Having A $500,000 Year-Income And Not Saving – Episode 306

Could you imagine how a $500,000 income could be considered scraping by? Kim and Spencer dive into the actual definition of scraping by and give us some examples of their own experiences as financial advisors. Stay tuned to listen to our hosts discuss the terms “lean years” and “green years” as they analyze their applications with an example of a couple that has a $500,000 year-income.

Best-selling author Kim Butler and Spencer Shaw show you how to take more control of your finances. Tune in to The Prosperity Podcast to learn more about Prosperity Economics thinking and strategies today!

Do you have a question you would like answered on the show? Please send it to us at welcome@ProsperityThinkers.com and we may answer it in an upcoming episode.

Links and Resources from this Episode

Show Notes

  • Defining income and expense – 0:48
  • Lean years and Green years – 1:00
  • The profitability of a business – 1:14
  • What is a green year? – 1:40
  • Teaching your kids about lean and green years – 2:52
  • Example of a lean year – 3:13
  • Earning $500,000 a year – 3:50
  • Discussing the CNBC article – 4:16
  • Discussing the subject of “money” with the family – 9:22
  • Communication in the family – 10:05
  • Increasing your cash flow – 10:30
  • Discussing the importance of “savings” –  10:55
  • A high-income earning couple – 12:34
  • Saving first – 12:46
  • The cost of personal care – 14:24
  • Thinking differently to get different results  – 17:58

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