This month's theme at Get Rich Slowly is relationships. All month long, we're focusing on how money affects our interactions with family and friends — and how family and friends affect our interactions with money.
A couple of months ago, I shared a series of career interviews that the Khan Academy has been producing on an ongoing basis. Each interview consists of three or four separate videos exploring what it's like for different people from different fields to manage their households.
Last week, the Khan academy published a joint interview with a married couple: Julia (a registered nurse) and Michael (a construction business owner). They interviewed each partner separately, then brought them together to talk about how they budget and plan for the future.
When Julia and Michael got together, Julia was the sole breadwinner for the family. Michael was still going to school and he was trying to start his construction firm. When they learned Julia was pregnant, they shifted gears. Julia went on maternity leave and Michael found a job at an auction house. They've been living on one income their entire marriage, but that will soon change as Julia gradually re-enters the workforce.
Julia and Michael used to live in Boulder, Colorado, but city life didn't agree with them. Plus, costs were too high. They chose to move in with Julia's parents in the country, which gave them a lifestyle they preferred and allowed them to save money.
In the interview, Julia and Michael break down their income and expenses. (Their largest expense — by far — is $600 per month for transportation!) They also describe why they've made certain decisions
“We wish we knew how expensive life was. Having a kid is very expensive,” Julia says. “Rent is expensive. When we didn't live on the farm, it was unaffordable for us. One of the most important things we've learned is to invest in yourself. It's okay to invest in your education because that's improving you down the road, improving your financial outlook.”
If you want to see more from this couple, here's Julia talking about what she does (and how much she makes) as a registered nurse and here's how she got her job (and what she plans to do in the future). Here's Michael discussing what his job is like and how he got his job.
As I said in December, I think this library of videos is an excellent resource, especially for kids who might be trying to decide which career to pursue.
Author: J.D. Roth
In 2006, J.D. founded Get Rich Slowly to document his quest to get out of debt. Over time, he learned how to save and how to invest. Today, he's managed to reach early retirement! He wants to help you master your money — and your life. No scams. No gimmicks. Just smart money advice to help you reach your goals.