Budgeting, Taxes, and the Cost of Convenience

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Why don't people stick to a budget? How much money does the government really take out for taxes? And what is the true cost of convenience? We cover these topics and recap a bit of the last five episodes here. This is Part 6 of our series in Financial Fundamentals, where we get you up to speed on critical topics you need to know about how to keep what's yours.

Why is it difficult to follow a budget? How much taxes does the government actually take? And what is the true cost of convenience? We dive into these topics and more in this week’s episode.

In this episode:

  • Simple budgeting [4:30]

  • Different forms of income [6:30]

  • A few budgeting rules [9:30]

  • Why we love to spend [13:00]

  • The power of spending [19:30]

  • How much are your habit costing you? [23:00]

  • How borrowing one dollar becomes owing three [32:00]

  • Federal, state and payroll tax [34:00]

  • The problem with social security [38:00]

  • Fiduciaries are your friend [46:00]

  • The cost of convenience [51:00]

  • Are you a capitalist, or are you being capitalized on? [57:00]