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48 Comments
As a person who makes less than 50k a year, hearing about people who make six figures but are living paycheck to paycheck makes me mad. How can anyone be that bad with money???? ðŸ˜
Edward sure knows his high end furniture brands 😮
Thanks for referring us to the articles you get your information from. Change is tough for tons of people. They are too set in their ways. Ditching that 7.00 cup of coffee everyday is difficult. Some people just won’t buy a preowned vehicle. Have to have new. Zero emergency fund. I guess everyone thinks differently. Not planning ahead was my main problem. You hit the mail on the head. Thanks.
Expenses almost always rise to meet incomes. People start eating in better restaurants, buying better clothes, living in a bigger house, driving a better car, going on more expensive vacations, etc. It's surprisingly easy to spend a lot of money quickly.
So true. Making 100k+ and waiting for next paycheck
Sadly, Washington Elites are spending the US's borrowed money and wasting precious time destabilizing the rest of the world resulting in accelerating the formation and strengthening of the Multipolar and Multilateral World anchored by Russia + China. The Sickness is the US Political System
yes I can understand how hard it would be to try to make it on 100 to 200 thousand a year that is very low pay in the Bay Area my friend dose yard work and only makes 150.000 per year and he can not even afford a 1 bedroom shack so he is going to get a night job to earn extra money he is living in his truck now but wants his own place he said it is just so hard to save these days. it is about 3.000 a month rent for a very small house 1 bed 1 bath and he said gas is killing him because he drives all over mowing grass and weed blowing. there is lots of jobs just very low pay minimum wage is only 22 dollars per hour they are trying to rase it to 30 per hour but that is still to low. a lot of people are just living in tents and cars trying to save money.
30% goes to taxes whether it be state income sales ss and inflation.
Lifestyle inflation is a bitch
I miss mean tweets.
Even not spending wildly (I haven't taken a holiday in years), cost of being a single female (yes, we do make less on average) with a home is not cheap. I live in an area with a high cost of living but restricted where I can live because of how my professional licenses are by state. It's not easy nowadays even when you're careful.
$100,000 is a high-end salary? LOL. I earn much more than that and its really not that much…not as it was even just a few years ago. You're in a higher tax bracket so Uncle Sam takes a bigger cut. Also depends on where you live, how you live, and debt you owe. If you're not careful its very easy to fall into the trap of 'lifestyle creep'.
I live in NYC, earning 40,000 a year. I will never see a six figure salary yet, I feel rich! I’m able to save money every pay period, live below my means and I have a zero balance on my one credit card…Life is good!
$100,000 doesn't go far in the greater DC area.
Most people are bourgie-broke. It’s pretty pathetic.
I make a little over 100k and I do not live pay check to pay check.. In saying that, I don't have an expensive car and a high mortgage. I make my coffees at home and when I go into work, I bring my lunch. I also have no debt.. It wasn't always like this. I use to spend on things I didn't need. It's easy to do, but there comes a time when you say "Enough is enough!" Buy what you need, it's amazing how far money can go.
Single person making 100k in a LCOL who is frugal can thrive.
I have a household income north of 460k/year. I try to instill in my kids the importance of being frugal. It sometimes falls on deaf ears, especially when my silver spoon spouse gets involved in the conversation.
If you look at these new master planned communities, you'll notice the new strip malls adjacent to the subdivision. Old car doesn't look nice in front of new home when your neighbors have nicer cars. Strip malls have rooms 2go, various restaurants and fast food places to get used to while furnishing the new home with new stuff because you afford the payments. You also need to make sure your kids have the same toys and access to the same expensive activities. It all adds up. Next thing you know, you can't even fit a bicycle in your garage. Where did all the money go?
Financial advice almost anyone can follow..Buy an older car with cash and keep up on oil changes and essential maintenance. Cook meals at home and brew your own coffee. Don't drink in bars. Ignore your ego when spending money.
Today is 20 years since i bought this house in my late twenties. I used to lived with a new car every three years. But i wised up and barely made it paying the mortgage of my current home. Bought it in 2003 for 205000. And it is worth almost 400000 in the coveted area of HOUSTON. Paid it off few years back. Its hard cutting back your life style, but once you carel less for what people think of what you drive or wear, youd be better off. And the average inflation rate is now around 23 percent on everything. Not the fake low numbers put out by our government and the experts.
I make 72k in engineering In CT and can barely afford a life here let alone a house. I no longer care about working and just mailing it in. They pretend to pay, I pretend to work.
That’s correct the secret to using Credit Card is to pay it off at the end of the month! Don’t use it if you can’t!
Feel like this is becoming redondent.
Here in Youngstown ohio there are many homes that can be had for less than 100000 dollars. Niles, Warren, Salem all offer a good quality of life at a reasonable cost . If you work remotely, these offer a lot of bang for the buck. GO PENGUINS!!!
I've got an idea…it doesn't matter how much you make…just don't spend more than you in…and save 15%.
It's a game they don't teach us in school. Because money is privately owned.
It's not how much you make.. It's how much you keep.. Stop living in houses you can't afford..Stop driving cars you can't afford..
LMAO, just think what us UNDER $50K people are feeling…
I can’t believe you mentioned chesterfield sofas, and described them. I have two matching that we purchased wholesale when I had my business. Chose the best top grain leather on all surfaces, hardwood frame, 8 way hand tied springs, brass nail jead racks, button tufted i seats and arms. The two matching sofas were $6,000 back around 2000. We had them facing each other in front of our fireplace. So, thst would have been $12,000 or more retail. Fast forward, they still look new and classic design. When he died 10.5 years ago, I downsized. Nobody wants to give me $100 for the. It’s to a point where I might have to donate so they will come get them. Extremely heavy! No market for them, or any of the 18th and 19th century solid mahogany furniture etc. here it sits. What to do? Give it away and live around it in cramped space and wait… very frustrating. I actually told someone they could have one of them, but they cancelled oncoming to get it.
8:39 Preach!!! Good sir, say it one more time!! Thing is, I’m childless
Great video! I really do have a question. For someone with less than $10,000 to invest, how would you recommend we enter the crypto market? I am looking at studying some traders and copying their strategy rather than investing myself and losing money emotionally. What’s your take on this approach?
My take home before retiring (last year) was less than $50k. I live in the biggest city in west coast near downtown. The only reason I could was because my housing expense was low. Rent plus utility was about $900 a month (no cable no Wi-Fi). I had pretax savings and cash saved after tax. I don’t have student loan (paid off), car loan (cash for used car), or credit card debt (paid in full monthly). I paid cash for my retirement home near foothill 2 years ago. My retirement take home is about $40k. It is comfortable to live on. I can save about $500 to $1k a month for future home improvement, car repair or car purchase.
In the backdrop of steady interest rates and indications of potential future increases by the Federal Reserve, the present moment is pivotal for investors to reassess their financial strategies. With economic growth characterized as 'solid' and an uptick in inflation, the investment landscape is evolving. In this scenario, cryptocurrencies present a distinctive alternative, relatively unswayed by conventional market influences. My personal experience, involving the acquisition of 19 bitcoins in seven weeks using Cheryl Atonal's trading methods, attests to the potential of this emerging asset class…
Lucky the Disgruntled Bird . . . has Arrived .
Exceptional Discussion .
The Real Issue is We Exist in a Draconian Society . . . of Property Tx, Income Tx, Sales Tx, and High Interest .
The Government, States, Institutions are Incentived to Raise Prices . . . by Any Means at their Disposal .
—
Artificial Intelligence and Technology has Opened Some Income Streams . . . yet, They are Rapidly Closing More Income Streams .
For Example . . . In 1998, Lucky was a Well-Paid Free-Lance Artist in His Local City .
He Grew Customers by Word of Mouth . . . and, It was a Dream Come True .
His Years of Drawing Finally Paid-Off .
Unfortunately . . . This was Ended by Technology . . . and, Lucky Quickly Became Destitute .
—
Okay . . . Talk Later .
Edward your videos are both entertaining and depressing at the same time.
IMHO to first step to financial planning is setting up a budget. Go through your bank statements and put everything you've spent on paper or spreadsheet. It will help focus you on the unnecessary spending. Then create your budget and stick to it adjust when you pay off credit cars or loans. Always have an amount for savings even if it's small
Edward forgot the cost of divorce
In today's economy, the value of a million dollars has diminished significantly. Factors such as inflation have eroded its purchasing power, making it insufficient for a comfortable retirement for many individuals. The discussion emphasizes that for a secure financial future, especially when considering long-term factors like inflation, individuals may need to aim for a financial goal higher than a million dollars.Considering the diminishing value of traditional currencies, it's time to diversify and look into crypto trading! With the potential for high returns and a hedge against inflation, cryptocurrencies would be the key to securing your financial future. Dive into the world of crypto and stay ahead of the curve,I've personally benefited from following Cassey Filmore’s trading tactics, amassing 23 bitcoins in a short seven weeks period of day trading , which speaks volumes about her expertise in the market.
Our kids are a net positive. They each produce over $5k in firewood alone per year. Vehicle mechanics, construction, food production – they have daily chores like my husband did growing up on a farm. Modern Americans warehouse their kids in government schools and they don't do much in the way of home production.
Thank you Edward.
I live in Tucson Az and make over $100,000/yr. I have an average life, but I am able to give my wife and kids a stable home life. My wife doesn’t have to work and stays at home to home school the children. Its sad that you have to bring in 6 figures to have what a factory job provided for our grandfathers.
People try to predict the economy not realizing it is not a capitalistic market, its a command economy, central planning! my concern is, instead of having much dollar in bank that could lose value to inflation, do I save in gold to reserve and grow wealth for now, or just hang on?
Don't move to youngstown, it's ghetto😒Youngstown has one of the highest crime rates in America compared to all communities of all sizes
you are spot on. I work in credit. Another thing no one is talking about is the amount of migrants getting credit card approvals… the number is staggering.
Spending rises to the level of income…except for the 2 percenters. Be a 2 percenter!
Contributing to a 401K makes sense if there's a company match. My company matched 6% so I contributed 6%. It was 22 years for free money that also grew modestly after fees. The day I left that job I rolled it into a self directed IRA and bought dividend paying stocks and dripped them. As far as people that can't save earning $100K they either live someplace like NYC or SF or just completely irresponsible with money. One other possibility is they have too large a family.
I earn a six figure salary here in San Diego and it’s barely good enough to rent a two bedroom apartment. I budget, my biggest expense besides my rent is my son’s private school. I buy at food for less, have my car paid off, use low speed internet, only have Netflix and I chose not to rent in the best neighborhood. Im able to save a few hundred bucks each month and put money for retirement. I can only afford to live the lifestyle of what poor people used to live in the 90’s and I earn 108,000 per year.