I liked how honest this video was. No "try this new life-changing method!" she just shared her story and what worked for her, aware that it may not be for everyone. Could use more of this kind of content
Agreed! Maybe they could even ask for TFD viewers to submit some success stories for future videos like this. How they have changed their life in the last year, etc.
To all the people complaining that "this doesn't work for everyone".... We know. She knows. She said multiple times that she had privileges, and that this isn't feasible for everyone, but rather what worked for HER. Just because a piece of information doesn't 100% apply to you, doesn't mean it's wrong or shouldn't be shared.
THANK YOU. Even a repeated, explicit caveat about "this doesn't apply to everyone" won't stop these commenters from getting pissed and threatening to unsubscribe. It's ridiculous.
Agreed however I think a lot of this frustration come from regular viewers of the channel who are fed up hearing the same stuff repackaged, when what they actually want to know is how to cope on much less money than the show typically deals with. I.e. ppl on min wages, short term temp or zero hrs contracts, ppl with set costs like children, student debt... or alternatively how to live a comfy lifestyle while improving one's money situation (i.e. not working unrealistic hours long term, or having to use every non working second on chores to save money) essentially a lot of ppl without priviledge find this site, stick around to get some decent tips, and instead hear the stuff they either already knew or which doesn't apply to their situation. I think it's often a mismatch of expectation and what TFD offers which causes so many shoot-down type comments. Clearly there's a market for money saving tips for those on a lower income bracket.
SplatterInker well if thats the case, rather than wasting time on watching mostly unhelpful videos and writing angry comments, they should just unsubscribe and find a financial channel thats fits their situation better
@@Rin-ef2tp That's her opinion. Plus it's all relative to where you live and what your cost of living is. For a lot of people, $15 an hour would not be a livable wage.
Can we stop criticising her for a moment and just admire how well-made this video is? I enjoyed it much more than the regular girl-talks-to-camera type.
I'm a student and I make around 800€ a month. My rent is 500€, adding to that bills and food, I spend around 650€ in total just to live. Instead of buying that new phone or eating out I choose to save what I have left, even if it's just 150€. Just by saving 150€ a month for a year, it adds up to 1800€. It's not huge, but at least it's something.
Honestly not a smart move. When you’ve got your degree, having saved these peanuts will only make you think back about the unique opportunities you likely won’t have attended, because they were too expensive. Money has diminishing marginal utility too. Never in your life will spending be this beneficial to your well being. Just some thoughts
You may be very glad of that money some day, especially when job hunting after graduation. You’ll have enough to live on for a few months while you find the right job, or it’ll make a great emergency fund.
Sheesh I get where you are coming from, that you shouldn’t live for a possible future and feel deprived and miserable in the moment. But as a student it still might be smart choice as it gives you a cushion for when your student days are over a new job might take some time. Plus delay in paycheck for the first month maybe anyway or you might need to move to a new place for work etc. I sure didnt. I lived on student loans other than summer jobs as the idea of working along side my studies never went from idea to reality. And I really wish I had worked extra and had savings. So to each there own what truly matters for them.
@@Sheeshening I don't deprive myself of any opportunities. I don't go out to eat so instead I make food from scratch and invite my friends over for a delicious dinner - or even better, we cook together! I live a simple life because I truly enjoy it. Last summer one of my cats got sick and vet bills are expensive, I was very glad I had savings. I grew up in poverty, so I know every penny is precious. Sometimes even "only" 1000€ might save a situation.
@@JehanineMelmoth It's totally an emergency fund! Last summer my cat got sick and vet bills are expensive so I had to dig into my savings, I was so glad I could pay the bills on the spot and be done with it instead of borrowing the money from my family or taking out a loan with my bank.
Im living with my parents and I have to save that is a real money-saver. I have to spend all my salary when I was living alone. Now I have saved $20 000 within 10 months.
"Treat your savings like a bill." Man, a lightbulb went off when you said that! I've been struggling to put money into my savings account, and struggling even harder to keep it there. But I think if I treat it like a bill I can't skip or adjust, I think that will help me a lot. Thank you!
Unfortunately, living at home doesn't mean you can save money. Sometimes you live at home because you're helping your family out financially. I did that for a few years before I realized that I wasn't saving any money being home. I was in fact spending more than if I was by myself because I was cooking and preparing foods for everyone. Not to mention a cable bill I'd never have on my own and utilities for 3 people. Moving out with one roommate and not sharing food allowed me to save way more money than being at home. She acknowledges that what worked for her doesn't work for everyone, but I'm glad she had those opportunities and she used them. Some stay rent free and don't save. Instead they blow it on junk.
Acknowledges her privilege and money sense. Is still bashed for privilege. Stop defending other people's brokenness and start offering help and education, like this chick. If you know of a better way to help people save $50,000 LETS SEE THE VIDEO GODDAMMIT.
I don't see many people "bashing her" it's just she obviously has a lot of privelege so the video while being well meaning is mostly useless for most people. It's very vague and offers no specific plans. For example David ramsey is broad enough that everyone can get help but specific enough that we can form a real plan. It applies to everyone. This video the woman is mostly able to save because her privelege. It's not that she has some privelege it's literally all privelege. It's like getting advice on how to buy a home from some one who hasn't bought a home since before the housing crash.
David Ramsey is a coach. She's not a coach. The video is titled appropriately. She explains how she made the most of her situation. She could have not saved, despite her privilege, but she did. If people look at this and feel like privilege is the reason she can and they cannot, they'll continue to not better themselves.
@@Allison_Hart If you cant get anything out of this video, you all are stupid.. I think, there are some of her point that can be applied and used.. Example, spend less than you earn.. Try looking at your last 5 purchase and see if there are really a necessity, if not try cutting it back.. Pay saving amount like it is a bill.. And many other more..
I’ve been doing this!! I’m 24 and been saving and working overtime. I live with my mom rent free but do pay for food and my car stuff. People think I’m trippin living at home but I’m like y’all continue eating noodles barely making ends meet living with roommates just to say your independent
Shauna Kabana sorry to break it to you but not everyone has the privilege to either have loving parents willing or able to let them stay (for free) or their family home to be in a place where they could commute to school/work. So while you are perfectly right to say it’s not a big deal living with your parents mid twenties, it’s pretty naive to suggest the only reason people are moving out is because they want to feel independent.
Everyone isn’t going to have the same story! Let’s all try to learn from the fundamentals instead of complaining about how much we do (or don’t) make and how we don’t have the benefit of living at home. -Akeiva
Why is it that any time someone shares that they lived at home to save money, people POUNCE on them. Sorry some of us actually get along with our parents? That doesn't negate all of the other tips that she shared. It's not as if she did nothing else geez. If that part isn't applicable for you, why not follow the other tips and find what works best for YOU instead of complaining that someone else shared what worked for them.
because hippies perpetuated this idea back in the day if you weren't about free love and out of your parents place when you hit 18, you were a snob. but yeah, you either end up living with roommates or parents so what's the difference? :(
It's good to keep conversations going about systemic issues while also getting by however you need to on an individual level. Not talking about how unrealistic a lot of these tips/situations are for a lot of people starts to create a common mindset that, for example, if you don't live with your parents to save money it's because you don't "get along." Basically, it's to help people like you have more empathy so that on community levels we can all work towards a better system. Try again.
It's not necessarily about getting along with parents. A lot of people have parents that were emotionally, physically and/or financially abusive, or just plain toxic and unwilling to help, leaving us on our own. I think people "pounce" because they're frustrated that videos like this often come from the perspective of someone who had help, whereas the viewers that "pounce" don't have the luxury of help, don't have a fallback, and have to rely on themselves totally and completely. I feel like people who don't have good parents and don't live at home, myself included, have a different reality. The stakes are different, the choices are different. If we can't come up with the money for something, that's it. The electricity gets shut off, or our landlord evicts us. And in deciding what's important, it's not a choice between eating at a restaurant and eating at home, but whether to pay the phone bill or credit card bill, or to buy a $1 box of mac and cheese or grapes for $3.25 (and feeling guilty for buying the grapes). I clicked on this video so fast, cause I was interested to see how this woman did it. Like, "Wow! She saved $50,000 by 25? I didn't think that was possible!" But, I ended up feeling disheartened because the way this woman saved money isn't at all practical for me. That's not her fault, she's just sharing her experience, like you said. But you've got to understand, when we see videos like this, it feels like having parents and living at home is the only way to become financially successful. It makes our impossible situation feel even more impossible, and that adds to the anxiety and depression we already feel, wondering where our next meal is going to come from. Again, not her fault. It's not anyone's fault. It's just the reailty for many people. Thanks for reading if you made it this far :) Just trying to create some understanding and a dialogue.
If all you needed was to make more than those who came into money such as lotteries or inheritance would always stay wealthy. Learning how to manage money is important no matter what we earn.
While I totally agree that it should be $15 or more there too (because that's the bare minimum that everyone deserves to make when literally selling hours of their life they'll never get back), housing costs are also nearly double in some areas where $15/hr is the minimum wage. I think I was making $12/hr barista'ing in the Bay Area in 2017, where housing costs are $1000+/single room. Literally my entire paycheck went to rent and I lived off my tip money. I love California and can't imagine myself leaving, but I envy Texas' housing costs! ;)
Lyndsey Olsen totally I’m sure it is somewhat related to cost of living...we have rent here that is easily $900 for a 1 bedroom, but it’s still possible if you look hard, try hard and take some cuts like not the best area, no elevator, not trendy no dishwasher and you can have a bachelors suite for $625..I know I had one....our min I believe is $11.35 an hour in Winnipeg, MB
@@LS-qv1ei Obama didn't do that when he had 8 yrs in the WH--and TWO YEARS with the Democraps actually in control of all branches of government (Executive, Legislative & Judicial)!
@@campkira I keep it in a high yield savings account with a 2.25% apy so it actually holds out against inflation. I use Marcus by Goldman Sachs. Check that out or Ally, would recommend!
Some things not addressed in the video. $15/hour. Is that the average over 8 years or what she made the whole time? Did she work 40+ hours a week? College. Did she go? If so, how did she pay for it? Did she work 40+ hours a week while going to college? Utilities. Did she pay an evenly divided amount with the other bread winner(s) in the house or a set token amount? I think this video gives unrealistic goals without giving all of the information. Yes, there are great tips and practices presented here. But, without all of the information, it sets unrealistic goal and may only set people up for failure.
I appreciate that she is making an effort to acknowledge her unique circumstances and privilege, but I was wondering this too! Are we supposed to understand that she was working a full time job for $15 an hour AND babysitting 20-25 hours a week? That's easily working 60 hours a week, without factoring in transport between home and different working locations. I'm surprised she was able to have a social life or decompress if that was what she was doing! Plus something that people should really mention more often with side hustles is that you should really be setting yourself up with HMRC and paying taxes on that money - you probably won't be caught out babysitting but many side hustles are more easily traceable and you don't want to get in trouble for not paying taxes!
Hi Daniel! I wrote this video and figured I'd answer some questions. I graduated college with a degree in accounting. I graduated with about $2,000 in savings from working part time in college. The bulk of the savings talked about in this video was made from ages 22-25. Also want to add that this counts my 25th year, not some birthday cut off date. I worked 40 hours a week at my 9-5 during this time.
@@KAIZENURAMESHI I have lived in Alberta my entire life. I promise you, our minimum wage is $15. I am a hiring manager, and as of October 1, 2018, all new associates were hired at $15.35 (because we pay higher than minimum), and all other associates had a pay increase to compensate.
I work at an assembly line. Start off pay is 14.85 and tons of overtime, but hours can be long if you are not used to mandatory 12 hour shifts, it can be daunting.
Living rent free at your parents must have been nice for your savings, but it's a band-aid on the fact that you weren't being paid a living wage - a wage high enough to afford to amass a savings WHILE paying for everything your parents paid for while you lived with them. When people try to follow this advice and fail they'll beat themselves up for "not working hard enough" or "having high standards" or "not controlling their spending" when the problem is *systemic* . What let you save this was luck - the luck to have good enough parents.
Jacob Driscoll I was thinking much the same thing. She was not paying the full rate for living costs. She said she paid her parents “some money for utilities “. What does that mean? What about insurance? Did she have any? Car, health, home? She said college wasn’t free but nothing about how it was paid for. I do agree that if you get along with your parents and they are willing to cover your living expenses, then yes, sock away your money.
Yup. That's the biggest factor. My rent alone is 5 times what I would "give for utilities" if I was living at home (and that's if I was paying *full* utilities-- I doubt she even did that).
so many comments saying this isn't realistic but just know that this is an example and not everyone is the same or has the same situation. I personally enjoyed hearing how she achieved that goal. Also, love how this video was made! xx
$15 an hour full time = $30,000 a year = $24,000 after taxes (at least in my state). Let's say you live on $1,000 a month. That's $12,000 spending / $12,000 saving per year. So assuming you did this for ages 16-25 (10 years), that's $120,000 savings potential. Sounds great on paper, but let's bring this back to reality. 1. A $1,000 a month budget is simply not feasible or not sustainable. Yes, you're able to do it if you live with your parents. Many don't have that option. Yes, you can go without health insurance / mooch off parents' insurance / get fully covered through work, but many people don't have those options. Yes, you can use public transportation. Many don't have that option. 2. If you're like most people, there's some education expenses in there somewhere, which would run a minimum of $4,500 a year after books even if you go to a community college. You can kick that down the road with student loan, but you're just fooling yourself thinking you've saved $4,500 while racking up $4,500 in debt. For a 4-year degree, that's $18,000 total. You're down to $102,000 assuming you stick to your budget. 3. Most people don't work a full-time job until they're out of school. Let's say half time for ages 16-21 while you're in school. Half time would result in annual take-home pay of $13,000 instead. That's $11,000 from our original estimate lost for 6 years = $66,000 gone. We're down to $36,000. 4. We can assume your expenses are negligible from ages 16-18 when you're still living at home, so we'll add back $25,000 during that time. We're back to $51,000. 5. Sorry, but a car is ABSOLUTELY ESSENTIAL for most people. Yes, public transit is available in most big cities and you theoretically could live without, but for anyone living outside that bubble, or for anyone wanting to travel more than and hour away ever, a car is necessary. Assume a cheap used car ($10,000) and minimal insurance, registration, taxes, and repairs ($6,000) over that 10 year time frame. We're down to $35,000. Good luck keeping that used car running for 10 years, though! 6. Vacations? Hobbies? Christmas / birthday gifts for friends and family? Good luck on $1,000 a month. Let's call these a *very* modest $500 a year. That's another $5,000 gone over 10 years. We're down to $30,000 potential. 7. As everyone living paycheck to paycheck knows, unexpected expenses are the WORST. Whether it's an unplanned hospital visit, cell phone accidentally smashed, travel expenses for an out of town funeral, major car repair. new computer, etc. $1,000 major unexpected expense every two years = $5,000 over 10 years. We're down to $25,000 savings potential. 8. You're going to be unemployed at some point during this stretch. Whether it's due to school, getting fired / laid off / quitting, searching for your first "big boy" job after college, etc. Hell, even unpaid time off for vacations when you're working at an hourly position. Assume a minimum of 6 months cumulative over 10 years. That's somewhere between around $8-10K. There's some minor tax effects there, so let's assume a conservative $8,000. Savings potential down to $17,000. 9. YOU'RE NOT GOING TO BE MAKING $15 WHILE YOU"RE UNDER AGE 20. If you are, bravo. Most of us will be starting at $8-10, maybe hitting $12-13 upon job change or promotion to shift lead or something. Let's average at $12 for 4 years. That's somewhere on the order of $9-10K factoring in tax effects. Savings potential down to $8,000 now. 10. Inflation. At a conservative 2%, your $1,000 a month budget becomes $1,100 with rising prices after 5 years. You squeeze and make $1,000 a month work for a while, but starting at year five you bite the bullet and up your budget. So now you've lost $100 per month for the last 5 years. That's another $6,000 gone. Savings potential at $2,000. 11. Guys, you'd better hope your girlfriend doesn't want an engagement ring. At your budget, at least $1,500 - $2,000 might be "expected." Now we're approaching $0 savings potential. Things are starting to look bleak. 12. I'm sure there are myriad of other things at play, some positive, some negative. Gifts from relatives, tax incentives like the AOTC or EIC, etc. But I think this gives a good picture of the scale. We're not in the $50,000. Not even close. We're in the $0-15K range max. Bottom line, assuming you've read this far, is that even if you somehow stick to your conservative budget for 10 years, $15 an hour is NOTHING when it comes to long-term savings. The ONLY way you'll get anywhere close to $50K is to receive massive amounts of help (read: subsidization) from your parents, whether it be free rent, a gifted car, help with everyday expenses like groceries, or picking up the tab for tuition. Or to dramatically budget to the point of asphyxiation. Or to be really lucky with major unexpected life changes. Or work way more than the average person during those 10 years. Or to make way more than the average person during the early years. Or to get paid under the table and avoid taxes (you mentioned babysitting). This video is NOT realistic for the average person AT ALL. You simply cannot do this if you own a car, pay rent, go to school, or have a life. Sorry, folks. That's just reality.
Nothing about thos video made it seem like it was meant to guide the decisions of an average person. It's just a story that likely only undergrads can remotely relate to, what with her main expense being paying for gas. Thanks for the breakdown of how this would play out irl for adults though.
Youre the only one making sense I dont know more than about 2 people personally who have the luxury of having a life leading to a 50k savings potential
what are you expecting though? like if we were actually following an "average" person, then they wouldn't be able to save up $50K without parents help. it's impossible like you say. the video would be titled "how I saved $10-20K by 25 by not having a social life or travelling". if you don't have parents help you're basically screwed by the system. you either pick a social life or you pick the measly savings.
@@fullshewolf plus didn't she say she was underemployed? I was a bit confused if the 20-25 hrs per week was just the babysitting side hustle or total hours worked.
TheMathKid - that's *your* reality, and like many it's self-defeating. It sets up a scenario that makes success look impossible, when really it just involves making better choices. I'll use my nephew's circumstances in my example. He works at Amazon making $16/hour, and they start you at $15 right out of high school so the "nobody makes that much under 20" line is wrong. 1. A thousand a month expenses isn't sustainable. He lives with a roommate, and his total fixed epenses are $850 for rent, food and utilities. 2. No education expenses. Amazon does 95% tuition reimbursement, but he says school isn't for him so no loans. 3. and 4. we can skip by assuming the person in the example is 21 to start. 5. A car here is indeed essential for most. A $10,000 car is not (the rule of thumb is to spend no more than 15% of your gross income on a car - in this case about half that). His truck was $2500, already paid for, insurance is $1200/year for liability. IMO, he doesn't need it - while public trans here does suck, he lives less than a mile from work and could walk or bike it. (Yes, he thinks that insane too). You'll cite maintenance and repairs, but he does his own with help from his uncles. You will claim not everyone can do this - you're mistaken. 6. A whole squad of optional expenses you treat as essential. I'll do you better: $125/month discretionary spending. 7. Unplanned expenses of $1000/year. Everyone goes on about hospital visits when you're young. I was in two motorcycle crashes in my 20s and still haven't seen the inside of a hospital, but okay., I'll allow it. 8. You allow for six months of unemployment over 10 years, I'll allow three months for the five in my model. 9. Incorrect, period. This is rural KY and numerous places will hire a high school grade for $15 or more. 10. Inflation is spot on. 11. Getting engaged is optional. So my nephew's expenses are $850/month forfood/ housing, $140 for insurance and gas, and $125 discretionary. That's about $14k/year, leaving over $10000/year for savings and potential emergencies - in five years, $50k. This doesn't include 10 hours/week mandatory overtime two months a year ($1400 after taxes), doesn't count his income tax refund ($700/year on average) or his annual bonus ($1000 after taxes), which - over five years - make another $15,500. That would more than offset your assumption of 3 months unemployment, costing $6000. It would even allow for your fancy $10k used car. I'll ignore inflation but I also won't go into the 7% he could make on an S&P 500 index fund. Here's the thing. I see young people going to great lengths to explain why they can't do something, and they put far less effort into how they can *overcome* the obstacles they like to cite, even though most often the solution is "have less fun now to achieve a long-term goal." The short way to put that is "maturity,"
This has been my favorite video to date from TFD (for which I turn to for the majority of my financial advice). As a student who can only afford to pay for classes part-time on a minimum wage job, I often feel overwhelmed with the notion that I will forever be in debt without savings. This video motivates me on what's possible, providing an ever-necessary light of hope :)
Everyone that can’t get over her living with her parents is missing the bigger picture here. She was consciously managing her money and being frugal where she needed to be. There are people who live with their parents till they’re 30 and have no savings. Don’t diminish her triumphs because you didn’t resonate with one piece of her story. TFD this was a good refreshing format. Keep on trying new things.
I chose different path. Instead of making more money, I decided to choose work that is beneficial for my CV and for my field of study. So now, I will finish law school with 4 years experience in the legal field. I may have less savings than my frined who does hostesing, but I have a serious advantage in my experience.
This is one of the most honest, no-hype content on growing your savings. Truth to be told, I was not caught by the 50 K sgd. I was more drawn by the fact that her process was simple, classic and boring. In the finance world, I learned that slow is smooth, steady and strong. I also learned that the more systematic and boring it is, the more effective it can be. Thank you TFD!
TFD is usually very practical and helpful, but these, "I saved alot of money by living with my parents and not going to TJMaxx" videos are not helpful to most people. THis is the ideal saving situation that just doesnt work for people actually living in poverty, with disabilites, or any other societal factors that can prevent someone from saving so much so young.
Agreed. Where are the tips for people who are underpaid in a high cost of living area with virtually no public transportation and dealing with a family member with health issues on a high deductible health insurance plan? That's the kind of video I need about now.
funny how everyone in the comments is bashing this girl for being privileged yet don't understand that they're all privileged for living in the states/first world countries whereas those of us who had the misfortune of having been born in poorer countries will never make/save up this much money even in 10 years regardless of whether or not we live with our parents
$300/month was what I paid in rent during that same period in life. Scary how much privilege can add up and put you so far ahead of those who can't live with parents for whatever reason.
Lived with parents is basically the key to all of this. Even if you pay rent to your parents, the amount of living expenses that end up not falling on you if you’re staying in your family home is quite substantial. Less spending on food, utilities, tv, internet, no security deposit, no renters insurance, no pet fees, I could go on and on. It’s a great idea for anyone who has that as a feasible option, which certainly isn’t everyone. Some of us would rather be poor ;)
I barely had a choice of moving out when I was 17, would have loved the option to live at home, work while going to school and save money in my early 20's. Even 2-3 grand a year I'd have 20k cash in my bank right now. It's not that hard when you don't have to worry about food and rent. I think 75% of the population could pull it off.
I'm sorry to be that person but it sounds like this person barely had any expenses, and is therefore unrealistic for the average person. No car payment, no rent, and I am sure her grocery and utility bill was pretty low- maybe 300 for both when all was said and done if she is just feeding herself. Add to that the 150 for transportation and you get 450. Given that she was still making around 2000 once taxes were taken out, that leaves 1550 for everything else. Of course she was able to save a lot with that. No mention of student loan payments either- also hard for 25 unless she got a full ride or her parents paid for college all together. Good for her if she did but most people don't get that. Also $15 an hour by 25 would be great but its also unrealistic in a lot of cases. The sentiment is great- treat savings like a bill, work hard, get side gigs, etc- but when most people are already living paycheck to paycheck and have no extra time on their hands, this is a little hard to swallow.
The point isn’t a checklist to follow, she said multiple times that it was an individual case. She is a real life story of success that can give people hope...maybe that exact number isn’t in your reach that fast, but the point is there isn’t only one way to do things and every little bit counts.
@@chrysalizubeth88 I am aware that it isn't a checklist to follow. The point I am trying to make is that she was able to cut out some things that most people absolutely couldn't do without- ie, a place of privilege. She is, I would argue, talking about how easy it was for her to save that amount of money every month when she had a good job (even though she claims that it wasn't, which is another thing I have a problem with), side gigs and so on. Of course it was easy when you have next to no expenses! But it is hard to mimic her strategy if you do not have what she has. And you can say every little bit helps, but when you can't put more than 50 bucks a month back in savings, you are not going to create the same kind of cushion she has, nor is 50 a month going to be much help when a real emergency strikes. They mean well, I am sure, and the principle might be somewhat effective, but you can't expect people to copy this strategy as a long term solution for savings when most people live paycheck to paycheck and don't have her advantages.
@@2ctheocean She made it clear that she doesn't expect her experience to be copied by everyone. She can still have usefull advice even if she was not living in penury.
Plenty of minimum wage working immigrants buy houses within 10 years. It's just a matter of saving up money and being very frugal for a shortwhile and eventually in 20 years you can be a millionaire if you begin investing, because after you buy the first house, the savings accrue much quicker and it's exponentially so the sooner you start saving the easier it becomes afterwards.
I like how honest this video is about her advantages. Reading the comments I see a lot of people saying that their minimum wage is about 1/2 as much as the narrator's avg wage. I live in Toronto, our minimum wage recently raised to $14 hour from around $11. With the increase, everything went up - groceries, rent, utilities, and of course personal goods. I think the minimum wage in your city has to be proportionate to the cost of living. Also, people like myself who were being paid a little more than minimum before the increase now have less money to work with because of the inflation of goods and services. I'm working on establishing a successful side hustle because I can't go back to working 2-3 jobs, I'm legally blind and it's not feasible anymore. Anyone in the same boat?
I’m noticing that TFD is now recommending Wealth Simple more and not Acorns so much. Can I please get a comparison on both companies? I’m not sure which one to begin investing with.
I really liked hearing your story, you are smart and hardworking. I imagine your parents set a good example or taught you about money and are proud of you. Many young people (I am in my 60's) have not been taught those things and only learn to save after they have gotten into trouble...but it's never too late. The main theme is do not be impulsive, that works for all areas of life. My husband and I were not good at saving when young, we never had much money, but I realize we had a "side hustle". When our friends were buying cute condos and living in fancy apartments we bought an old ramshackle house (where our money went) and fixed it up. We sold it for a 30K profit...a lot in the 70's and bought another...and another and another. By the time we were in our 40's and 50's we had saved a lot of money because we no longer had a house payment. We also owned a rental house that brought in extra. My husband retired at 56 and I did at 60. And guess what we are doing? Sold our home and are remodeling a retirement cottage. My point is, what ever your talent is use it.
I watch a lot of personal finance advice videos: I like this one enough to show it to my child. Good, solid, straight-forward advice, with a dose of humility, and cheerfulness. We also watch episodes of Gail Vaz Oxlade’s shows on RUclips together (Til Debt do us Part, etc.)
She’s been very sensible and she’s reaping the rewards. She’s aware that she’s privileged, too, which is important, but honestly, I’m sick to death of hearing this same formula put forward by able-bodied people with tolerable families. I’m disabled and can only work when I’m well enough, plus living with relatives would not be safe. Also, please stop talking as if investing is a neutral activity. Unless you research the companies you invest in, you could be doing the posh version of mugging someone. Invest ethically or not at all. It’s a video of good advice but it’s old news and not applicable to so, so many of us. And please don’t sneer at $15 an hour. Some of us would love that!
You are absolutly right: Investing ethically or not at all is the way to go. But here is the hurdle you have to jump first: The lowest depot, meaning an account where you place orders for stocks was one I found online and even then: 4€ ordering fee. Some where really crazy like 20 € ordering fees, but let's go with the 4€ I would have choosen. The lowest amount of total anual ordering volume that anyone calculates with is 20.000€. If I would open a depot, which is for free, and would invest the 150€ I have currently saved, I would have to pay the 4€ fee and invest only 146€. To make more than 150€, aka recovering the fee and making profit, the share or stock I bought would have to go exceptionally well.Not to mention that you don't have any risk spreading in that. If I invested 1000€ every order, getting those fees back wouldn't be a problem, but 100€ are too small, the share too tiny, to get anything back. I would loose money.
Don't make individual trades; it's too risky and time-consuming. Save up chunks of 500 or even 250 euros and buy mutual funds. Hold them long-term. Or use a robo-advisor that can do the asset allocation for you.
It's rough when you're disabled. Even when you get disability pay, there's a good chance you're getting an insulting amount that the government is ready to pull away as soon as you make a pittance from another source. And then you get called lazy for it.
To people in the comments saying $15 per hour is soooo much, consider that cost of living varies widely in different regions. What $15 will buy you in a rural area or small town is very different from what it'll buy you in a city or other high-demand area.
Thank you for sharing your living situation! I live at home too because my state (New Jersey) is mad expensive to live in and I contribute to our household by doing pretty much everything around the house (cleaning, laundry, cooking, etc) as my rent. There is no shame living at home and saving that money if the option is available to you, as long as you are contributing to the household you are still just as much an adult as anyone else!
I’ve been doing some of the ways the girl said to do: waited a week to decide if I still want it, put money aside whenever possible, home cooking more often, and every week $25 comes to my bank savings account while $20 goes to investing. I live in San Francisco, so getting paid nearly $19/hr may sound a lot, but rent prices are so ridiculous.
This is quality advice regardless of the fact that her job paid her twice the amount a lot of people make who watched this video. Maybe the title "Almost nothing" in the thumbnail is a tad insensitive to people who truly make little and have had emergencies that haven't allowed them to save 300 dollars a month.
"Setting your savings like a bill" This is what i do! It's an auto-pay from my checking acct to my savings so i just "set it and forget it." At the end of the year i reevaluate my situation to see if i can't up the savings deposits or transfer a portion to another acct like an IRA or separate savings for a specific thing (a vacay, or big toy). Sometimes i can't, and that's ok. I'm still saving and i still have a nice little nest egg for emergencies and other stuff.
When I was 18, my parents made me pay rent. 200€ a month, which at the time was most of my income. It taught me to be wise with my money and not treat myself to luxuries whenever I got up with a bad mood. Right now I spend about 33% of my income on rent alone. (That is including housing benefits, as it would otherwise be 60%.) Even with that, I still manage to save a bit. It's not impossible. However, that doesn't mean it isn't difficult.
The answer is, and always will be, that if you came from a fairly well off family it will be easier to save. Her family let her live rent free and was well off enough to live near public transit, which is more expensive than living in a more isolated area. She also seemingly didn't have any student loans, which means her parents either helped her pay for college or she had a very good scholarship. The number one predictor of wealth is how wealthy your parents are. And that doesn't mean your parents have to be filthy rich or something; being middle class presents you with options that a person from a working class family wouldn't have. Moving between social classes is statistically difficult to do, and that is because wealth begets wealth.
You call $15 nothing?? I make $8 an hour for 5 hours a day for 4 days a week and my paycheck every week is $142-143. And I'm 27. I use to make more money in my previous job than I make now but that was because my previous was constantly understaffed so I had no work-life balance. I worked every single day and put in overtime and the treatment was horrible amd that's why I quit and now I work what feels like an after school job. Must be nice making $15 an hour.
Oh and $110 of that money each week goes towards bills. I can't pay for my rent in full because its $842 and I can't even pay for half of my rent because it would cut into paying for my electricity and my $40 cell phone bill
And I have tried to advance at my work but my boss doesn't care and wants to keep me in my shirty position of being a dishwasher. Dishwasher always are looked down on as though we're easily replaceable and we don't want to succeed. It a sad position and I have been doing it for 4 years and counting and when you try to find a job that isn't dishwashing they look at you like you're brain dead and you can count on not getting the job.
No doubt $8 an hour isn't much, but if you're only working 5hrs a day 4 days a week, that's only 20 hours. Can you add more hours so that you're at least working full time hours? Or pick up a job on the side as she did to supplement. FT expenses require a FT job.
@@evergreen429 nope. I asked my boss and they have enough staff that I can't give any more hours unless someone requests a day or something off but nobody in my position asks for a day off
As someone who lived at home until 24, while going through school, this is seriously impressive! I lived at home, received almost a full-ride scholarship AND received a significant amount of inheritance. Without that inheritance I would be nowhere near $50,000 saved.
You all need to stop being so bitter... every negative comment forgot to mention one of the million times she said she said her situation would be different. There's also a LOT of young people that DO go and live with their parents so it's really meant for them. Obviously if you pay rent, bills etc then your situation will be different. And yes $15 is nothing depending on where you live or what you're doing. You guys really find anything to complain about,either go watch another video or go pick up some extra hours and make your own money. For people who apparently pay bills ya'll are acting like children. Other than the rent she actually has some take aways, and yes these kind of videos sound the same because saving isn't rocket science, it's just challenging for some and everyone has slightly different needs when it comes to how to save. I pay rent and bills and even I know what things wouldn't work for me. Ya'll just came here to see if you could make a quick 50k. End.
I like the idea of lowering the amount you can buy a problem item to a certain frequency. I've been trying to grocery shop every week, once a week. When I run out of something, I can find a way to manage for a few days. So I'm not tempted to overstock like when I'd shop every 2 weeks. And I'm limiting how many off the list impulse buys I make by not just running in for one thing.
I’m 31 and JUST making a proper salary job. When I drew up my budget, I decided to stay where I currently live, and write three savings goals into my budget like my bills.
Love the channel, but seriously every time I see a 'I saved $$$ in YEAR' click bait title but the answer is 'live with your parents' it makes me turn off. Immediately.
Something I wish would’ve been addressed in the video was how much she worked compared to how many credit hours of college. Even though it doesn’t relate to my situation, I really liked hearing her story!
I wish I wasn't so stubborn and stayed at my parents house. Last year I only just started teaching myself about the importance of saving, Budgeting and investing. Making 14.45 working in a mental institution. Honesty think I'm underpaid for the position but I like the job. Better then when I worked at subway and Walmart for 9 and 11/ hr. I'm going to be 22 in a few months and so far, I think the worst advice I received from many is "oh you still have time, don't rush" if I would have went to college right outta highschool I would have my RN in a few months at 22.
I think the combination of not having to pay rent AND making $15 an hour helped you out tremendously. Plus, you were able to start this at a young age. Compound interest is your friend.
I really enjoyed this video! I work in fast food and save $20,000 a year on a $35,000 income (AUD). Live in a share house. Avoid takeout. Borrow instead of buy. It's not that hard, you just need discipline.
Rule#2 pay half or less than half utilities and food (idc what she says she ate her parents food when they cooked) Rule#3 Have parents with health insurance so they can insure you too 😂 This got me so mad i had to unsubscribe because they are obviously looking to reach a different audience😡
@@Harajuku3000 I know it's only her personal story and what worked for her but the whole, "It's just that easy!" message that really pisses me off. Go check out Financial Tips for BROKE People by collegehumor 😂
bro shut up stop thinking everything HAS to be relatable, she could of literately said THIS ONLY WORKED FOR MEEEEE and people like you still wouldn't be happy. this isn't to help people in a similar situation. this is HER story, if she can relate to broke people that's pathetic life @@alisonb4786
While this is inspiring and useful for those in their early 20’s, I don’t think it’s much help for most of us who have already racked up debt and made other bad money decisions. Without a clean slate it seems almost impossible nowadays 🙁
I mean if you refer back to another financial diet where the woman stated that the idea that you have to pay off your debts before saving is actually harming you financially, I think it could still work. If you feel safe about it, put your debts off and start saving. Don't create anymore debts, make smarter choices in future and never buy or spend on anything in the moment, give it a week are some of the basic points in this video and those should apply to anyone of any age (speaking as someone who is about to turn 30, has debt and has made bad financial choices)
To add to that if you break up your goal eg instead of 50 000, save 5000 and then find a good investment for it. If you need to take, a break, pay off some things. Give yourself 6months to a year off then set another 5000 goal, add that to the investment when you find it and keep going like that. Yes it will take longer but it will also feel more do-able.
I suggest you listen to the Dave Ramsey show. Also get his book the total money makeover. I don't agree with some things, but he is the best at helping people get out of debt. I have 10,000 in debt and want to graduate uni debt free. You won't be able to really save a lot, until you finish paying your debt.
I was in this situation before I was able to create a savings account. If you are not already managing the debt situation then I would highly recommend you research about the debt snowball method. That's what I focused on and as soon as I was debt free, I promised myself to never get into debt again and started my savings
I got my highest-paying job at 30 y.o. and it only pays CAD23$ per hour (minus 16% tax on income, then your leftover money suffers 15% sales tax). It doesn't even offer me more than 20 hours per week. The next highest had been 17$ but I had to sell my soul in order to be able to stay at that job, and ended up burning out after less than 3 months.
So I did the math. The author lives in NYC, where the price of the apartment you can rent is based on your salary, as in the rent has to be 40x less than your yearly salary (for the author, her yearly salary was $35,000, so $35000/40=$875). She could rent for less than that, though where she could comfortably do that without still essentially being a ... leech in NYC is unfathomable. Even with roommates, she would generally be paying a min of $600-$800 each month on rent unless someone else was paying for the majority of the rent. So taking into account what she would have been paying on rent each month, $875, then she saved $10,500 a year by staying with her parents, or roughly a third of her yearly salary. For three years, that is $31,500. If we remove that from the $50K, then she really saved $20,000 over 3 years using her saving methods and the rest of it came from saving on rent. Saving $20,000 is great, but it feels misleading when compared to the $50,000, even if that is what she really saved.
Not watched the vid yet but as someone with a hourly pay to more like 12.8 or less dollars an hour 15 seems like a pretty High salary. But I suppose if you have children and /or live where house/rent cost are high then I guess your salary gets swallowed up quick. Plus I guess your income always tend to make your spendings increase as you get used to a particular living standard. Anyways, budgeting can always help:)
This is what I needed. I few months ago I commented on how I am a senior in high school looking on something that can work for me. I’ve been trying to save money for college because paying off student loans is something I’m not a fan of. I’ve tried to start getting good with money now so I don’t have to worry about it later. I want to go into nonprofit work because to me that’s where I’ll feel the most fulfilled. I don’t want to have to worry about money when I’m doing this thing I love. Does anyone have any apps that has helped them? For budgeting, saving, or investing?
The only thing that makes it possible is not having kids and living with your parents. Neither of those is an option for me. I have a mortgage on my house, and I have some savings, but saving hundreds of pounds every month? Not going to happen. I don't work full time because my daughter is only a toddler. So I make less money so I can actually spend time with her.
I think it’s wonderful you value your time with your child over working more. Maybe you can find different ways of saving more that don’t put pressure on your time. I personally like rebate apps like Ibotta and saving Star that let me earn cash back on my groceries or other store I frequent. Trips to the library over buying books, it’s quality time and free! There are millions of ways to save with out working more. It’s all about finding what works for you. We may not be able to bank an extra 50k but ever dollar counts.
@@theStarker I'm British, and I don't think there are apps like that. I buy a lot of my food from the local market, and most clothes etc are bought second hand or passed down. I'm financially relatively comfortable, but I'm never going to be rich.
Strange Kat if I was in your shoes, i wouldn't stress over it. if she's eating well & living well, i'd just enjoy your loved ones & not take things for granted. u already have a mortgage. Just get a little emergency fund for 3-6 months & enjoy life.
if the fee for wealth simple is 0.5%, how often is that fee charged? like if you put $10,000 in, is that $50 a month or $50 a year? if it is $50 a year, will it be $4.16 a month or charged once for the year?
I had a friend in Uni who inherited a small 1 bed apartment from an aunt and she said to me - completely straight faced - "Now, based on my savings, as long as I don't have kids until after my grandparents die, even on minimum wage, I'll always have enough money to live, if I'm frugal." Then she tried to make and omelette without eggs because all she had left in the fridge was milk and onions. This video kind of reminded me of that.
I live in the UK and signed up to Wealthsimple but didn't receive the equivalent of $50 on sign up. Does it not apply to those outside of North America?
The design and animation in this video is really good. I loved the old school pictures mixed with the modern design and colours. Most of these factors don't really work for me since I'm still studying I'm not too focused on saving that much right now. I have my emergency fund saved but am not able to put in more, because I really want to focuse on school til I'm done. Also, I know the "live with your parents" advice gets passed round a lot but it's really not for everyone. I'm so glad I moved out when I was just 19 and I now have a lot of friends who are just moving now out with 26 and lack some serious adulting skills in just taking care of themselves and a flat.
I happen to have the opposite attitude towards cards and cash. I rather pay with card because knowing I don't “see“ the money I try to keep a better eye on what I spend. When gettin cash out of the atm it feels like money that's already spent and so I'm less careful with how I use it.
$15 an hour = £11.75 an hour. Very few under 25 year olds are making that in the UK, especially students. Many people over 25 working full time in skilled jobs don't make that!
Wow - I love this video! Thank you for all the wonderful content, TFD! You help to keep my motivated, inspired, & on track to achieving financial independence.
I couldn’t keep my eyes off the video! Well done TFD, stays true to the message but always experimenting. I DESPERATELY needed this because I am currently getting paid 15.60 and just can’t get to saving anything! Any tips on how to balance it all especially with a credit card debts involved in the equation?
@@ruffey1748 lmfao that's nothing. Rent is a huge expense so of course getting rid of that will let you save so much more. It's just not realistic for most people and it's a very privileged situation to be in.
When I lived at home all my money went to supporting the family and I was a teen. I don't think I ever got to spend money on myself except maybe groceries for the family.
@@shoobamocha I wasn't implying that anything you said wasn't the case, nor do I disagree with your statement. My reply was to correct the statement that she pays no bills at all. We know from the video, that's not the case.
Nice ideas, but not mentioning shes living with her parents in the title is majorly deceptive. I make $15 an hour but when I have $900 a month rent I have a dramatically different budget
It's not really misleading. It's common sense. How else would someone save $50,000 by 25 with a $15 an hour wage? Obviously, she wasn't spending money on one of the largest categories...
Plenty of people who live at home/dont pay rent, still dont manage to save $50,000. So yes, its a privilege (one she acknowledged) but its not the whole story
She also says to get jobs where you don’t make minimum wage. And to save. And to be happy, not complain because you don’t have what other kids living on student loans or credit cards have ☺️😉😌😏
This is exactly why my 15 year old is at work right now and is saving money. I opened all children a savings account instead of throwing a large birthday party we put the money in savings account. If a parent put in $100.00 a year that would be 18 hundred that's to me is better than gifts and cake!
Really enjoyed this style of video. The graphics really helped me focus on the story. Would love to see more content like this! Also, props to whoever edited this!!!
This 3-Minute Guide will show you how to save an extra $100: ruclips.net/video/SM9e20g8omI/видео.html.
I liked how honest this video was. No "try this new life-changing method!" she just shared her story and what worked for her, aware that it may not be for everyone. Could use more of this kind of content
Agreed! Maybe they could even ask for TFD viewers to submit some success stories for future videos like this. How they have changed their life in the last year, etc.
@@alexandra109 that's a fantastic idea!
To all the people complaining that "this doesn't work for everyone".... We know. She knows. She said multiple times that she had privileges, and that this isn't feasible for everyone, but rather what worked for HER. Just because a piece of information doesn't 100% apply to you, doesn't mean it's wrong or shouldn't be shared.
THANK YOU. Even a repeated, explicit caveat about "this doesn't apply to everyone" won't stop these commenters from getting pissed and threatening to unsubscribe. It's ridiculous.
Agreed however I think a lot of this frustration come from regular viewers of the channel who are fed up hearing the same stuff repackaged, when what they actually want to know is how to cope on much less money than the show typically deals with. I.e. ppl on min wages, short term temp or zero hrs contracts, ppl with set costs like children, student debt... or alternatively how to live a comfy lifestyle while improving one's money situation (i.e. not working unrealistic hours long term, or having to use every non working second on chores to save money) essentially a lot of ppl without priviledge find this site, stick around to get some decent tips, and instead hear the stuff they either already knew or which doesn't apply to their situation.
I think it's often a mismatch of expectation and what TFD offers which causes so many shoot-down type comments. Clearly there's a market for money saving tips for those on a lower income bracket.
SplatterInker well if thats the case, rather than wasting time on watching mostly unhelpful videos and writing angry comments, they should just unsubscribe and find a financial channel thats fits their situation better
caroline she did say the $15 an hour was almost nothing though which in itself is ridiculous
@@Rin-ef2tp That's her opinion. Plus it's all relative to where you live and what your cost of living is. For a lot of people, $15 an hour would not be a livable wage.
Can we stop criticising her for a moment and just admire how well-made this video is? I enjoyed it much more than the regular girl-talks-to-camera type.
So true! Kudos to the editor
I did too. It was wonderful. It held my attention etc. I was a wee bit disappointed at how limited the advice was.
It's weird
Seriously!? Who cares how well made the video is. Like that totally isn’t the point here. 😂
I'm a student and I make around 800€ a month. My rent is 500€, adding to that bills and food, I spend around 650€ in total just to live. Instead of buying that new phone or eating out I choose to save what I have left, even if it's just 150€. Just by saving 150€ a month for a year, it adds up to 1800€. It's not huge, but at least it's something.
Honestly not a smart move. When you’ve got your degree, having saved these peanuts will only make you think back about the unique opportunities you likely won’t have attended, because they were too expensive.
Money has diminishing marginal utility too. Never in your life will spending be this beneficial to your well being. Just some thoughts
You may be very glad of that money some day, especially when job hunting after graduation. You’ll have enough to live on for a few months while you find the right job, or it’ll make a great emergency fund.
Sheesh I get where you are coming from, that you shouldn’t live for a possible future and feel deprived and miserable in the moment.
But as a student it still might be smart choice as it gives you a cushion for when your student days are over a new job might take some time. Plus delay in paycheck for the first month maybe anyway or you might need to move to a new place for work etc.
I sure didnt. I lived on student loans other than summer jobs as the idea of working along side my studies never went from idea to reality. And I really wish I had worked extra and had savings.
So to each there own what truly matters for them.
@@Sheeshening I don't deprive myself of any opportunities. I don't go out to eat so instead I make food from scratch and invite my friends over for a delicious dinner - or even better, we cook together! I live a simple life because I truly enjoy it. Last summer one of my cats got sick and vet bills are expensive, I was very glad I had savings. I grew up in poverty, so I know every penny is precious. Sometimes even "only" 1000€ might save a situation.
@@JehanineMelmoth It's totally an emergency fund! Last summer my cat got sick and vet bills are expensive so I had to dig into my savings, I was so glad I could pay the bills on the spot and be done with it instead of borrowing the money from my family or taking out a loan with my bank.
The attention to detail and perfect use of sound effects made this super satisfying to watch, not to mention it actually held valuable info!
P
1. i put in the work
2. i left my ego at the door
3. i asked, do i really need that
4. i still had a life
5. i paid a savings like a bill
6. And I lived with my parents.
All 6 points sound good to me
nenf III The hero we don’t deserve. Thank you.
And it still don't save much....
Im living with my parents and I have to save that is a real money-saver. I have to spend all my salary when I was living alone. Now I have saved $20 000 within 10 months.
"Treat your savings like a bill." Man, a lightbulb went off when you said that! I've been struggling to put money into my savings account, and struggling even harder to keep it there. But I think if I treat it like a bill I can't skip or adjust, I think that will help me a lot. Thank you!
Unfortunately, living at home doesn't mean you can save money. Sometimes you live at home because you're helping your family out financially. I did that for a few years before I realized that I wasn't saving any money being home. I was in fact spending more than if I was by myself because I was cooking and preparing foods for everyone. Not to mention a cable bill I'd never have on my own and utilities for 3 people. Moving out with one roommate and not sharing food allowed me to save way more money than being at home. She acknowledges that what worked for her doesn't work for everyone, but I'm glad she had those opportunities and she used them. Some stay rent free and don't save. Instead they blow it on junk.
Acknowledges her privilege and money sense. Is still bashed for privilege.
Stop defending other people's brokenness and start offering help and education, like this chick. If you know of a better way to help people save $50,000 LETS SEE THE VIDEO GODDAMMIT.
I don't see many people "bashing her" it's just she obviously has a lot of privelege so the video while being well meaning is mostly useless for most people. It's very vague and offers no specific plans. For example David ramsey is broad enough that everyone can get help but specific enough that we can form a real plan. It applies to everyone. This video the woman is mostly able to save because her privelege. It's not that she has some privelege it's literally all privelege. It's like getting advice on how to buy a home from some one who hasn't bought a home since before the housing crash.
David Ramsey is a coach. She's not a coach. The video is titled appropriately. She explains how she made the most of her situation. She could have not saved, despite her privilege, but she did. If people look at this and feel like privilege is the reason she can and they cannot, they'll continue to not better themselves.
@@lupsie19 Thank you
👏🏼👏🏼👏🏼👏🏼
@@Allison_Hart If you cant get anything out of this video, you all are stupid.. I think, there are some of her point that can be applied and used.. Example, spend less than you earn.. Try looking at your last 5 purchase and see if there are really a necessity, if not try cutting it back.. Pay saving amount like it is a bill.. And many other more..
I’ve been doing this!! I’m 24 and been saving and working overtime. I live with my mom rent free but do pay for food and my car stuff. People think I’m trippin living at home but I’m like y’all continue eating noodles barely making ends meet living with roommates just to say your independent
Shauna Kabana sorry to break it to you but not everyone has the privilege to either have loving parents willing or able to let them stay (for free) or their family home to be in a place where they could commute to school/work. So while you are perfectly right to say it’s not a big deal living with your parents mid twenties, it’s pretty naive to suggest the only reason people are moving out is because they want to feel independent.
@@pippelotta1953 reading between the lines, I think Shauna was directing the last bit more at those who mock others for living at home.
Pippe Lotta I know that not everyone has the privilege I’m talking about the people that do have that option
OMG Someone please give the graphic designer an award!! this video is sooo well made. I thoroughly enjoyed it. 👌
Everyone isn’t going to have the same story! Let’s all try to learn from the fundamentals instead of complaining about how much we do (or don’t) make and how we don’t have the benefit of living at home. -Akeiva
Why is it that any time someone shares that they lived at home to save money, people POUNCE on them. Sorry some of us actually get along with our parents? That doesn't negate all of the other tips that she shared. It's not as if she did nothing else geez. If that part isn't applicable for you, why not follow the other tips and find what works best for YOU instead of complaining that someone else shared what worked for them.
because hippies perpetuated this idea back in the day if you weren't about free love and out of your parents place when you hit 18, you were a snob.
but yeah, you either end up living with roommates or parents so what's the difference? :(
That's kind of a simplistic view. It's just an unrealistic life option for many people.
It's good to keep conversations going about systemic issues while also getting by however you need to on an individual level. Not talking about how unrealistic a lot of these tips/situations are for a lot of people starts to create a common mindset that, for example, if you don't live with your parents to save money it's because you don't "get along." Basically, it's to help people like you have more empathy so that on community levels we can all work towards a better system. Try again.
It's not necessarily about getting along with parents. A lot of people have parents that were emotionally, physically and/or financially abusive, or just plain toxic and unwilling to help, leaving us on our own. I think people "pounce" because they're frustrated that videos like this often come from the perspective of someone who had help, whereas the viewers that "pounce" don't have the luxury of help, don't have a fallback, and have to rely on themselves totally and completely. I feel like people who don't have good parents and don't live at home, myself included, have a different reality. The stakes are different, the choices are different. If we can't come up with the money for something, that's it. The electricity gets shut off, or our landlord evicts us. And in deciding what's important, it's not a choice between eating at a restaurant and eating at home, but whether to pay the phone bill or credit card bill, or to buy a $1 box of mac and cheese or grapes for $3.25 (and feeling guilty for buying the grapes). I clicked on this video so fast, cause I was interested to see how this woman did it. Like, "Wow! She saved $50,000 by 25? I didn't think that was possible!" But, I ended up feeling disheartened because the way this woman saved money isn't at all practical for me. That's not her fault, she's just sharing her experience, like you said. But you've got to understand, when we see videos like this, it feels like having parents and living at home is the only way to become financially successful. It makes our impossible situation feel even more impossible, and that adds to the anxiety and depression we already feel, wondering where our next meal is going to come from. Again, not her fault. It's not anyone's fault. It's just the reailty for many people. Thanks for reading if you made it this far :) Just trying to create some understanding and a dialogue.
@@elisemedelez4422 Bless you for being a voice of reason and explaining everything with a calm tone. Like dang ya'll.
If all you needed was to make more than those who came into money such as lotteries or inheritance would always stay wealthy. Learning how to manage money is important no matter what we earn.
damn i wish $15/hour was “almost nothing” to me
I can really relate to you
I would kill to make that much $$$
I feel so third world when i read this titles... But i'm in México so it's sadly realistic
I make $13/hr in CA for a place I've been at for 3 years. I need a salary job to survive.
Right? Like damn I'm 20 and I'd do anything for $15 an hour.
Texas min wage is 7.25. 15 an hour sounds like a dream lol
Get Donald trump out, get another Obama and that should be fixed hopefully I The next decade. Ughhh...or move up here
While I totally agree that it should be $15 or more there too (because that's the bare minimum that everyone deserves to make when literally selling hours of their life they'll never get back), housing costs are also nearly double in some areas where $15/hr is the minimum wage. I think I was making $12/hr barista'ing in the Bay Area in 2017, where housing costs are $1000+/single room. Literally my entire paycheck went to rent and I lived off my tip money. I love California and can't imagine myself leaving, but I envy Texas' housing costs! ;)
Vote bernie he supports $15 minimum wage
Lyndsey Olsen totally I’m sure it is somewhat related to cost of living...we have rent here that is easily $900 for a 1 bedroom, but it’s still possible if you look hard, try hard and take some cuts like not the best area, no elevator, not trendy no dishwasher and you can have a bachelors suite for $625..I know I had one....our min I believe is $11.35 an hour in Winnipeg, MB
@@LS-qv1ei Obama didn't do that when he had 8 yrs in the WH--and TWO YEARS with the Democraps actually in control of all branches of government (Executive, Legislative & Judicial)!
Ive built up a $10k emergency fund so far! Gonna keep going, thanks for the the animated video and your story
Inflation will eat up all that saving but ok...
@@campkira I keep it in a high yield savings account with a 2.25% apy so it actually holds out against inflation. I use Marcus by Goldman Sachs. Check that out or Ally, would recommend!
Roses are red, violets are blue there's always an Asian better than you
I really liked the format of this video and I hope ones like this come out every now and again
Other broke folks over 25 who are mentally travelling back in time rn?
Some things not addressed in the video.
$15/hour. Is that the average over 8 years or what she made the whole time? Did she work 40+ hours a week?
College. Did she go? If so, how did she pay for it? Did she work 40+ hours a week while going to college?
Utilities. Did she pay an evenly divided amount with the other bread winner(s) in the house or a set token amount?
I think this video gives unrealistic goals without giving all of the information. Yes, there are great tips and practices presented here. But, without all of the information, it sets unrealistic goal and may only set people up for failure.
I agree..
I appreciate that she is making an effort to acknowledge her unique circumstances and privilege, but I was wondering this too! Are we supposed to understand that she was working a full time job for $15 an hour AND babysitting 20-25 hours a week? That's easily working 60 hours a week, without factoring in transport between home and different working locations. I'm surprised she was able to have a social life or decompress if that was what she was doing!
Plus something that people should really mention more often with side hustles is that you should really be setting yourself up with HMRC and paying taxes on that money - you probably won't be caught out babysitting but many side hustles are more easily traceable and you don't want to get in trouble for not paying taxes!
IndigoJo All that while going to college and taking the occasional weekend get away.
And besides that LOTS OF US and living on A LOT LESS than $15 and hour !
Hi Daniel! I wrote this video and figured I'd answer some questions. I graduated college with a degree in accounting. I graduated with about $2,000 in savings from working part time in college. The bulk of the savings talked about in this video was made from ages 22-25. Also want to add that this counts my 25th year, not some birthday cut off date. I worked 40 hours a week at my 9-5 during this time.
As someone under 25 tell me where I can get a job for $15/hr because I can’t.
Move to Alberta, Canada 🤷♀️😂 Our minimum wage is $15. But our costs offset that wage increase.
@@TurnAndBurn14 No it's not
@@KAIZENURAMESHI I have lived in Alberta my entire life. I promise you, our minimum wage is $15. I am a hiring manager, and as of October 1, 2018, all new associates were hired at $15.35 (because we pay higher than minimum), and all other associates had a pay increase to compensate.
++++
I work at an assembly line. Start off pay is 14.85 and tons of overtime, but hours can be long if you are not used to mandatory 12 hour shifts, it can be daunting.
Living rent free at your parents must have been nice for your savings, but it's a band-aid on the fact that you weren't being paid a living wage - a wage high enough to afford to amass a savings WHILE paying for everything your parents paid for while you lived with them. When people try to follow this advice and fail they'll beat themselves up for "not working hard enough" or "having high standards" or "not controlling their spending" when the problem is *systemic* . What let you save this was luck - the luck to have good enough parents.
Jacob Driscoll I was thinking much the same thing. She was not paying the full rate for living costs. She said she paid her parents “some money for utilities “. What does that mean? What about insurance? Did she have any? Car, health, home? She said college wasn’t free but nothing about how it was paid for.
I do agree that if you get along with your parents and they are willing to cover your living expenses, then yes, sock away your money.
Well in the video she did say that this method is not for everyone and works just for her.
💯 Jacob. *Thank you for speaking Truth!!!!*
Yup. That's the biggest factor. My rent alone is 5 times what I would "give for utilities" if I was living at home (and that's if I was paying *full* utilities-- I doubt she even did that).
She literally says this at 2:27
so many comments saying this isn't realistic but just know that this is an example and not everyone is the same or has the same situation. I personally enjoyed hearing how she achieved that goal. Also, love how this video was made! xx
$15 an hour full time = $30,000 a year = $24,000 after taxes (at least in my state). Let's say you live on $1,000 a month. That's $12,000 spending / $12,000 saving per year. So assuming you did this for ages 16-25 (10 years), that's $120,000 savings potential. Sounds great on paper, but let's bring this back to reality.
1. A $1,000 a month budget is simply not feasible or not sustainable. Yes, you're able to do it if you live with your parents. Many don't have that option. Yes, you can go without health insurance / mooch off parents' insurance / get fully covered through work, but many people don't have those options. Yes, you can use public transportation. Many don't have that option.
2. If you're like most people, there's some education expenses in there somewhere, which would run a minimum of $4,500 a year after books even if you go to a community college. You can kick that down the road with student loan, but you're just fooling yourself thinking you've saved $4,500 while racking up $4,500 in debt. For a 4-year degree, that's $18,000 total. You're down to $102,000 assuming you stick to your budget.
3. Most people don't work a full-time job until they're out of school. Let's say half time for ages 16-21 while you're in school. Half time would result in annual take-home pay of $13,000 instead. That's $11,000 from our original estimate lost for 6 years = $66,000 gone. We're down to $36,000.
4. We can assume your expenses are negligible from ages 16-18 when you're still living at home, so we'll add back $25,000 during that time. We're back to $51,000.
5. Sorry, but a car is ABSOLUTELY ESSENTIAL for most people. Yes, public transit is available in most big cities and you theoretically could live without, but for anyone living outside that bubble, or for anyone wanting to travel more than and hour away ever, a car is necessary. Assume a cheap used car ($10,000) and minimal insurance, registration, taxes, and repairs ($6,000) over that 10 year time frame. We're down to $35,000. Good luck keeping that used car running for 10 years, though!
6. Vacations? Hobbies? Christmas / birthday gifts for friends and family? Good luck on $1,000 a month. Let's call these a *very* modest $500 a year. That's another $5,000 gone over 10 years. We're down to $30,000 potential.
7. As everyone living paycheck to paycheck knows, unexpected expenses are the WORST. Whether it's an unplanned hospital visit, cell phone accidentally smashed, travel expenses for an out of town funeral, major car repair. new computer, etc. $1,000 major unexpected expense every two years = $5,000 over 10 years. We're down to $25,000 savings potential.
8. You're going to be unemployed at some point during this stretch. Whether it's due to school, getting fired / laid off / quitting, searching for your first "big boy" job after college, etc. Hell, even unpaid time off for vacations when you're working at an hourly position. Assume a minimum of 6 months cumulative over 10 years. That's somewhere between around $8-10K. There's some minor tax effects there, so let's assume a conservative $8,000. Savings potential down to $17,000.
9. YOU'RE NOT GOING TO BE MAKING $15 WHILE YOU"RE UNDER AGE 20. If you are, bravo. Most of us will be starting at $8-10, maybe hitting $12-13 upon job change or promotion to shift lead or something. Let's average at $12 for 4 years. That's somewhere on the order of $9-10K factoring in tax effects. Savings potential down to $8,000 now.
10. Inflation. At a conservative 2%, your $1,000 a month budget becomes $1,100 with rising prices after 5 years. You squeeze and make $1,000 a month work for a while, but starting at year five you bite the bullet and up your budget. So now you've lost $100 per month for the last 5 years. That's another $6,000 gone. Savings potential at $2,000.
11. Guys, you'd better hope your girlfriend doesn't want an engagement ring. At your budget, at least $1,500 - $2,000 might be "expected." Now we're approaching $0 savings potential. Things are starting to look bleak.
12. I'm sure there are myriad of other things at play, some positive, some negative. Gifts from relatives, tax incentives like the AOTC or EIC, etc. But I think this gives a good picture of the scale. We're not in the $50,000. Not even close. We're in the $0-15K range max.
Bottom line, assuming you've read this far, is that even if you somehow stick to your conservative budget for 10 years, $15 an hour is NOTHING when it comes to long-term savings. The ONLY way you'll get anywhere close to $50K is to receive massive amounts of help (read: subsidization) from your parents, whether it be free rent, a gifted car, help with everyday expenses like groceries, or picking up the tab for tuition. Or to dramatically budget to the point of asphyxiation. Or to be really lucky with major unexpected life changes. Or work way more than the average person during those 10 years. Or to make way more than the average person during the early years. Or to get paid under the table and avoid taxes (you mentioned babysitting). This video is NOT realistic for the average person AT ALL. You simply cannot do this if you own a car, pay rent, go to school, or have a life. Sorry, folks. That's just reality.
Nothing about thos video made it seem like it was meant to guide the decisions of an average person. It's just a story that likely only undergrads can remotely relate to, what with her main expense being paying for gas. Thanks for the breakdown of how this would play out irl for adults though.
Youre the only one making sense
I dont know more than about 2 people personally who have the luxury of having a life leading to a 50k savings potential
what are you expecting though? like if we were actually following an "average" person, then they wouldn't be able to save up $50K without parents help. it's impossible like you say. the video would be titled "how I saved $10-20K by 25 by not having a social life or travelling". if you don't have parents help you're basically screwed by the system. you either pick a social life or you pick the measly savings.
@@fullshewolf plus didn't she say she was underemployed? I was a bit confused if the 20-25 hrs per week was just the babysitting side hustle or total hours worked.
TheMathKid - that's *your* reality, and like many it's self-defeating. It sets up a scenario that makes success look impossible, when really it just involves making better choices. I'll use my nephew's circumstances in my example. He works at Amazon making $16/hour, and they start you at $15 right out of high school so the "nobody makes that much under 20" line is wrong.
1. A thousand a month expenses isn't sustainable. He lives with a roommate, and his total fixed epenses are $850 for rent, food and utilities.
2. No education expenses. Amazon does 95% tuition reimbursement, but he says school isn't for him so no loans.
3. and 4. we can skip by assuming the person in the example is 21 to start.
5. A car here is indeed essential for most. A $10,000 car is not (the rule of thumb is to spend no more than 15% of your gross income on a car - in this case about half that). His truck was $2500, already paid for, insurance is $1200/year for liability. IMO, he doesn't need it - while public trans here does suck, he lives less than a mile from work and could walk or bike it. (Yes, he thinks that insane too). You'll cite maintenance and repairs, but he does his own with help from his uncles. You will claim not everyone can do this - you're mistaken.
6. A whole squad of optional expenses you treat as essential. I'll do you better: $125/month discretionary spending.
7. Unplanned expenses of $1000/year. Everyone goes on about hospital visits when you're young. I was in two motorcycle crashes in my 20s and still haven't seen the inside of a hospital, but okay., I'll allow it.
8. You allow for six months of unemployment over 10 years, I'll allow three months for the five in my model.
9. Incorrect, period. This is rural KY and numerous places will hire a high school grade for $15 or more.
10. Inflation is spot on.
11. Getting engaged is optional.
So my nephew's expenses are $850/month forfood/ housing, $140 for insurance and gas, and $125 discretionary. That's about $14k/year, leaving over $10000/year for savings and potential emergencies - in five years, $50k. This doesn't include 10 hours/week mandatory overtime two months a year ($1400 after taxes), doesn't count his income tax refund ($700/year on average) or his annual bonus ($1000 after taxes), which - over five years - make another $15,500. That would more than offset your assumption of 3 months unemployment, costing $6000. It would even allow for your fancy $10k used car. I'll ignore inflation but I also won't go into the 7% he could make on an S&P 500 index fund.
Here's the thing. I see young people going to great lengths to explain why they can't do something, and they put far less effort into how they can *overcome* the obstacles they like to cite, even though most often the solution is "have less fun now to achieve a long-term goal." The short way to put that is "maturity,"
I don’t think I ever clicked on a video so fast 😂 could really use $50,000 right about now!
That’s how you know where your problem lies ...
that mindset is going to keep u broke
ME TOO!
Or when you have 200k, but no skills to market it xD, it's gonna dissappear
This has been my favorite video to date from TFD (for which I turn to for the majority of my financial advice).
As a student who can only afford to pay for classes part-time on a minimum wage job, I often feel overwhelmed with the notion that I will forever be in debt without savings. This video motivates me on what's possible, providing an ever-necessary light of hope :)
Everyone that can’t get over her living with her parents is missing the bigger picture here. She was consciously managing her money and being frugal where she needed to be. There are people who live with their parents till they’re 30 and have no savings. Don’t diminish her triumphs because you didn’t resonate with one piece of her story.
TFD this was a good refreshing format. Keep on trying new things.
I chose different path. Instead of making more money, I decided to choose work that is beneficial for my CV and for my field of study. So now, I will finish law school with 4 years experience in the legal field. I may have less savings than my frined who does hostesing, but I have a serious advantage in my experience.
This is one of the most honest, no-hype content on growing your savings. Truth to be told, I was not caught by the 50 K sgd. I was more drawn by the fact that her process was simple, classic and boring. In the finance world, I learned that slow is smooth, steady and strong. I also learned that the more systematic and boring it is, the more effective it can be. Thank you TFD!
TFD is usually very practical and helpful, but these, "I saved alot of money by living with my parents and not going to TJMaxx" videos are not helpful to most people. THis is the ideal saving situation that just doesnt work for people actually living in poverty, with disabilites, or any other societal factors that can prevent someone from saving so much so young.
exactly!!!
Agreed. Where are the tips for people who are underpaid in a high cost of living area with virtually no public transportation and dealing with a family member with health issues on a high deductible health insurance plan? That's the kind of video I need about now.
funny how everyone in the comments is bashing this girl for being privileged yet don't understand that they're all privileged for living in the states/first world countries whereas those of us who had the misfortune of having been born in poorer countries will never make/save up this much money even in 10 years regardless of whether or not we live with our parents
$300/month was what I paid in rent during that same period in life. Scary how much privilege can add up and put you so far ahead of those who can't live with parents for whatever reason.
Lived with parents is basically the key to all of this. Even if you pay rent to your parents, the amount of living expenses that end up not falling on you if you’re staying in your family home is quite substantial. Less spending on food, utilities, tv, internet, no security deposit, no renters insurance, no pet fees, I could go on and on. It’s a great idea for anyone who has that as a feasible option, which certainly isn’t everyone. Some of us would rather be poor ;)
I barely had a choice of moving out when I was 17, would have loved the option to live at home, work while going to school and save money in my early 20's. Even 2-3 grand a year I'd have 20k cash in my bank right now. It's not that hard when you don't have to worry about food and rent. I think 75% of the population could pull it off.
I'm sorry to be that person but it sounds like this person barely had any expenses, and is therefore unrealistic for the average person. No car payment, no rent, and I am sure her grocery and utility bill was pretty low- maybe 300 for both when all was said and done if she is just feeding herself. Add to that the 150 for transportation and you get 450. Given that she was still making around 2000 once taxes were taken out, that leaves 1550 for everything else. Of course she was able to save a lot with that.
No mention of student loan payments either- also hard for 25 unless she got a full ride or her parents paid for college all together. Good for her if she did but most people don't get that.
Also $15 an hour by 25 would be great but its also unrealistic in a lot of cases.
The sentiment is great- treat savings like a bill, work hard, get side gigs, etc- but when most people are already living paycheck to paycheck and have no extra time on their hands, this is a little hard to swallow.
(I want to apologize for my grammer and spelling errors in the first post)
The point isn’t a checklist to follow, she said multiple times that it was an individual case. She is a real life story of success that can give people hope...maybe that exact number isn’t in your reach that fast, but the point is there isn’t only one way to do things and every little bit counts.
@@2ctheocean Thank You!!!
@@chrysalizubeth88 I am aware that it isn't a checklist to follow. The point I am trying to make is that she was able to cut out some things that most people absolutely couldn't do without- ie, a place of privilege. She is, I would argue, talking about how easy it was for her to save that amount of money every month when she had a good job (even though she claims that it wasn't, which is another thing I have a problem with), side gigs and so on. Of course it was easy when you have next to no expenses!
But it is hard to mimic her strategy if you do not have what she has. And you can say every little bit helps, but when you can't put more than 50 bucks a month back in savings, you are not going to create the same kind of cushion she has, nor is 50 a month going to be much help when a real emergency strikes.
They mean well, I am sure, and the principle might be somewhat effective, but you can't expect people to copy this strategy as a long term solution for savings when most people live paycheck to paycheck and don't have her advantages.
@@2ctheocean She made it clear that she doesn't expect her experience to be copied by everyone. She can still have usefull advice even if she was not living in penury.
Love that 15$ an hour is nothing as per the thumbnail. Making 13€ an hour in Ireland is considered a lot.
This was really well done and informational. Thanks TFD.
Plenty of minimum wage working immigrants buy houses within 10 years. It's just a matter of saving up money and being very frugal for a shortwhile and eventually in 20 years you can be a millionaire if you begin investing, because after you buy the first house, the savings accrue much quicker and it's exponentially so the sooner you start saving the easier it becomes afterwards.
I like how honest this video is about her advantages. Reading the comments I see a lot of people saying that their minimum wage is about 1/2 as much as the narrator's avg wage. I live in Toronto, our minimum wage recently raised to $14 hour from around $11. With the increase, everything went up - groceries, rent, utilities, and of course personal goods. I think the minimum wage in your city has to be proportionate to the cost of living. Also, people like myself who were being paid a little more than minimum before the increase now have less money to work with because of the inflation of goods and services. I'm working on establishing a successful side hustle because I can't go back to working 2-3 jobs, I'm legally blind and it's not feasible anymore. Anyone in the same boat?
What I like about TFD is how specific and realistic the tips and advice are..I find this a little vague..but I like the style of the video
I’m noticing that TFD is now recommending Wealth Simple more and not Acorns so much. Can I please get a comparison on both companies? I’m not sure which one to begin investing with.
I really liked hearing your story, you are smart and hardworking. I imagine your parents set a good example or taught you about money and are proud of you. Many young people (I am in my 60's) have not been taught those things and only learn to save after they have gotten into trouble...but it's never too late. The main theme is do not be impulsive, that works for all areas of life. My husband and I were not good at saving when young, we never had much money, but I realize we had a "side hustle". When our friends were buying cute condos and living in fancy apartments we bought an old ramshackle house (where our money went) and fixed it up. We sold it for a 30K profit...a lot in the 70's and bought another...and another and another. By the time we were in our 40's and 50's we had saved a lot of money because we no longer had a house payment. We also owned a rental house that brought in extra. My husband retired at 56 and I did at 60. And guess what we are doing? Sold our home and are remodeling a retirement cottage. My point is, what ever your talent is use it.
Ah! It was good to hear Lauren's voice at the end!
Almost nothing = double minimum wage. Interesting
We don't know where she lives so there's no way of knowing what the minimum wage is in that part of the country...
She said FOR HER INDUSTRY.
Idk where she lives, but in California's bay area that is nothing :/
Yeah in my area, that's not much of anything as well
For the record that's not a criticism of her, it's a commentary on how low minimum wage is.
$15 per hour in San Francisco or NYC IS practically nothing.
And Dc
I watch a lot of personal finance advice videos: I like this one enough to show it to my child. Good, solid, straight-forward advice, with a dose of humility, and cheerfulness. We also watch episodes of Gail Vaz Oxlade’s shows on RUclips together (Til Debt do us Part, etc.)
She’s been very sensible and she’s reaping the rewards. She’s aware that she’s privileged, too, which is important, but honestly, I’m sick to death of hearing this same formula put forward by able-bodied people with tolerable families. I’m disabled and can only work when I’m well enough, plus living with relatives would not be safe. Also, please stop talking as if investing is a neutral activity. Unless you research the companies you invest in, you could be doing the posh version of mugging someone. Invest ethically or not at all. It’s a video of good advice but it’s old news and not applicable to so, so many of us. And please don’t sneer at $15 an hour. Some of us would love that!
You are absolutly right: Investing ethically or not at all is the way to go. But here is the hurdle you have to jump first: The lowest depot, meaning an account where you place orders for stocks was one I found online and even then: 4€ ordering fee. Some where really crazy like 20 € ordering fees, but let's go with the 4€ I would have choosen. The lowest amount of total anual ordering volume that anyone calculates with is 20.000€. If I would open a depot, which is for free, and would invest the 150€ I have currently saved, I would have to pay the 4€ fee and invest only 146€. To make more than 150€, aka recovering the fee and making profit, the share or stock I bought would have to go exceptionally well.Not to mention that you don't have any risk spreading in that. If I invested 1000€ every order, getting those fees back wouldn't be a problem, but 100€ are too small, the share too tiny, to get anything back. I would loose money.
Am disabled too, completely concur. No bar jobs or babysitting for me! If anyone has any other idea for side hustles, please bring it on.
@@bordershader Maybe you could answer surveys online, translate or programm or do something similar that is online based?
Don't make individual trades; it's too risky and time-consuming. Save up chunks of 500 or even 250 euros and buy mutual funds. Hold them long-term. Or use a robo-advisor that can do the asset allocation for you.
It's rough when you're disabled. Even when you get disability pay, there's a good chance you're getting an insulting amount that the government is ready to pull away as soon as you make a pittance from another source.
And then you get called lazy for it.
To people in the comments saying $15 per hour is soooo much, consider that cost of living varies widely in different regions. What $15 will buy you in a rural area or small town is very different from what it'll buy you in a city or other high-demand area.
Thank you for sharing your living situation! I live at home too because my state (New Jersey) is mad expensive to live in and I contribute to our household by doing pretty much everything around the house (cleaning, laundry, cooking, etc) as my rent. There is no shame living at home and saving that money if the option is available to you, as long as you are contributing to the household you are still just as much an adult as anyone else!
I’ve been doing some of the ways the girl said to do: waited a week to decide if I still want it, put money aside whenever possible, home cooking more often, and every week $25 comes to my bank savings account while $20 goes to investing.
I live in San Francisco, so getting paid nearly $19/hr may sound a lot, but rent prices are so ridiculous.
This is quality advice regardless of the fact that her job paid her twice the amount a lot of people make who watched this video. Maybe the title "Almost nothing" in the thumbnail is a tad insensitive to people who truly make little and have had emergencies that haven't allowed them to save 300 dollars a month.
"Setting your savings like a bill" This is what i do! It's an auto-pay from my checking acct to my savings so i just "set it and forget it." At the end of the year i reevaluate my situation to see if i can't up the savings deposits or transfer a portion to another acct like an IRA or separate savings for a specific thing (a vacay, or big toy). Sometimes i can't, and that's ok. I'm still saving and i still have a nice little nest egg for emergencies and other stuff.
When I was 18, my parents made me pay rent. 200€ a month, which at the time was most of my income. It taught me to be wise with my money and not treat myself to luxuries whenever I got up with a bad mood.
Right now I spend about 33% of my income on rent alone. (That is including housing benefits, as it would otherwise be 60%.)
Even with that, I still manage to save a bit. It's not impossible. However, that doesn't mean it isn't difficult.
The answer is, and always will be, that if you came from a fairly well off family it will be easier to save. Her family let her live rent free and was well off enough to live near public transit, which is more expensive than living in a more isolated area. She also seemingly didn't have any student loans, which means her parents either helped her pay for college or she had a very good scholarship. The number one predictor of wealth is how wealthy your parents are. And that doesn't mean your parents have to be filthy rich or something; being middle class presents you with options that a person from a working class family wouldn't have. Moving between social classes is statistically difficult to do, and that is because wealth begets wealth.
You call $15 nothing?? I make $8 an hour for 5 hours a day for 4 days a week and my paycheck every week is $142-143. And I'm 27. I use to make more money in my previous job than I make now but that was because my previous was constantly understaffed so I had no work-life balance. I worked every single day and put in overtime and the treatment was horrible amd that's why I quit and now I work what feels like an after school job. Must be nice making $15 an hour.
Oh and $110 of that money each week goes towards bills. I can't pay for my rent in full because its $842 and I can't even pay for half of my rent because it would cut into paying for my electricity and my $40 cell phone bill
And I have tried to advance at my work but my boss doesn't care and wants to keep me in my shirty position of being a dishwasher. Dishwasher always are looked down on as though we're easily replaceable and we don't want to succeed. It a sad position and I have been doing it for 4 years and counting and when you try to find a job that isn't dishwashing they look at you like you're brain dead and you can count on not getting the job.
No doubt $8 an hour isn't much, but if you're only working 5hrs a day 4 days a week, that's only 20 hours. Can you add more hours so that you're at least working full time hours? Or pick up a job on the side as she did to supplement. FT expenses require a FT job.
@@evergreen429 nope. I asked my boss and they have enough staff that I can't give any more hours unless someone requests a day or something off but nobody in my position asks for a day off
I've also applied for jobs and never got a call back.
As someone who lived at home until 24, while going through school, this is seriously impressive! I lived at home, received almost a full-ride scholarship AND received a significant amount of inheritance. Without that inheritance I would be nowhere near $50,000 saved.
The aesthetic of this is amazing. Reminds me of the TED Ed videos. And the content is spot on.
Loved how upfront this was. Paying savings like a bill.... excellent thought. And the QUALITY - yes TFD, stepping it up!!
You all need to stop being so bitter... every negative comment forgot to mention one of the million times she said she said her situation would be different. There's also a LOT of young people that DO go and live with their parents so it's really meant for them. Obviously if you pay rent, bills etc then your situation will be different. And yes $15 is nothing depending on where you live or what you're doing. You guys really find anything to complain about,either go watch another video or go pick up some extra hours and make your own money. For people who apparently pay bills ya'll are acting like children. Other than the rent she actually has some take aways, and yes these kind of videos sound the same because saving isn't rocket science, it's just challenging for some and everyone has slightly different needs when it comes to how to save. I pay rent and bills and even I know what things wouldn't work for me. Ya'll just came here to see if you could make a quick 50k.
End.
I like the idea of lowering the amount you can buy a problem item to a certain frequency. I've been trying to grocery shop every week, once a week. When I run out of something, I can find a way to manage for a few days. So I'm not tempted to overstock like when I'd shop every 2 weeks. And I'm limiting how many off the list impulse buys I make by not just running in for one thing.
humble and efficient way to acquire wealth without doing crime. At the end of the day, it is you who is responsible for your own financial status.
I LOVE THIS VIDEO FORMAT!!!!! Knowing EXACTLY where your money goes is key to being successful, ALWAYS!!!!
Whoever did the voice over did an amazing job. Your voice is so calming and relaxing. The setup and visuals were top notch too. Really enjoyed it
I’m 31 and JUST making a proper salary job. When I drew up my budget, I decided to stay where I currently live, and write three savings goals into my budget like my bills.
Love the channel, but seriously every time I see a 'I saved $$$ in YEAR' click bait title but the answer is 'live with your parents' it makes me turn off. Immediately.
Something I wish would’ve been addressed in the video was how much she worked compared to how many credit hours of college. Even though it doesn’t relate to my situation, I really liked hearing her story!
I wish I wasn't so stubborn and stayed at my parents house. Last year I only just started teaching myself about the importance of saving, Budgeting and investing. Making 14.45 working in a mental institution. Honesty think I'm underpaid for the position but I like the job. Better then when I worked at subway and Walmart for 9 and 11/ hr. I'm going to be 22 in a few months and so far, I think the worst advice I received from many is "oh you still have time, don't rush" if I would have went to college right outta highschool I would have my RN in a few months at 22.
I think the combination of not having to pay rent AND making $15 an hour helped you out tremendously. Plus, you were able to start this at a young age. Compound interest is your friend.
I really enjoyed this video! I work in fast food and save $20,000 a year on a $35,000 income (AUD). Live in a share house. Avoid takeout. Borrow instead of buy. It's not that hard, you just need discipline.
Love the the format of this video! But I would also love to see some like this with a person who had actual bills, rent, and a single income.
I moved back in with my parents when covid hit, financially saved me. went from $300 in Jan 2020 to over $20k by Dec.
I love this new design and style of video! 🙌🏾 Thanks for the tips!
Rule #1: Live with your parents and don't pay rent
Rule#2 pay half or less than half utilities and food (idc what she says she ate her parents food when they cooked)
Rule#3 Have parents with health insurance so they can insure you too
😂 This got me so mad i had to unsubscribe because they are obviously looking to reach a different audience😡
@@Harajuku3000 I know it's only her personal story and what worked for her but the whole, "It's just that easy!" message that really pisses me off. Go check out Financial Tips for BROKE People by collegehumor 😂
bro shut up stop thinking everything HAS to be relatable, she could of literately said THIS ONLY WORKED FOR MEEEEE and people like you still wouldn't be happy. this isn't to help people in a similar situation. this is HER story, if she can relate to broke people that's pathetic life @@alisonb4786
@@indiaxlovee Your jimmies sound rustled
This is an awesome video. Everything single thing about it, the way it sounds, the voiceover, the graphics, the information.
While this is inspiring and useful for those in their early 20’s, I don’t think it’s much help for most of us who have already racked up debt and made other bad money decisions. Without a clean slate it seems almost impossible nowadays 🙁
I mean if you refer back to another financial diet where the woman stated that the idea that you have to pay off your debts before saving is actually harming you financially, I think it could still work. If you feel safe about it, put your debts off and start saving. Don't create anymore debts, make smarter choices in future and never buy or spend on anything in the moment, give it a week are some of the basic points in this video and those should apply to anyone of any age (speaking as someone who is about to turn 30, has debt and has made bad financial choices)
To add to that if you break up your goal eg instead of 50 000, save 5000 and then find a good investment for it. If you need to take, a break, pay off some things. Give yourself 6months to a year off then set another 5000 goal, add that to the investment when you find it and keep going like that. Yes it will take longer but it will also feel more do-able.
I suggest you listen to the Dave Ramsey show. Also get his book the total money makeover. I don't agree with some things, but he is the best at helping people get out of debt. I have 10,000 in debt and want to graduate uni debt free. You won't be able to really save a lot, until you finish paying your debt.
I was in this situation before I was able to create a savings account. If you are not already managing the debt situation then I would highly recommend you research about the debt snowball method. That's what I focused on and as soon as I was debt free, I promised myself to never get into debt again and started my savings
I got my highest-paying job at 30 y.o. and it only pays CAD23$ per hour (minus 16% tax on income, then your leftover money suffers 15% sales tax). It doesn't even offer me more than 20 hours per week. The next highest had been 17$ but I had to sell my soul in order to be able to stay at that job, and ended up burning out after less than 3 months.
So I did the math. The author lives in NYC, where the price of the apartment you can rent is based on your salary, as in the rent has to be 40x less than your yearly salary (for the author, her yearly salary was $35,000, so $35000/40=$875). She could rent for less than that, though where she could comfortably do that without still essentially being a ... leech in NYC is unfathomable. Even with roommates, she would generally be paying a min of $600-$800 each month on rent unless someone else was paying for the majority of the rent. So taking into account what she would have been paying on rent each month, $875, then she saved $10,500 a year by staying with her parents, or roughly a third of her yearly salary.
For three years, that is $31,500. If we remove that from the $50K, then she really saved $20,000 over 3 years using her saving methods and the rest of it came from saving on rent. Saving $20,000 is great, but it feels misleading when compared to the $50,000, even if that is what she really saved.
Not watched the vid yet but as someone with a hourly pay to more like 12.8 or less dollars an hour 15 seems like a pretty High salary.
But I suppose if you have children and /or live where house/rent cost are high then I guess your salary gets swallowed up quick.
Plus I guess your income always tend to make your spendings increase as you get used to a particular living standard. Anyways, budgeting can always help:)
I just bought your book!! So excited to read it!!!!
This is what I needed. I few months ago I commented on how I am a senior in high school looking on something that can work for me. I’ve been trying to save money for college because paying off student loans is something I’m not a fan of. I’ve tried to start getting good with money now so I don’t have to worry about it later. I want to go into nonprofit work because to me that’s where I’ll feel the most fulfilled. I don’t want to have to worry about money when I’m doing this thing I love. Does anyone have any apps that has helped them? For budgeting, saving, or investing?
How inspirational & makes one think all the small amounts here & there do add up.
Greetings from South Africa
The only thing that makes it possible is not having kids and living with your parents. Neither of those is an option for me. I have a mortgage on my house, and I have some savings, but saving hundreds of pounds every month? Not going to happen. I don't work full time because my daughter is only a toddler. So I make less money so I can actually spend time with her.
do you live with your daughter's father?
I think it’s wonderful you value your time with your child over working more.
Maybe you can find different ways of saving more that don’t put pressure on your time. I personally like rebate apps like Ibotta and saving Star that let me earn cash back on my groceries or other store I frequent.
Trips to the library over buying books, it’s quality time and free!
There are millions of ways to save with out working more. It’s all about finding what works for you. We may not be able to bank an extra 50k but ever dollar counts.
@@wiiiz3 no. He still sees her regularly and is very involved, we're good friends but we're not together.
@@theStarker I'm British, and I don't think there are apps like that. I buy a lot of my food from the local market, and most clothes etc are bought second hand or passed down.
I'm financially relatively comfortable, but I'm never going to be rich.
Strange Kat if I was in your shoes, i wouldn't stress over it. if she's eating well & living well, i'd just enjoy your loved ones & not take things for granted. u already have a mortgage. Just get a little emergency fund for 3-6 months & enjoy life.
if the fee for wealth simple is 0.5%, how often is that fee charged? like if you put $10,000 in, is that $50 a month or $50 a year?
if it is $50 a year, will it be $4.16 a month or charged once for the year?
Best video for saving money with a low income!!
$15/hour is considered making almost nothing? Clickbait much?
but she wasn't even full time, lol
she was basically freelance
saramations 🤦🏻♀️
I had a friend in Uni who inherited a small 1 bed apartment from an aunt and she said to me - completely straight faced - "Now, based on my savings, as long as I don't have kids until after my grandparents die, even on minimum wage, I'll always have enough money to live, if I'm frugal." Then she tried to make and omelette without eggs because all she had left in the fridge was milk and onions. This video kind of reminded me of that.
Omelette without egg 😂😂
I live in the UK and signed up to Wealthsimple but didn't receive the equivalent of $50 on sign up. Does it not apply to those outside of North America?
So you didn’t pay rent. How much does food and utilities cost a month like $300 tops?
The design and animation in this video is really good. I loved the old school pictures mixed with the modern design and colours. Most of these factors don't really work for me since I'm still studying I'm not too focused on saving that much right now. I have my emergency fund saved but am not able to put in more, because I really want to focuse on school til I'm done. Also, I know the "live with your parents" advice gets passed round a lot but it's really not for everyone. I'm so glad I moved out when I was just 19 and I now have a lot of friends who are just moving now out with 26 and lack some serious adulting skills in just taking care of themselves and a flat.
I happen to have the opposite attitude towards cards and cash. I rather pay with card because knowing I don't “see“ the money I try to keep a better eye on what I spend. When gettin cash out of the atm it feels like money that's already spent and so I'm less careful with how I use it.
$15 an hour = £11.75 an hour. Very few under 25 year olds are making that in the UK, especially students. Many people over 25 working full time in skilled jobs don't make that!
Wow - I love this video! Thank you for all the wonderful content, TFD! You help to keep my motivated, inspired, & on track to achieving financial independence.
I couldn’t keep my eyes off the video! Well done TFD, stays true to the message but always experimenting. I DESPERATELY needed this because I am currently getting paid 15.60 and just can’t get to saving anything! Any tips on how to balance it all especially with a credit card debts involved in the equation?
When you live with parents, you dont pay bills...
But she said she paid her own grocery bill and contributed to utilities.
@@ruffey1748 lmfao that's nothing. Rent is a huge expense so of course getting rid of that will let you save so much more. It's just not realistic for most people and it's a very privileged situation to be in.
When I lived at home all my money went to supporting the family and I was a teen. I don't think I ever got to spend money on myself except maybe groceries for the family.
@@shoobamocha I wasn't implying that anything you said wasn't the case, nor do I disagree with your statement. My reply was to correct the statement that she pays no bills at all. We know from the video, that's not the case.
I surely do water bill I pay half and pay some of the groceries. Especially if I want extras.
I love this series already!!!
I’m a huge fan of this video style!
Nice ideas, but not mentioning shes living with her parents in the title is majorly deceptive. I make $15 an hour but when I have $900 a month rent I have a dramatically different budget
It's not really misleading. It's common sense. How else would someone save $50,000 by 25 with a $15 an hour wage? Obviously, she wasn't spending money on one of the largest categories...
she didn't say this video is relatable lmao
I'm so excited for this series!!
Step1) don't pay rent.
Step2) oh wait that's the only step
Plenty of people who live at home/dont pay rent, still dont manage to save $50,000. So yes, its a privilege (one she acknowledged) but its not the whole story
The majority of 25 year olds that live at home don't have $50,000 saved.
She also says to get jobs where you don’t make minimum wage. And to save. And to be happy, not complain because you don’t have what other kids living on student loans or credit cards have ☺️😉😌😏
This is exactly why my 15 year old is at work right now and is saving money. I opened all children a savings account instead of throwing a large birthday party we put the money in savings account. If a parent put in $100.00 a year that would be 18 hundred that's to me is better than gifts and cake!
Lol right?! You could save 500-800 a month that way at least!
Really enjoyed this style of video. The graphics really helped me focus on the story. Would love to see more content like this! Also, props to whoever edited this!!!