Mike and Lauren Exposed! Income, Expenses, Net Worth Revealed
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- Опубликовано: 1 авг 2024
- Hope you're feeling nosy! We're about to strip down to our financial birthday suit and reveal our income, expenses and net worth. We did it to keep ourselves accountable to our goals and make things more interesting for you guys.
We debated for months whether we should or not, but decided it would need to happen sooner or later, so why not sooner!
We'll cover our expenses in detail in another video.
Let us know if you have any questions in the comments. Thumbs up if you like this video, and don't forget to subscribe!
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As a person who has worked in the banking industry for 16 years, it makes me so proud to see young people such as yourselves who get what's important in life and know how to reach your financial goals. Keep it up, it will be so worth it in the end!
Thank you!
Mike and Lauren, I am 22, engaged, and graduating college in the spring. Your videos are inspirational and I have already learned so much from you! I wish you the best luck on your journey! keep it up!
I just randomly found you guys. Definitely rooting for you guys to succeed!!
Thanks!
Thanks for sharing about your charitable giving. We have always (35 yrs) tithed on our gross income ("off the top" as you say). As we became able to, we gave to other causes as well. I just found your channel today, and this was one of the first questions I had. Glad for you guys. You have have already challenged me and inspired me!
well done! My wife and I do something very similar but we would NEVER Share our income and net worth with the world...good luck on your journey!
I will be definitely rooting for you !! We intuitively followed this plan over the years, not quite as structured as you guys. But we are more or less down the same path. Great job guys !!
+rohinics thanks!
Hey guys, I have a lot of respect for you. You put yourselves out here, and you are always doing cool things. I hope you reach your goal!
Hello from Kongo-Kinshasa. I really respect you guys for revealing the numbers, hardly anyone does. Keep up the good work
I'm a big fan of frugality and joined the minimalist and early financial independence movements late last year. I love your videos and your authenticity. Keep up the good work!
***** Thanks Adam!
Just stumbled across your page, determined you were subscribe worthy after 3 videos. Looking forward to binge watching the rest of your content :)
It feels amazing to find someone to look up to, and learn new ways of getting towards a same goal! Just found your videos today, but will definitely be sticking around for good! August 2018, here we come!
Alejandro Arnau Glad to have you along for the ride!
You guys are incredible! I also wish you made more videos :) Great work so far, you provide so much inspiration and motivation.
Thank you Jessica!
You have given me better goals to set. So thank you and keep up the good work.
You guys are awesome. I found your channel yesterday looking for a camera review and have been binge watching like a mad man. 😂
+Jeremy Why Haha awesome!
Great job and I'm rooting for you guys. I know you can do it.
I just started watching you guys Im 18 years old and I love you guys!!!! Very humble and your advice is real and hopefully i am using my money right hahah keep it up :)
Very interesting. Rooting for you to meet your goal. Subscribed!
I know I'm way late to this party. But I sincerely hope you've met your financial goal. This is absolutely amazing work.
Awesome job!! I’m super impressed with the donations!
Oh wow you guys are so responsible, I'm so routing for you guys!
Wow you guys have guts :) I would not have been able to share this information. Keep moving towards your goals. We are rooting for you !!!
Stanley George Thanks!
When you folks mentioned financial independence, I didn't realize that meant achieving a financial state without having to hold full time job for the rest of your life. To me that kind of confusing with retirement or maybe it's the same? I have much to learn still! Keep up the good work!
Thank you SO MUCH for sharing! Definitely risky putting your detailed business out there but this is so inspiring! I'm able to scale it in a way where I know that as a single in individual with my average income - I can too start working on a similar plan!!! Love it! God bless you both!
+SimplyDafDaf21 thank you, and good luck!
Thank you for your bravery in sharing. Do you have a video that breaks down your budget categories by amounts?
Wooo Whooo that's fantastic! Awesome, thanks for sharing!
I love your channel and videos. This is the path me and my husband have chosen and I hope to learn more from you guys.
tessy d'haene Thanks! Good luck!
Thanks for sharing this info. The people that say it's because they have no kids and blah, missed the actual reason they are doing so well. The key is the income earned and what they are willing to save. It's because they are willing to hustle, and not only rely on their 1 income or primary job. Essentially between the 2 of them they have 3 and a half full time jobs. Making a lot more than most people. I mean at the end of the video Mike was like, I'll do whatever it'll take to get that x amount agreed upon that they plan on saving per month. That's the kinda attitude to have. They really put me to shame and I have actually taken their approach, and went out got 2 extra jobs on top of my current job. So that I can start putting away money too for retirement. I am essentially living off of 1 full time job and all money earned from the other 2 side jobs are going straight to savings, just like them.
Great job guys. You'll easily hit the mark since I don't know if you included potential raises into your projections (most likely not as why count your chickens before they hatch).
Randomly found you guys now following. Vids are so informative. Thanks
Thanks!
Good for you guys and all the best!
Amazing goals! Goodluck with them!👍
You guys are awesome. I pretty much do the same thing monitoring my net worth though I plan retiring at a later age as I just started this journey. I'm so happy that I found your channel now I can learn from it and use it in achieving financial independence.
Niel Tenebro Awesome! Glad to have you on board.
Definitely rooting for you guys!😁 How much is your mortgage/rent?
I'm going to create that projected net worth sheet. Thanks for the transparency.
Awesome amount to save, great job, and I wish you success. My wife and I have very similar plans and we "think" we are there. Retiring early and will still work (May 2017), but differently than you guys of course. The key as you certainly know is frugal living.
Can you please do an episode on creating the Excel sheet that shows projections with comments on the why as well!
Thanks for sharing with us😊
I give you props for being able to maintain it!
Thumbs up for honesty...you do not see this with most retire early sites.
way to go guys. definitely rooting for you both!
Thank you!
Great job! Most people in your age group have negative net worth with high student loan debt and such. I'm also rooting for your early financial independence.
Cosmic Blue Thanks!
I'm rooting for you guys!! :)
Amazing. I'm starting my journey too. I started a little later than you but I will find my way.
Guys i really like your blogs. They are so infomative and practicle; i stil wonder why more people dont watch your videos. I also what to ask you about your opinoin on peer to peer lending because ive read alot about it, but i am still unsure
Very awesome you two! I have a similar FI target but won't reach it until 2022. Keep at it!
You too!
Thanks for sharing, you guys are wonderful :) I have some questions if you don't mind..
Does the $1465 includes insurance (life, rent..etc)? How about clothing, toiletries, medical copay, dentist, pharmacy...etc? Do you save for your next car to buy in cash? Where do you save for that? saving account or you consider it a part of your retirement savings?
I'm rooting for you to win!! Whoop whoop!!! New subscriber!!!!
I am rooting for you!!! You will succeed no doubt. Love your channel
m sparkle Thanks!
This is so awesome!!
After you had said "Tithes & offerings," I knew we would have clicked!!
God first, then your savings, and watch Him bless you even more, for your obedience to His word!
#Subscribed
Life of BV Awesome, glad to have you along for the ride!
wow do people still think god wants Money and offerings?? i did not know people were still this stupid in 2018.. why would a god need money?? or anything??? wow i guess i blame the parents and churches for brain washing. stop being stupid save all your money for your family.
Definitely rooting you guys on!
trishnightful We appreciate it!
Love your channel, great job
Very proud of you guys!
I am proud of you guys, continue the process.👍👍👍
Thank you for this it's really appreciate it
Impressive! keep going and GL
Just randomly found your video today :-) and it is September 2019...Any update on how it went for you guys? I hope everything is fine and you guys succeeded in achieving your goals. Cheers.
I would love to see this updated. It's been a while since you set out a net worth email and things have changed a lot since baby Hudson came.
How or where are savings calculated in your plan?
Great job!
How brave! WELL DONE!
Thanks for sharing you two. Inspiring video; I shared with my wife. We're on the same path as you, and I marvel at how frugal you are. I hope to be!
Brandon Dennis Thanks!
+Brandon Dennis The real oxhorn!?
What are the odds?
My prayers are with you. You 2 give me inspiration to save more so I can retire early. I wish you both the best.
Anwar Honore Thank you, good luck and all the best!
nice job guys!
I really enjoy your videos. Very thought provoking. I am new to your channel and was wondering if you have or plan on doing a video on Health Insurance for people who retire early or a general view of options. Thank you and continue on!!
Jimmy Yarbrough Hey Jimmy, thanks for the comment! Yes, in fact we have a video on our list called "Obamacare for Early Retirees." Not sure exactly when we'll get to it.
Thank you.
Who would want anyone to fail? Really there are human beings out there like that?
Sad.
I like it.
Secretly.
Most humans want other humans to fail especially among men. it is human nature.
the kinda people that want another human to fail are the kind that don't believe they can succeed themselves. so they are jealous and want the ones that are putting forth effort and believing in success to fail. basically, the fact that you wouldn't want another human to fail shows that you have more of a right mindset for succeeding in what you put your mind into.
When did you start this??
Good on you guys! All the best for august 2018 :)
Very good Guys, I appreciate the transparency! I just took a look at Mint and signed up. That is a great tool that I will be using in the future. I'm sorry to ask but do you include your house as an asset? I know you mentioned that your net worth only included things that could be liquidated in a couple of days so maybe the house is not in there...This will probably be covered in the future detailed expenses video which I am looking forward to! Anyways, keep going!!!
Hey Greg! Glad you found Mint. We've been using it since 2010. It's cool to be able to look all the data over the last 4 years.
We currently rent, so there's nothing to add there for us. But when we eventually do, I would probably include a VERY conservative estimate of the equity. Whatever price would get the house sold in a week type estimate. But that's just me. I would rather be surprised by my estimates when I sell than disappointed.
But, I think including a fair market price for your properties is acceptable as well.
Mike and Lauren I agree with the conservative estimate. That's how we try to value our "things" (car, house, etc.). Our thinking is if we HAD to sell and sell quick, what could we get for it...
We have been budgeting and using excel spreadsheets much like yourselves - but this Mint software is really convenient. Thanks for the tip and thanks for the quick response too!
You guys are really doing excellent. Im curious to know after yall retire how are yall going to account for inflation...rent, bills, gas will increase. What you are paying in monthly bills today will not be the same in the years to come
Wow. That was pretty cool. At mid-20's to be so financially responsible is amazing. The only glitch in the plan I could think of is Children. But their cost is kinda un-Quantifiable. Anyway, goodluck towards making your goal. BTW, kinda cool crossing six-figures. Happened for me at age 32, so you guys are way ahead of the curve.
Yea, kids are going to be interesting. Our plan is to apply our "non-traditional" mindset to it, and try and boost our income before they arrive.
Thanks for sharing, and congrats on your great progress thus far!
A couple questions:
- Looking at your pie chart, your housing expenses appear to be around $165/month. Our monthly utility bills alone are over $300/month. How do you do that ($165/month for housing)?
- What city do you guys live in or near? We're in Central Florida and it would be cool to meet you guys sometime if you live in or travel to Florida.
jkopvo That pie chart doesn't include our rent, which is taken directly out of my paycheck. We're actually on the west coast of Florida, where in central Florida are you?
Mike and Lauren Hi, We're in Sanford, on I-4 just North of Orlando.
If your $5500 monthly income is after rent taken out, you might want to instead account for it as, for example, $6000/month income (if your rent is $500/month, for example) and consider your monthly expenses (after tithe and gifts) to be $1465 (something like that) + $500 = $1965. This will affect the % (of your income) that you're saving, but more importantly, will help you to estimate better what your total expenses will be post-retirement, when your housing is no longer provided through your employer. That may also affect the total nest egg you're aiming to live off of.
jkopvo Nice, we're in Sarasota just south of Tampa.
That $5500 a month already accounts for the rent being removed, and the $1465 includes the rent, but not our tithes.
I don't use mint's reports to calculate our savings rate, I have my own spreadsheet. That's why the pie graph looks off. It's difficult to keep track of all of our endeavors and side projects. For example, I spent $1500 fixing up an RV that we will sell for a profit. But it puts Mint's reports all out of whack.
My hat is of to you two for trying to be independent financially! It takes a lot of sacrifices to do this, and will power! I don't have the will power to do all of this. Ha ha
Definitely Rooting!
This video made me subscribe to you guys!
Thanks!
u guys are doing great
Does that imply that your financial independance date is when you reach a net worth of 450,000$? (25X your annual spend of 18K). Might be a bit tricker if there is a mix of real estate + stock market. Good job!
Not sure how you do this, my house is only 185k, we eat all of our meals at home, and our mortgage, food and transportation is at least $2300 a month... without misc. Are you saying your going to be "retired" at 31? What do you plan to do when your monthly expenses are twice as much in 25-35 years? What if the stock market does another 2008? If you rent.... rent keeps going up, how does that work? Kids are also very expensive no matter how you slice it. What about medical insurance once you "retire"
Brent Dorner The 4% rule accounts for inflation so prices going up isn't a problem. Spending more later in life, however, is something we need to account for. Our goal is "financial independence" at 31. At that point we'll be able to choose when and how much we want to work. If we want more luxury in our life, we can choose to work on projects and hobbies that produce a little extra income. In addition, as we're accumulating our nest egg, we're building assets which will continue to appreciate. We're going to be buying businesses and property that will generate plenty of future income.
If we're not millionaires in 25-35 years then we failed...
You two are adorable! I wish you made more videos...:-) Is your income after or before taxes? Maybe I missed this part...thanks! You give us all something to strive for.
Hey Catina! You're so nice :) We're making videos as fast as we can, but they take a lot of work to edit. Our income is after taxes, but we have a unique tax situation because I work for a church.
I can only imagine the time involved to create the videos. Thanks for the quick reply! Do you have a website?
Catina Mount Yes we do, but there's not much on there besides our videos. It's mikeandlauren.com
Thanks!
Do u just save or invest???
do u invest the money also?
Good job. :)
I don't think u guys are under any obligation to tell us how much u guys are worth. It's cool u guys are so excited, I mean I think it's great u have that saved that much your channel is very professional. I just think it a little over zealous. But yeah I mean I wish I had over a $170,000.00 saved. I think u guys are just showing off, but go for it man !!!
Love your videos and thanks for sharing so much information I would love to be able to retire at such a early age how much money do you estimate you will need to retire again thanks for all of your help full videos
Charlie Cameron Thanks! About $450,000 dollars would cover our basic living expenses.
You guys are very cute and inspiring~~ Good luck!
Scary stuff, what you guys did. All the way from Lahore, good luck and God bless indeed!! :)
this is awesome.
the1janitor Thanks Kevin!
Kudos
I admire you two but would like to hear how you'd deal with a 50% draw down in stocks? There are simple passive portfolios with higher safe withdrawal rates than 100% stocks! Why not use them?
I hope they stayed in stocks, they probably doubled or more. That's why u go 100% into stocks
Wish you all the best 🙌🙌 enjoy your life ❤❤👍👍👍👍
Love to you both
M&L - just a recommendation to check out the website "Man vs Debt" and look at the film produced titled "I'm Fine, Thanks." Keep up the great work.
Luis del Valle We're fans of both. Man vs. Debt was one of the first financial blogs I read.
Keep up !
Just remember cost of living will go up insurance, property taxes etc
keep it up
Nice
Good luck. Wish I could live on that small amount.
Can you share your excel sheet? If you're saving $3,000 per month it would be 84 months before reaching the $420k goal. I may have missed something, just curious if my math is correct..? Thank you!
they are accounting for their compound interest.
Stumbled across your videos after they were linked from Lifehacker. Excited to hear about the tithes & offerings. As an accountant it's amazing how many tax returns I see where that is completely absent from people's scenarios. I'll leave that between them and God, but was pleased to see you mention is specifically. I look forward to following your progress!
Kenton Doerksen Thanks, glad to have you along for the ride!
How long have you guys been saving and what is your net worth goal? Im looking to retire early myself so that I can have more free time to be with my kids. What books do you guys recommend in investing/early retirement? It seems like you guys are fellow mustachians, so happy you guys are doing this, keep it up!
We've always spent less than we earn, but started getting more intentional around 2007-2008 (net worth $8k). 2010 (net worth $25k) is when I would say we got serious and started saving more than $1000 month. In 2012 we crossed the $100k mark. Our FI number is $420k-ish.
Mike and Lauren impressive that you can live off less than $20,000 per year. good job
Mike and Lauren so how long have you guys been together? If you're 25/26 now, and with the data you gave Tony Castro, you guys have been worth at least 8k since you were approximately 18/19. It's difficult to believe that two teens would be so advanced financially and mentally relative to their age group, as well as piling finances together without (possibly) being married. Also, you guys must have not gone to college with the way your schedules for work are and the income you have, right? So that means I have a really good chance of doing this! I'm not trying to discredit you, I'm just trying to figure out what I have to do to be where you two are because I'm 20 right now and if I'm not FI by 30-35 I'll be damn pissed hahahah. Thanks for the videos and info though, greatly appreciated.
Tuck Tummy You are correct. We've been together for over 10 years, and we had joint finances long before we were married.
We both went to college and dropped out. I found it to be somewhat of a joke, and Lauren ended up getting certified as a gemologist in New York.
If you're looking to be FI by 30-35 start putting 65% of your paychecks away starting today and you should make it.
You guys are gonna have a hell of a story! I'm finding myself in your position right now Mike, and the more time I spend thinking about college, the bigger the joke seems to get. This is all while having scholarships too, and I really don't understand why people would get into massive debt for it. Anyway, good luck out there and keep on doing what you do best! I'll be sure to start working extra hard to get to FI sooner. Thanks!
Hii, I love your video guys. I started investing in a S&P 500 ETF called SPY. When I first bought they were down in price, now it is up $25 dollars. Should I keep investing at that price or wait to see if it goes down? Thanks
Look into "Dollar Cost Averaging". The idea is to make regular consistent contributions so you get an even rate of return.
Presumably this investment is for retirement, yes? If so it probably should be in a Roth IRA and you should invest regularly in it. You may invest up to $5,500 in an IRA a year. Don't worry too much about the share price since as a retirement account you will hold it for 30+ years and the price normally rises and falls. When the share price falls think of it an a buying opportunity as it going on sale at a discount. Buy low. You should diversify by purchasing a bond fund.
Al Rocky if you're young forget the bonds.