How I Budget After Growing Up Poor
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In our latest series, The Budget Fix, TFD creative director Holly Trantham and financial educator Berna Anat dissect real-life budgets to help you better reach your long-term money goals. In this episode, budgeter Phoebe shares how she is striving for stability after growing up in poverty and how she has to think differently about finances as a disabled person. With the assistance of a disability benefits expert, Berna and Holly discuss how someone in Phoebe's shoes might have to plan their finances differently.
Thanks to our amazing cohost Berna Anat!
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Special thanks to our special guest Darcy Milburn, Director of Social Security and Healthcare Policy with The Arc of The United States:
DISCLAIMER: This is for educational and entertainment purposes, and folks should always seek help from a licensed financial professional for their individual situations.
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00:00 Intro
00:15 Ad break
02:00 Our budgeter, Phoebe
09:50 Questions for a disability expert
14:53 More on Phoebe's budget
24:00 Mild budget fix
28:00 Medium budget fix
31:12 Spicy budget fix
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More episodes of The Budget Fix are hopefully in the works!! As a reminder, we can only highlight budgets we receive in our submissions — if you want to see us review your budget, we would absolutely love to! Use the submission form here: https://docs.google.com/forms/d/e/1FAIpQLSf9RXKpm5MSm0vly3IGwgQ8SZJy8pEThRm-bHIzbtK4Vy-_ig/viewform?usp=header
This series was my entry into regularly looking for content from TFD. I especially love Berna’s perspective (and astrology opinions!) This approach, while not directly relevant to every aspect of my life, helps contextualize budgets and make them feel less scary and restrictive. Thank you Holly and Berna!
We love Berna!!!
I think choosing Pheobe for this last video is an amazing choice because even though her mortgage is paid off and she has emergency savings, she knows her disability comes with unexpected costs. Also, wheelchairs are impossible to get repaired and that’s another terrible way in which disabled people are screwed!
I feel like it’s so messed up that disabled people who are getting the bare minimum assistance are sometimes required to pay it back but Jeff Bezos and Elon Musk pay no taxes on their capital gains. If all these billionaires paid their fair share, maybe things would be easier for people like Pheobe.
Everyone pays taxes on capital gains. You might be thinking of unrealized but nobody should be taxed on that.
They mean that all their assets are in offshore accounts or that everything is offset by losses.
@@robertf3606 they don’t get taxed on their capital gains before they sell their stocks, but they’re able to borrow money against their stocks without paying taxes until they die. Even after death, they can leave their stock options to their children who will have to pay no taxes unless they sell the stocks. There are so many tax loopholes designed to benefit the rich, aren’t there?
Anyway, the point of my comment was there are so many people struggling when others have so much and try to worm their way out of paying any taxes at all. Isn’t it crazy that Jeff Bezos and Elon Musk paid no federal income tax because they’re rich? How is that fair?
Extra thumb up for the keffiyeh
Yesss :))
SF loves its keffiyehs!
For people in the position where they could be saving but are subject to government imposed asset limits, consider untraceable assets. Have an able account, have the $1999 account, but also have a safe in a good hiding place.
A family member you trust with your money is worth their weight in gold in that situation.
Thanks so much for covering disability finance issues
The teams ping during the interview with the disability finance expert threw me for a loop because I’m watching this at work
sorry!! We got rid of it after the first question haha
The Financial Diet is possibly my favorite YouTube channel of them all!!!!!
I am a late-diagnosed ASD. I’ve had an EEOC case open for 3 yrs now. Hopefully it goes to summary judgement to a judge about to be DEI – fired by Trump and they’ll just rule in favor of the disabled claimants.
I love the spicy budget fix! A few years ago, I realized I was somewhat penalizing myself for spending time with others so I created a new budget category specifically for spending time or eating out with others, which is tracked differently than my restaurant budget category.
I do 1/2 into fun 1/2 into restaurant :3
Thank you for talking about disability finances, it’s important and horrifying how unfair it is
I appreciated hearing how difficult it is to get away from growing up with a scarcity mindset and how important it is to have a budget for personal well-being and fun, not just the minimum basic survival requirements.
Constructive feedback for Holly: the Blue Yeti is a side-address microphone, not a top-address microphone. You’ll sound better if you’re “talking into the logo”, because that’s how it’s engineered to be used, rather than talking into the top.
Important note: lawyers will do the applications without upfront payment and take their fee out of the back payment with a max of around 7k. You should ALWAYS use a lawyer because they have access to online document submission, access to payment centers, etc that simply are not available to lay people.
Also note that disability eligibility and amount is based on your working history OR that of your spouse. Or, if you were disabled as a child, your parents.
This is really helpful! I am not in quite as great of a spot as Phoebe (Go Phoebe!!!), but trying to understand how to find a balance between saving as much as possible and spending some on myself, etc. in healthy ways.
Thanks for this!
gonna need a “how to budget during an economic depression” very soon
My wife works for SSD. The state is currently super backed up, and the current admin has demanded a hiring freeze, so expect even longer delays than the estimated 8 months
I really love this series! Please do a season two!
I love Berna’s vibe. Can’t wait to see more of her!
Really relevant episode for me! I have become disabled in the past few years and am looking into disability resources, albeit in Canada. We have similar rules around disability payments that keep disabled people in poverty (though the asset allowance is much greater than $2000. That was shocking) and we also have a tax-advantaged disability account.
Thanks for covering this.