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Jess Rickey

👤 Speaker
1305 total appearances
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She's On The Money
She’s Financially Irresponsible. Why Should My Sister Inherit More?

So I

She's On The Money
She’s Financially Irresponsible. Why Should My Sister Inherit More?

I would be keeping, depending on what you're doing, again, we've got no idea, which makes it a little bit hard to advise or suggest, but I would be keeping maybe a portion aside for those sorts of things if those are things that you need to pay for.

She's On The Money
She’s Financially Irresponsible. Why Should My Sister Inherit More?

But if you're taking everything else out,

She's On The Money
She’s Financially Irresponsible. Why Should My Sister Inherit More?

from your side hustle and you're just keeping it as like earnings or money straight to yourself.

She's On The Money
She’s Financially Irresponsible. Why Should My Sister Inherit More?

I would be inclined to uphold the system because I'm assuming that you've created this structure for a reason.

She's On The Money
She’s Financially Irresponsible. Why Should My Sister Inherit More?

You're investing a huge chunk of your money.

She's On The Money
She’s Financially Irresponsible. Why Should My Sister Inherit More?

40% is a lot.

She's On The Money
She’s Financially Irresponsible. Why Should My Sister Inherit More?

So I'm guessing you're maybe trying to do fire or working towards some kind of significant goal there, make up for some lost time maybe.

She's On The Money
She’s Financially Irresponsible. Why Should My Sister Inherit More?

If you feel like you are living super frugally, like that 50-40-10 split is really pushing you a little bit, then maybe you can consider using some of it for fun money.

She's On The Money
She’s Financially Irresponsible. Why Should My Sister Inherit More?

I would maybe steer away from using all of it because I think you're working so hard.

She's On The Money
She’s Financially Irresponsible. Why Should My Sister Inherit More?

You're working a side hustle in addition to a full-time job.

She's On The Money
She’s Financially Irresponsible. Why Should My Sister Inherit More?

Let's make sure that that money is working hard for you as well.

She's On The Money
She’s Financially Irresponsible. Why Should My Sister Inherit More?

Sure.

She's On The Money
She’s Financially Irresponsible. Why Should My Sister Inherit More?

But, you know, you can take a little portion out of it each week if you wanted to say you have your pool of money that's come out of your side hustle and 80% of that goes into your system.

She's On The Money
She’s Financially Irresponsible. Why Should My Sister Inherit More?

So then, you know, 40%, 50%, 10% and 20% of that gets set aside as fun money savings for something that you want.

She's On The Money
She’s Financially Irresponsible. Why Should My Sister Inherit More?

Like that could work.

She's On The Money
She’s Financially Irresponsible. Why Should My Sister Inherit More?

But I think if you've gone to the effort of setting up a structure, stick to the structure.

She's On The Money
She’s Financially Irresponsible. Why Should My Sister Inherit More?

Don't make life hard for yourself.

She's On The Money
She’s Financially Irresponsible. Why Should My Sister Inherit More?

Yes.

She's On The Money
She’s Financially Irresponsible. Why Should My Sister Inherit More?

Yeah, I agree.