Even as a high earner I see the value of a side hustle. I can lose my job at any moment, there is NO such thing as job security. I’m trying to figure out how to build a side income.
100% agree... this just happened to me. I was laid off in early February after being at the same company for 10 years. Within 15 minutes it just happened. While I'm completely debt free (I own my house, cars and have no debt), there is still the underlying fact of no income. I am now exploring the idea of developing other streams of income aside from a Job..
@@Rickgsx33Yes it happens. I think most people go through life thinking that it won’t because it hasn’t happened to them YET….but indeed there’s no such animal as job security. After all, it’s a job and you don’t OWN it. I was laid off in 2018 as a nurse and of course the saying always was, “Oh, you’re a nurse, you’ll ALWAYS have a job because people will always be sick.” Uhhh not true! 😅
I'm a single mom, my salary is $40k and I can barely afford to keep my son & I alive so I have several side hustles. Even though I feel like all I do is work, I barely have anything left to save and I can only make minimum payments on debts. I just finished my MBA so I'm praying for a higher-paying job soon.
Leila.. I was just thinking about this.. I have a solid income.. and I budget EVERYTHING and I see other people and I am like HOW?! How are you guys functioning?! (I do think being partnered up helps a ton) However, I still feel like it’s difficult even with two incomes. I think you were being generous in a lot of the sections. You also missed healthcare debt, even with ins that can get pricey! I have noticed talking to my friends.. that many people are just not aware of how much they are spending. It’s crazy! It does make me realize how fortunate I am.
I feel this every freaking month. And I'm in a good position here and am able to save a lot. But I feel like I have no money left by the time I've saved for all the things I'm ~supposed to save for (retirement, healthcare, house, car, etc.). I don't even know how folks making less even do it. Or folks who have kids.
This is such an important topic. I feel like most people these days would say $70k is a high income, especially since the median income for millennials is less than $50k. But in today’s economy $70k doesn’t move the needle much when it comes to big goals like paying off student loans/debts or buying a house or saving for retirement. It’s so easy to spend money especially when you *think* you’re making a high income and not tracking.
@@PersonalFinancewithLeila WOW a personal finance person who is telling the truth that income or lack of income is very important. So many people online who create content seems to downplay the importance of income on outcomes. IMO Marriage Kids and Money is one of those b/c he seems to have had about 200K in income per year while living on a fraction of it yet said it was helpful to make what he did. Well no dude it is the main reason you were able to do what your were able too.
Girl, I have 2 kids and not the greatest income, I worry all the time how I’d make it if I lost my job or my husband lost his job. I try so hard to be frugal, but it’s hard.
Been struggling with this myself. Work in tech, make around 65k and have been struggling with making ends meet. Have a couple side hustles which help but I purchased a home last year that is continuously costing me money in repairs to the point where I can’t get ahead. Thank you for putting out this content.
I finally landed a nearly 6 figure salary and i already feel the need for a side hustle. Once I graduate in a month, I am definitely starting my side hustle because the math ain't math-ing. Plus I don't like the idea of a single source of income.
15:42 girl PREACH the good word. This is why I’m working so hard for FIRE. I am not participating in the system the way that it was intended. I have a plan, and I’m working it. 🔥
I would agree with you for the most part definitely side hustles do make the difference. The only circumstance that I have an issue with is that I’m blind. I can’t go out and run Amazon flex or Uber Eats or do a bunch of those side hustles in fact most of the side hustles that I know of require vision! Do you have any thoughts on Things that people can do without vision? I do know that there’s jobs out there but being on SSDI, most jobs won’t pay for transportation, and Uber is so expensive. It would eat my entire check up probably if I had to pay every day to go to and from work and the distance would definitely matter! Any thoughts or suggestions on this? My income is over 56,000 a year, I have three teenage children in my house the three teenage children I haven’t counts set up and they’re drawing off of that until they’re 18 years old because I used to work before I lost my vision due to retina pigmentosa, which is a condition I was born with, but I got lucky in life. It was able to see and work before I lost my vision! Once the children leave the house and their accounts are gone I’m down to $1400 for my SSDI and my pension is only 836 bucks so combine that and it’s not very much to live on. That’s for sure.
Great video Leila. Thank you for providing such detail in both budgets. I’m at the point where I love tracking my spending, and personal finance in general but it took time to get there. Thanks for always being an inspiration to work hard and do better!
I feel like income is never enough, although lifestyle creep is a think. I remember I used to earn only 27K just out of uni, now that would be unthinkable. Although the main thing was my rent was 600 at the time in a cheap run down town... now I live in a big city, plus with inflation its over 1100, plus parking costs as well as increased car insurance because of car break ins being common in this city. My income is much much higher, but I feel like everything just costs way more as well and I still continue to use most of my income....
My side hustle has been so helpful. I’m going to be getting rid of PMI on my mortgage this year and my student loans will be paid off by the end of the year. Not to mention cash flowing a wedding in July of this year.
I have always budgeted but I didn’t properly prioritise things until my 40s. Yes I am comfortable now, but I could have made it easier for myself. People, this is wonderful advice! Start small if you need to but get in the habit!
If 70K is not enough w/o ur side hustle, then why u leaving it so u can pursue RUclips biz FT makes no sense. We all tired, but u want to take a sabbatical when the iron is hot. Have u ever thought ur entry level tech pay is helping u being employed. Microsoft, Amazon, Google are laying off a lot of tech employees.
Because I've been working hard to pay down my debt and save so I can do that. Just because I can make more money at a tech job doesn't mean that makes me happy or is fulfilling by any means. What I do in my business makes me happy and keep in mind that I'm being paid $70K to do something I don't enjoy. I would much rather make $50K doing things I DO enjoy.
I’m making basically $50k a year. Yet I don’t have stress over money. It’s so strange to hear people ranting about a $70k+ salary. It makes me sad but I guess everyone’s situation is different.
@@PersonalFinancewithLeila I get that. But I think even the word “thriving” is subjective because I believe I’m thriving even though I don’t drive a luxury car, don’t go on a lot of trips, don’t have a “nice” apartment or go to a bunch of outings. I love my life but it’s pretty mundane. I like it that way. And it definitely keeps more money in my pocket. Plus, I don’t drink nor do I like being in big crowds, so that helps LOL. You are definitely thriving btw.
I currently make $62K (gross) as a local Truck Driver in Central FL. As a single person who’s debt free and has a 3-month Emergency Fund, I feel comfortable with my income. However, I do feel the pressure of having to make more if I want to max out my Retirement Plan, support a family, and take nice vacations.
Very true, luckily living overseas as a civilian contractor I have the luxury of free rent and utilities, but I know for sure I would be struggling if I made the same in the states, rent is atrocious!
Watching this as a grad student making half as much as you do at your W-2: You’re absolutely correct, and the only way I can even afford to do grad school is because I have no debts (with payments, anyways - student loans are deferred until I graduate) but I’ve basically realized I can’t make any progress until I graduate or take a third job, as I already work two 😭
Make around 42k a year. Paid apartment paid car, no kids no debt. Able to save/invest 2k a month. Cant imagine if i had 70k a year ill be retire by now. Its not how much you make is how much you able to save.
So many of the numbers are kinda low it's a scary thought! Also, the amount of taxes is ... Sheesh! Tax the 1% more! Its so important to have the numbers broken down like this. Most people aren't just "bad with money" they just don't get paid enough!. None of these numbers are ridiculous or out of control in my opinion! People ahould be able to afford their lives on what they earn. But yes, this is the reality we're all living in so instead of beating ourselves up about it we need to do the work to make it work!
Leila, very gooed video. I live in Europe and some things are different here but I agree with you: don't hesitate to ask for a promotion/rise. When I was working for a very big bank I hade an one-to-one meeting with my manager for my annual evalution. I told him that the rise he gave me was too little and I know he can give me up to 4%. I also pointed out things only I can do beacause my co's only speak french or dutch but not both. One week later we had another meeting and he told me he managed to give me an extra bonus of 2300 eur :D Now I work as a freelancer and I have one client who told me the max rate I can ask for is 55 eur/hour. I worked one month for this client and I decided the rate was to low so I reached out and said I want to increase my rate to 75 eur/hour. We agreed at 65 eur/hour :) So what I'm trying to say is: if you don't try, you won't get anything :D
Choosing a career field where I dont need to pay for housing has been the biggest wealth builder for me. I stress budgeting and working towards increasing your income.
I'm 54. Sad to soo how Biden has wrecked the American living standard. People of all ages can't afford to buy a home, rents are obscene, and wages are garbage. Working two jobs / 65 hours a week out of necessity is nonsense. Good video and advice for the youngsters. Nice job
this isn’t a biden issue, this is a politician and big business issue. the economy has progressively gotten worse over my 40+ years with several ups and downs in between and there have been politicians on both sides of the aisle in power over that time.
I finally broke six figures 😭😭. I still rent a room because I wanna be debt free and be able to quickly be able to afford a 430k $ house alone
Even as a high earner I see the value of a side hustle. I can lose my job at any moment, there is NO such thing as job security. I’m trying to figure out how to build a side income.
100% agree... this just happened to me. I was laid off in early February after being at the same company for 10 years. Within 15 minutes it just happened. While I'm completely debt free (I own my house, cars and have no debt), there is still the underlying fact of no income. I am now exploring the idea of developing other streams of income aside from a Job..
@@Rickgsx33Yes it happens. I think most people go through life thinking that it won’t because it hasn’t happened to them YET….but indeed there’s no such animal as job security. After all, it’s a job and you don’t OWN it.
I was laid off in 2018 as a nurse and of course the saying always was, “Oh, you’re a nurse, you’ll ALWAYS have a job because people will always be sick.”
Uhhh not true! 😅
What exactly is/how much is a “high earner”? U know that’s incredibly subjective.
@@newagain9964 Hmm I think most people would say if you earn 250K+ a year you’re a high earner 🙄. Most people don’t even earn 100K their entire life.
I'm a single mom, my salary is $40k and I can barely afford to keep my son & I alive so I have several side hustles. Even though I feel like all I do is work, I barely have anything left to save and I can only make minimum payments on debts. I just finished my MBA so I'm praying for a higher-paying job soon.
Hopefully your situation improves soon! What are the side hustles?
I'm in the same situation. I work 6-7 days every week to make ends meet
Leila.. I was just thinking about this.. I have a solid income.. and I budget EVERYTHING and I see other people and I am like HOW?! How are you guys functioning?! (I do think being partnered up helps a ton)
However, I still feel like it’s difficult even with two incomes. I think you were being generous in a lot of the sections. You also missed healthcare debt, even with ins that can get pricey!
I have noticed talking to my friends.. that many people are just not aware of how much they are spending. It’s crazy! It does make me realize how fortunate I am.
I feel this every freaking month. And I'm in a good position here and am able to save a lot. But I feel like I have no money left by the time I've saved for all the things I'm ~supposed to save for (retirement, healthcare, house, car, etc.). I don't even know how folks making less even do it. Or folks who have kids.
This is such an important topic. I feel like most people these days would say $70k is a high income, especially since the median income for millennials is less than $50k. But in today’s economy $70k doesn’t move the needle much when it comes to big goals like paying off student loans/debts or buying a house or saving for retirement. It’s so easy to spend money especially when you *think* you’re making a high income and not tracking.
Exactly! And it's scary because most people don't even make close to $70K and they'll likely always be stuck in this cycle
@@PersonalFinancewithLeila WOW a personal finance person who is telling the truth that income or lack of income is very important. So many people online who create content seems to downplay the importance of income on outcomes. IMO Marriage Kids and Money is one of those b/c he seems to have had about 200K in income per year while living on a fraction of it yet said it was helpful to make what he did. Well no dude it is the main reason you were able to do what your were able too.
Girl, I have 2 kids and not the greatest income, I worry all the time how I’d make it if I lost my job or my husband lost his job. I try so hard to be frugal, but it’s hard.
Been struggling with this myself. Work in tech, make around 65k and have been struggling with making ends meet. Have a couple side hustles which help but I purchased a home last year that is continuously costing me money in repairs to the point where I can’t get ahead. Thank you for putting out this content.
I’m so grateful for you putting this information out. You’re changing lives Leila & you deserve all of your success.
Aw thank you so much!! ❤️
I finally landed a nearly 6 figure salary and i already feel the need for a side hustle. Once I graduate in a month, I am definitely starting my side hustle because the math ain't math-ing. Plus I don't like the idea of a single source of income.
Great video 👏🏼 this video is truly helpful to see the entire breakdown of where our money goes. A true reality check. 🤯
Hi Leila! You inspire me so much. I'm starting a personal finance/lifestyle blog because of you!
I love that!! ❤️
15:42 girl PREACH the good word. This is why I’m working so hard for FIRE. I am not participating in the system the way that it was intended. I have a plan, and I’m working it. 🔥
Yes exactly 🙌🏻
Nah, you sound like you hat accountability @@PersonalFinancewithLeila
Very impressed with your content and I am so glad your channel appeared on my RUclips recommendations.
Thank you again!! 😊
I would agree with you for the most part definitely side hustles do make the difference. The only circumstance that I have an issue with is that I’m blind. I can’t go out and run Amazon flex or Uber Eats or do a bunch of those side hustles in fact most of the side hustles that I know of require vision! Do you have any thoughts on Things that people can do without vision? I do know that there’s jobs out there but being on SSDI, most jobs won’t pay for transportation, and Uber is so expensive. It would eat my entire check up probably if I had to pay every day to go to and from work and the distance would definitely matter! Any thoughts or suggestions on this? My income is over 56,000 a year, I have three teenage children in my house the three teenage children I haven’t counts set up and they’re drawing off of that until they’re 18 years old because I used to work before I lost my vision due to retina pigmentosa, which is a condition I was born with, but I got lucky in life. It was able to see and work before I lost my vision! Once the children leave the house and their accounts are gone I’m down to $1400 for my SSDI and my pension is only 836 bucks so combine that and it’s not very much to live on. That’s for sure.
Great video Leila. Thank you for providing such detail in both budgets. I’m at the point where I love tracking my spending, and personal finance in general but it took time to get there. Thanks for always being an inspiration to work hard and do better!
I feel like income is never enough, although lifestyle creep is a think. I remember I used to earn only 27K just out of uni, now that would be unthinkable. Although the main thing was my rent was 600 at the time in a cheap run down town... now I live in a big city, plus with inflation its over 1100, plus parking costs as well as increased car insurance because of car break ins being common in this city. My income is much much higher, but I feel like everything just costs way more as well and I still continue to use most of my income....
My side hustle has been so helpful. I’m going to be getting rid of PMI on my mortgage this year and my student loans will be paid off by the end of the year. Not to mention cash flowing a wedding in July of this year.
I have always budgeted but I didn’t properly prioritise things until my 40s. Yes I am comfortable now, but I could have made it easier for myself. People, this is wonderful advice! Start small if you need to but get in the habit!
Great content. What do you mean by opening accounts throughout the year? Credit card game?
Your salary alone budget just seems off to me.
If 70K is not enough w/o ur side hustle, then why u leaving it so u can pursue RUclips biz FT makes no sense. We all tired, but u want to take a sabbatical when the iron is hot. Have u ever thought ur entry level tech pay is helping u being employed. Microsoft, Amazon, Google are laying off a lot of tech employees.
Because I've been working hard to pay down my debt and save so I can do that. Just because I can make more money at a tech job doesn't mean that makes me happy or is fulfilling by any means. What I do in my business makes me happy and keep in mind that I'm being paid $70K to do something I don't enjoy. I would much rather make $50K doing things I DO enjoy.
🎉🎉🎉Great video!!
I’m making basically $50k a year. Yet I don’t have stress over money. It’s so strange to hear people ranting about a $70k+ salary. It makes me sad but I guess everyone’s situation is different.
Note that I said this income isn't enough "to thrive"
@@PersonalFinancewithLeila
I get that. But I think even the word “thriving” is subjective because I believe I’m thriving even though I don’t drive a luxury car, don’t go on a lot of trips, don’t have a “nice” apartment or go to a bunch of outings. I love my life but it’s pretty mundane. I like it that way. And it definitely keeps more money in my pocket. Plus, I don’t drink nor do I like being in big crowds, so that helps LOL. You are definitely thriving btw.
@@jorlowsky469 That's great then if you enjoy your job and are OK with continuing to work to afford a comfortable retirement!!
Thanks!
I currently make $62K (gross) as a local Truck Driver in Central FL. As a single person who’s debt free and has a 3-month Emergency Fund, I feel comfortable with my income. However, I do feel the pressure of having to make more if I want to max out my Retirement Plan, support a family, and take nice vacations.
Very interesting!
Everyone working 40 hrs needs a side hustle
Very true, luckily living overseas as a civilian contractor I have the luxury of free rent and utilities, but I know for sure I would be struggling if I made the same in the states, rent is atrocious!
Watching this as a grad student making half as much as you do at your W-2:
You’re absolutely correct, and the only way I can even afford to do grad school is because I have no debts (with payments, anyways - student loans are deferred until I graduate) but I’ve basically realized I can’t make any progress until I graduate or take a third job, as I already work two 😭
Make around 42k a year. Paid apartment paid car, no kids no debt. Able to save/invest 2k a month. Cant imagine if i had 70k a year ill be retire by now. Its not how much you make is how much you able to save.
No your in a cheap place compared to your income…. That can’t work everywhere!!!
Invest in real estate and make that passive income with tenants
What job do you do in tech?
I'm a Salesforce consultant
put the student loans on an income contingent repayment. it will free us a ton of cash
So many of the numbers are kinda low it's a scary thought! Also, the amount of taxes is ... Sheesh! Tax the 1% more! Its so important to have the numbers broken down like this. Most people aren't just "bad with money" they just don't get paid enough!. None of these numbers are ridiculous or out of control in my opinion! People ahould be able to afford their lives on what they earn. But yes, this is the reality we're all living in so instead of beating ourselves up about it we need to do the work to make it work!
She gets it
😊❤😊
Leila, very gooed video. I live in Europe and some things are different here but I agree with you: don't hesitate to ask for a promotion/rise. When I was working for a very big bank I hade an one-to-one meeting with my manager for my annual evalution. I told him that the rise he gave me was too little and I know he can give me up to 4%. I also pointed out things only I can do beacause my co's only speak french or dutch but not both. One week later we had another meeting and he told me he managed to give me an extra bonus of 2300 eur :D Now I work as a freelancer and I have one client who told me the max rate I can ask for is 55 eur/hour. I worked one month for this client and I decided the rate was to low so I reached out and said I want to increase my rate to 75 eur/hour. We agreed at 65 eur/hour :) So what I'm trying to say is: if you don't try, you won't get anything :D
Love these examples, thank you for sharing!!
Choosing a career field where I dont need to pay for housing has been the biggest wealth builder for me. I stress budgeting and working towards increasing your income.
I'm 54. Sad to soo how Biden has wrecked the American living standard. People of all ages can't afford to buy a home, rents are obscene, and wages are garbage. Working two jobs / 65 hours a week out of necessity is nonsense. Good video and advice for the youngsters. Nice job
You mean politicians in general, right? Yeah Biden sucks, but this has been building up way before he took office.
this isn’t a biden issue, this is a politician and big business issue. the economy has progressively gotten worse over my 40+ years with several ups and downs in between and there have been politicians on both sides of the aisle in power over that time.
grazie for revealing the real spendings in usa