$82,000 Income- Why I Can’t Save Money!

In this video, we’re going to find out why someone with no family, earning $82,000 per year, can’t afford to save money for a home.
We'll go through each of his expenses to get an idea of where all of his income is going. After that, I'll show you how to make adjustments with investing, income, and savings, to easily start saving up more money faster.
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Disclaimer: This video is for entertainment purposes only. Everyone's situation is different so do your own research before making any decisions with your money. If you need help then contact a Certified Financial Fiduciary before trying anything that is mentioned in this video. I prefer a Fiduciary financial advisor that charges an hourly fee as opposed to an ongoing fee based on a % of your portfolio. Always remember that incentives determine the type of advice they give you so one that charges an hourly fee is less likely to be problematic.

[@JarradMorrow]

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[@jasonfbaker]

Nice case study. Do more. Everyone loves case studies - so helpful.

[@JarradMorrow]

Glad you liked it! I’d love to do more. As long as people submit their info then I’d love to continue doing this. I had a lot of fun going through everything.

[@trevorhassel8296]

Great overview Jarrad! I agree with pretty much everything suggested. Love the content as always

[@JarradMorrow]

Much appreciated, brother!

[@anthonyjames4319]

$200 a month on food? That’s normally the savings killer.

[@nmernst]

Nice work this person is doing! Great run down of expenses and suggestions.

[@JarradMorrow]

Agreed. This person is doing really well.

[@janel7284]

love this guy! so solid, down to earth, not shilling, well-informed and relatable! LOVE mollie too! Woof!

[@JarradMorrow]

Glad you enjoyed it! She says "woof" back 😂

[@kevinhawthorne5257]

Excellent Video!

[@JarradMorrow]

Thanks 👍🏻

[@ruffner25]

Love it man! Jarrad is the best! He's helped me in a lot of ways.

[@JarradMorrow]

Thanks!

[@wyattpotter2103]

Awesome Video Jarrad. I would submit my finances for a video. I don't think it would be all that interesting though.

[@JarradMorrow]

Thanks. The form is in the description if you want!

[@juancarlosmontes]

I see you still have some of the same friends now that you had in college. That's pretty cool. Just wonder if they watch your channel. Today's video was especially fitting for me because that was just about my exact salary amount including my side hustle and I am single and saving for a home.

[@JarradMorrow]

Believe it or not my friendship with a lot of those guys goes back even further. About 12 of us have been close friends since grade school/middle school. I’m extremely appreciative to be that close with the same group of guys for a couple decades. It’s wild to think about. Don’t know how many of them watch. I know for sure my best friend out of the group does because we talk about money/investing all the time, but not sure about the rest. Are you finding it difficult to balance investing enough while continuing to save up for a home on that income?

[@juancarlosmontes]

@@JarradMorrow Totally. Currently looking in to a loan program that rolls your down payment into the loan. And now that I'm single, I can choose a home like you did that is more than sufficient for its purpose and doesn't have to be the nicest home on the block in the pricey part of town.

[@juancarlosmontes]

@@JarradMorrow Also not sure how to simultaneously save for a car. I drive a '13 Accent (paid for) and the repair bills are getting more & more frequent. It's not "overwhelming," it's just hard to invest with 2 big needs. Haven't saved a dime yet for a car & have no idea how I'm going to save up even half of what I need to spend. I like that you drive a Sonata but both of mine were lemons. Glad I love rice & beans!

[@ceciliaruns72]

I took money out of my 401k for the down payment on my home. I bought it for 375k and now it is worth 650k in 4 years. Best investment ever!

[@edercortes1960]

You didn’t get any pushback from people or financial advisors ? I was thinking of doing the same thing just to boost my down paybtn

[@alexhung7158]

$50k wow! Time to search for a new job. My 401k Roth is at $110k at 28 years old. Since this time last year my money has grown 40 percent!

[@JarradMorrow]

$110k at 28 is great. Nice job!

[@JennyA]

I'm actually getting to save 37% of my income since I've paid off my student loan. The one thing I would love to reduce is my rent or get a better paying job.

[@troyturner6498]

if your friend is a Browns fan too, a signifcant portion might go to tailgating, beer, and therapy.

[@JarradMorrow]

😂 all 15 of my friends who are Browns fans need more than therapy for reasons that go beyond that poor excuse for a team.

[@Manofsteel519]

You have real life friends? I thought we were your only friends

[@Buckeye725]

Yo! You’re a Browns fan???? Go Browns and Go Bucks!!!

[@JarradMorrow]

Well I used to be one. Quit on them about 4 years ago because I couldn't take it anymore 😂. All of my friends are still fans so I watch games, but I'm just not as invested in the day to day details as I used to be.

[@dacripe]

Good job here. I disagree with the grad school part. I spent a total of $15k on my two advanced degrees and my income went up that much the first year afterwards. Much better return than my BS degree (bachelors) that cost nearly 40k. Like I should have known when I went to college the first time, you really need to pick a degree that will get you a better ROI. Those fancy art degrees are not it. People need to research online degrees to get that better return and save commute time. Local universities are usually at a much higher cost.

[@mariahsmom9457]

Hes making too much to be focusing on roths. Tax/interest benefit flips at a certain income level (tax bracket) and hes missing out on the compounding of that taxed portion over time. Better than nothing though.

[@JarradMorrow]

Great points 👍🏻

[@tlee7059]

Wow you are very handsome

[@JarradMorrow]

I’ll pass the compliment on to my mother 👍🏻

[@jongoodman7563]

Um, marry another income earner? 🤷‍♂️

[@JarradMorrow]

Only if you want to

[@matthewmaurin9054]

Some tax fraud would help, lol

[@JarradMorrow]

Hahaha