Here is the video about traveling around FL I referenced in the video ruclips.net/video/rkyEeyvKq-o/видео.html The trip is complete and I'm back in Miami! My next video will be starting all the videos filmed from the trip!
I just purchased a small $130k house/1 story triplex w a Spanish tile roof in Ormond Beach (1 block from the beach!!!), surrounded by million dollar houses, in a pristine ultra safe neighborhood. I am ready for the car and bikes to rust much faster since this is my low cost dream home.
@@MichaelBordenaro Hey Michael , Cool video , you and Lizzy have a little bit of paradise. I am near Euclid and 4th street only 2 blocks off the ocean beach in a two story low rise , one bedroom but pre war - so the rooms are huge. I pay rent of $1400.00 but i am thinking my next move will away from craziness that is wrecking sobe. Cheers , joey d.
@@joedonzi9552 Yes the craziness of south beach honestly is the deal breaker for me. I can't stand it. But I do love the area itself and all the great restaurants down there and the ultra convenience of the lifestyle. Not a fan of the visitors we've been attracting as of late though
We are building our new retirement home in Vero right now. While we love the Miami-Hollywood area we felt the reduced traffic and lower cost of living up the coast checked the all boxes. We can always do day trips down there. Your figures sound right, but renting and home ownership with the property taxes is a different video. Our retirement income is set at 8k per month but no debt, so we could have done Miami but homes we liked were 1M vs about 600k in Vero. BTW as a fellow guitar slinger with a wall of Marshall's your Dual Rec is overkill in your apartment... LOL. I have been rocking a little Spark amp while in our apartment until our house is done in April. Then it will be time to introduce myself to my neighbors.
Been a regular viewer for almost a year now, the quality and the wisdom in your videos has really gone up a lot, keep making these videos, people will catch on soon
The preference for frugal living is something I share. In Boca I owned my condo outright. Paid cash ($181k for the condo, $35k to renovate and furnish it). It was a one bedroom, 1.5 bath unit on the intracoastal with a 20x8’ wall of windows/sliders in the main area out to a huge balcony. My monthly expenses were $415 HOA fee $135 property taxes $85 cable + internet $50 mobile phone $90 car insurance $40 homeowners insurance (HOA covered building) $60 fuel $80 electric (averaged over a year) $350 food $200 dining out Total: $1505 If I didn’t own, the rent there would have been $1800, but then subtract the HOA and property taxes, so the incremental monthly cost would have been $1250, for a total of $2755 for a single guy living very well on the water. After that the only expenses are entertainment, clothes and toys like a trek bike, paddleboard, motorcycle and travel. But I sold out and now live overseas. Here in The Philippines I rent a condo and all my expenses short of travel and entertainment are about $1400/month. I could certainly live larger as I’m quite well off, but I doubt I’d be living better (you should see the women I date).
That's the way to be I think. Life is simpler, less expensive and opens up many more opportunities for moving again, or exploring a new area etc. Just like you mentioned coming back to FL and exploring. Very inspiring and great story you have. Most people over complicate life, clearly you havent 😎
Is so beautiful to live by the beach in downtown Miami Florida! Depending how much money you save in your budget, you can officially buy a rental apartment building with a balcony view, it could probably cost more money. For example how much money you’re gonna have to pay for an apartment home every month or a year.
Michael, this is the comment I was referring to. Pease comment when you can. You are probably winded after your Florida tour. It’s amazing that you are in St Augustine now because I was there just 3 weeks ago looking for a home resale with a realtor friend. We saw several homes that we could have bid on but before we could get back to our realtors office, the homes already had multiple bids (some over the asking price). So, since I could not act fast enough (and we have a home to sell in Chicago), we decided to look at new construction since it would give us time to sell our home. The new homes were nice and modern but they all came with HOA and CDD fees because they were in gated communities with lots of amenities. I’m not fond of these fees but my realtors take is they keep the community looking good. Also to buy new we would have to purchase all new appliances. What a dilemma!
I like new construction but not a fan of HOA's or the fees either. My preference would be to stay away from them and I don't care about their amenities. If I want to go to the gym, I'll get a membership, if I want a pool, I'll put one in my backyard etc, but I don't like the limitations they usually impose and to me, you might as well live in a condo then, it will be an easier lifestyle than following the HOA's gazillion landscaping rules etc. Be patient, and wait it out a bit to find the right place for you. Rushing in is never good. Things are not "normal" right now
The closer and closer i get to moving to Florida , your video's help out do much. thanks again for the time and Efford you put in to your video's. looking forward to the next one
Great video Michael. You mentioned storage. I have an idea for a video for you. How about doing one just about self storage in Florida. Like, best most reliable storage companies, how to avoid mold growing on your stuff. How you keep your stuff in your own storage unit free of mold, etc. Maybe you think this is not an interesting subject, but for people like me who will be moving to Florida with all their worldly possessions and don't necessarily have an apartment or house to move into immediately, but will be looking for one and in the meantime have to use storage while they look, this would be a great video and would help lots of people in the same boat. Thanks.
An informative video. You mentioned $25k a year but that’s after taxes, deductions and gross pay. I should be fine living down there by myself as I’m used to making at least $65k a year with good benefits. That’s not that expensive for two people per month. I’ve been to Miami a few times. A pretty place but it gets very hot. I plan to stop back in Florida this summer on my way or back from Jamaica. Florida is a great state to be in. I just still like my mountains, ocean access and all four seasons. 😃👌🏻🇺🇸
I know we can buy a house for the budget we have but not here in Miami Beach lol. We would have to significantly downgrade our lifestyle in order to buy a condo here with the same monthly payment. That's why I would probably rather just move to a different area of Florida and pay much less for a nice house
Thanks Ralphie! That shot is thanks to Lisi, she took at one of her clients penthouse 😎 That was the hope, that people looking at living down here would get some value from it
@@MichaelBordenaro That was a great shot, Lisi! 😎 that view looks amazing! Your cost breakdown shows living in Miami Beach is very attractive and attainable!
As a lifelong Florida resident, also from Miami. I have traveled this state from Pensacola to Key West and everywhere in between. You seem to have missed the absolute best beach in Florida...St George Island. You should check it out.
Didn't get a chance to hit St George on my recent trip to the panhandle. I would have liked to spend more time up that way since its so far away from Miami, but the weather got nasty the last day I was there, so we just headed back south. Although, all the beaches in the panhandle I noticed were beautiful
@@MichaelBordenaro, first time I went to SGI it was stormy. The state park at the end of the island has a pristine beach. you can walk for miles and not see a soul. When the weather is nice, you can't beat it. It is a long way from Miami- I am from Miami originally. I live in Ocala now, about 4 hours from SGI.
@@hawkeye5829 I definitely look forward to going back to the panhandle one day. I enjoyed the area a lot. Was just in Ocala about a week ago I will have a video coming out about it. Reminds me a lot of my hometown in Belvidere Illinois
I've had a few visits to the Panhandle - Destin and Pensacola Beach - and am considering it as a possible retirement spot, but the winters are colder than I'd like.
Hey Michael, another great video. Following you from Montreal, Canada enjoy your videos during the summer, drive me crazy watching in the winter, Thanks Quick question, are the monthly apartment rents much different from ocean front to inter coastal?
I can definitely see that I don’t mean to torture you in the winter Steve. Yes it’s a little bit cheaper to live on the intercoastal usually by a few hundred dollars
Thank you Jeannie! Only time will tell. I am willing to be patient to find the right spot and enjoy owning in the area, even if it ends up being Miami, but who knows at this point😄
This was so informative. We spend $800 on groceries alone on average per month for me, spouse and one child here in DC area. I like that your quality of life is high. I'm thinking of purchasing a vacation place somewhere in Florida, but we are not sure if that makes necessarily financial sense. We keep saving money in the meantime and will be travelling to Florida next month to check different places. We don't mind living in DC area, but I love warmer places and beaches so much, that I'm actually thinking about retiring in warmer places like Florida.
Glad to hear that! Nothing wrong with spending a premium on groceries if you're eating good and enjoying it in my opinion. I'm sure you'l determine if its worth buying a vacation place here once you spend more time in FL 😀
Really good video.....Thank you for sharing your living budget with us...I belive you both made the right decision, especially right now.....The Fed has distorted markets ( real estate, stock, bond,and commodity) by at least 2 to 3 sigma ( standard deviations) on the upside ( prices).....The low interest rates on money has raised asset prices to unrealistic levels....You both have a wonderful lifestyle to wait-out the economic storm that will inevitably arrive.....
Thanks so much! 😊 I agree Jim, everything feels so artificial and so inflated right now, I just don't buy it...Literally ;) But it could end up paying off to wait and see and not give into the fomo of current markets
Absolutely, too many people live way beyond their means and don't focus on creating the income first then the lifestyle or at least moving their way up the ranks little by little
Don't beat yourself up over it, no one is perfect. If it is a new priority of yours, you'll learn and get better at the financial stuff. For me, I love learning about money and business, I have for a long time
Really appreciate the efforts to explain beachfront because for me there’s no reason to be in Florida if not within 10 miles of the coast if not right on the beach
No problem! I agree completely. If there were no beach here, I would not live in Miami plain and simple. And if I move somewhere else, being not far from the beach is a must 😎
A lot of people live in Florida so they can keep exotic animals like monitor lizards, tortoises, etc. Its very popular so I have heard. The climate makes keeping these animals outside possible.
I'll be waiting for you to find a relatively low cost home in a nice beach area without all the xtra fees like HOA etc like somewhere on your beach tour up north of Miami. So let us know.
Another awesome video, MIchael!!! You DO live a great lifestyle on your budget 👍🏼 .I may have missed this, but I’m curious to know what size is your apt? Ie sq ft and # of beds & bath? Also, I am originally from Chicago (& now live in Marin- a pricey county in SF-but where is it not pricey in CA 😅 ), and I noticed I have read many of the same books as you--- no one I feel a cyber kinship to you. If you move, I’ll take your place 😉
Thanks Patty! My place is about 1180 sqft 2 bed 2 bath. It is a very good deal for the area. I love the Marin area, beautiful scenery and weather too if you ask me!
Wow! ! Big place!! FYI where I live in CA a 2 bed, 1 bath 730 Sq Ft place goes for $2900 😳You are getting the deal of the century ! Let me know if and when you move cuz I’ll take it! 😃 Are cats allowed ?...To a great week 🥂
$550 a month sounds expensive for a Jeep Grand Cheeroke. I pay $500/month for my Acura MDX and thats a luxury SUV. I think you can get the same exact car for $400/month.
Nice breakdown. I used to work at an old condominium at West Avenue. Every time, I go to Miami Beach, I ask myself, how do people can afford to live there and what kind of job they got. Especially Europeans, since they're all crawling over there. One night, I met a tenant and his girlfriend. Asked him if I can take took inside his condo and the skyline of Miami. Surprise on how small the space is. Then asked him no how much he's paying, he said $600/week, renting from his uncle. Another time, there's a small convenient store on the property, I asked the cashier on where she lives and how much she's paying. She lives on nearby from the property and pays little over $1000 for a studio apartment. Sheesh! But thanks for me insight. I might rent a studio one day for a year. Just to feel on living in Miami Beach and have bragging rights. LoL
I have been trying to figure thias out for quite a while and since you have traveled up the coast from Miami you should know. How far up the coast from Miami does the water stay clear?
Well its not so much about the water, more about the current and the wind on any given day. When the water is rough, its not clear, even here in Miami.
Sounds like you have it made there. I wouldn't leave that situation. But owning a home and gaining equity would be good for your future. I'm on my way home from Florida. I am glad I checked out and checked off my list of potential places to live. You really need to see and experience places to know if you could live there..
It is a really great situation, besides not having a permanent place to live here or gaining any equity in the place we live in. We may end up milking the cow until there is no milk left and then move on. Agree on needing to see the places before moving 👍
@@imachangedmanlookatthetoil8336 he’s already explained in another video why he rents and that it’s not worth it to buy at least right now in his situation, I’m sure he will eventually buy something when it’s the right place and time. Not all renting is throwing away money.
@@LindseyDara Thanks a lot for sticking up for me, and you truly know my situation and watch my videos. Thanks for being a long time loyal viewer and setting the record straight on my behalf 😀
You can get a place on the beach on the west coast of florida for much, much cheaper and you wont have to deal with the traffic & chaos of miami beach.
Dental i pay $120/year to get my teeth cleaned every 6 months. Health insurance at the moment is free ( due to incentive program with FL Blue) but prior to that was about $40/mo.
I didn't forget, I didn't put it in on purpose bc right now I dont pay for health insurance. My costs for that are very low, and now my insurance company has an incentive program where I am basically getting it for free. So since it is about my personal budget, I just left it out
Wondering if it's doable I pay about $700 up north and looking to spend a little bit over $1,000 for a two-bedroom apartment in SW Florida. I work in healthcare and my husband works retail
From what I saw on my trip around Florida I would say probably not. Maybe for a small place you could do it but most likely not a two bedroom two bathroom
I can identify. It takes me 70-90 minutes to go from Cutler Bay to Pinecrest for work. (7 miles: I leave at 7:20 and often arrive at 8:35-8:40.) I must take US1. Forget Old Cutler Road (one lane). The traffic is the worst during the school year. We are the narrowest population corridor in the United States. I pity the poor souls commuting on I-95 or the Palmetto Expressways! As you know, it is pure MISERY during the monsoon season and requisite hurricane evacuations!😱Our transportation infrastructure simply cannot handle the amount of people-tourist or natives!
OMG that commute does sound miserable! Sorry you have to do that every day. I know the commuters on 95 and Palmetto have it the worst. Miami seems to be once a small city that grew into a big one practically over night, and you're right, the infrastructure here simply has not caught up, and with how fast we've grown, I doubt it ever will
Hello Fresh and Home Chef. I use both of them, depending on who has the best recipes each week. I have links for them in the description in case you want to check them out 👍
@@martinpenev6750 for the most part it’s been great we love it. Been using both companies for the past three years and only have an issue once in a while and they give refunds in those cases
hmm, I am guessing you guys don't have kids?? I want to have a life like you do but Right now i am only 20 and in school 😂🤣You are living the good life
No kids my friend. Yes we definitely got it pretty good not complaining that’s for sure. You’re still very young and you can definitely achieve a similar lifestyle if you want it
My health insurance is basically free at this moment. I have FL blue and they have an incentive program to get credits towards your premiums and I do them and don't have to pay anything at the moment
@@wlochataSwinka Go to Publix bro people aren't teenagers doing that job they got gray hair, wrinkles etc. Nothing else is available so they're stuck doing that
You look like younger version of Vesimir from Game - The Witcher 3. You guys live in great place - for the same price in London you wont get so nice views... Just looking at the ocean makes u happy to start your day!
Not the best situation sure, but its not the worst either. I'm sure you can make a nice living space for yourself at the shop until you get on your feet and move on up 👌
If I were LEASING a car it sure wouldn't be their top of the line, it would be the cheapest one they had... especially since you don't go anywhere ($50/mo on gas). That's a really bad financial move IMO.
haha well hear me out. If it wasn't for that jeep, we wouldn't have done any of the road trip i just did or the one prior (before I was on youtube). Could we have saved some $$ getting a cheaper model, sure but we really enjoy the luxury one and don't mind paying a bit extra. I guess you have to choose the luxuries you're willing to pay for in life.
@@MichaelBordenaro You're exactly right. You have to choose your item to splurge on. I think you should have just bought it instead of lease though. BTW, I drive an Aventador S but I'm very frugal in other areas.
@@networth00 I thought about buying it but the cost to own it was actually about 250 or $300 a month more so it was significantly more expensive to buy it. Before we leased this one we test drove a couple of used ones that were about three or four years old with already 30 or 40,000 miles on it not nearly as nice and the payments would’ve been almost the same as our lease payment. Also I’ve always owned all of my vehicles and once the warranty is up you’re stuck with the very expensive repairs and with leasing that’s not an issue since when the lease is over so is the warranty and then you just jump into a new vehicle. Not sure if I would want to Pay for the repairs on this thing lol. Aventador is definitely living large, but nothing wrong with that if you save money in other areas
@@MichaelBordenaro Can I get your opinion on something. I'm flying down soon to look at 1743 Michigan Ave APT 4 because I need 3 bedrooms and garage space. What do you think about that place? It's not my favorite but it's the only 3 bedroom close to SoBe that checks off all my boxes as a second home. I really wanted walking distance to Lincoln Rd. Thanks in advance.
@@networth00 Seems to check your boxes for sure, its literally right next to lincoln rd, that location is pretty convenient as your close to Alton and all that has to offer as well. Also 600/mo doesn't seem bad for a 3/3 in MB
Cant wait to see you travel FL. As someone older and wiser, lol. Stop giving your hard earned money away, own your own home. build up the equity. Maybe not on the ocean, but near the ocean, with your own built in swimming pool, no gators or sharks. Stay safe, Love your channel.
We own investment property and rent where we live, due to how much cheaper it is to rent. That way we can live in a much nicer place at a lower cost than it would be to own.
@@MichaelBordenaro Smart man!!! Trying talk my son into doing this hes in his early 30s, co owns a business, and works in a hospital. but like I keep telling him, He wont be young forever. Wish he watched your channel, you could teach him a lot.
@@MichaelBordenaroGood for you & your GF...But Medical & Dental expenses can wipe you out financially....As you both age, they will increase...Medical/Dental Insurance is a must until you qualify for Medicare. (Friendly advice)...My Father (RIP) drilled this into me, as he did to Own my own house...I'm soooo thankful he did.
Paying rent and leasing vehicles is throwing money away. You end up having nothing to show for what you pay out. That’s part of why people have no savings for retirement.
I’ve been watching his videos for over a year now, so you should first do same before you waste your time commenting on someone’s lifestyle without really knowing their background. Just saying...
@@aaronmoxley1549 🤦🏾♂️ I just hope that he doesn’t even waste his time replying to you, bc obviously you may be just a hater/frustrated person or have nothing better to do than bashing people like that without even knowing them. Don’t make a fool of yourself. What a waste of comment. TBH I don’t even know why I am wasting my own time. Probably bc I know you’re so wrong about Michael that it made me angry to read such a pathetic comment of yours.
@@harryp1665 I see... He seems to be very practical and wise as well for his age. You might have missed a couple of videos here and there where he explains about his rental and the car and his investments...Peace✌️
Leasing has it's own benefits. One is, don't worry about making extra payments, because they are insured on the payment schedule for the full replacement. And if/when there is a flood that total's it, they only pay you what you were supposed to have paid (or something like that). On renting, my amateur calculation is that the area is too high on the ownership side. If he stays in Ohio, sure, stupid not to buy; but the sales prices are too high in Florida, and there seems like an ample supply of rentals, so renting is the way to go there.
That was my first reaction too, seeing this. And also, Michael made a video about buying Gold with cash. So you are thinking, why not buy a condo instead? But then the numbers... you can't get beachfront for $2000/month all in monthly payment. Maybe you could do Hollywood or Hallandale, but then the fees will eat another $600 non-refundable, so you may as well rent. Totally opposite of small town USA where a few years into a mortgage and you are paying less than rent to own, and way less than rent, now as inflation is taking off. Thanks
I have houses that I own, I just dont live in them. I wiil continue doing it like that, until I move or find a house that makes sense for us to live in 👌
@@MichaelBordenaro Great mindset! Exactly, whats a piece of freakin paper!!?? The fact that you live together and committed, living life together is married in my mind!! 😁
Here is the video about traveling around FL I referenced in the video ruclips.net/video/rkyEeyvKq-o/видео.html The trip is complete and I'm back in Miami! My next video will be starting all the videos filmed from the trip!
I just purchased a small $130k house/1 story triplex w a Spanish tile roof in Ormond Beach (1 block from the beach!!!), surrounded by million dollar houses, in a pristine ultra safe neighborhood. I am ready for the car and bikes to rust much faster since this is my low cost dream home.
@@scph321 Wow that is incredible!
@@MichaelBordenaro Hey Michael , Cool video , you and Lizzy have a little bit of paradise. I am near Euclid and 4th street only 2 blocks off the ocean beach in a two story low rise , one bedroom but pre war - so the rooms are huge. I pay rent of $1400.00 but i am thinking my next move will away from craziness that is wrecking sobe. Cheers , joey d.
@@joedonzi9552 Yes the craziness of south beach honestly is the deal breaker for me. I can't stand it. But I do love the area itself and all the great restaurants down there and the ultra convenience of the lifestyle. Not a fan of the visitors we've been attracting as of late though
Please do a follow-up
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"Rich lifestyle on a budget". A man after my own heart, preach!
😄
The Florida Beachcomber says Go for It! 😎
We are building our new retirement home in Vero right now. While we love the Miami-Hollywood area we felt the reduced traffic and lower cost of living up the coast checked the all boxes. We can always do day trips down there. Your figures sound right, but renting and home ownership with the property taxes is a different video. Our retirement income is set at 8k per month but no debt, so we could have done Miami but homes we liked were 1M vs about 600k in Vero.
BTW as a fellow guitar slinger with a wall of Marshall's your Dual Rec is overkill in your apartment... LOL. I have been rocking a little Spark amp while in our apartment until our house is done in April. Then it will be time to introduce myself to my neighbors.
Glad you found just the right spot for you. I am trying to do the same myself right now. At least the Dual Rec has a master volume so its manageable 😉
Been a regular viewer for almost a year now, the quality and the wisdom in your videos has really gone up a lot, keep making these videos, people will catch on soon
I appreciate that Janar! I'll do my best to keep making them better 😀
The preference for frugal living is something I share. In Boca I owned my condo outright. Paid cash ($181k for the condo, $35k to renovate and furnish it). It was a one bedroom, 1.5 bath unit on the intracoastal with a 20x8’ wall of windows/sliders in the main area out to a huge balcony. My monthly expenses were
$415 HOA fee
$135 property taxes
$85 cable + internet
$50 mobile phone
$90 car insurance
$40 homeowners insurance (HOA covered building)
$60 fuel
$80 electric (averaged over a year)
$350 food
$200 dining out
Total: $1505
If I didn’t own, the rent there would have been $1800, but then subtract the HOA and property taxes, so the incremental monthly cost would have been $1250, for a total of $2755 for a single guy living very well on the water.
After that the only expenses are entertainment, clothes and toys like a trek bike, paddleboard, motorcycle and travel.
But I sold out and now live overseas. Here in The Philippines I rent a condo and all my expenses short of travel and entertainment are about $1400/month. I could certainly live larger as I’m quite well off, but I doubt I’d be living better (you should see the women I date).
You got a suite life man
Property taxes in Miami Beach will be WAYYY more than what you pay. I'm looking at a place that is not on the ocean and the taxes are $10k/year.
That's the way to be I think. Life is simpler, less expensive and opens up many more opportunities for moving again, or exploring a new area etc. Just like you mentioned coming back to FL and exploring. Very inspiring and great story you have. Most people over complicate life, clearly you havent 😎
Is so beautiful to live by the beach in downtown Miami Florida! Depending how much money you save in your budget, you can officially buy a rental apartment building with a balcony view, it could probably cost more money. For example how much money you’re gonna have to pay for an apartment home every month or a year.
Michael, this is the comment I was referring to. Pease comment when you can. You are probably winded after your Florida tour.
It’s amazing that you are in St Augustine now because I was there just 3 weeks ago looking for a home resale with a realtor friend. We saw several homes that we could have bid on but before we could get back to our realtors office, the homes already had multiple bids (some over the asking price). So, since I could not act fast enough (and we have a home to sell in Chicago), we decided to look at new construction since it would give us time to sell our home. The new homes were nice and modern but they all came with HOA and CDD fees because they were in gated communities with lots of amenities.
I’m not fond of these fees but my realtors take is they keep the community looking good.
Also to buy new we would have to purchase all new appliances.
What a dilemma!
I like new construction but not a fan of HOA's or the fees either. My preference would be to stay away from them and I don't care about their amenities. If I want to go to the gym, I'll get a membership, if I want a pool, I'll put one in my backyard etc, but I don't like the limitations they usually impose and to me, you might as well live in a condo then, it will be an easier lifestyle than following the HOA's gazillion landscaping rules etc. Be patient, and wait it out a bit to find the right place for you. Rushing in is never good. Things are not "normal" right now
@@MichaelBordenaro Thank you!
Your videos are incredibly insightful and you are killing other RUclipsrs trying to do the same thing.
@@lenmueller9702 Thanks a lot! I really appreciate that😎
Thank you for all your hard work that goes into your videos. Very informative and entertaining 💜🏝
The closer and closer i get to moving to Florida , your video's help out do much. thanks again for the time and Efford you put in to your video's. looking forward to the next one
That is so nice to hear, next one is on Monday 😀
Watch his videos today boy has his tune changed
Great video Michael. You mentioned storage. I have an idea for a video for you. How about doing one just about self storage in Florida. Like, best most reliable storage companies, how to avoid mold growing on your stuff. How you keep your stuff in your own storage unit free of mold, etc. Maybe you think this is not an interesting subject, but for people like me who will be moving to Florida with all their worldly possessions and don't necessarily have an apartment or house to move into immediately, but will be looking for one and in the meantime have to use storage while they look, this would be a great video and would help lots of people in the same boat. Thanks.
An informative video. You mentioned $25k a year but that’s after taxes, deductions and gross pay. I should be fine living down there by myself as I’m used to making at least $65k a year with good benefits. That’s not that expensive for two people per month. I’ve been to Miami a few times. A pretty place but it gets very hot. I plan to stop back in Florida this summer on my way or back from Jamaica. Florida is a great state to be in. I just still like my mountains, ocean access and all four seasons. 😃👌🏻🇺🇸
Yes you'd do just fine here on 65k alone. I think we do alright, and don't cost a lot . Glad you enjoy being here, so do I!
I don't have cable so I save about $150/ month. you can certainly buy a home with $2500/ month budget. But remember you have to pay property tax.
I know we can buy a house for the budget we have but not here in Miami Beach lol. We would have to significantly downgrade our lifestyle in order to buy a condo here with the same monthly payment. That's why I would probably rather just move to a different area of Florida and pay much less for a nice house
Great video. LOVE that opening shot! It’s good seeing a local’s cost of living, helps those who are moving to Miami Beach! 😎🌴
Thanks Ralphie! That shot is thanks to Lisi, she took at one of her clients penthouse 😎 That was the hope, that people looking at living down here would get some value from it
@@MichaelBordenaro That was a great shot, Lisi! 😎 that view looks amazing! Your cost breakdown shows living in Miami Beach is very attractive and attainable!
Smart about being frugal my mistake was not being frugal in California
Hard to be frugal in California!
Great video! Very informative, honest and straight to the point.
As a lifelong Florida resident, also from Miami. I have traveled this state from Pensacola to Key West and everywhere in between. You seem to have missed the absolute best beach in Florida...St George Island. You should check it out.
Didn't get a chance to hit St George on my recent trip to the panhandle. I would have liked to spend more time up that way since its so far away from Miami, but the weather got nasty the last day I was there, so we just headed back south. Although, all the beaches in the panhandle I noticed were beautiful
@@MichaelBordenaro, first time I went to SGI it was stormy. The state park at the end of the island has a pristine beach. you can walk for miles and not see a soul. When the weather is nice, you can't beat it. It is a long way from Miami- I am from Miami originally. I live in Ocala now, about 4 hours from SGI.
@@hawkeye5829 I definitely look forward to going back to the panhandle one day. I enjoyed the area a lot. Was just in Ocala about a week ago I will have a video coming out about it. Reminds me a lot of my hometown in Belvidere Illinois
@@MichaelBordenaro < cool. I love Ocala. I really enjoy your videos too.
I've had a few visits to the Panhandle - Destin and Pensacola Beach - and am considering it as a possible retirement spot, but the winters are colder than I'd like.
Love your videos Michael. Hope you and Lizzie have a good weekend😊
Thank you very much Jill! You have a nice weekend as well 😀
Hey Michael, another great video. Following you from Montreal, Canada enjoy your videos during the summer, drive me crazy watching in the winter, Thanks
Quick question, are the monthly apartment rents much different from ocean front to inter coastal?
I can definitely see that I don’t mean to torture you in the winter Steve. Yes it’s a little bit cheaper to live on the intercoastal usually by a few hundred dollars
Living right next to the beach in Miami is such a gorgeous lifestyle still being in a lot of Americans' wildest dreams .... ,
Yes it is and it was my dream for a long time!
Good video! I hope you find your dream place! I know Miami is fantastic, but I know you would also love to be a home owner.
Thank you Jeannie! Only time will tell. I am willing to be patient to find the right spot and enjoy owning in the area, even if it ends up being Miami, but who knows at this point😄
This was so informative. We spend $800 on groceries alone on average per month for me, spouse and one child here in DC area. I like that your quality of life is high. I'm thinking of purchasing a vacation place somewhere in Florida, but we are not sure if that makes necessarily financial sense. We keep saving money in the meantime and will be travelling to Florida next month to check different places. We don't mind living in DC area, but I love warmer places and beaches so much, that I'm actually thinking about retiring in warmer places like Florida.
Glad to hear that! Nothing wrong with spending a premium on groceries if you're eating good and enjoying it in my opinion. I'm sure you'l determine if its worth buying a vacation place here once you spend more time in FL 😀
Really good video.....Thank you for sharing your living budget with us...I belive you both made the right decision, especially right now.....The Fed has distorted markets ( real estate, stock, bond,and commodity) by at least 2 to 3 sigma ( standard deviations) on the upside ( prices).....The low interest rates on money has raised asset prices to unrealistic levels....You both have a wonderful lifestyle to wait-out the economic storm that will inevitably arrive.....
Thanks so much! 😊 I agree Jim, everything feels so artificial and so inflated right now, I just don't buy it...Literally ;) But it could end up paying off to wait and see and not give into the fomo of current markets
@@MichaelBordenaroLifestyle counts... The Florida Beachcomber 😎
It is amazing how well you can live when you budget your money carefully.
Absolutely, too many people live way beyond their means and don't focus on creating the income first then the lifestyle or at least moving their way up the ranks little by little
Another good video. Thanks for sharing. What is the parking situation at your building?
Thank you! We are pretty lucky here. We have 1 assigned spot, and then free guest parking for guests but residents can use them as well
Great information! Thanks for keeping it real :)
You bet!
Wish I’d been smart enough to think about financial freedom 20 years ago. You’re further ahead of life than I was or am
Don't beat yourself up over it, no one is perfect. If it is a new priority of yours, you'll learn and get better at the financial stuff. For me, I love learning about money and business, I have for a long time
Hey Michael, I'm so curious, how much is rent now???? $2085 back in May 2021... I bet it's about twice that right now.
Really appreciate the efforts to explain beachfront because for me there’s no reason to be in Florida if not within 10 miles of the coast if not right on the beach
My sentiments exactly...or at least within half an hour's drive.
No problem! I agree completely. If there were no beach here, I would not live in Miami plain and simple. And if I move somewhere else, being not far from the beach is a must 😎
But then you have to deal with saltwater-corroding condos.
@@rodstarcke5423 I think there is a lot more to it than saltwater....
A lot of people live in Florida so they can keep exotic animals like monitor lizards, tortoises, etc. Its very popular so I have heard. The climate makes keeping these animals outside possible.
I'll be waiting for you to find a relatively low cost home in a nice beach area without all the xtra fees like HOA etc like somewhere on your beach tour up north of Miami. So let us know.
I'll let you know what I find👍
Great video Michael! Helpful to know how much things cost.
Glad it was helpful!
Another awesome video, MIchael!!! You DO live a great lifestyle on your budget 👍🏼 .I may have missed this, but I’m curious to know what size is your apt? Ie sq ft and # of beds & bath? Also, I am originally from Chicago (& now live in Marin- a pricey county in SF-but where is it not pricey in CA 😅 ), and I noticed I have read many of the same books as you--- no one I feel a cyber kinship to you. If you move, I’ll take your place 😉
Thanks Patty! My place is about 1180 sqft 2 bed 2 bath. It is a very good deal for the area. I love the Marin area, beautiful scenery and weather too if you ask me!
Wow! ! Big place!! FYI where I live in CA a 2 bed, 1 bath 730 Sq Ft place goes for $2900 😳You are getting the deal of the century ! Let me know if and when you move cuz I’ll take it! 😃 Are cats allowed ?...To a great week 🥂
What a great video!!
Thank you very much Kathy!
$550 a month sounds expensive for a Jeep Grand Cheeroke. I pay $500/month for my Acura MDX and thats a luxury SUV. I think you can get the same exact car for $400/month.
Its was brand new when we leased it and its one of the high end models (high altitude)
As always, very helpful and valuable content! Thanks Michael. Definitely looking forward to your upcoming videos.
Thank you very much Dan for always watching and commenting 😎
@@MichaelBordenaro np, gotta keep the youtube algorithm up on my end for this valuable channel. :)
@@imDanoush Haha thank you!!!
You’re smarter than me -investing instead of spending
I wasn't always that way, took time and learning the hard way to change my ways
Nice breakdown.
I used to work at an old condominium at West Avenue. Every time, I go to Miami Beach, I ask myself, how do people can afford to live there and what kind of job they got. Especially Europeans, since they're all crawling over there.
One night, I met a tenant and his girlfriend. Asked him if I can take took inside his condo and the skyline of Miami. Surprise on how small the space is. Then asked him no how much he's paying, he said $600/week, renting from his uncle.
Another time, there's a small convenient store on the property, I asked the cashier on where she lives and how much she's paying. She lives on nearby from the property and pays little over $1000 for a studio apartment. Sheesh!
But thanks for me insight. I might rent a studio one day for a year. Just to feel on living in Miami Beach and have bragging rights. LoL
I have been trying to figure thias out for quite a while and since you have traveled up the coast from Miami you should know. How far up the coast from Miami does the water stay clear?
Well its not so much about the water, more about the current and the wind on any given day. When the water is rough, its not clear, even here in Miami.
About Jupiter changes just north
How do you cover medical expenses? Is health insurance available for a reasonable cost in FLORIDA?
My premiums are quite low and I am with FL blue. They have an incentive program to reduce premiums. I do them and don't pay anything at the moment!
Sounds like you have it made there. I wouldn't leave that situation. But owning a home and gaining equity would be good for your future. I'm on my way home from Florida. I am glad I checked out and checked off my list of potential places to live. You really need to see and experience places to know if you could live there..
It is a really great situation, besides not having a permanent place to live here or gaining any equity in the place we live in. We may end up milking the cow until there is no milk left and then move on. Agree on needing to see the places before moving 👍
Living the life!! 😎🌴🍉
Haha I try 😄
He’s living the rental life throwing his money away
@@imachangedmanlookatthetoil8336 he’s already explained in another video why he rents and that it’s not worth it to buy at least right now in his situation, I’m sure he will eventually buy something when it’s the right place and time. Not all renting is throwing away money.
@@LindseyDara Thanks a lot for sticking up for me, and you truly know my situation and watch my videos. Thanks for being a long time loyal viewer and setting the record straight on my behalf 😀
I would love to see how much the costs change in a year. Love your channel!
You can get a place on the beach on the west coast of florida for much, much cheaper and you wont have to deal with the traffic & chaos of miami beach.
Not so much the case anymore, I've been looking. Things are changing...
With Silicon Valley packing up their bags and moving to Miami there’s a good chance I’ll move down there after getting my CS degree.
Hey Michael it might be something you should look into for a video for whoever has a CS degree or getting one.
Michael, it’s beautiful. Love the views.
I'm looking for Oceanview one bedroom. What rentals do you recommend? How far will this be from Pembroke Pines? Thank you
This is pretty far from pembroke pines, almost 1 hour.
I like this type of video! I might have to move from South Beach to North Beach 🤔😀
Yes it can be cheaper up here for sure!
Great video -- you are so down to earth and logical. I wish I was at times! LOL
Thanks a lot Michael!
What a great example! Of how to live enjoyably.
Really interesting thanks !
Glad you liked it!
Mike I ❤️ love the way you 💔 broke everything down!
What about medical/dental expenses? you didn't mention them at all?... or am i missing something here...
Dental i pay $120/year to get my teeth cleaned every 6 months. Health insurance at the moment is free ( due to incentive program with FL Blue) but prior to that was about $40/mo.
Thank you as always.
Hahaha.😁. You made me laugh. I hear you about trying to get your hair and changing your clothes.
But if a person wants to buy a condo near or on the beach area there in Miami on the North Beach area is what I would be looking for.
My pleasure!
Wow crazy food expenditures but explains why you don’t like mediocre service
Yes also also, I just really enjoy home cooked meals more than going out for the most part
Mike you forgot health insurance. It easily sets you back 3-5k a year especially if you self employed. Granted working out stay healthy is vital.
I didn't forget, I didn't put it in on purpose bc right now I dont pay for health insurance. My costs for that are very low, and now my insurance company has an incentive program where I am basically getting it for free. So since it is about my personal budget, I just left it out
Great video brother, also don’t complain about your hair it could be worse, lol.
Haha thank you, that humidity will really do a number on the long hair 😆
Wondering if it's doable I pay about $700 up north and looking to spend a little bit over $1,000 for a two-bedroom apartment in SW Florida. I work in healthcare and my husband works retail
From what I saw on my trip around Florida I would say probably not. Maybe for a small place you could do it but most likely not a two bedroom two bathroom
I can identify. It takes me 70-90 minutes to go from Cutler Bay to Pinecrest for work. (7 miles: I leave at 7:20 and often arrive at 8:35-8:40.) I must take US1. Forget Old Cutler Road (one lane). The traffic is the worst during the school year. We are the narrowest population corridor in the United States. I pity the poor souls commuting on I-95 or the Palmetto Expressways! As you know, it is pure MISERY during the monsoon season and requisite hurricane evacuations!😱Our transportation infrastructure simply cannot handle the amount of people-tourist or natives!
OMG that commute does sound miserable! Sorry you have to do that every day. I know the commuters on 95 and Palmetto have it the worst. Miami seems to be once a small city that grew into a big one practically over night, and you're right, the infrastructure here simply has not caught up, and with how fast we've grown, I doubt it ever will
Traffic is traffic everywhere.
Nice.. I like this lifestyle..
I do too
Lifestyle counts! 😎
Do you guys go dutch on living expenses even tho you are married couple?
I'm not familiar with the phrase, what exactly is the question?
Awkward Twist : Annie evicts you next week LOL.
Not possible, Annie doesn't work here anymore ;)
What exactly are FoodBoxes?
Hello Fresh and Home Chef. I use both of them, depending on who has the best recipes each week. I have links for them in the description in case you want to check them out 👍
@@MichaelBordenaro Ahhh now I know. Hello Fresh has a very dubious reputation where I live but thx for the clarification
@@martinpenev6750 for the most part it’s been great we love it. Been using both companies for the past three years and only have an issue once in a while and they give refunds in those cases
When you first started real estate did you have a great car to meet clients?
Haha nope! In fact I rode 50cc scooter for most of my real estate career and drove that to all my showings. Only had the jeep since 2019
@@MichaelBordenaro wow I assumed greeting clients in a Porsche was the real estate agent closer for a place like Miami
Got an update on this video?
Can we get a revision on these expenses in the current state of the economy?
What are food boxes?
Do you not have insurance for your house
I rent this place, I don't need insurance
So you are not moving to St. Augustin
I don’t think he will...
Not sure yet...
hmm, I am guessing you guys don't have kids?? I want to have a life like you do but Right now i am only 20 and in school 😂🤣You are living the good life
No kids my friend. Yes we definitely got it pretty good not complaining that’s for sure. You’re still very young and you can definitely achieve a similar lifestyle if you want it
Great video. What about your health insurance?
My health insurance is basically free at this moment. I have FL blue and they have an incentive program to get credits towards your premiums and I do them and don't have to pay anything at the moment
This was 2 years ago, so how has this changed?
That's cheaper than I thought. I thought you'd say $3,500 for the rent, electric & cable.
It's cheap because there is no jobs.
In Miami? I bet there is lots of jobs there!
@@wlochataSwinka Restaurants and Publix people are 30+ stocking shelves in FLA. Unless you're a doctor good luck
@@mrcoreynitro I see lots of computer jobs there - what you mean 30+ stocking shelves?
@@wlochataSwinka Go to Publix bro people aren't teenagers doing that job they got gray hair, wrinkles etc. Nothing else is available so they're stuck doing that
@@mrcoreynitro For sure there are other jobs for engineers innit?
$2 grand rent goodness man. The beach isn’t worth it at that point
Well it’s technically $1000 for him
That is correct! Also, for the beach in this area it most certainly is worth it 😄
You look like younger version of Vesimir from Game - The Witcher 3. You guys live in great place - for the same price in London you wont get so nice views... Just looking at the ocean makes u happy to start your day!
Uh oh, thats not good cuz that dude looks really old lol. Seeing that water everyday definitely is worth something 😀
@@MichaelBordenaro I said younger version lol -
@@wlochataSwinka 😄
Sadly I think I will be living in my stainless shop for the first year near Lauderdale by the Sea
Not the best situation sure, but its not the worst either. I'm sure you can make a nice living space for yourself at the shop until you get on your feet and move on up 👌
Not much more than I pay for this crappy apt in WPB 😄
i don't spend much on food bcz I try to lose weight and I don't eat out much either.
You didn’t mention HOA fees
If I were LEASING a car it sure wouldn't be their top of the line, it would be the cheapest one they had... especially since you don't go anywhere ($50/mo on gas). That's a really bad financial move IMO.
haha well hear me out. If it wasn't for that jeep, we wouldn't have done any of the road trip i just did or the one prior (before I was on youtube). Could we have saved some $$ getting a cheaper model, sure but we really enjoy the luxury one and don't mind paying a bit extra. I guess you have to choose the luxuries you're willing to pay for in life.
@@MichaelBordenaro You're exactly right. You have to choose your item to splurge on. I think you should have just bought it instead of lease though. BTW, I drive an Aventador S but I'm very frugal in other areas.
@@networth00 I thought about buying it but the cost to own it was actually about 250 or $300 a month more so it was significantly more expensive to buy it. Before we leased this one we test drove a couple of used ones that were about three or four years old with already 30 or 40,000 miles on it not nearly as nice and the payments would’ve been almost the same as our lease payment. Also I’ve always owned all of my vehicles and once the warranty is up you’re stuck with the very expensive repairs and with leasing that’s not an issue since when the lease is over so is the warranty and then you just jump into a new vehicle. Not sure if I would want to Pay for the repairs on this thing lol. Aventador is definitely living large, but nothing wrong with that if you save money in other areas
@@MichaelBordenaro Can I get your opinion on something. I'm flying down soon to look at 1743 Michigan Ave APT 4 because I need 3 bedrooms and garage space. What do you think about that place? It's not my favorite but it's the only 3 bedroom close to SoBe that checks off all my boxes as a second home. I really wanted walking distance to Lincoln Rd. Thanks in advance.
@@networth00 Seems to check your boxes for sure, its literally right next to lincoln rd, that location is pretty convenient as your close to Alton and all that has to offer as well. Also 600/mo doesn't seem bad for a 3/3 in MB
Cant wait to see you travel FL. As someone older and wiser, lol. Stop giving your hard earned money away, own your own home. build up the equity. Maybe not on the ocean, but near the ocean, with your own built in swimming pool, no gators or sharks. Stay safe, Love your channel.
We own investment property and rent where we live, due to how much cheaper it is to rent. That way we can live in a much nicer place at a lower cost than it would be to own.
@@MichaelBordenaro Smart man!!! Trying talk my son into doing this hes in his early 30s, co owns a business, and works in a hospital. but like I keep telling him, He wont be young forever. Wish he watched your channel, you could teach him a lot.
Medical Insurance/dental was not mentioned...Trust me, you will need it eventually.
Medical is very cheap for me, not a significant expense, same with dental
@@MichaelBordenaroGood for you & your GF...But Medical & Dental expenses can wipe you out financially....As you both age, they will increase...Medical/Dental Insurance is a must until you qualify for Medicare. (Friendly advice)...My Father (RIP) drilled this into me, as he did to Own my own house...I'm soooo thankful he did.
Are you remembering State property TAX? upkeep & Repairs? "Rising Sea levels? ;)
I think he rents an apartment, so there's no need to worry about any of those things.
@@networth00 right. My comment is in regards to the question of moving Into a house! And the comparison to coats.
Thats exactly right!
If I buy a house it will be in an area quite a bit less expensive than Miami most likely and will still be much cheaper than the place I rent now
@@MichaelBordenaro yeah but St. Augustine?
Paying rent and leasing vehicles is throwing money away. You end up having nothing to show for what you pay out.
That’s part of why people have no savings for retirement.
I’ve been watching his videos for over a year now, so you should first do same before you waste your time commenting on someone’s lifestyle without really knowing their background. Just saying...
@@allissonrock6390 I also have been a long time watcher. I am older and more practical.
@@aaronmoxley1549 🤦🏾♂️
I just hope that he doesn’t even waste his time replying to you, bc obviously you may be just a hater/frustrated person or have nothing better to do than bashing people like that without even knowing them. Don’t make a fool of yourself. What a waste of comment. TBH I don’t even know why I am wasting my own time. Probably bc I know you’re so wrong about Michael that it made me angry to read such a pathetic comment of yours.
@@harryp1665 I see... He seems to be very practical and wise as well for his age. You might have missed a couple of videos here and there where he explains about his rental and the car and his investments...Peace✌️
Leasing has it's own benefits. One is, don't worry about making extra payments, because they are insured on the payment schedule for the full replacement. And if/when there is a flood that total's it, they only pay you what you were supposed to have paid (or something like that). On renting, my amateur calculation is that the area is too high on the ownership side. If he stays in Ohio, sure, stupid not to buy; but the sales prices are too high in Florida, and there seems like an ample supply of rentals, so renting is the way to go there.
Your Electric bill isn’t as high as expected
Its not too bad!
Buy a house ....pride of ownership and do what you want
We'll see... that is something exploring now
That was my first reaction too, seeing this. And also, Michael made a video about buying Gold with cash. So you are thinking, why not buy a condo instead? But then the numbers... you can't get beachfront for $2000/month all in monthly payment. Maybe you could do Hollywood or Hallandale, but then the fees will eat another $600 non-refundable, so you may as well rent. Totally opposite of small town USA where a few years into a mortgage and you are paying less than rent to own, and way less than rent, now as inflation is taking off. Thanks
is 25k still true 2023
I love cricket lol
Me too! its been great, never have issues either
Good God!!! That's expensive!!!!!!
Its actually pretty cheap for where I live!
Would you happen to be considering a roommate?
Haha no sorry, the 2nd room is all consumed by the dogs lol
Wow I was wrong I thought Miami Beach was $1,800 minimum for 1 bedroom
It usually is on the beach, but like I said in my case, we have a unusually good deal
So, what would you say it cost you now to live there?
Liked
Renting and leasing that’s not good !
It works for me right now
Boat or seedoo??
Boat for me!
You need to buy a house dude. Do you really want to be paying rent at 40 years old?
I have houses that I own, I just dont live in them. I wiil continue doing it like that, until I move or find a house that makes sense for us to live in 👌
give me the Appalachians ....
OK. You've got them. Hahaha 😮!
Did I hear you say “Wife”? I thought you always refer to her as your girlfriend, when did you guys get married!?? 😁 Congratulations! 👏 🍾🥂
Haha well I have called her my wife for a while now, but we are still not actually married, but she is like my wife 😄
@@MichaelBordenaro Great mindset! Exactly, whats a piece of freakin paper!!?? The fact that you live together and committed, living life together is married in my mind!! 😁
@@karennicholas2420 Yep that's how we see it too!
@@karennicholas2420Totally agree. I think they made a video together a while ago talking about this.
You should open each video with a hateful Ann Coulter rant against immigrants and see if the Trump immigrants can put 2+2 together. I doubt it.
Bro, get out of the Jeep FLease!
Why I love it!