#financial-planning

#financial-planning

Some financial experts recommend enjoying a portion of the windfall while allocating the rest towards savings or investments to ensure long-term benefits.

Without the half-percent sales tax increase, which would generate an estimated $9 million per year for the city's general fund if voters approve it this November, Berkeley could face deeper cuts including shuttering a fire station, laying off police officers and reducing hours at city pools and recreation centers.

"Looking at each goal in isolation can lead to gaps in planning. For example, a couple might build two budgets that each seem manageable individually, but don't reflect what happens when both sets of costs hit at the same time."

Lenders use debt-to-income ratio to determine how much a potential borrower can afford to pay on a mortgage. This ratio includes most sources of debt and income, but it doesn't include everyday expenses like utilities or groceries. Generally, having a higher debt-to-income ratio makes it harder to secure financing to buy a house.

As a childfree person, there's a point when you can have too much wealth. I'm not trying to build generational wealth - in fact, I'd like to die with very little money. That means my career isn't driven by financial gain. I focus on purpose, not profit.