My mental sanity required me to live without roommates. Enough of living with dirty and noisy people. Living on my own is not a luxury, it's for my wellbeing, my health
I have no debt and I make 50k a year, I put 1k a month into the savings and use the rest for housing, food, 2 yearly vacations , and hanging out with friends
12 grand out of 50 a year.....that's kind of small. pay yourself first like a boss. i make 22000 euros a year and save about 70+%. the funny thing is that i have no savings goals. money ( legal tender ) is subjective.
As a first generation American I completely understand you. When I went back to my parents home country in 9th grade for the first time it humbled me big time. I instantly turned my grades around and appreciated everything in life more. As a adult I had to humble myself again, I work about 15 hours a week on my side hustle and just recently paid off all debt. My parents always told me debt was bad but I never understood even though I was listening! Anyways thanks for the video, I look to be financially comfortable before my son turns 7. I never want to miss any of my sons sporting or important events like my father missed mines because he was always working. Thanks for the video.
Definitely gold. You understand performance based careers vs jobs (time for money). I love how you mention effort and time. Only 24 hours in a day. You’ll always get capped. If you do a side hustle that generates income without work (eventually), there are no time limits. (E.i selling a course, selling software, etc)
Great video! And dont tell your work (boss) your living cheap or have a side hustle, they might think you dont need a raise because your living cheap. And dont tell co workers. You never know who might get jealous that your living cheap and they are not. They might tell your boss you dont need a raise. Keep everything to yourself. It might hold you back from getting a raise if you say something to anyone!
If I were making $50K a year the ONLY thing I would be focused on is doubling and then quadrupling my income. The solution is always making more money.
I've always been a minimalist at heart and I've been perfectly fine living a spartan lifestyle for most of my life. My only possessions at this point are a few sets of clothes, my cellphone & my laptop. As long as I have an internet connection to the world, I'm good with that and can get by. I get anxiety from having too much material possessions around me which I find a bit wasteful. Not to mention all the money that i'm able to save each month from not spending it on consumerist objects. I feel freedom in this lifestyle and I'm perfectly happy with that. I also enjoy the feeling of freedom of not living from paycheck to paycheck, seeing my bank account grow and the fact that I can leave my job at any time if I choose. =D
This title is exactly me (little higher savings though but $750 rent) except I have student and car debt lol. I’ve learned to use my George Foreman, stovetop, and air fryer.
This was actually super helpful! Especially because many times we think 100k or you won’t be able to save and live comfortably. But you put things into a new perspective for me.
I loved the point you made about "perspective" as it relates to the size of one's living space. I grew up in an apartment in NYC, so I relate to that feeling of being comfortable in a smaller (and thus cheaper) space. Many people I talk to, however, want houses...I suspect because that's how many in America grew up. Great video
Oh, I like this series. Next time probably do one for 150k salary, 100k saving no debt, rent or something! So people can navigate based on their situations.
Lol... people get mad when the salary is too high lol. Someone wanted 200k-240k salary. I assume this doesn't apply to a huge portion of the population.
I love where you talk about downsizing your must haves, furniture, and living space requiremnts . I can personally relate to having pretty modest standard of living but comparing to others as I witness them "upgrade". Its not necessary and we don't have to get swallowed up in the American hustle. "Just because it's the norm does not mean you have to live like everyone else." I'm saving this video to watch when I fall into the old trap of comparisson. I'm proud of my small footprint. Thank you for great content!
I am right there with you. Have been in a small, inexpensive apartment with my fiance for years while we paid off all of our debt and saved like crazy. All of our "stuff" is old, second-hand, functional but not necessarily pretty. Comparison traps are very real and very enticing. We are planning to buy our first home in the spring -- we can afford more than what we are willing to spend. Friends/family don't understand why we live the way we do; They think we must be poor due to making poor financial decisions because our standard of living is so modest and we haven't purchased a home yet. They are very mistaken. Following your lead and saving this video to reference later!
My trouble is creating a side hustle that won't always be tied to my time. When I got out of debt I wanted to do it quickly so I grabbed a part time job, but I eventually realized it was just like you said: I'd always be selling my time for money. Not the best feeling. So now I need a hustle that's mine, only problem is I really don't have any marketable skills lol!
That's the problem. You can't make a side hustle and then expect your time not to be tied up. You need to put in work upfront to make it work. It takes time. Sometimes your just going to have to put in time. If you work smart and hire out people to work for you maybe then you can save time
I make about 60k a year after taxes and live with my parents and only spend about 300 a month. I’m on the road to saving 52k my first year out of college. My friends are moving out and are opening credit cards to pay off credit card bills and they have the newest phone, expensive clothes, etc. Growing up poor was a blessing and a curse
How in the world do you only spend $300 a month? Do your parents pay for your cell phone bill, utilities, and groceries too? It’s awesome you’re not spending a lot; just wondering how it’s possible without depending on family to pay for you instead (which I personally don’t consider to be frugal).
Lauren B phone is $25, gym is $20, car insurance is $110 a month, gas is $25 if I want to drive it the way I like to (flooring it everywhere), food is $140 since it’s bulking season (usually $110) and the rest is just random charges. How I make my money back is I started giving coworkers rides to work and they pay usually $10 a week across all three of them. As for the gym I’ve recently started training people who need to lose weight and make $10 a session and I do that for 3 or 4 people a week (depends if they want to be lazy or not). It’s a busy schedule but I love everyday that I wakeup
Buy a fixer upper house. Rent one of the bedrooms to a friend or buddy. Their rent pays your mortgage while you are fixing it up and essentially living for free. Then refinance. Rinse and repeat
I just got a job making 55k a year. For me, that’s a lot. I made about 27k last year at my last job. Average rent for a 3 bedroom house on the big island where I live is about 2500-3k+. My wife, son and I are going to be renting a room in a persons house for $500 a month until we can find a place or build a house.
@@bukIau I moved into a 3 bedroom house located at my workplace. Cheaper rent than the 1 bedroom. But I work 6 days a week , 6:30-5 sometimes to 6. I make a year at the end of this month. 6 days a week is brutal.
This is awesome, glad I came across this video randomly. I’m a recent grad Mechanical Engineer. Making exactly $50k, however I have no savings and X amount in debt. I told myself I wouldn’t spend the next 14.5 years slaving away, just paying back my loans paycheck to paycheck. For the past 24 weeks since school ended I’ve been learning about a side hustle, something specific for me because everyone is different. E-commerce, business ideas, etc. But my favorite so far has been investing in the stock market (and Crypto - different ways of trading). Overall, happy with the results, the sacrifice of saving, saving, saving and investing IN MYSELF like reading books (A LOT) and research (Business models, etc.) instead of pursuing money for my time (Instant cash - gig econ jobs, etc.). I still want to be an Engineering Project Manager (It’s my passion) but hopefully by then my side hustle will be more developed and almost entirely autonomously managed. Thanks for reassuring me on this journey!
With your income and investing early on, what i see is a major red flag if you are trying to make significant income by stock trading or cryptos. In order to make enough, you may be investing in very risky ways.
A friend of mine moved away to take on another job. He knew that he may be in this other place for a couple years or more. I thought renting would be the better option. But he’s very sociable and he made fast friends with some guys from work. Since he knew they all had jobs, he bought a house with a down payment and had several roommates immediately to pay his cost of living through rent. To not upset the neighbors with a driveway full of cars, he leased a 7 seat suv and they all carpooled to work and everyone pitched in for insurance, gas and maintenance. He came back about three years later, and his equity in the house there was so much that he bought a home here with his fiancée with no mortgage. He started married life debt free.
@HundredDolla Will wait till you get old and are to tired to enjoy your time. Then realise you wasted the on most valuable no renewable resource in your life. Time
I only get $900 a month to live on. That is less then 12 grand a year! I'm saving most of it. IF I was making 50 grand a year!??? I'd be a milianre. I'd live in someone's closet if that is what I needed to save it ALL! (50% or more)
Hello, BTB. I Really liked this segment. Could you please do a segment on self control, habitual spending and overall psychological "resets" for a young person wanting to save and become financially Stable?
if you think if you lose your job today, it is not easy to get a job again, it is a great motivator to save more. To save fast, buy a house. Saving on top of having a mortgage is not easy for average earners but if we are able to sustain for a certain number of years, the house appreciates at 7 to 8% depending on the area. Sell it and buy a cheaper house. Continue the cycle until you save enough money. In 10 yrs time, you could retire and lead a balanced life after getting out of the rat race. if you have inheritance, then you can retire early
there’s a difference between practical and reasonable living and sacrificing the joy out of life living, people need to learn to differentiate otherwise what’s the point of saving when you can’t enjoy it just food for thought 😉
Mike Bravo yes true. Your life can be over at any time in which case your savings/bank account wont save you. The future isnt guaranteed so it is best to live in the present when you are young and able.
The whole purpose of savings is to get out of rat race (esp middle class). Stress which comes from everyday job can take away all the fun we have in the evenings. Then what is the point in having fun when we get time, when the sore thumb (9 to 5 job problem) is not fixed yet?
Sure it matters to have children - well not in the US but in Canada. For every child, until they reach 18, government of canada provides full 6000 dollars per year if the family income is below 30,000 dollars. As the income goes up the child benefit goes down. Good part is, one does not need to show any income or employment to get child benefit. In the US, you just get non refundable tax credits but in canada we get cash
@@Dharmicaction I'm sure some folks live off of this system for life. It sounds similar to the USA welfare for life programs (AFDC entitlements). I don't have any kids but I do know that the states have a endless amount of programs. I just can't figure out why their are so many homeless people when the USA has Section 8 housing available to them. Does Canada have Free housing?
The big problem is healthcare if you have chronic conditions which would cost $10k+ per year in premiums and out of pocket before you hit the deductible. At least in my state, $50k is the point at which you stop receiving income-based subsidies, so if you're self-employed, you're paying the full cost.
College education doesn't directly translate to making more money ......common misconception I knew a guy that had his master degree and couldn't land a job in his field
Location is key for this topic. it is not for all but the guidelines can be used for anyone with an income. Find what works for your family and yourself. If you have the ability to save more than 40% of your income in any situation, you are doing better than a vast majority of people in the US. Today it is a society norm to spend what you make. Income is almost irrelevant because I know vast amount of people who make 100K+ a year but cant manage to save a couple hundred a month. Live within your means, pay yourself first, and come to grips/reality for what truly provides happiness to your life. Great video topic!
You can indeed save a lot if you tweak your spending habits if you earn 100k. But when you earn 35k/year, it's so close to minimum spend that it's hard to save.
I like the idea of having the right Mental state. I have been reviewing my budget trying to see places as to where I could really save money. One of the things I did had been looking at is what is taken out from my pay check before, my net pay. And I realized my company is now fully invested into my 401k, so it is not just an employer match any more. It is now full savings, because if I were to leave my job, for another job all of my retirement funds would come with me. Of course I am not going to pull those funds out! So that is another thing to think about. Maybe someone is only one year or only months away from keeping all of their retirement savings.
Half of that 85% is in denial and wont admit it. I think the numbers wont change in the future because not many will have the drive to do side hustles. It takes a lot of will power.
@Sir We Are About to Die Sustainable economy is more important than fast growth which could crash the economy one fine morning like how it happened in 2008. In other words, saving enough money to retire also means sustained consumer spending (which drives the economy) without worrying about sudden job loss, mortgage and credit card debt
HOW can you get that low cost of living? I spent the last 4 years living in low cost housing- roommates, renting rooms, relationship. These situations always turned uncomfortable in some way or another. I’ve made the decision to rent on my own but the smallest place I could find is still 1800. I live and work in Southern California, so that doesn’t help 😂 I would save so much money if I moved in with my boyfriend, but I don’t feel comfortable compromising my independence just yet!
Keeping it real!!!BEST VIDEO Thank you! I hope you can make more videos like this. I show them to my kids. They should really teach some of this stuff at school. Personally when we were little we were poor but I remember that as the happiest time in my childhood! Again thank you More scenario videos likes this They are fantastic because is real for most Americans
BTB,I lived in a Studio in South Beach(Miami) for 4 years.I do not have problem living in a small property. I’m about to leave my 1350 Square foot condo(rent it) and buy a smaller condo with cash.Ill have an income from the the larger condo. Thanks BTB. P.S.I love flying Cathy Pacific
Hi BTB I want to know if I should max 401k vs have cash to save up for a downpayment for a rental property. What is your thought or should I just give time to max out then start to save more
At least get the 1:1 matching first. You still need cash to use today. Remember retirement money is for retirement! Also... if you plan to stay at the job for many years, you could take a loan out of the 401k to buy a house.
I think the side hustle can be good to raise your own money for start up money to get going in your own gig. Then slowly transition over to your own gig.
damn nice job that is hustling right there. I should be able to save 3k a month with a new $20hr job 40 hrs I'm getting plus my other job $15/hr for 25 hrs per week
I’m a minute in, I won’t stop watching, but most Americans have so much debt and few have even $10,000 in savings. Don’t even get me started on net worth. I’ll edit my comment if I change my mind and this video still seems realistic.
MrBigEnchilada believe Me I know it’s easy to save. I didn’t question that. I questioned the reality of the situation and it’s applicability to random people, irrespective of how easy it is to save or not.
I don't know what possessed me to move from my 1200 sq ft house into my current 6000 sq ft house and 1.8 acres. McMansion fever which was going around at the time I guess. I was a space manager in part of my career and should have known much better. Now I am talking to my wife downsizing to a 2 BR luxury condo.It isn't only the money but the hassle and maintenance. But we both have space and energy inefficient hobbies. Mine model railroading and train collecting and hers crafting and trying to sell at craft fairs and shows. I also have way way too much train stuff, electronics, photo equipment, and tools. I think I actually qualify as a hoarder. Anyway some rooms I don't need 1) A living room, 2) A dining room 3) A large guest BR. 4) A huge Master bathrooms with large jacuzzi tub. 5) any more than 2 bathrooms 6) Any more than 3 bed rooms total 7) Huge walk in closets 8) a basement (these were originally designed to be coal bins and cool places to store perishable foods.
Wow... Truly a McMansion! Just dusting it will take forever! Gotta make sure your stuff fits into a smaller place first. I would clear out some rooms to prep for a downsize move.
@@BeatTheBush First I need to talk with my wife. Just sorting and selling stuff is difficult. Ever not want to let go of stuff just you like collecting it or you won't get much for it, or just the time and hassle selling it? People basically want stuff for free even if its new and not used. If I could sort it and bring it to a sold on ebay shop I would but they want 50% commission. I guess that's why there are few sold on ebay shops still around.
I appreciate you doing the medium or low incomes like this one to kind of toss around some ideas like saving and trying to get up to 60k which would be a better situation. I'm at 50k right now and im working on a dollar raise which should be able 2-2500 more per year for myself. I just got into saving so im saving 20% of my income right now.
Just one comment on the sidegig not uber or amazon warehouse. Putting hours into this *potentially* scaleable side hustle might be a gamble, especially if it does not pan out it may be hours down the drain. Uber and others while not scaleable does lead to instant cash, which depending on each persons situation may be necessary. Everything has its risks and rewards, to each their own.
BeatTheBush I guess if you put your time into something you enjoy then it wouldn’t be a waste wether or not you made money. But if you did make money, that would be a nice bonus.
I don't think there is any shortcut. People would either have work hard early on, and find a high paying job, or they work hard later, on their own business.
My mental sanity required me to live without roommates. Enough of living with dirty and noisy people. Living on my own is not a luxury, it's for my wellbeing, my health
Ha! Yeah... I have to agree.
I know exactly what you mean!
I agree, I had crazy roommates who held gangbang parties in my freaking room...
the healer jealous
yea, same here, i'm such a light sleeper, that any friggin noise disturbs my sleep.
There are so many people around the world living in a run down house without electricity or running water. Always be grateful.
Yup. If you compare yourself in the US with the average in the world, you will feel very privileged.
Best comment
@@MissEnglish123 Thank you
Yes. I’m so blessed to have a nice 486 sq ft place for my cat. Well and myself.
Me and my wife come from humble beginnings. We make 110k but live like we make 36k
In the same boat... With no savings =(
Outstanding Congratulations that is awesome
Shout out to yall 💪🏾
Jesseg0815 make more.
David Suh so you are saying you spend all $100k?
This is such an accurate scenario for most people out there, including myself.
Great video!
=D Thanks!
No roommates my friend.. never again.
Good roommates are very hard to find
I’m grateful for mine
I made 69k cash because of roommates 🙌
My family lives on one income since paying of 70k in debt. We in the process of getting a home now. Great video #debtfree
Excellent!
I go back to my hometown in Mexico to remind myself that I don’t need to live in huge place with a whole bunch of stuff.
I’m happy you discussed the “gig economy”. I feel like a lot of people get stuck trying to make extra money on the side in jobs with no advancement
Where does advancement come from ?
I have no debt and I make 50k a year, I put 1k a month into the savings and use the rest for housing, food, 2 yearly vacations , and hanging out with friends
1k a month is pretty good
12 grand out of 50 a year.....that's kind of small. pay yourself first like a boss. i make 22000 euros a year and save about 70+%. the funny thing is that i have no savings goals. money ( legal tender ) is subjective.
comadrejas arpías sounds like you live with your parents lol
@@Daniel-rw2gy It's the best way to save even if you have to pay for board. Lol
@@Daniel-rw2gy nigga a house ain't worth your sweat.
This video was what I needed at this point in my life, Too many must have’s. Thank you!
Hey, this is my exact situation, minus the side hustle. I need to get one of them and focus on the saving to get apt.
thanks for motivation
You're welcome! Add that in there... take you pick and work on it! =D
Hey, how old are you?
Thanks. I really appreciated hearing about you as a kid :)
Thank you for watching!
As a first generation American I completely understand you. When I went back to my parents home country in 9th grade for the first time it humbled me big time. I instantly turned my grades around and appreciated everything in life more. As a adult I had to humble myself again, I work about 15 hours a week on my side hustle and just recently paid off all debt. My parents always told me debt was bad but I never understood even though I was listening! Anyways thanks for the video, I look to be financially comfortable before my son turns 7. I never want to miss any of my sons sporting or important events like my father missed mines because he was always working. Thanks for the video.
Goals. Those are fine goals. =D
I’m glad I found your channel. All the videos I see on your video feed interest me and look informative. Keep it up
Definitely gold. You understand performance based careers vs jobs (time for money). I love how you mention effort and time. Only 24 hours in a day. You’ll always get capped. If you do a side hustle that generates income without work (eventually), there are no time limits. (E.i selling a course, selling software, etc)
Great video! And dont tell your work (boss) your living cheap or have a side hustle, they might think you dont need a raise because your living cheap. And dont tell co workers. You never know who might get jealous that your living cheap and they are not. They might tell your boss you dont need a raise. Keep everything to yourself. It might hold you back from getting a raise if you say something to anyone!
That is very true, I have emphasized this in the past but good to have this in the comments.
💯👏👏💯👏👏💯👏👏💯
Man....I feel like this country we live in is dog eat dog, everyone for themselves. It's also the reason why I'm 41 and still no children.
Everyone doesnt need to know your personal business
J. S. Unless you prove you can produce. Production trumps
I rent a master bedroom in a house here in Vegas for $800 a month with all utilities included! I love it!
ohh what apartment is this? i live in vegas and im looking for a cheap one bedroom
arl pineapples he said he is renting in a house
If I were making $50K a year the ONLY thing I would be focused on is doubling and then quadrupling my income. The solution is always making more money.
I've always been a minimalist at heart and I've been perfectly fine living a spartan lifestyle for most of my life. My only possessions at this point are a few sets of clothes, my cellphone & my laptop. As long as I have an internet connection to the world, I'm good with that and can get by.
I get anxiety from having too much material possessions around me which I find a bit wasteful. Not to mention all the money that i'm able to save each month from not spending it on consumerist objects. I feel freedom in this lifestyle and I'm perfectly happy with that. I also enjoy the feeling of freedom of not living from paycheck to paycheck, seeing my bank account grow and the fact that I can leave my job at any time if I choose. =D
Having freedom and security is very important. I'm glad you found a balance to the way you live.
I feel the same way. It frees your mind from unnecessary stress
One of the real reason to save money is to become independent of your job
One easy way to save a lot of money. Learn to be a good cook!
This title is exactly me (little higher savings though but $750 rent) except I have student and car debt lol. I’ve learned to use my George Foreman, stovetop, and air fryer.
Edit 7 months later…no more car payment! Same apartment though and going up to $800 in March.
This was actually super helpful! Especially because many times we think 100k or you won’t be able to save and live comfortably. But you put things into a new perspective for me.
I save 75% of my income, my most difficult expense is food :c
Why? You can't control yourself?
Rice is super cheap.
I would do 50 25 25 of your take home pay. Live on 50, save 25 and invest 25...
You shouldn't eat mainly rice... need more whole grains for health reasons.
@@BeatTheBush True, I was just giving an example of a cheap food. I love steel cut oats, healthy, cheap, and taste great.
Flaming Profits! STOCK MARKET INVESTING for me it’s transportation I live in a rural area and need my car
I loved the point you made about "perspective" as it relates to the size of one's living space. I grew up in an apartment in NYC, so I relate to that feeling of being comfortable in a smaller (and thus cheaper) space. Many people I talk to, however, want houses...I suspect because that's how many in America grew up. Great video
Really good video. It’s about perspective and you are good at explaining it even to a frugal person!
Oh, I like this series. Next time probably do one for 150k salary, 100k saving no debt, rent or something! So people can navigate based on their situations.
Lol... people get mad when the salary is too high lol. Someone wanted 200k-240k salary. I assume this doesn't apply to a huge portion of the population.
Haha, then do one guide for working class. Like 30-40k salary, rent, with debt. I can see its useful!
@@jennyli3509 yea
Shoot, most people don’t make 150k per year! Jenny you must be rich :)
Mikey Loves Pizza that’s my goal lmao. Not really how much I’m making now
I love where you talk about downsizing your must haves, furniture, and living space requiremnts . I can personally relate to having pretty modest standard of living but comparing to others as I witness them "upgrade". Its not necessary and we don't have to get swallowed up in the American hustle. "Just because it's the norm does not mean you have to live like everyone else." I'm saving this video to watch when I fall into the old trap of comparisson. I'm proud of my small footprint. Thank you for great content!
I am right there with you. Have been in a small, inexpensive apartment with my fiance for years while we paid off all of our debt and saved like crazy. All of our "stuff" is old, second-hand, functional but not necessarily pretty.
Comparison traps are very real and very enticing. We are planning to buy our first home in the spring -- we can afford more than what we are willing to spend. Friends/family don't understand why we live the way we do; They think we must be poor due to making poor financial decisions because our standard of living is so modest and we haven't purchased a home yet. They are very mistaken.
Following your lead and saving this video to reference later!
Being able to save over 50% of my income has been goal of mine for a long time. Soon it will be a reality! Thanks for the video!
You're welcome!
My trouble is creating a side hustle that won't always be tied to my time. When I got out of debt I wanted to do it quickly so I grabbed a part time job, but I eventually realized it was just like you said: I'd always be selling my time for money. Not the best feeling. So now I need a hustle that's mine, only problem is I really don't have any marketable skills lol!
That's the problem. You can't make a side hustle and then expect your time not to be tied up. You need to put in work upfront to make it work. It takes time. Sometimes your just going to have to put in time. If you work smart and hire out people to work for you maybe then you can save time
I make about 60k a year after taxes and live with my parents and only spend about 300 a month. I’m on the road to saving 52k my first year out of college. My friends are moving out and are opening credit cards to pay off credit card bills and they have the newest phone, expensive clothes, etc. Growing up poor was a blessing and a curse
Whoa! That's nuts and congrats! Hard to resist the temptation to buy all that stuff?
Don’t move out until you save 300k
How in the world do you only spend $300 a month? Do your parents pay for your cell phone bill, utilities, and groceries too? It’s awesome you’re not spending a lot; just wondering how it’s possible without depending on family to pay for you instead (which I personally don’t consider to be frugal).
Lauren B phone is $25, gym is $20, car insurance is $110 a month, gas is $25 if I want to drive it the way I like to (flooring it everywhere), food is $140 since it’s bulking season (usually $110) and the rest is just random charges. How I make my money back is I started giving coworkers rides to work and they pay usually $10 a week across all three of them. As for the gym I’ve recently started training people who need to lose weight and make $10 a session and I do that for 3 or 4 people a week (depends if they want to be lazy or not). It’s a busy schedule but I love everyday that I wakeup
BeatTheBush it does get very difficult but watching people pay for things with car change keeps me motivated
Step 1 stop hanging out with friends
Lol!
Find friends with the same goals as you.
@B F with money you don't have to impress people you don't know or like
Lol...when you go out to eat, fake eat
Why do people not just hang out at each others place, instead of going out and spending money? It could just be chilling together and talking.
Really good points especially on the must haves. I think that its important to review these on an ongoing basis.
You are so good at this! Thank you!
I fell asleep, woke up, and you was still talking in circles
You was is Wal Mart for “you were.”
I gotta move out of San Francisco. I make $120,000 and barely make it
Yeah... but maybe you can minimize costs by living in some home with many roommates?
I live in Oakland and barely make 45k......
Wow, very. Shocking.
Buy a fixer upper house. Rent one of the bedrooms to a friend or buddy. Their rent pays your mortgage while you are fixing it up and essentially living for free. Then refinance. Rinse and repeat
Thank you for this topic! You've given me hope!
=D!
I just got a job making 55k a year. For me, that’s a lot. I made about 27k last year at my last job. Average rent for a 3 bedroom house on the big island where I live is about 2500-3k+. My wife, son and I are going to be renting a room in a persons house for $500 a month until we can find a place or build a house.
How’s that room you planned to rent going?
@@bukIau I moved into a 3 bedroom house located at my workplace. Cheaper rent than the 1 bedroom. But I work 6 days a week , 6:30-5 sometimes to 6. I make a year at the end of this month. 6 days a week is brutal.
I am 16 year old and trying to plan my future to minimize debt and spending but maximize savings and investments.
Ok but this income situation usually involves a younger family with kids. That makes the budget exponentially more difficult.
Yup... more expenses in that case.
Do this prekids is better but is still passable for people with kids ... it just takes longer.
Thank you for giving us creative and motivating ideas about side jobs. Very useful video!
This is awesome, glad I came across this video randomly. I’m a recent grad Mechanical Engineer. Making exactly $50k, however I have no savings and X amount in debt. I told myself I wouldn’t spend the next 14.5 years slaving away, just paying back my loans paycheck to paycheck. For the past 24 weeks since school ended I’ve been learning about a side hustle, something specific for me because everyone is different. E-commerce, business ideas, etc. But my favorite so far has been investing in the stock market (and Crypto - different ways of trading). Overall, happy with the results, the sacrifice of saving, saving, saving and investing IN MYSELF like reading books (A LOT) and research (Business models, etc.) instead of pursuing money for my time (Instant cash - gig econ jobs, etc.). I still want to be an Engineering Project Manager (It’s my passion) but hopefully by then my side hustle will be more developed and almost entirely autonomously managed. Thanks for reassuring me on this journey!
With your income and investing early on, what i see is a major red flag if you are trying to make significant income by stock trading or cryptos. In order to make enough, you may be investing in very risky ways.
BeatTheBush What ways do you suggest? Will you be my mentor
@@TheOfficialUdiyo Invest on real estate and rent it. Of course, down payment is an issue. Stocks and cryptos are too risky
If 100% extra 10k earned goes to saving, it's equivalent to earning additional 25k with the same 40% saving rate.
Ha haha... the extra on top is very effective if you keep your lifestyle the same.
@@BeatTheBush exactly! the side hustle income just got amplified.
Sometimes renting is much better than owning. Trust me... of course don’t rent an expensive house.
This was great. Ty for your thoughts.
A friend of mine moved away to take on another job. He knew that he may be in this other place for a couple years or more. I thought renting would be the better option. But he’s very sociable and he made fast friends with some guys from work. Since he knew they all had jobs, he bought a house with a down payment and had several roommates immediately to pay his cost of living through rent. To not upset the neighbors with a driveway full of cars, he leased a 7 seat suv and they all carpooled to work and everyone pitched in for insurance, gas and maintenance. He came back about three years later, and his equity in the house there was so much that he bought a home here with his fiancée with no mortgage. He started married life debt free.
I love this series - keep it up!
Thanks! Will do!
80 hours a week is insane, but I don't think I would do that
@HundredDolla Will wait till you get old and are to tired to enjoy your time. Then realise you wasted the on most valuable no renewable resource in your life. Time
I do 80 hours a week now we’ll I did before coronavirus
And I plan on doing th same if not more a week when we go back and I’m only 19 turning 20
Good info, lived out my van from 2013 through 2017, saved 140k best decision I ever made.
Very nice!
Bet you were single....
@@MrJoshcc600 😂😂😂 of course, I left a 5 year relationship. Left a family, it was rough at first.
You lost me at saying the average American has no debt.
Michael Sutton he meant average Asian household
@@coleworld904 aaah average ASAIN household.. Makes total sense now. lol
They have lots of debt, no savings, everything financed.
He didn't say that. He says he is assuming you already got out of debt and this is what you can do now.
No kidding! Even when a car costs 40k and is essential unless you love the few big cities and subways
I’m a high school drop out
I make $54k I have $22k savings
I have no car
I have no credit cards
I have no mortgage. Paid cash.
I have no student loans
Really good video man !
$50,000 salary each year is not much especially if it’s more than one person working
I only get $900 a month to live on. That is less then 12 grand a year! I'm saving most of it. IF I was making 50 grand a year!??? I'd be a milianre. I'd live in someone's closet if that is what I needed to save it ALL! (50% or more)
@@vacationboyvideos How do you pay for rent?
vacationboyvideos how are you surviving? Do you live with your parents
@@pawsnotclaws2772 Yes LOL 😂 I'm 20 years old
@@vacationboyvideos You also have to understand that people live in different parts of the country where rent is more expensive.
Hello, BTB. I Really liked this segment. Could you please do a segment on self control, habitual spending and overall psychological "resets" for a young person wanting to save and become financially Stable?
if you think if you lose your job today, it is not easy to get a job again, it is a great motivator to save more. To save fast, buy a house. Saving on top of having a mortgage is not easy for average earners but if we are able to sustain for a certain number of years, the house appreciates at 7 to 8% depending on the area. Sell it and buy a cheaper house. Continue the cycle until you save enough money. In 10 yrs time, you could retire and lead a balanced life after getting out of the rat race. if you have inheritance, then you can retire early
there’s a difference between practical and reasonable living and sacrificing the joy out of life living, people need to learn to differentiate otherwise what’s the point of saving when you can’t enjoy it just food for thought 😉
Mike Bravo yes true. Your life can be over at any time in which case your savings/bank account wont save you. The future isnt guaranteed so it is best to live in the present when you are young and able.
To eventually invest to get out of poverty
The whole purpose of savings is to get out of rat race (esp middle class). Stress which comes from everyday job can take away all the fun we have in the evenings. Then what is the point in having fun when we get time, when the sore thumb (9 to 5 job problem) is not fixed yet?
I like scenario video. It is unique and different. It would be cool to see more scenarios.
Thanks bro this was very helpful for me good video
You're welcome!
Nice video!
Thank you!
GREAT VIDEO
None of this matters if u have kids and or student debt to get a job making 50k in the 1st place
Try a different job production work roofing most don't need any prior experience
Sure it matters to have children - well not in the US but in Canada. For every child, until they reach 18, government of canada provides full 6000 dollars per year if the family income is below 30,000 dollars. As the income goes up the child benefit goes down. Good part is, one does not need to show any income or employment to get child benefit. In the US, you just get non refundable tax credits but in canada we get cash
@@Dharmicaction I'm sure some folks live off of this system for life. It sounds similar to the USA welfare for life programs (AFDC entitlements). I don't have any kids but I do know that the states have a endless amount of programs. I just can't figure out why their are so many homeless people when the USA has Section 8 housing available to them. Does Canada have Free housing?
The big problem is healthcare if you have chronic conditions which would cost $10k+ per year in premiums and out of pocket before you hit the deductible. At least in my state, $50k is the point at which you stop receiving income-based subsidies, so if you're self-employed, you're paying the full cost.
Yeah... it seems like being self employed is a right of passage if you want to have time freedom.
Great video!
"Initial Conditions" - I notice your electrical engineering background coming through :D
Lol... this is a math problem!
thats crazy how median HOUSEHOLD is 50k makes me feel good about my current situation having more then that by myself
Yeah... there are a lot of people that does not have a college education.
College education doesn't directly translate to making more money ......common misconception I knew a guy that had his master degree and couldn't land a job in his field
No college, I could make up to 75k$ in my current job but only making around 55k due to lack of motivation and not wanting to work 10 hour days.
Location is key for this topic. it is not for all but the guidelines can be used for anyone with an income. Find what works for your family and yourself. If you have the ability to save more than 40% of your income in any situation, you are doing better than a vast majority of people in the US. Today it is a society norm to spend what you make. Income is almost irrelevant because I know vast amount of people who make 100K+ a year but cant manage to save a couple hundred a month. Live within your means, pay yourself first, and come to grips/reality for what truly provides happiness to your life. Great video topic!
You can indeed save a lot if you tweak your spending habits if you earn 100k. But when you earn 35k/year, it's so close to minimum spend that it's hard to save.
Great video! Keep it up!
=D
Downsizing makes sense to a limit before you start having problems associated with too little space
Great video Francis :)
Thanks!
These videos are very eye opening
Thank you. I think the not trading time for money is most important. Or you'd end up doing it for the rest of your life.
Btb wants us all to live in a van down by the river 🙂
Who's Bob?
@@BeatTheBush
You are. Hi Bob.
My wife and I make about 160 thousand dollars a year my wife saves her and most of mine and our home is paid for
Excellent, this is my goal
Adopt me
I like the idea of having the right Mental state. I have been reviewing my budget trying to see places as to where I could really save money. One of the things I did had been looking at is what is taken out from my pay check before, my net pay. And I realized my company is now fully invested into my 401k, so it is not just an employer match any more. It is now full savings, because if I were to leave my job, for another job all of my retirement funds would come with me. Of course I am not going to pull those funds out! So that is another thing to think about. Maybe someone is only one year or only months away from keeping all of their retirement savings.
Keep your full vest date for your 401k or other stock related items in mind and try not to quit or change jobs before then.
*Never spent more than 40k/year!? WOW!*
Oh.. yeah... yup.
Love your videos!
Thank yoU!
My wife and I make 100k gross and
Feel poor af.
Great video
sup brother just subscribed ..thank you
thanks for the video! so what is the next step? I mean what we should do with this savings to earn more?
Can you imagine if everyone did this? We’d all be free of stupid joe jobs so much earlier in life! By some estimates, 85% of people hate their jobs.
Half of that 85% is in denial and wont admit it. I think the numbers wont change in the future because not many will have the drive to do side hustles. It takes a lot of will power.
@Sir We Are About to Die Sustainable economy is more important than fast growth which could crash the economy one fine morning like how it happened in 2008. In other words, saving enough money to retire also means sustained consumer spending (which drives the economy) without worrying about sudden job loss, mortgage and credit card debt
i still love that u got into crypto and still make vids like this
like budget Graham, I feel u
I didn't make that much from cryptos so I guess I could've won big but risked a lot.
@@BeatTheBush U did risk a lot amigo
HOW can you get that low cost of living? I spent the last 4 years living in low cost housing- roommates, renting rooms, relationship. These situations always turned uncomfortable in some way or another. I’ve made the decision to rent on my own but the smallest place I could find is still 1800. I live and work in Southern California, so that doesn’t help 😂 I would save so much money if I moved in with my boyfriend, but I don’t feel comfortable compromising my independence just yet!
Totally understand! California has gotten out of control
Thank you for reminding me about living in huge places..saving cash now...
Mans laid out my exact situation
Housing is really going to be challenging in a major city.
Keeping it real!!!BEST VIDEO
Thank you! I hope you can make more videos like this. I show them to my kids. They should really teach some of this stuff at school.
Personally when we were little we were poor but I remember that as the happiest time in my childhood!
Again thank you
More scenario videos likes this
They are fantastic because is real for most Americans
Some ask... what if this or what if that. How about lower income... or even 200k income. I'll get to those eventually.
@@BeatTheBush thank you🙏🙏
BTB,I lived in a Studio in South Beach(Miami) for 4 years.I do not have problem living in a small property.
I’m about to leave my 1350 Square foot condo(rent it) and buy a smaller condo with cash.Ill have an income from the the larger condo.
Thanks BTB.
P.S.I love flying Cathy Pacific
I sort of like it but I can say too much because I live in a too big a place.
Hi BTB I want to know if I should max 401k vs have cash to save up for a downpayment for a rental property. What is your thought or should I just give time to max out then start to save more
At least get the 1:1 matching first. You still need cash to use today. Remember retirement money is for retirement! Also... if you plan to stay at the job for many years, you could take a loan out of the 401k to buy a house.
I think the side hustle can be good to raise your own money for start up money to get going in your own gig. Then slowly transition over to your own gig.
I make sure I save each pay the same amount as my rent payment.
fuuuuuuccccckkkk spent 40k this year. But most mortgage
Love your vlogs! Is the 25K savings, liquid cash savings, or retirement savings? Just wondering. Thank you!
It doesn't matter really. The video will be the same however it is divided.
What other ways to make money without doing time in 9-5 ? Thanks
Kai man haha
I am 33, I have saved 200,000, I still rent, i make 45,000 a year and i save 1000 dollars a month
Is that a request? Might need more info. Please make a new comment with the new info since this comment will likely get buried.
@@BeatTheBush ??
@@BeatTheBush i think he is just sharing his saving experience!
damn nice job that is hustling right there. I should be able to save 3k a month with a new $20hr job 40 hrs I'm getting plus my other job $15/hr for 25 hrs per week
I’m a minute in, I won’t stop watching, but most Americans have so much debt and few have even $10,000 in savings. Don’t even get me started on net worth.
I’ll edit my comment if I change my mind and this video still seems realistic.
MrBigEnchilada believe Me I know it’s easy to save. I didn’t question that. I questioned the reality of the situation and it’s applicability to random people, irrespective of how easy it is to save or not.
I don't know what possessed me to move from my 1200 sq ft house into my current 6000 sq ft house and 1.8 acres. McMansion fever which was going around at the time I guess. I was a space manager in part of my career and should have known much better. Now I am talking to my wife downsizing to a 2 BR luxury condo.It isn't only the money but the hassle and maintenance. But we both have space and energy inefficient hobbies. Mine model railroading and train collecting and hers crafting and trying to sell at craft fairs and shows. I also have way way too much train stuff, electronics, photo equipment, and tools. I think I actually qualify as a hoarder. Anyway some rooms I don't need 1) A living room, 2) A dining room 3) A large guest BR. 4) A huge Master bathrooms with large jacuzzi tub. 5) any more than 2 bathrooms 6) Any more than 3 bed rooms total 7) Huge walk in closets 8) a basement (these were originally designed to be coal bins and cool places to store perishable foods.
Wow... Truly a McMansion! Just dusting it will take forever! Gotta make sure your stuff fits into a smaller place first. I would clear out some rooms to prep for a downsize move.
@@BeatTheBush First I need to talk with my wife. Just sorting and selling stuff is difficult. Ever not want to let go of stuff just you like collecting it or you won't get much for it, or just the time and hassle selling it? People basically want stuff for free even if its new and not used. If I could sort it and bring it to a sold on ebay shop I would but they want 50% commission. I guess that's why there are few sold on ebay shops still around.
Good video.
Thanks!
Thanks!
I appreciate you doing the medium or low incomes like this one to kind of toss around some ideas like saving and trying to get up to 60k which would be a better situation. I'm at 50k right now and im working on a dollar raise which should be able 2-2500 more per year for myself. I just got into saving so im saving 20% of my income right now.
Just one comment on the sidegig not uber or amazon warehouse. Putting hours into this *potentially* scaleable side hustle might be a gamble, especially if it does not pan out it may be hours down the drain. Uber and others while not scaleable does lead to instant cash, which depending on each persons situation may be necessary.
Everything has its risks and rewards, to each their own.
Good point there. Very true. You could do some thing and it may never yield any results. But if you think that way, you might never start.
BeatTheBush I guess if you put your time into something you enjoy then it wouldn’t be a waste wether or not you made money. But if you did make money, that would be a nice bonus.
What about high cost of living? in NoVA an in expensive apt roughy 600 sq ft will cost about 1300 ...
The $10K income from the side hustle should also be taxable.
Of course but less if you know how to deduct most of it.
Great video! Been waiting for one of the financial guru's to talk about the average american and what they can do to maximize.
Thanks!
I don't think there is any shortcut. People would either have work hard early on, and find a high paying job, or they work hard later, on their own business.