A Williamsburg Couple Making $350,000 PER YEAR

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Everyone wants money, yet discussing it within the parameters of a relationship could be intimidating. When handled incorrectly, finances can crumble an enchanting partnership – however when done in tandem, the proper money conversations can go quite a distance. That looks different for differing people, though. Welcome to Money Talks, AskMen’s series on the partnership between our money and our relationships. Let’s discuss cents, baby.
Billy and Lola certainly are a Brooklyn-based couple who work in tech and media, but we promise they aren’t too pretentious. Over their eight-year relationship, both have gradually merged their respectable incomes into joint accounts (but take into account they reside in Williamsburg, so things are pricier than your suburban lifestyle).
Both enjoy travel and nice clothes, and when making a large purchase live by the words of advice Lola’s father gave them: “Buy the best within your means; money will soon be forgotten, but quality remains.” He was speaking about a car, but the biggest influence on the way they handle money was the birth of their now 18-month-old son.
Like the well-organized and successful pair that they are, prior to becoming parents, they met with a financial planner to help guide them through the inevitable costs that come with having your first child While the baby requires them to save more, they find comfort and intimacy in doing so.
AskMen: How did you two meet?
Lola: We were acquaintances in grad school and dating different people. We would see each other randomly after school but didn’t actually date until 10 years later when we re-met at a friend’s wedding.
Do you keep finances separate or shared?
Billy: We kept them separate until we first moved in together. Lola owned her place when I moved in with her. After that, we opened a joint account, and each put in about half our pay check in. We kept separate savings account and credit cards. Eventually over time we merged pretty much everything and track all our accounts together on software. We’re both a little late to the savings game, so we’re trying to catch up on our 401K and investments. It was easier for us to work with a financial advisor that way and since we’re pretty much aligned on our financial goals , it made sense for us to do that. We can see all of our accounts, but neither of us ever delve much into the other’s spending. We discuss all big-ticket purchases in advance.
What are some of your favorite ways to spend your money when you want to splurge?
Billy: Mostly for travel, entertainment, dining, and experiences. We live in a small place, so we don’t need very much, though we’ve been talking about renovating elements of it. Both of us like clothes and purchase that, but we mostly conserve for trips.
Will there be ever an erotic element of money?
Lola: I guess saving cash is sort of sexy. It’s empowering to possess savings that allow us to accomplish what you want to do (within reason). It’s reassuring to get a rainy day fund.
Billy: It’s definitely nice to being coping with finances as a team, but I wouldn’t say it’s erotic.
Did the way you were raised impact how you divide finances?
Billy: My parents hardly ever really talked to us about money. My father didn’t really make hardly any money until later in life, so that they were always pretty stressed about being behind with plenty of kids, but once he first got it he blew many it on things he didn’t need. It will be taught me to become a little more selective using what I purchase, and to concentrate on saving. Her family is thrifty, and she was raised seeing the strong work ethic her parents had, saw the risks they took, such as for example obtaining a second mortgage with three kids in school to start out a fresh business in a foreign country, without experience for the reason that industry. There have been some lean times, however they managed to get through. She searches for savings in our lifestyle, but she actually is also ready to take risks with this finances for bigger reward. Her father’s advice to us when purchasing our car was, “Choose the best inside your means; money will be forgotten, but quality remains.” It is a little bit of advice that is true for many things.
How did having a kid change how you talk about and spend cash? Were financial responsibilities an element of one’s conversation before you made a decision to have a child?
Billy: Ahead of having a youngster, we’d got on virtually exactly the same page about finances and caused a financial planner to generate a plan. There is a weird feeling you have where every dollar you may spend on something for you personally is something you’re removing from your kid.
Lola: We spend a whole lot on childcare and activities together with starting a 529 account. We’re fortunate to possess friends and families with kids, so we get yourself a large amount of hand-me-downs, which we like since he grows out of them so quickly. That said, it’s easy to spend money on him.
Did former relationships impact the way you spend money?
Billy: I always dated kind of frugal people. I definitely learned not to date people who weren’t somewhat content with what they did.
How would you handle things like birthdays and anniversaries?
Billy: We’ll generally get one another a gift. Both of us learned a gift receipt is sort of essential. It’s better that the individual end up getting something they like than something that will sit throughout the house and not be utilized.
What’s something fun one bought another recently as something special?
Billy: I purchased her a ring on her behalf birthday. I’m pretty hit and miss with jewelry, but she wears that one.
Lola: I purchased him a wallet and catch-all tray to carry it and the others of his stuff.
Would you share your expenses/how you split the following:
All answers from Lola, with money used from the joint account:
Mortgage: $3,650
Child Care: $2,800
Debt payments: None
Food spending: $600
Clothing spending: $300

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