4
Practice Mindfulness
Wait 72 hours to make the purchase
"Never spend your money before you have it." – Thomas Jefferson
Good vs. Bad Debt
Good Debt
Mortgages and student loans can provide access to valuable assets like a home or education, leading to long-term financial benefits. Business loans and skill development expenses. Pre-paying is not reasonable.
Bad Debt
Credit cards and payday loans come with high interest rates, trapping borrowers in a cycle of debt. Avoid using them for non-essential depreciating assets.
"An investment in knowledge pays the best interest." – Benjamin Franklin
Smart Spending Tips
Store Brands
Store brand products are often made by the same companies as name brands but sold at a lower price. They can be a great way to save money on everyday essentials like groceries and household goods.
Loyalty Programs
Enrolling in loyalty programs can provide discounts, rewards, and exclusive offers. Many businesses offer loyalty programs for groceries, coffee, restaurants, and airlines.
Cashback Credit Cards
Cashback credit cards offer rewards in the form of cash back on eligible purchases.
AMEX Blue Cash Everyday
  • 3% Food, Gas, Online Purchases
  • 1% Everything else
"Success is not how many zeroes your bank account has; it's about making the most of the life you have." – Suze Orman
Made with Gamma