Engineering is a fantastic field! I'm an engineer myself, and coding is a big part of my job. I Love Engineering is such an inspirational platform for those in the engineering community! It provides an incredible amount of resources and information, plus it's an amazing place to share tips, advice, and even our common struggles. It really helps to bring us together and build a strong engineering network. Thanks for everything you've done - keep up the great work!
It’s worth noting that it’s definitely important to enjoy your life. Sacrificing everything in the name of savings will leave you with a lot of regrets.
As an intermediate soft eng I always struggle to feel at ease with my spending habits - i always feel like I’m overspending. Thanks for the insight, greatly appreciated
Great video, this is my second time watching this. As a college undergrad student majoring in CS, I find this extremely valuable. It would be great if you share how you diversify your other income streams as well. Nonethless, great video!
I just started my SWE job and I keep justifying getting a really nice car, but I work remote and I would hate to see such a depreciating asset just sitting there lol. Maybe when I'm more you're level I will consider it 😂 Thank you for your financial wisdom and transparency.
Cars aren’t depreciating as much as they used to. Especially with the chip shortage and how many chips cars use these days. Maybe it wouldn’t be such a bad investment.
@@adamdrake39 "Depreciating as much as they used to" is still depreciating! Imagine buying a 100k car only for you to lose 20-30-40% over the years.Also, markets for all assets are dropping like rolexes and more. Of course I do not care how others spend their money, especially if it's their dream car. I, personally, just do not like that. But I know when I get a big tech job, I will get a decent car haha.
Hey Utsav, great video. Following you since long! Can you please make a video on explaining your investment strategies along with diversification? That would be of great help. Thanks!
Totally agree with Coder Guy, it would be helpful to understand how you create other sources of incomes besides your engineer salary and RUclips videos. Thanks Utsav !
Hey Utsav - it's been a long time that you have released a video. Nice content and interesting that you spoke about your finances. Yes, Utsav it would be great to hear from you about personal finance.
Love your sincere and helpful approach here. Keep it up and don't mind any haters. There are plenty of supporters too. As a rescue dog owner, I completely understand that expense 🙂 A lot of young people will benefit from your candid disclosure of how to distribute one's savings and investments.
This is pretty much how I envision my budgeting plan to be once I've got my diploma/degree. Unfortunately more and more, you've got to make money, to make money. Especially with the looming worldwide recession. Minimum wage pretty much guarantees living paycheck to paycheck these days. Would have been good to mention the importance of education and correlation with career opportunities.
I'm so jealous of developers in first world countries who are earning money that I can only dream about. Here I am, a developer with 9 years of experience in a third world country, earning less than $2k a month before taxes. Hopefully, I can find a local or remote company to improve my earnings this 2023.
great content. i agree with all. regardign HSA, not everyone will need it and if you withdraw nonmedical there will be 20% penalty. so it is better to invest in stock market or real estate evetnaully rather than timed up in HSA
Ive always liked the feel of a real book, I’m sure you can learn the same with pdf or online versions. Do hobbies require you to live above your means?
800 for a dog who needs special treatment is the best thing your money can go. The health of a member of the family is even more precious than our health.
Dude I realise that at this point this is kind of a game for you, but your scheme is so complicated and time and mind consuming to rival all the bs that women think and do about fashion and appearance...
Hello, I am from Bangalore, India. My after-tax income breakdown. (In Indian rupees) 26k rent+utilities 14k food 5-8k misc. Total expenses are about 45k-48k. 143k after-tax income. So I save 2/3 of my monthly income.
Where did you learn the rule for "Never let your expenses exceed 80% of the lowest erners income"? I'm just wanting to read more about that idea and share it with others, so I was hoping you would have a link or resource to the source of it (if it came from a financial advisor).
I usually go with online-only bank accounts and just ditch the option to have a debit card. They generally have higher interest but taking money out means you have to do a slower transfer into your main account. A lot of newer accounts let you set a blocker that won’t let you withdraw below a certain amount unless you can the bank… things like these. But these are what work for me, maybe different things work for you. But in the end, if you are really gong ho on spending all you money, nothings going to prevent you. Maybe your wife haha
Hey Utsav, thought You mentioned that your shared expenses plus any individual expenses b/w you and your wife would not exceed 80% of the income of the lowest earner amongst the two of you…just curious if thats 80% of post-tax or pre-tax income
Engineering is a fantastic field! I'm an engineer myself, and coding is a big part of my job. I Love Engineering is such an inspirational platform for those in the engineering community! It provides an incredible amount of resources and information, plus it's an amazing place to share tips, advice, and even our common struggles. It really helps to bring us together and build a strong engineering network. Thanks for everything you've done - keep up the great work!
It's not how much you earn, but how much you keep. In order words, live below your means.
Or how much you give away 🎉
It’s worth noting that it’s definitely important to enjoy your life. Sacrificing everything in the name of savings will leave you with a lot of regrets.
Love your channel!! Not only educational but also hopeful for a current cs student. Thank you!
Thank you dai for inspiring thousands of Nepali🇳🇵Software Engineers including me.
As an intermediate soft eng I always struggle to feel at ease with my spending habits - i always feel like I’m overspending. Thanks for the insight, greatly appreciated
Great video, this is my second time watching this. As a college undergrad student majoring in CS, I find this extremely valuable. It would be great if you share how you diversify your other income streams as well. Nonethless, great video!
Capital one saving account give 4.9%ish interest or something.
I just started my SWE job and I keep justifying getting a really nice car, but I work remote and I would hate to see such a depreciating asset just sitting there lol. Maybe when I'm more you're level I will consider it 😂 Thank you for your financial wisdom and transparency.
Cars aren’t depreciating as much as they used to. Especially with the chip shortage and how many chips cars use these days. Maybe it wouldn’t be such a bad investment.
@@adamdrake39 "Depreciating as much as they used to" is still depreciating! Imagine buying a 100k car only for you to lose 20-30-40% over the years.Also, markets for all assets are dropping like rolexes and more. Of course I do not care how others spend their money, especially if it's their dream car. I, personally, just do not like that. But I know when I get a big tech job, I will get a decent car haha.
@@Josh-ge1cr looks like you have a pretty concrete goal so good luck and enjoy the journey!
Hey Utsav, great video. Following you since long! Can you please make a video on explaining your investment strategies along with diversification? That would be of great help. Thanks!
Totally agree with Coder Guy, it would be helpful to understand how you create other sources of incomes besides your engineer salary and RUclips videos. Thanks Utsav !
Hey Utsav - it's been a long time that you have released a video. Nice content and interesting that you spoke about your finances. Yes, Utsav it would be great to hear from you about personal finance.
Love your sincere and helpful approach here. Keep it up and don't mind any haters. There are plenty of supporters too. As a rescue dog owner, I completely understand that expense 🙂 A lot of young people will benefit from your candid disclosure of how to distribute one's savings and investments.
You always have inspired me with like minded people. Keep up the good work.
This is pretty much how I envision my budgeting plan to be once I've got my diploma/degree. Unfortunately more and more, you've got to make money, to make money. Especially with the looming worldwide recession. Minimum wage pretty much guarantees living paycheck to paycheck these days. Would have been good to mention the importance of education and correlation with career opportunities.
You gained my 100% respect on the dog care! You are awesome!
I'm so jealous of developers in first world countries who are earning money that I can only dream about. Here I am, a developer with 9 years of experience in a third world country, earning less than $2k a month before taxes. Hopefully, I can find a local or remote company to improve my earnings this 2023.
It’s a double-edged sword. One bedroom apartment in Seattle also costs 3k a month :) More salary also almost always means lot expenses.
8:58: That car!!!
The thing you forgot to mention is the re-imbursements we get for various subscription 😆
great content. i agree with all. regardign HSA, not everyone will need it and if you withdraw nonmedical there will be 20% penalty. so it is better to invest in stock market or real estate evetnaully rather than timed up in HSA
starting cse engineering next month... hoping to use these financial plannings one day :)
Please make a video on your thoughts about other sources of income and what was your idea behind passive income
Great video! 🤩🤩🤩 this is really helpful for all of us. Thanks for sharing your advice and thoughts.
Your comment is the same as a upvote. Consider doing that to reduce bloat comments.
cool video bro
Very helpful, just what I needed
Hello Utsav! I’m a recently graduated student, do you think subscribing to Formation can help a freshers like me with zero industry experience?
Very educational!
Those percentages add up to approximately 72%. Getting $8k per month after 72% deductions ? At Microsoft ?
Bro has a joint income with his wife, considering a 45% tax rate, of approximately 115k$ per month
Great advice Utsav, also is that old trafford miniature in the background 😍😍
Great catch!
Great content!
That’s an impressive technical bookshelf. Do you find you learn better from physical books? What are your hobbies then if you live below your means?
Ive always liked the feel of a real book, I’m sure you can learn the same with pdf or online versions. Do hobbies require you to live above your means?
Good car pick :D
Great content! Would you like to share your other sources of income and the thought behind it?
😮 OMG at your subscription. I have two and even that feels like a giant waste at times
I know 😩
Where is your amount to donate to needy people?
wow thanks for the video
With current interest rates, monthly mortgage on 1 br apartment in Manhattan, NY is looking upwards of 7-8 k :(
Sir how much do you earn now?
Can you please give your house tour
These hands are flying away sheesh
😂 they have a mind of their own, man
For football, you should only need Now TV and BT sport. :)
Great value content
I need a react node senior developer job. I don’t know why I ain’t got one
Can you please do a video on our to better read APIs documentation?
800 for a dog who needs special treatment is the best thing your money can go. The health of a member of the family is even more precious than our health.
Please share passive income strategies and how you have applied to yourself
Dude I realise that at this point this is kind of a game for you, but your scheme is so complicated and time and mind consuming to rival all the bs that women think and do about fashion and appearance...
an education that should inspire
Why did you buy such an expensive car when you spend so little on gas and drive it so little
🤷🏼♂️
boosting self confidence 😆
this looks a full time job in itself. 😜
Is formation available in Africa?
My cat is also a very much included in my budget LOL
awesome video! really appreciate it man, is good to have an idea of how to handle ones finances
Where does the money for your Music hobby come from? Saving account?
Incidentals
Hello, I am from Bangalore, India. My after-tax income breakdown. (In Indian rupees)
26k rent+utilities
14k food
5-8k misc.
Total expenses are about 45k-48k.
143k after-tax income.
So I save 2/3 of my monthly income.
Thank you sire
Do you have a budget sheet?
Where did you learn the rule for "Never let your expenses exceed 80% of the lowest erners income"? I'm just wanting to read more about that idea and share it with others, so I was hoping you would have a link or resource to the source of it (if it came from a financial advisor).
How do you keep money in a savings account and make it cumbersome to take out?
I usually go with online-only bank accounts and just ditch the option to have a debit card. They generally have higher interest but taking money out means you have to do a slower transfer into your main account. A lot of newer accounts let you set a blocker that won’t let you withdraw below a certain amount unless you can the bank… things like these. But these are what work for me, maybe different things work for you. But in the end, if you are really gong ho on spending all you money, nothings going to prevent you. Maybe your wife haha
@@EngineeringwithUtsav 😂. Thanks for the reply!
my boy got the M Power
Not having kids helps.
$8000 AFTER tax and savings?! Wow! Unimaginable for those outside USA.
Living expense here is pretty high too. So gotta factor that in.
@@EngineeringwithUtsav How old are you dude, personal question I know but helps put things into context
At what income in Washington state can you say the you are ready for kids?
🤷🏼♂️
Is that 80% pre-tax or post?
Sorry, which 80%? I don’t recall saying 80% anywhere
Hey Utsav, thought You mentioned that your shared expenses plus any individual expenses b/w you and your wife would not exceed 80% of the income of the lowest earner amongst the two of you…just curious if thats 80% of post-tax or pre-tax income
Ah yes … after tax. So that you can save and invest the remaining 20%.