I know this is touched on in the end of the video but as someone who makes about a third of what is shown in this video I do find the concept of “is it realistic to live on this salary?” quite annoying since it’s the actual reality for many of us. And as others have said, using the median household income number to represent the income of a single person who splits expenses with a partner is misleading as well.
I’ve gotten some pushback on my comment that this video is a little out of touch and I think the sentiment “is living on this totally generous, 2x the median american salary possible??” To be so insulting to so many struggling people. As I’ve said elsewhere, I started at $65k as a newly graduated 22 yr old, alone in a new city, no partner to help me and I thought it was a completely reasonable salary to travel, have fun, go out, shop, and save. Pretending it’s a challenge is so insulting.
@@bryngarrity5548 For me it’s a bit offensive simply because of the wording “realistic.” Like what does that imply? The reality is thousands upon thousands of people in NYC live on far less than that number, so it is inherently realistic. We should be asking questions about how we can optimize that spending, what its implications are for lifestyle choices, and how to go about navigating personal finance spaces with that salary. I think it’s time for us to go deeper than “I tried being poor (often meaning: above average salary for the area) for a few weeks.”
$64K is the average household income, not average individual income, so super disappointing to see the test was just her own expenses and not both her and her husband's. It's really more like spending within double the average income... it would've been more interesting to calculate what a family with $64K in income would be able to spend on food, household items, transportation, entertainment, and other discretionary spending, then have someone try to stick to that for them and their partner (or family if applicable) for a month...
Average American household income or New York household income for 64k? She said average New Yorker income. I thought the nyc individual incomes were about that high
@@Tiffany.132 oh ok. That’s comparable to US numbers. I expected more. The high earnings in NYC can really skew the average. I don’t think there’s really an average family or household (I’m not from there, can’t even say “the majority of nyc living is like __”), so maybe they chose individual numbers to make it applicable to singles or the diversity of living arrangements. Idk
Edit: This seems a little misleading since the average INDIVIDUAL income is around $30 - 40K in NYC - next time make a video budgeting $32,000 in NYC, without being married! Edit 2: If you're netting $4,000 per month post-tax, you aren't making $64,000 at all, right? You've got to be making closer to $80,000, or this video isn't taking into account taxes...? I get that you guys want to bring guests on, but why not just make an *example* video that shows how you can budget ~30-40K* in NYC as a single person with standard tax deductions, insurance payments, and investments (401K, etc..)? Just, a normal budget
If you assume 20% income tax (which admittedly incredibly low, I thought 40% was the norm but I might be wrong as I'm not a US citizen) the calculation she made in the vid is about correct. I just checked. If you take the more realistic, or realistic in my view, 40% income tax you are obviously correct. This video is a bit weird anyway. I know NYC is expensive, but that rent alone is almost my entire monthly income right now, including government benefits to pay for my rent and mandatory health insurance. My dream salary at the moment would be 2K a month and that's what I'm striving for when I'll be looking for a job when I get my degree. I'll be happier if I get that for the hours I'm willing to work for it. I want to try for a more creative career in writing, but that earns now near enough or stable enough to live off of in any way, so regular job it will be. At least I'll most likely be able to support myself on a part time job here. I know that would probably be close to impossible in the US even with a bachelor's in biomedical engineering.
this video was barely going to be relevant for me as with ssi I'm 70% of the poverty line but I'm disappointed that this is misleading. just goes to show how unaffordable NYC is and how inaccessible housing can be if you're single. seems like you need to have a partner or roommates.
@@ammalyrical5646 Thanks for checking my math! That rent is "realistic" in the sense that it's probably $2,400 for a nice 1 bedroom or a mid-tier 2 bedroom place, so I didn't take issue with that. But what I don't understand is why they did the experiment with her only paying half of it on an income that's supposed to be for 2 people hahaha
@@AlexisBii Oh, I don't have an issue with it per se, except that I wouldn't be able to afford it. But I don't have to, luckily. It's just mindboggling to someone from outside the US what the rent can be and what can be seen as a normal rent in certain cities. Rent in for example Amsterdam can be ridiculously high too so it's not overly surprising that NYC would be expensive in that area but even if I could I wouldn't want to spend that much money on it. I can totally see how living in a tiny house would be way cheaper in the long run. The video has it's flaws in the methodology section. She pays half the rent and twice the phone bill which I guess is ok in a 2 person household, but he still had his entire income so it's a bit eeh. That grocery bill though. There has to be a way to spend less than half that money... And I like some basic maths after the stuff I have to do for uni classes so I'm happy I could check it :)
@@ammalyrical5646 I understand what you mean and trust me, it didn't always cost this much to live in America! This is all relatively very very new. For instance, my parents have no clue at all how much a "normal" rent cost is and they're in their 60's. Financially, there's a huge gap between the generations and if you ever have the chance to sit down with an American family that becomes clear really quickly. My rent right now is $1,400 and it hurts me to think that if I want a nicer place, that number will continue to go up year after year!
This makes me frustrated because as an asexual, aromantic, cis female I feel like I shouldn't be forced to pair up with someone when I don't want to be in order to get ahead financially. *Disclaimer: I don't speak for the entire asexual and/or aromantic community when I say I want to remain partnerless - many in the community do still desire a life partner in either a romantic or platonic manner. Also my cis label is not to diminish the plights of trans men or trans women, rather to paint the full picture of where I'm coming from.
I moved to NYC a few years ago with a salary of 60k and no debt. That was my starting salary for an IT job for a bank. I automatically put money into my 401k + Roth every paycheck and paid for my company's insurance too, and for a short while I was using a robo advisor to do investments until I opened an account with my employer. I paid $1400 a month for a studio apartment, but I also lived 1.5 hours from work by the train, so the commute was a chore on packed days. My apartment covered my gas, electricity, and water, but I had to pay for my internet for about $60 a month. I lived alone and cooked for myself for almost all meals, so that came out to about $200 a month. I would occasionally eat out as goal to explore the neighborhood, but it still wasn't often, so those expenses were never really more than $20-30 a month. For entertainment, I would see a Broadway show every few months, and tickets for middle-tier seats were anywhere from $50-$200, so I budgeted for months at a time for those. Otherwise, I would just explore the city, and that is usually fairly cheap if you avoid tourist traps or go with other people. I usually had enough money to spare for any emergencies, such as having to buy a new laptop after being robbed, but I would still try to limit big purchases to once a month or so. I was able to live comfortable on my 60k salary, but if I had been making less, say closer to the median, I would either have to get a roommate, or cut out some of those unnecessary expenses.
This makes no sense, sorry. 64k is the average household budget and you didn't try to live on it, because I assume you know it would be impossible due to rent alone.
The title of this video is quite misleading, it’s really a working housewife cash flow instead of an average/single person’s. Paying for only half the rent and less than half for groceries should be made explicit in the beginning.
also it's not like the amount for groceries for one person is the same as it is for two people, so you're not paying "half" for groceries either. unless somehow living with someone means you are all of sudden eating half of the food you had been.
I live in NYC and make $45K. My grocery budget is $300/month. I also have a gym membership. I don't eat out regularly, and if I do have to travel I walk or take public transit. I'm saving for retirement and I have a savings account but there's no way I'd be putting in that much.
i really enjoyed this but it seems like she is still in the mindset of making over $200k. Whole foods (delivered, no less!) and ride shares on a $64k income isn't quite realistic. I started at $65k after college. My rent was $1200 (half of a two bed), car payment $350, savings $500, etc. I took public transit or walked, shopped at cheaper stores, meal prepped, picked up food instead of paying for delivery. The cell phone bill is outrageously high and choosing Whole Foods as your preferred grocery store is for sure a wealthy mindset. Also, no gym membership?
She did give a summary at the end stating she doesn't have debt. That definitely gives a bit of wiggle room. I think spending on Whole foods and taking from her dining out category to cover any over spending there is reasonable.
@@minimalmiss yeah i watched the whole thing. I also didn’t have debt. Still don’t. Her budget is incredibly generous considering 1) she “just started paying herself” meaning she definitely burned through some savings in her off year 2) she’s still building her business. 3) she should try and rebuild the savings she had.
@@cocogonzalez7398 yeah but when you’re on a financial advice channel, spending like a wealthy person when you only make $64k isn’t a great look. Grocery delivery from an overpriced store and numerous rode shares “because it’s in the budget” isn’t a good look. I’ve been in the $65k range, on my own, just starting out. No savings, no partner. Maybe she feels comfortable because she has a fallback, but pretending that this is a “challenge” or something exemplary is out of touch.
@@bryngarrity5548 I take jt you don’t follow her on social media and she explained how she financed her time off and yes you are correct it was some savings that I believe was built specifically for her time off. She just started paying herself bc she’s been having this business for a few years and now can.
So the second biggest expense after rent/mortgage is going to be your health insurance. Guess that is covered by husband’s employment? Unfortunately I think it skews the budgeting to what is actually a much higher income. Also when people talk about average income (and another commenter also mentioned the difference between individual and household) they are usually starting with the gross figure. At least the employer is. Also, how are your utilities so cheap? I live in Los Angeles, another expensive city.
I think the criticisms on this video is a bit unfair. Yes the title could be more forthcoming that 2 people are sharing expenses. However, going to Whole Foods and having good food shouldn’t be a luxury. I think if shopping at a store that is more expensive brings you joy and you can afford it, go for it. For the $20 she spends on delivery. how much time does that save her versus having to go to the store. Sometimes you need that time more than that $20. And she said she doesn’t shop there every week.
The comments on this channel are always so harsh. People get made bc they don't see their exact personal circumstances reflected, or it's not a poverty budget. If that's what people want to see there's plenty of frugal living channels that are better suited. Very unfair criticism most of the time on here I think.
As a care worker the idea of a single person earning more than 200 grand blows my mind! I can’t imagine being brave enough to start fresh. I hope your company thrives ❤️
And 64K is the average for a TWO person household in NYC. 30 - 40K is the average for a single person. But the video still isn't relevant to that point because her budget is for HALF the living costs of an average person.
True, but most single people making 65 grand a year would have roommates or shared living quarters. Very few of them would have a situation where they are able to live completely alone within the city
Thank you for sharing this experience with us! I know the minimum wage in NYC is $15/hr. Assuming work of 40 hours in 52 weeks, that would be roughly $31,200/year.
My job out of college paid $55k. I was comfortable and i lived alone. I found a studio apartment in the Bronx for $1250 so i would pay about $1380 in rent and utilities. I definitely would not be able to have a budget like hers even though I take in more than that. That $300 dining out a month being the most out of the question thing for me.
As others have said, this is not realistic at all. She took the average family income but did it for one person. If she did the median for one person, it would be closer to 40K. Like she said in the video supporting one person vs supporting a family is vastly different so don’t use one set of numbers for the other.
The first thing that struck me, and I have yet to finish the video, is that I believe it’s extremely unrealistic for the vast majority of people to budget 20% of their net income for investments. Most people would be lucky to budget 5%…am I wrong??
My company matches 5%...so I do that and a bit more...but no, my house couldn't keep 20% to invest. We are empty nesters,but my spouse is disabled, so that affects the budget, especially what we can spend. I haven't bought a new pair of jeans in more than 10 years(shout out to thrift stores and the folks who donate, thanks so much). Positive vibes from New Hampshire,remember to be kind to each other and yourself during this pandemic and social crisis
Somehow I survived living in NYC making less than $30,000 a year, but this video's making me weep at that average income. I'd have been so much more comfortable at that salary.😂
Disclaimer: I live in AZ so not as bad, but I make less than this and kept gawking at the numbers for the month like "I cant put that much away!" Then I realized its literally a higher salary. Well a girl can dream 🤷🏼♀️
I was confused at first about the 64,000. I think you mean after tax dollars. So if someone has a regular job they would need to make more, maybe $90,000 to then get the $64,000 in available funds to live on after taxes. Am I missing something?
About the unexpected physical therapy copay - do NOT immediately pay something like this, instead immediately respond by asking for an itemization. It’s possible that the copay was paid already but the accounting is flawed
this was informative but your title should include you AND a spouse because from the title you would think as a single income earner. looking forward to more videos
You cant compare the “household average” and then use only your income when you live with your husband. Also its very interesting to me that you seem to be paying for most of the meals you and your husband eat. Id be interested in what he pays for in your relationship, considering your married but seem to split every little thing like your roommates. Just my opinion.
@@pmmakeup5316 married couples should split every expense, that's part of being in a committed partnership. Also, she can't claim his income because clearly, they keep their income separate, which is wise in the event of a separation.
I'm confused by her monthly salary and budget. I take home about $3800 month, but I make a $12k higher salary than her. I don't think she's counting taxes and all that being taken out?
If you are not sharing your contributions and help for your parents how are you able to come out to $0? Something must be off? Sorry if I’m missing something obvious. Thank you.
Really interesting, I live in London and my salary is probably the sterling equivalent. Would be interesting to see if you'll repeat this in July to see if your budget has changed!
I loved your video! It is especially helpful to see how you budgeted for an expensive to live city like NYC. I live in Austin, TX and is incredibly expensive here. I think it would have been helpful to note that the budget is with “take home” numbers. I got a little too excited when she said 64k because that’s around how much I make annually but isn’t take home. I would love to see more of her! Thanks for a great video.
I live in Austin too and make around that and am single so pay for everything myself. I live alone because it's better for my mental health space but it's getting harder to do that in Austin. Im a born and raised Austinite too and it's hard to see the negative impacts of our growth. You just get less and less for your money. I've been considering moving outside of town for the first time ever..
It’s so nice to see a Latina talking about finance and budgeting! It’s hard to find us in this space ♥️ Edit: I’d like to add that it’s unfortunate to see the amount of frustration in the comments. I do see some valid points (ie, showing salary vs net pay), but I think too many viewers consume this type of content and think it’s a comprehensive list of “this is exactly what you need to do to master your finances” and, knowing what I know now, I don’t think that’s the point. Personal finance is VERY personal and extremely different for every single person and I think we need to remember that. I’ve personally started watching these types of videos and seeing what I can take away for my life or what I can apply or how I can apply it to my personal situation. There’s usually at least one piece of good advice in this type of content! Just remember everyone - and every situation - is different :)
Totally agree. While I single and and her situation doesn't match my reality at all, it's still very interesting to see other people's situations and relationship with money. I'm sure the frustration most ppl have mostly comes from a place of their own struggles.
One of the dangers of using people with an established platform and well-paying career for these types of videos is they don't end up being realistic. Could TFD reach out to smaller youtubers in the city who might actually be making the amounts of money mentioned in this video (or less, as even considering "average" to mean "mean," few sources cite the mean NYC salary to be 64K or higher) to do any future videos like this? That is, if there are any future TFD videos about living on certain salaries in certain cities.
What about the heating bill! So expensive in January, or a car payment, insurance (car, renters, life), as well as registration, etc. I lived in queens, and my expenses were way more. Bus, subway fees to get to work, or if one drove, there are parking lot fees or parking meters. I had a cat, so there were also veterinarian expenses. I realize that some people consider a pet to be frivolous, but I had her before I was transferred, not voluntarily, to Queens. My niece lives in a one bedroom in the Bronx with $1600.00 rent, and considers her lucky that the rent is so low.
That rent alone surpasses my monthly income if I don't count the benefits I get so I can live. I love that The Netherlands has a system of government help for this so I can pay my rent and health insurance and still have a decent budget for my life. That grocery spending in week one comes close to what I spend in one month and I can live pretty comfortably from that with my specific dietary needs. I'm always so surprised at how much everything costs in the US. Amsterdam is expensive, as is the entire region around but no way near that price range. If you can budget well enough you can get around there with like a 1200 EUR a month income, speaking from experience. I will be way more tight now than when I did it years ago but it's still possible, I'm sure of it. Especially if you do get government benefits on top of it (and it would be a waste not to, although you can't if you have over a certain amount of savings, but you won't easily reach that with such an income, if at all). This, to me, is outrageous spending. And I thought I went crazy at times (when my budget/bank account allows it of course).
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Questions: why 2 cell phones? $350 a month for groceries and household seems super low, is that half and half with your husband? What is the difference between dining out and entertainment? $50 a month is nothing. And also, if you subtract income minus expenses you get $0. How do you help your parents besides paying their phone?
She mentioned that her and her husband alternate (?) buying groceries--so her $350/month is only *her* spend. That makes their total combined spend closer to $700 for the month. Disappointing to see such skewed "sorry, that's my half" representation.
I never thought I’d see someone’s electric bill and reminisce about how ConEd used to not bust the budget of NYC residents with a doubled or tripled electric bill out of nowhere. What a difference a single month can make.
Nice idea but seems a bit unrealistic. Bottom line is you can’t survive in NY unless you rely on a second income. As a single person it is difficult at that income level to even pay rent. Maybe show someone who is single on this budget or more single people who live on their own would be good to see how they do it.
I think some of the confusion in the comments is the mean vs median income. The mean is going to be higher because of so many disproportionately high earners in NYC and that is closer to 70k for a single person.
Your number must be the after-tax money, don’t forget your uncle Sam takes at least 20% you are making around 80000 a year. I have to agree your budget is tight regardless, how are you able to raise kids in New York City with this income?
This was so good and informative! Thank you for sharing. I love your ideas and approach. So many different tidbits to take away. Every situation is different & unique. For some of the negative takeaways & commentary: Hopefully, people can look beyond their personal financial frustrations and take something positive from this….Apply what is relative to their own circumstances. And btw you can find great deals in Wholefoods compared to local supermarkets. I can easily spend $5 for an Orange juice from the local supermarket or bodega and spend $3 for one at Wholefoods… just one of many. Do your homework peeps. :) Again thanks for the free content!!!
Loved seeing all the details, good commentary and advice. Would love to see this same thing for a single person not sharing any expenses and living alone!! But interesting to see how different everyone's situation is. I pay for everything/live on my own and no kids. I have debts(student loans plus credit cards from a past combo of low wage jobs and trying to "keep up with the Jones' ") and a car payment/gas/insurance. So my savings ability is hurt by that, even having increased my income by 40% over the last 2yrs. Noticed she didn't list health insurance? Maybe she's a dependent on her spouse's plan.
I wouldn’t say any of these expenses are truly outrageous on a 60k salary, although Whole Foods will always be a waste of money no matter how much you make. But just being able to put away over $1000 to some sort of savings or investing every month is an extreme privilege that most people just simply don’t have. I appreciate the concept, but it would be far more useful for viewers to see a more realistic budget on a much lower salary. Also, 1800 for a one bedroom in NYC and 2400 for a two bedroom seem insanely low for that market. That must be some amazing rent control!
I wish they would've used an average NYC rent number for the experiment so we could get an idea of the amount of money it takes to live there in reality
I assign each income dollar to an expense, saving or investment.. I didn't know that was called zero-based budgeting! Nice to have a name for it, it's worked great for me these past few years. I also really like the idea of having a 'birthday/holiday gift' sinking fund.. will have to start one. :))
I may be old fashioned but I don't understand the concept of each partner budgeting separately instead of pooling their income and working out the budget. Secondly, in this example she is not really budgeting for $64,000 because she hasn't included her partner's salary. This makes a big difference in the budget and allows for going over budget because there is more income to over it. Also, $300 is a low ball budget for food for 2 over the month especially since food costs have skyrocketed due ti inflation. The main point which is good, is that we have to be accountable for where our money is actually going and exercising restraint when spending for unnecessary or frivolous things. To answer your question, yes I hibernate for Jan. and Feb. and spend less because generally Christmas just went by and we usually get gifts we're still enjoying. Then in April I may start to buy things for spring and summer.
Great information! I have wanted to start a savings' fund for Christmas and travel and this has been very inspirational. Would love to know a bit more: where do you save these into, would you recommend having a separate savings account? TIA
Does it matter how well one budgets, if one trip to the hospital can bankrupt one? I don't want to learn how to adapt to the corrupt system, I want to change it.
Totally random but cell phone bills seem so expensive in the US! I imagine her bill is probably higher than average (and she is paying for two lines), but still! As a Londoner, a cell phone bill like that would be practically unheard of!
Here in the US, phone bills are high if you have one of the major carriers (Verizon, T-Mobile...). There prices tend to go for $60 a line and then addition cost for unlimited data, things like international calling, and taxes. There are some other carriers that are starting to provide pretty much the same thing for $15-30 a line but the main carriers had a long period of monopoly in many markets so it's going to take some time for people to realize that they no longer need to pay those high prices.
@@CaraMarie13 Yeah, I have heard those types of things regarding the some of the mobile phone providers in the US. That is still insane though. Even T-Mobile in the UK is much cheaper than that. I too hope with time the US prices come down further (but with how things, I won't hold my breath).
Amazing to see and how some New Yorkers lives with no car, car insurance plus maintenance and gas. Wonder about personal property Taxes expenses of how much one pays but Such a blessing to have the best transportation system in the States.
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its great that she is doing well. but i feel like most of the examples ive seen on here is from a income that is higher than other new yorkers can managed. I would like to see videos of examples of people with lower incomes and how they budget and manage and invest.
@@jboudie Its just a different lifestyle then my own. Like how do they save for long term goals such as home buying or vacation or what happens with kids? What if one makes a lot more? There are just so many more things to think about
@@mickylord21 i see. maybe they have a joint account for certain expenses/vacation or downpayment savings fund that was not mentioned in the video? or maybe they are not planning to make any large purchases/investments any time soon lol! especially living in new york, getting into the real estate game would be pretty rough, i would imagine. for reference, i've lived with my partner in our rental apartment for 6+ years (probably won't get married because we can't be bothered, but we are common law at this point, and plan to have children together) and we don't have any joint accounts at all. we split most things equally (we earn relatively the same amount, but would probably split things in proportion to our earnings if one of us made a lot more/less than the other). aside from some furniture i purchased when we first moved in together because my partner was unemployed at the time, we split almost everything down the middle. when we have children, we *might* create a joint account for child rearing expenses, but that might not even be necessary because like i said, we still split expenses. i can't imagine/wouldn't really feel comfortable doing it any other way, since secretive/dishonest money issues were the main cause of my own parents' divorce when they had joint finances. so i guess, the moral is that everyone does things their own way depending on their situation and comfort levels.. and i can see the benefits to both methods, but i don't think it's that wild not to join finances lol
I think it's such an experience-dependent thing. For me, I've known people who were forced to stay in abusive situations because of finances, and it's something that has made me adamant about keeping a sizable chunk of my income separate from any partner.
Very modest lifestyle and unrealistically low expenses. Like health insurance? An $8 Uber ride? Lunch for $11? Double everything for a real average cost, seriously.
Don’t understand everyone’s issue with this video. She used the average household income in NYC which may not be some ppls income but it is the average. Most people i know in NYC live with roommates or their romantic partners and split living costs. Medical coverage would be through an employer which would have a copay and may not require a monthly fee. Average is the key word here, not medium or lower income
She set her income at 4,000 which approximately include her expense and savings budget. $0 means she expects to have no 'loose change' at all. It's either allocated to expense or savings
I really enjoyed this! Thank you for also mentioning items like 1 bedroom prices etc. Edit: I see a lot of people mentioning how they would have preferred to see a certain scenario over this one. How bout we get to see all types of scenarios? And those people who want to see specifics, well that can be done with your own google spreadsheet or your own videos. No need to wait lol.
A lot of the frustration comes from the fact that so many personal finance/budget sharing RUclips videos only show 1, often unrealistic scenario, and this vid is another case of that. Plus the misleading title. Variety would do us all good plus, more realistic videos would get WAY more views and engagement so I don’t know why more channels don’t embrace that
As real inflation is now running 15%, you should build in a formula to cover the rapidly increasing expenses. Don't fall for the official CPR numbers. Maybe I missed this, but I don't see insurance expenses--renter's, life, personal liability. I have seen a lot of these budgets for younger people on You Tube and have yet to see one with Medical Insurance, Co-pays, Prescriptions and Uncovered Expenses. Some of your expenses have been set as "plug" numbers. They are unrealistic and are just place holder numbers, You can't convince me a young person is going to limit entertainment expenses to $50 a month. I don't buy $100 a month for clothing for a young professional in New York City! Then there is Dental Insurance, Co-pays and Plan Limitations. A crown will cost several thousand. I assume the investments field is supposed to cover retirement. Remember to put some aside for your art collection.
Hm.. $64,000 is not bad. Maybe I'm biased because I've lived on $48,000 in New York and hung out with even poorer hipsters. I also did not contribute to my 401K and had no heath insurance. It was not the most comfortable living condition, but not bad compared to a lot of other people. I spent too much money on food and coffee but still had some savings leftover.
OMGGG CINDY!! I’ve followed her on IG for years so happy to see you collabing with her on RUclips!! As a fellow latina attorney from nyc I share a lot of the same life exceptttttt I wasn’t making $200k+ out of law school 😭😭 I didn’t go the corp law life and now I wish I did lollllll
Wait, a two-bedroom for $2400? 🤣🤣🤣 where? Impossible to find without living in a very dangerous neighborhood or really outside of Manhattan (which ends at 110th street really )
Look. It's interesting to see how someone else budgets--it gives some perspective. But this is definitely a "how a wealthy person lives" video, not a model for the bulk of young professionals. Having $1300 to put in savings every month is a laughably high goal for most average people. Plus, no debt? That's a lofty goal. Sure, this is an aspirational budget, but not anything realistic
That's reeeally not realistic. First there is not a family involved like most people. Second there are a lot of variables that can happen during the year not only a month. I believe you can make it, just not that fine. Maybe if you could test it for like a year, this test wouldn't be flawed in so many ways.
It's reeeaaaally interesting to see this! Thank you for sharing! I live in Germany and with 64000/a let alone 200000/a I could live like a queen compared to now. (I'm on social support, hopefully not for long) 😄 Thank you for so much transparency.
I know this is touched on in the end of the video but as someone who makes about a third of what is shown in this video I do find the concept of “is it realistic to live on this salary?” quite annoying since it’s the actual reality for many of us. And as others have said, using the median household income number to represent the income of a single person who splits expenses with a partner is misleading as well.
Agree!! This is a common theme in these personal finance videos all over RUclips.
I never thought about this. Thanks for your perspective!
I’ve gotten some pushback on my comment that this video is a little out of touch and I think the sentiment “is living on this totally generous, 2x the median american salary possible??” To be so insulting to so many struggling people. As I’ve said elsewhere, I started at $65k as a newly graduated 22 yr old, alone in a new city, no partner to help me and I thought it was a completely reasonable salary to travel, have fun, go out, shop, and save. Pretending it’s a challenge is so insulting.
It’s not even the median, it’s probably higher than the median.
@@bryngarrity5548 For me it’s a bit offensive simply because of the wording “realistic.” Like what does that imply? The reality is thousands upon thousands of people in NYC live on far less than that number, so it is inherently realistic. We should be asking questions about how we can optimize that spending, what its implications are for lifestyle choices, and how to go about navigating personal finance spaces with that salary.
I think it’s time for us to go deeper than “I tried being poor (often meaning: above average salary for the area) for a few weeks.”
$64K is the average household income, not average individual income, so super disappointing to see the test was just her own expenses and not both her and her husband's. It's really more like spending within double the average income... it would've been more interesting to calculate what a family with $64K in income would be able to spend on food, household items, transportation, entertainment, and other discretionary spending, then have someone try to stick to that for them and their partner (or family if applicable) for a month...
Agreed … just seeing what she spends is not a realistic representation of living on the avg income
Average American household income or New York household income for 64k? She said average New Yorker income. I thought the nyc individual incomes were about that high
@@Maverickgouda average household income in NYC specifically is 64K... for individuals it's between $30-40K
@@Tiffany.132 oh ok. That’s comparable to US numbers. I expected more. The high earnings in NYC can really skew the average. I don’t think there’s really an average family or household (I’m not from there, can’t even say “the majority of nyc living is like __”), so maybe they chose individual numbers to make it applicable to singles or the diversity of living arrangements. Idk
Also didnt include health insurance!
Edit: This seems a little misleading since the average INDIVIDUAL income is around $30 - 40K in NYC - next time make a video budgeting $32,000 in NYC, without being married!
Edit 2: If you're netting $4,000 per month post-tax, you aren't making $64,000 at all, right? You've got to be making closer to $80,000, or this video isn't taking into account taxes...?
I get that you guys want to bring guests on, but why not just make an *example* video that shows how you can budget ~30-40K* in NYC as a single person with standard tax deductions, insurance payments, and investments (401K, etc..)? Just, a normal budget
If you assume 20% income tax (which admittedly incredibly low, I thought 40% was the norm but I might be wrong as I'm not a US citizen) the calculation she made in the vid is about correct. I just checked. If you take the more realistic, or realistic in my view, 40% income tax you are obviously correct.
This video is a bit weird anyway. I know NYC is expensive, but that rent alone is almost my entire monthly income right now, including government benefits to pay for my rent and mandatory health insurance. My dream salary at the moment would be 2K a month and that's what I'm striving for when I'll be looking for a job when I get my degree. I'll be happier if I get that for the hours I'm willing to work for it. I want to try for a more creative career in writing, but that earns now near enough or stable enough to live off of in any way, so regular job it will be.
At least I'll most likely be able to support myself on a part time job here. I know that would probably be close to impossible in the US even with a bachelor's in biomedical engineering.
this video was barely going to be relevant for me as with ssi I'm 70% of the poverty line but I'm disappointed that this is misleading. just goes to show how unaffordable NYC is and how inaccessible housing can be if you're single. seems like you need to have a partner or roommates.
@@ammalyrical5646 Thanks for checking my math! That rent is "realistic" in the sense that it's probably $2,400 for a nice 1 bedroom or a mid-tier 2 bedroom place, so I didn't take issue with that. But what I don't understand is why they did the experiment with her only paying half of it on an income that's supposed to be for 2 people hahaha
@@AlexisBii Oh, I don't have an issue with it per se, except that I wouldn't be able to afford it. But I don't have to, luckily. It's just mindboggling to someone from outside the US what the rent can be and what can be seen as a normal rent in certain cities. Rent in for example Amsterdam can be ridiculously high too so it's not overly surprising that NYC would be expensive in that area but even if I could I wouldn't want to spend that much money on it.
I can totally see how living in a tiny house would be way cheaper in the long run.
The video has it's flaws in the methodology section. She pays half the rent and twice the phone bill which I guess is ok in a 2 person household, but he still had his entire income so it's a bit eeh. That grocery bill though. There has to be a way to spend less than half that money...
And I like some basic maths after the stuff I have to do for uni classes so I'm happy I could check it :)
@@ammalyrical5646 I understand what you mean and trust me, it didn't always cost this much to live in America! This is all relatively very very new. For instance, my parents have no clue at all how much a "normal" rent cost is and they're in their 60's. Financially, there's a huge gap between the generations and if you ever have the chance to sit down with an American family that becomes clear really quickly.
My rent right now is $1,400 and it hurts me to think that if I want a nicer place, that number will continue to go up year after year!
This just makes me want to get married so I can share expenses. 😂
Lolz the only reason I want to get married is to split bills!
I'm really sick of being single and footing everything for myself. lmao
@@mzzzzzzday girl, same 🤣
"Marriage is an economic proposition."
- Little Women (2019)
This makes me frustrated because as an asexual, aromantic, cis female I feel like I shouldn't be forced to pair up with someone when I don't want to be in order to get ahead financially.
*Disclaimer: I don't speak for the entire asexual and/or aromantic community when I say I want to remain partnerless - many in the community do still desire a life partner in either a romantic or platonic manner. Also my cis label is not to diminish the plights of trans men or trans women, rather to paint the full picture of where I'm coming from.
I moved to NYC a few years ago with a salary of 60k and no debt. That was my starting salary for an IT job for a bank. I automatically put money into my 401k + Roth every paycheck and paid for my company's insurance too, and for a short while I was using a robo advisor to do investments until I opened an account with my employer. I paid $1400 a month for a studio apartment, but I also lived 1.5 hours from work by the train, so the commute was a chore on packed days.
My apartment covered my gas, electricity, and water, but I had to pay for my internet for about $60 a month. I lived alone and cooked for myself for almost all meals, so that came out to about $200 a month. I would occasionally eat out as goal to explore the neighborhood, but it still wasn't often, so those expenses were never really more than $20-30 a month.
For entertainment, I would see a Broadway show every few months, and tickets for middle-tier seats were anywhere from $50-$200, so I budgeted for months at a time for those. Otherwise, I would just explore the city, and that is usually fairly cheap if you avoid tourist traps or go with other people.
I usually had enough money to spare for any emergencies, such as having to buy a new laptop after being robbed, but I would still try to limit big purchases to once a month or so. I was able to live comfortable on my 60k salary, but if I had been making less, say closer to the median, I would either have to get a roommate, or cut out some of those unnecessary expenses.
One thing that definitely helped you is not having student loan debt when you moved to NYC.
This makes no sense, sorry. 64k is the average household budget and you didn't try to live on it, because I assume you know it would be impossible due to rent alone.
The title of this video is quite misleading, it’s really a working housewife cash flow instead of an average/single person’s.
Paying for only half the rent and less than half for groceries should be made explicit in the beginning.
Most people in this income bracket would have roommates anyway so it’s not that unrealistic
also it's not like the amount for groceries for one person is the same as it is for two people, so you're not paying "half" for groceries either. unless somehow living with someone means you are all of sudden eating half of the food you had been.
I live in NYC and make $45K. My grocery budget is $300/month. I also have a gym membership. I don't eat out regularly, and if I do have to travel I walk or take public transit. I'm saving for retirement and I have a savings account but there's no way I'd be putting in that much.
i really enjoyed this but it seems like she is still in the mindset of making over $200k. Whole foods (delivered, no less!) and ride shares on a $64k income isn't quite realistic. I started at $65k after college. My rent was $1200 (half of a two bed), car payment $350, savings $500, etc. I took public transit or walked, shopped at cheaper stores, meal prepped, picked up food instead of paying for delivery. The cell phone bill is outrageously high and choosing Whole Foods as your preferred grocery store is for sure a wealthy mindset. Also, no gym membership?
Everyone’s budget is different and spend differently.
She did give a summary at the end stating she doesn't have debt. That definitely gives a bit of wiggle room. I think spending on Whole foods and taking from her dining out category to cover any over spending there is reasonable.
@@minimalmiss yeah i watched the whole thing. I also didn’t have debt. Still don’t. Her budget is incredibly generous considering
1) she “just started paying herself” meaning she definitely burned through some savings in her off year
2) she’s still building her business.
3) she should try and rebuild the savings she had.
@@cocogonzalez7398 yeah but when you’re on a financial advice channel, spending like a wealthy person when you only make $64k isn’t a great look. Grocery delivery from an overpriced store and numerous rode shares “because it’s in the budget” isn’t a good look. I’ve been in the $65k range, on my own, just starting out. No savings, no partner. Maybe she feels comfortable because she has a fallback, but pretending that this is a “challenge” or something exemplary is out of touch.
@@bryngarrity5548 I take jt you don’t follow her on social media and she explained how she financed her time off and yes you are correct it was some savings that I believe was built specifically for her time off. She just started paying herself bc she’s been having this business for a few years and now can.
Money doesn’t work like this though, you have a full household worth of average income, but half the rent…
So the second biggest expense after rent/mortgage is going to be your health insurance. Guess that is covered by husband’s employment? Unfortunately I think it skews the budgeting to what is actually a much higher income. Also when people talk about average income (and another commenter also mentioned the difference between individual and household) they are usually starting with the gross figure. At least the employer is.
Also, how are your utilities so cheap? I live in Los Angeles, another expensive city.
Plus I don't think single income of $64k/year would be eligible for ACA subsidy.
I think the criticisms on this video is a bit unfair. Yes the title could be more forthcoming that 2 people are sharing expenses. However, going to Whole Foods and having good food shouldn’t be a luxury. I think if shopping at a store that is more expensive brings you joy and you can afford it, go for it. For the $20 she spends on delivery. how much time does that save her versus having to go to the store. Sometimes you need that time more than that $20. And she said she doesn’t shop there every week.
The comments on this channel are always so harsh. People get made bc they don't see their exact personal circumstances reflected, or it's not a poverty budget. If that's what people want to see there's plenty of frugal living channels that are better suited.
Very unfair criticism most of the time on here I think.
As a care worker the idea of a single person earning more than 200 grand blows my mind! I can’t imagine being brave enough to start fresh. I hope your company thrives ❤️
Most people don’t make that much money, the rent is also significantly lower because she has a husband/ roommate. Not that accurate.
And 64K is the average for a TWO person household in NYC. 30 - 40K is the average for a single person.
But the video still isn't relevant to that point because her budget is for HALF the living costs of an average person.
True, but most single people making 65 grand a year would have roommates or shared living quarters. Very few of them would have a situation where they are able to live completely alone within the city
Thank you for sharing this experience with us! I know the minimum wage in NYC is $15/hr. Assuming work of 40 hours in 52 weeks, that would be roughly $31,200/year.
THIS^^^ Thank you for posting this comment! Minimum wage is so low across the country, it’s ridiculous.
My job out of college paid $55k. I was comfortable and i lived alone. I found a studio apartment in the Bronx for $1250 so i would pay about $1380 in rent and utilities. I definitely would not be able to have a budget like hers even though I take in more than that. That $300 dining out a month being the most out of the question thing for me.
Her having a spouse makes a big difference for sure
As others have said, this is not realistic at all. She took the average family income but did it for one person. If she did the median for one person, it would be closer to 40K. Like she said in the video supporting one person vs supporting a family is vastly different so don’t use one set of numbers for the other.
I would love to see other people's takes on this... A couple, a family, single people, people with debt...
The first thing that struck me, and I have yet to finish the video, is that I believe it’s extremely unrealistic for the vast majority of people to budget 20% of their net income for investments. Most people would be lucky to budget 5%…am I wrong??
My company matches 5%...so I do that and a bit more...but no, my house couldn't keep 20% to invest. We are empty nesters,but my spouse is disabled, so that affects the budget, especially what we can spend. I haven't bought a new pair of jeans in more than 10 years(shout out to thrift stores and the folks who donate, thanks so much). Positive vibes from New Hampshire,remember to be kind to each other and yourself during this pandemic and social crisis
I definitely cannot invest 20%. I can barely save 20%.
I think $64,000 is the household income. The Individual income is like $35-$40K
Pleaseee do this again but with someone who has debt! And would love to see this done for a couple and not just individual.
Somehow I survived living in NYC making less than $30,000 a year, but this video's making me weep at that average income. I'd have been so much more comfortable at that salary.😂
Disclaimer: I live in AZ so not as bad, but I make less than this and kept gawking at the numbers for the month like "I cant put that much away!" Then I realized its literally a higher salary.
Well a girl can dream 🤷🏼♀️
Don’t feel too bad, $64,000 is the median household income in NYC, not individual salary. Per capita is closer to $30,000-$40,000.
I was confused at first about the 64,000. I think you mean after tax dollars. So if someone has a regular job they would need to make more, maybe $90,000 to then get the $64,000 in available funds to live on after taxes. Am I missing something?
i think the 4K she allocated for the month is post tax. 64K over 12 months would be $5,333.33
same question. No taxes paid?
About the unexpected physical therapy copay - do NOT immediately pay something like this, instead immediately respond by asking for an itemization. It’s possible that the copay was paid already but the accounting is flawed
I absolutely LOVED this challenge and hope to see more like it in the future. It put the number into motion for me to see it. Thank you for sharing!
this was informative but your title should include you AND a spouse because from the title you would think as a single income earner. looking forward to more videos
You cant compare the “household average” and then use only your income when you live with your husband. Also its very interesting to me that you seem to be paying for most of the meals you and your husband eat. Id be interested in what he pays for in your relationship, considering your married but seem to split every little thing like your roommates. Just my opinion.
Splitting every little thing is part of being married lol
Why do these videos focus so much on "household average" in the first place? Let's just work with the single person average income in NYC (32K)
@@adriennecgomez i mean splitting every expense
@@pmmakeup5316 married couples should split every expense, that's part of being in a committed partnership. Also, she can't claim his income because clearly, they keep their income separate, which is wise in the event of a separation.
I'm confused by her monthly salary and budget. I take home about $3800 month, but I make a $12k higher salary than her. I don't think she's counting taxes and all that being taken out?
This was great. I appreciated the nuance of addressing that situational differences exist. Thorough and informative.
If you are not sharing your contributions and help for your parents how are you able to come out to $0? Something must be off? Sorry if I’m missing something obvious. Thank you.
I doesn’t make sense if you do not include the complete numbers. I do understand the reason of privacy though.
Really interesting, I live in London and my salary is probably the sterling equivalent. Would be interesting to see if you'll repeat this in July to see if your budget has changed!
I loved your video! It is especially helpful to see how you budgeted for an expensive to live city like NYC. I live in Austin, TX and is incredibly expensive here. I think it would have been helpful to note that the budget is with “take home” numbers. I got a little too excited when she said 64k because that’s around how much I make annually but isn’t take home. I would love to see more of her! Thanks for a great video.
I live in Austin too and make around that and am single so pay for everything myself. I live alone because it's better for my mental health space but it's getting harder to do that in Austin. Im a born and raised Austinite too and it's hard to see the negative impacts of our growth. You just get less and less for your money. I've been considering moving outside of town for the first time ever..
It’s so nice to see a Latina talking about finance and budgeting! It’s hard to find us in this space ♥️
Edit: I’d like to add that it’s unfortunate to see the amount of frustration in the comments. I do see some valid points (ie, showing salary vs net pay), but I think too many viewers consume this type of content and think it’s a comprehensive list of “this is exactly what you need to do to master your finances” and, knowing what I know now, I don’t think that’s the point.
Personal finance is VERY personal and extremely different for every single person and I think we need to remember that. I’ve personally started watching these types of videos and seeing what I can take away for my life or what I can apply or how I can apply it to my personal situation.
There’s usually at least one piece of good advice in this type of content! Just remember everyone - and every situation - is different :)
Totally agree. While I single and and her situation doesn't match my reality at all, it's still very interesting to see other people's situations and relationship with money. I'm sure the frustration most ppl have mostly comes from a place of their own struggles.
One of the dangers of using people with an established platform and well-paying career for these types of videos is they don't end up being realistic. Could TFD reach out to smaller youtubers in the city who might actually be making the amounts of money mentioned in this video (or less, as even considering "average" to mean "mean," few sources cite the mean NYC salary to be 64K or higher) to do any future videos like this? That is, if there are any future TFD videos about living on certain salaries in certain cities.
What about the heating bill! So expensive in January, or a car payment, insurance (car, renters, life), as well as registration, etc. I lived in queens, and my expenses were way more. Bus, subway fees to get to work, or if one drove, there are parking lot fees or parking meters. I had a cat, so there were also veterinarian expenses. I realize that some people consider a pet to be frivolous, but I had her before I was transferred, not voluntarily, to Queens. My niece lives in a one bedroom in the Bronx with $1600.00 rent, and considers her lucky that the rent is so low.
That rent alone surpasses my monthly income if I don't count the benefits I get so I can live. I love that The Netherlands has a system of government help for this so I can pay my rent and health insurance and still have a decent budget for my life.
That grocery spending in week one comes close to what I spend in one month and I can live pretty comfortably from that with my specific dietary needs.
I'm always so surprised at how much everything costs in the US. Amsterdam is expensive, as is the entire region around but no way near that price range. If you can budget well enough you can get around there with like a 1200 EUR a month income, speaking from experience. I will be way more tight now than when I did it years ago but it's still possible, I'm sure of it. Especially if you do get government benefits on top of it (and it would be a waste not to, although you can't if you have over a certain amount of savings, but you won't easily reach that with such an income, if at all).
This, to me, is outrageous spending. And I thought I went crazy at times (when my budget/bank account allows it of course).
I think they should extend this challenge to 30,000 …40,000…
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Heating up pupusas as I’m watching 😂😂
This was very helpful and interesting, thank you!
Questions: why 2 cell phones? $350 a month for groceries and household seems super low, is that half and half with your husband? What is the difference between dining out and entertainment? $50 a month is nothing. And also, if you subtract income minus expenses you get $0. How do you help your parents besides paying their phone?
She mentioned that her and her husband alternate (?) buying groceries--so her $350/month is only *her* spend. That makes their total combined spend closer to $700 for the month. Disappointing to see such skewed "sorry, that's my half" representation.
@@lindsaypaps8099 the reality is that you CANNOT be happy in NYC with less than $100k
@@lindsaypaps8099 Exactly.. to remedy this why didn't they just do the same experiment but only give her 32K to live on? I really don't get it
Botanical garden is free if you live in NY!!!
Only on Wednesdays
Why used average instead of median?
I never thought I’d see someone’s electric bill and reminisce about how ConEd used to not bust the budget of NYC residents with a doubled or tripled electric bill out of nowhere. What a difference a single month can make.
Nice idea but seems a bit unrealistic. Bottom line is you can’t survive in NY unless you rely on a second income. As a single person it is difficult at that income level to even pay rent. Maybe show someone who is single on this budget or more single people who live on their own would be good to see how they do it.
I think some of the confusion in the comments is the mean vs median income. The mean is going to be higher because of so many disproportionately high earners in NYC and that is closer to 70k for a single person.
Your number must be the after-tax money, don’t forget your uncle Sam takes at least 20% you are making around 80000 a year. I have to agree your budget is tight regardless, how are you able to raise kids in New York City with this income?
This gave me pause too. If this is her post-tax numbers then she's not making 64K at all
I noticed this too. I understand what they were trying to do with this video but it missed the mark.
Gas for friends car? What kind of friends would take any money?
This was so good and informative! Thank you for sharing. I love your ideas and approach. So many different tidbits to take away.
Every situation is different & unique.
For some of the negative takeaways & commentary:
Hopefully, people can look beyond their personal financial frustrations and take something positive from this….Apply what is relative to their own circumstances.
And btw you can find great deals in Wholefoods compared to local supermarkets. I can easily spend $5 for an Orange juice from the local supermarket or bodega and spend $3 for one at Wholefoods… just one of many. Do your homework peeps. :)
Again thanks for the free content!!!
Loved seeing all the details, good commentary and advice. Would love to see this same thing for a single person not sharing any expenses and living alone!! But interesting to see how different everyone's situation is. I pay for everything/live on my own and no kids. I have debts(student loans plus credit cards from a past combo of low wage jobs and trying to "keep up with the Jones' ") and a car payment/gas/insurance. So my savings ability is hurt by that, even having increased my income by 40% over the last 2yrs. Noticed she didn't list health insurance? Maybe she's a dependent on her spouse's plan.
She may expense it through her business instead.
Love the details…thanks for the share and insights.
I find it hilarious that she doesn’t include social security right off the bat and doesn’t use the median income
I wouldn’t say any of these expenses are truly outrageous on a 60k salary, although Whole Foods will always be a waste of money no matter how much you make. But just being able to put away over $1000 to some sort of savings or investing every month is an extreme privilege that most people just simply don’t have. I appreciate the concept, but it would be far more useful for viewers to see a more realistic budget on a much lower salary. Also, 1800 for a one bedroom in NYC and 2400 for a two bedroom seem insanely low for that market. That must be some amazing rent control!
I wish they would've used an average NYC rent number for the experiment so we could get an idea of the amount of money it takes to live there in reality
@@AlexisBii yeah that’s definitely the biggest hole
What surprises me is there doesn't seem to be health insurance in the budget
I assign each income dollar to an expense, saving or investment.. I didn't know that was called zero-based budgeting! Nice to have a name for it, it's worked great for me these past few years. I also really like the idea of having a 'birthday/holiday gift' sinking fund.. will have to start one. :))
I may be old fashioned but I don't understand the concept of each partner budgeting separately instead of pooling their income and working out the budget. Secondly, in this example she is not really budgeting for $64,000 because she hasn't included her partner's salary. This makes a big difference in the budget and allows for going over budget because there is more income to over it. Also, $300 is a low ball budget for food for 2 over the month especially since food costs have skyrocketed due ti inflation. The main point which is good, is that we have to be accountable for where our money is actually going and exercising restraint when spending for unnecessary or frivolous things.
To answer your question, yes I hibernate for Jan. and Feb. and spend less because generally Christmas just went by and we usually get gifts we're still enjoying. Then in April I may start to buy things for spring and summer.
Great information! I have wanted to start a savings' fund for Christmas and travel and this has been very inspirational. Would love to know a bit more: where do you save these into, would you recommend having a separate savings account? TIA
LOVEEEEEE ZBB
Does it matter how well one budgets, if one trip to the hospital can bankrupt one? I don't want to learn how to adapt to the corrupt system, I want to change it.
If you have your own business health insurance costs $$$ cuz your aren’t in a group plan. Ugh
This was a GREAT video!!
Totally random but cell phone bills seem so expensive in the US! I imagine her bill is probably higher than average (and she is paying for two lines), but still! As a Londoner, a cell phone bill like that would be practically unheard of!
Here in the US, phone bills are high if you have one of the major carriers (Verizon, T-Mobile...). There prices tend to go for $60 a line and then addition cost for unlimited data, things like international calling, and taxes. There are some other carriers that are starting to provide pretty much the same thing for $15-30 a line but the main carriers had a long period of monopoly in many markets so it's going to take some time for people to realize that they no longer need to pay those high prices.
@@CaraMarie13 Yeah, I have heard those types of things regarding the some of the mobile phone providers in the US. That is still insane though. Even T-Mobile in the UK is much cheaper than that. I too hope with time the US prices come down further (but with how things, I won't hold my breath).
How to live on 64k but all the things you own are from when you earned 200k+.
Amazing to see and how some New Yorkers lives with no car, car insurance plus maintenance and gas. Wonder about personal property Taxes expenses of how much one pays but Such a blessing to have the best transportation system in the States.
Loved this!
Loved this!!!
Loved this video. Thank you!
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Really enjoyed watching this video.
thanks for this videos!
its great that she is doing well. but i feel like most of the examples ive seen on here is from a income that is higher than other new yorkers can managed. I would like to see videos of examples of people with lower incomes and how they budget and manage and invest.
I can cook the same foods for less money than hello fresh.
Its always wild to me seeing married people not have combined finances
why?
@@jboudie Its just a different lifestyle then my own. Like how do they save for long term goals such as home buying or vacation or what happens with kids? What if one makes a lot more? There are just so many more things to think about
@@mickylord21 i see. maybe they have a joint account for certain expenses/vacation or downpayment savings fund that was not mentioned in the video? or maybe they are not planning to make any large purchases/investments any time soon lol! especially living in new york, getting into the real estate game would be pretty rough, i would imagine.
for reference, i've lived with my partner in our rental apartment for 6+ years (probably won't get married because we can't be bothered, but we are common law at this point, and plan to have children together) and we don't have any joint accounts at all. we split most things equally (we earn relatively the same amount, but would probably split things in proportion to our earnings if one of us made a lot more/less than the other). aside from some furniture i purchased when we first moved in together because my partner was unemployed at the time, we split almost everything down the middle. when we have children, we *might* create a joint account for child rearing expenses, but that might not even be necessary because like i said, we still split expenses. i can't imagine/wouldn't really feel comfortable doing it any other way, since secretive/dishonest money issues were the main cause of my own parents' divorce when they had joint finances. so i guess, the moral is that everyone does things their own way depending on their situation and comfort levels.. and i can see the benefits to both methods, but i don't think it's that wild not to join finances lol
I think it's such an experience-dependent thing. For me, I've known people who were forced to stay in abusive situations because of finances, and it's something that has made me adamant about keeping a sizable chunk of my income separate from any partner.
Very modest lifestyle and unrealistically low expenses. Like health insurance? An $8 Uber ride? Lunch for $11? Double everything for a real average cost, seriously.
Thanks for the video. I thought it was very interesting.
Excellent job!
NYC rent is so much cheaper than Dublin, Ireland, my god.
I’m tearing out my hair thinking about Dublin rent
Don’t understand everyone’s issue with this video. She used the average household income in NYC which may not be some ppls income but it is the average. Most people i know in NYC live with roommates or their romantic partners and split living costs. Medical coverage would be through an employer which would have a copay and may not require a monthly fee. Average is the key word here, not medium or lower income
I shop at WF too but have started branching out due to costs. Very interesting, thanks for sharing!
Wait I don’t understand. but her expenses are more than her savings so how did it come out to $0? Can someone explain. I must have missed something
She set her income at 4,000 which approximately include her expense and savings budget. $0 means she expects to have no 'loose change' at all. It's either allocated to expense or savings
I really enjoyed this! Thank you for also mentioning items like 1 bedroom prices etc.
Edit: I see a lot of people mentioning how they would have preferred to see a certain scenario over this one. How bout we get to see all types of scenarios? And those people who want to see specifics, well that can be done with your own google spreadsheet or your own videos. No need to wait lol.
A lot of the frustration comes from the fact that so many personal finance/budget sharing RUclips videos only show 1, often unrealistic scenario, and this vid is another case of that. Plus the misleading title.
Variety would do us all good plus, more realistic videos would get WAY more views and engagement so I don’t know why more channels don’t embrace that
I would like this experiment to be repeated in the summer.
I tend to spend a lot more in the summer months.
As real inflation is now running 15%, you should build in a formula to cover the rapidly increasing expenses. Don't fall for the official CPR numbers. Maybe I missed this, but I don't see insurance expenses--renter's, life, personal liability. I have seen a lot of these budgets for younger people on You Tube and have yet to see one with Medical Insurance, Co-pays, Prescriptions and Uncovered Expenses.
Some of your expenses have been set as "plug" numbers. They are unrealistic and are just place holder numbers, You can't convince me a young person is going to limit entertainment expenses to $50 a month. I don't buy $100 a month for clothing for a young professional in New York City!
Then there is Dental Insurance, Co-pays and Plan Limitations. A crown will cost several thousand. I assume the investments field is supposed to cover retirement. Remember to put some aside for your art collection.
Never seen insurance numbers either! I’m a healthy 24 year old and my health insurance alone is several hundred a month out of my paycheck 😂
It really so impossible to survive in nyc by yourself. Its Rediculous sigh and cries in single and lonerselves ** lmao
How useful! And inspiring 🙏🏻👍🏻💪🏻
I am always shocked by the prices Americans pay for their phone bills.
♥️♥️♥️♥️ I love this video
Hm.. $64,000 is not bad. Maybe I'm biased because I've lived on $48,000 in New York and hung out with even poorer hipsters. I also did not contribute to my 401K and had no heath insurance. It was not the most comfortable living condition, but not bad compared to a lot of other people. I spent too much money on food and coffee but still had some savings leftover.
Ok…zero debt?? Another unrealistic scenario for most Americans…just sayin…
She is amazing! Definitely would like to see more of her videos.
Jeans in Zara and H&M are $60
OMGGG CINDY!! I’ve followed her on IG for years so happy to see you collabing with her on RUclips!! As a fellow latina attorney from nyc I share a lot of the same life exceptttttt I wasn’t making $200k+ out of law school 😭😭 I didn’t go the corp law life and now I wish I did lollllll
Wait, a two-bedroom for $2400? 🤣🤣🤣 where? Impossible to find without living in a very dangerous neighborhood or really outside of Manhattan (which ends at 110th street really )
Look. It's interesting to see how someone else budgets--it gives some perspective. But this is definitely a "how a wealthy person lives" video, not a model for the bulk of young professionals. Having $1300 to put in savings every month is a laughably high goal for most average people. Plus, no debt? That's a lofty goal. Sure, this is an aspirational budget, but not anything realistic
Qardcoin token will moonshoot after CEX listing..
20 for eye brows ?! Where
That's reeeally not realistic. First there is not a family involved like most people. Second there are a lot of variables that can happen during the year not only a month.
I believe you can make it, just not that fine. Maybe if you could test it for like a year, this test wouldn't be flawed in so many ways.
It's reeeaaaally interesting to see this! Thank you for sharing! I live in Germany and with 64000/a let alone 200000/a I could live like a queen compared to now. (I'm on social support, hopefully not for long) 😄 Thank you for so much transparency.
This is the worst example of not being educated on charts and listening to a talking head.... Just influencer goals.
She's married.