Timothy Sumer

In this video, I budget my first paycheck of May 2022 using YNAB, my preferred budgeting application. I'm finally taking steps to invest and fully-fund my Roth IRA with the money I had available this paycheck. I've been trying to be a little more lenient with spending on myself after spending years putting tight constraints on my spending habits. 🐽 LIKE & SUBSCRIBE for more related frugality & finance content 📱 insta @frugalityandfinance 🕰 tiktok @frugalityandfinance 🥟 buy me a boba - buymeacoffee.com/siuyee Earn $200 when you refi with Earnest - Monthly Net Worth Tracker 👀 WATCH: Financial Freedom Template - $146K in Debt - Paying off $146K Debt - 🎧 MUSIC: Song: LiQWYD - Call Me Music provided by Vlog No Copyright Music. Creative Commons - Attribution 3.0 Unported Video Link: Song: LiQWYD - Vacation (Vlog No Copyright Music) Music provided by Vlog No Copyright Music. Video Link: Song: LiQWYD - Flow (Vlog No Copyright Music) Music pro

Use this link below to sign up with Webull and receive up to 12 free fractional shares. ⤵️ When you are a high income earner and receive a W2 you are limited on tax deductions. So in order to reduce your taxable income you have to find out ways to do this. The reason I maxed out my 401k investing in index funds for 10 year was to reduce my taxable income and pay less taxes. When I started working at my corporate job back in 2011 I knew I wanted to be a millionaire and I wanted to do it in 10 years. In order to become a millionaire that means you have to invest your money but 1st you have to have money to invest. Second you need to know how to keep that money in your pocket by learning how your money is being taxed at you job. I calculated how much money I would pay in taxes if I didn't contribute to my 401k and what my paycheck would be. Then I calculated what my paycheck would be if I contributed the max amount. If you want to learn how to do this check out my other v