Budgeting and the

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[@bookssummaries2023-mp3yy]

I really appreciate the effort you put into creating quality content on KZbin. Your work is truly commendable.

[@mainstay.]

If you're on minimum wage then it's 110% on needs and you are always in debt.

[@Sal3600]

Bs, stop buying phones and fancy sht. Prioritise. You get no fun until you're ready.

[@SoulControlla99]

Admit it, you have an avocado toast addiction...

[@artemaung5274]

Foreigners come, jump the fence and make $10/h unable to get anything else - no medical insurance discount, no unemployment pay, nothing. Poor English, severely disadvantaged. They are a 2nd class citizens, almost like a slaves with zero benefits. And yet they are much happier than in whatever country they come from and manage to send $500-$1000/month back to their family without much issues. I remember making $2/h in my birth country where most things were more expensive than in US, with the exception of rent, bread, potatoes and carrots, and few other things. So that's what people eat for the most part, since both chicken and beef were always same price as in US or MORE expensive. Shoes? More expensive or MUCH worse. Clothes? More expensive. Cars? More expensive. Gas? Same price. Car parts? More expensive! Also most people there (and in most of the world for that matter) spend like 70% of their income on food - compare it to your situation. So how? Big 3 - rent, food, transportation. Rent - it's possible to find a room to rent for under $800/month even in the most expensive place in the US - SF bay area. It's possible to get it even cheaper if you cooperate with people find someone to share a room with. Food - it's trivial to spend $400/month on food, it's possible to make it down to $300/month or with some extreme frugality even less. Transportation - unless you're in NYC you need a car. Right now it's easier than 15 years ago. Cars are much better and run much cheaper, last longer, use less gas, etc. You can get used 3rd gen Prius for like $9k and these things basically run forever if you take care of oil change and hybrid fan filter. If you get one with 150k miles prius it'll easily run 150k more, 10 years more. Overall total cost for transportation including gas, insurance and loss of investment opportunity will be under $300/month if driving 10-15k miles/ year Total using higher ends of the spectrum for all described at most is $800(rent) + $400(food) + $300(transportaton) = $1500 Add other expenses like soap, laundry, clothes, shoes, phone, miscellaneous - another $200/month at most. $1700 Add pleasure expenses - these include fancier than $300 phone, shoes for more than $20, fancy clothes etc For example having high end PC than you update every 3 years only cost ~$100/month. Having mid range PC, updating every 3 years is ~$50/month So let's spend extra $200/month for pleasure. It can be midrange PC for $50/month, expensive IPhone instead of cheap one extra $50/month, $50/month for restaurants and $50/month for fancy clothes and shoes. In California minimum wage is ~$2400/month after taxes. Chances are you get more. Medical from your employer. If you're self-employed or for whatever reason can't get medical discounts it's not hard to make at least $3000/month after taxes which should cover medical insurance. That's easily $500/month in savings. Investing this with a conservative 6%/year after 10 years you'll have $80k assuming you work minimum wage job all 10 years - you shouldn't. That kind of scenario is impossible for minimum wage workers anywhere outside of EU/NA democracies. You should feel lucky, not discouraged.

[@gsandy6107]

Thanks so much!

[@JaysonKing2009]

Finna start a go fund me for this guy for his back pain from carrying this entire generations academic success

[@SereneRoseBush-or3fp]

Excellent explanation. Thanks ❤

[@calholli]

I practice 20/10/70 .. 20% on living, 10% on things that I want (rarely) and save the rest.

[@lifesshort9524]

that must be a large 20%

[@calholli]

@@lifesshort9524 It's just small spending. I paid off my little shack years ago, so no rent. I put in a wood fireplace and I get free wood from construction sites-- so even in the winter, my gas bill is only thirty-five dollens per month, year 'round. Instead of paying for a phone bill, I just use textnow" app for free; and make calls for free on my wifi, or use fb or whatever other apps everyone uses. I haven't paid for any kind of cable tv since like 2003, and just get all my entertainment free on the net. Including free UFC fights and free movies, etc... and a lot of youtube stuff. All these little things add up to having a very cheap monthly overhead. All my bills combined are less than six hundred per month, and that includes one fifty for internet and over a hundred for insurance for my cars (remember, no rent costs). When bills are cheap, it's easier to maintain and SAVE.

[@SoulControlla99]

​@calholli That's the thing. Years ago, it was way way cheaper for real estate. Congrats on being old and living during that time.

[@calholli]

@@SoulControlla99 I'm only 40. lol.. Plus I live in Oklahoma. Stop trying to live in NY, LA, SF and all these other ridiculous lib cities where it takes $4k a month to live in a rat infested apt building. There are plenty of great states to live in across this country.

[@Zaky-ne7zi]

I just realized, coming back to this rule again that my mother practically has that 50% side of my fund used for needs (I'm 19). I've been trying to decipher WHY I'm so bad at managing my funds, I have only stopped to think that the problem was thinking the money that I have amounts to 100%. Now looking at the situation, it's more logical to see it as a 30/20% rule, since the rest of the 50% life funds might as well not within my possesion. I think outside of knowing HOW you spend your money, you should decipher WHERE it comes from. Though, hopefully when I get to work in like 7 years I won't have that Issue. I have been arguing about it to her for the past 2-3 years but oh well. Stubborn asian mom will be stubborn asian mom haha

[@iws.business6494]

Hi mr Khan, I love your videos ! I have a question for you. I studied gcse maths in 2016. Now, because of the career path I want to go down I need a level maths. I hardly remember anything from gcse maths and I want to start my a level maths this year. What’s the best way for me learn the gcse maths again as well as get ready for a level maths ? Thankyou

[@dyloak6450]

Yo it’s the man himself!

[@emsyssa]

whether or not a owning/leasing/mortgaging a car is a NEED (instead of a want), that's highly debatable. also depends somewhat on where you live (how good is public transport if it exists at all, etc.). otherwise nice high-level overview and topic intro.

[@jeangrey2788]

I was just doing test before I move. Based it off a 1000$ apt if I could find it. Anyway could I use 79/10/11. Is that good?

[@Sayaboong10]

Where does investment fall? Wants or Savings?

[@truthdevotee7561]

If I were in tax offfice, I would increase taxes to 25% per minimum pay and 5% plus for any pay exceeding 50% of its previous grade comparative value. Thank you.

[@Sal3600]

Foff. Taxing us to the slums.

[@babasingh6606]

Love it when rich people tell working people how to continue being broke. 50 percent condescension, 30 percent lies and 100% B.S. advice

[@user-ic1lo9wh5f]

You don't have to take it that personal if the video is not for you, little snowflake

[@newsoftheday420]

** Doesn't work on minimum wage **

[@muhammadaltafhussain3084]

50% Needs 30% Wants 20% Savings

[@Brownyman]

Congress: 🤔

[@VogolMaster]

U hv millions of subscribers but ur views unexpectedly low....that's something wrong....I'm from Bangladesh.

[@arai6147]

Because its a learning channel. Not every subject gets as much attention and the subscribers are looking for different things. This aint kid's react

[@langa1533]

I can't believe I had this discussion after I received a video from Steve Harvey. Why are you not talking about investments 😞😞😞😞. This is a financial Chanel for God's sake

[@agrawal.akash9702]

we're gonna have to revoke your indian license for saying 30% on wants

[@PedroGarcia-qu2hd]

I wish the Government lived by this. But most people are apathetic and selfish, and are plundering our beautiful country into extinction.

[@Sal3600]

Yea, go live in the jungle lol 😆