Eye-Popping Money Statistics Of The Average Person (How Do You Compare?)

[@danven1256]

Seeing those statistics on average income sounds amazing to me. When I see the income for the 20-24 range being at $30,000 I think back to when I started working as a apprentice grease monkey in 1975, that's almost 50 years ago. Back then I was making just short of $23,000 per year but also receive regular raises. I bought a brand new 1978 Toyota pickup for $3,838.00, I paid 50% down and the other half was paid off within a year. I took a one-week driving vacation to Yellowstone with $200 in my pocket and came back home with $100 + left over. My apartment cost me $190 per month and my utilities ran about $20 per month. I can never fathom how brutal life is for the young people today compared to how it was when I was a kid.

[@761jared]

21 years ago I was in the Army, married and owned a home. After a divorce, returning to university and even living with my parents for a while, I'm worse off than I was 20 years ago, despite having a substantially higher income. Housing prices are essentially unaffordable for me unless all I do is work and sleep. Food prices often mean it's cheaper for me to eat out than to cook a multi-portion meal at home. I'm sinking 15% of my paycheck into a retirement account but under this current economy, it's gained relatively little as compared to the previous 3 years. I've long thought that the only way to live comfortably without needing to work after retirement age is to retire outside the US, in a much cheaper country.

[@jimmyjohnson2750]

@MikeN Ike your government messed things up pretty bad....

[@AfricaGeo]

Wow.

[@AlexandraAnnette]

Insane!!!! It’s so expensive to live now :( and vacation sigh

[@chessmagician2024]

I was able to buy a house at 26 back in 2019 and my total costs for it now, with an interest rate at basically the lows of 2.6%, are $2,200 a month. If I bought the same house now, post ho using explosion and post interest rate explosion, I'd be looking at around $3,400 a month. I have a degree in math and work an engineering job and I'm having difficulties in this environment. I can't even imagine what it must be like for people with children that don't have as high paying of a job or don't have a degree.

[@mark75700]

Its quiet interesting how we reject the reality of our situation and expect to be able to observe it, control it and even change it. I used to be financially depressed until I read a book that made me realized that the secret to making a million is making better investments.

[@sandra65823]

May I ask which investments are good? I've been looking at a few different ones but want others' opinions as well..

[@MargaretMargaretKarjala]

What I think everyone need is an adviser, who can help you get in and out of any investment at any time and you'd sure be in Profit. With this I feel anyone can basically achieve financial freedom...

[@MargaretMargaretKarjala]

Stephanie Kopp Meeks , That's whom i work with.!!

[@MargaretMargaretKarjala]

You can glance her name up on the internet and verify her yourself. she has years of financial market experience.

[@sandra65823]

Thanks so much I was able to find her page and I already leave her a message!!..

[@Mr.DMZ.]

I feel blessed. My only debt is a mortgage after aggressively paying all car loans, credit card, and student loans 5 years ago

[@Ink30]

Doing great keep pushing until you have no debts

[@one100billneoone4]

At the age of 41 I reached financial freedom to include paying off mortgage. No credit card debt, no car payment nor student loan. BEST FEELING EVER. FREEDOM! My advice to those of you interested in achieving financial freedom is live below your means, pay off debt and only buy necessities not wants. Be content and fulfilled with what you already have and don’t let desires take away from the present.

[@tiwarani]

May I ask how much you make?

[@one100billneoone4]

@@tiwarani No problem sharing but not into letting everyone know. Any other means of communicating?

[@rolandgardiner4251]

Debt free except the mortgage! It’s hard sometimes to keep the “more than enough” mentality when it seems like you’re always falling behind but I can’t imagine if we had all the debt payments others still have! Took 4 years to pay off 65k in debt and never going back there!

[@one100billneoone4]

@@rolandgardiner4251 Completely understand. Keep at it and you’ll get there. It’s so worth it in the end. So much freedom. I just got back from a 30 day trip to Europe. It was awesome. Unfortunately, I have to work but I become eligible for retirement in 18 months. Being debt free makes it possible to pull the plug when the time comes. By then I’ll be 49 years young. Not sure what I’ll do when the time comes. Ahhhhh!

[@OscarArciaa]

Proud to have over $100,000 saved at 27, can't wait to see what the future holds if I keep it up and don't give up no matter the struggles!

[@ProfessionalRageBaiter]

hello is this 100k stored in savings completely or it is in different accounts like investments? i am 23 i have 30k in total across investment accounts and bank savings and checkings and my goal is 100k

[@OscarArciaa]

@Iron 1/3 is my Roth account and the other 1/3 is in my individual stock account. I also have some liquidity in a duplex I bought 2 years ago and a 401 K at work. So it's spread among these 4 plus fundrise

[@teutonalex]

Make sure you don’t let some divorce court redistribute half of it to some woman. Stay on your purpose.

[@christianh.5732]

I will be really happy as soon as my home is fully paid in 3 years at the age of 42.

[@austintomkewitz3981]

God bless you Christian

[@Zachrys]

Do it in 2.5, I bet you can

[@TheFirstRealChewy]

Paid off at 42? That's really nice.

[@CaBdosdos]

Damn you live in Chicago or LA?

[@seekwrage]

Early Congrats. That’s awesome. I’m hoping to pay mine by 60😅

[@viannarts]

Im debt free at 45, I own 2 houses fully paid, I drive a corolla 1999 and use a second hand Samsung A52.

[@Josh-ge1cr]

I live in a medium cost to living area making around 130k/yr. I just started making this much only a few months ago. My rent is 1650 and I pay 1050/month towards private student loan debt. After I max 401k, HSA, and roth IRA, I have around 2.5k for the bills, entertainment, etc. Once I pay off the student debt, I'll have an extra 1050 to play with, but I seriously am scared what happens if I get laid off (I work in tech) or how other families are living with half my salary. I seriously think to have a good, comfortably life, you need to make 200k, even more so when you factor in kids. God bless everyone going thru this economic downturn. I am socking away as much as I can into my high yield savings incase I get laid off...

[@PremusRed]

1650 is pretty expensive. Are you single?

[@d_all_in]

I would sock away money for a house. If you worry about getting laid off, then you should worry about not owning your house when you retire.

[@jakeandsarahhealthnuts3299]

I make about half your salary and do okay. I live in chicago as well which is definitely not the cheapest place.

[@PunkRockGardener]

You’re on the right path, keep building that emergency fund. You got this!👍

[@PeteCorp]

You should read "The Total Money Makeover" by Dave Ramsey. You're probably contributing too much to 401k instead of building your emergency fund. Go read the book for more details.

[@AlligatorArms]

Man, I bought a car in 2022 & I thought they robbed me blind when the monthly payment came out to almost $400/mo for a used car (it’s a 2020). Can’t believe how far below average that is. Though I definitely miss the days when people could buy a junker for $2,000 that’ll get them from A-B no problem. I know a lot of people who could use something like that, and the lack of that is driving the average up.

[@jelaninoel]

Yeah i bought a new 2021 car and the note is well below the average. It jumped up like crazy from 2022 to 2023. Got my car right before the hike apparently

[@ltsFears]

$400 a month is still a high car payment. Don’t let that average in the video make you think it’s okay to pay so much still lol

[@MikeBNumba6]

$400 is a lot for a used car. But that shows you how overpriced and inflated everything is. I swear it was not to long ago that a $400 per month car was for new cars only.

[@Trilobita98]

My car payment is $120 a month o.o

[@morbidlyoppressed9038]

2019 Nissan Rogue NEW - $0 down $350 a month 100,000 mile bumper to bumper warranty WITH free oil changes. It’s not great. But can’t beat it !!!

[@jakubageter1689]

Another reason it's less likely to happen that way is because, despite how terrified everyone is and how they're predicting the crash, there is already an overwhelming amount of demand waiting to absorb it. As I will explain below, this prediction was not made in 2008, at least not by the general public. The other comment states that the ownership rate peaked in 2004. In the second quarter of 2020, we peaked, and now we are at the median level. It decreased by 3% between 2008 and 2012, and by the second quarter of 2020, it had declined from 68 to 65.

[@AnnieBeischel]

Most people find it difficult to handle a fall since they are used to bull markets, but if you know where to look and how to maneuver, you can make a sizeable profit. Depending on how you intend to enter and exit, yes.

[@AleksanderNowak-]

@@AnnieBeischel Given that we are not accustomed to such uncertain markets, the fact that the US stock market has been on its longest bull run ever makes the widespread anxiety and excitement comprehensible. There are opportunities if you know where to go, as you noted that it wasn't difficult for me to earn more than $780k in the previous 10 months. Since I was aware that I would need a reliable and strong plan to get through these tough times, I engaged a portfolio advisor.

[@OliviaDestry]

My portfolio has been in the gutter for the entire year, so I started researching new ways to profit in the market, but everything I tried just seemed to miss the mark. Please let us know the name of your financial advisor.

[@AleksanderNowak-]

It was run by Stacey Lee Decker, who I learned about and got in touch with thanks to a CNBC interview. Since then, it has served as the point of entry and departure for the games we have emphasized. A search on the internet can be done if tracking is necessary.

[@DonaldMicheal-]

I just copied and pasted Stacey’s whole name into my browser, and her website appeared right away. You've saved me several hours of arduous research, therefore I appreciate it.

[@deananderson7877]

I started saving for retirement at age 20. I’m 52 and by age 39 I had $370k in my retirement and $170k in spousal for $540k total.

[@bobsacamano7653]

what about now?

[@deananderson7877]

@@bobsacamano7653 i stoped saving anymore, payed off my house by Age 40. I got lucky in 2009 and doubled my money when all the experts said hold, hold, hold. I sold. Just like now. Ive been selling stocks over the last 18 months and 60% bonds, 40% dividend stocks. Ill re evaluate in the fall and winter

[@whocares5252]

I always considered myself broke but I need to thank my parents for setting me up pretty well. Guess I should be thankful for what I have going if these numbers are right.

[@aknorth1053]

I would suggest not conflating average and median, for example you should median retirement saving and call it the average. Typically the average retirement savings are significantly higher than the median. I agree with showing the median because it is a more realistic number than average which is skewed by the billionaires.

[@8ofwands300]

@abigmonkeyforme okay. But the point is that " average" is usually significantly higher and doesn't reflect the majority of Americans....

[@elonmusk9935]

I’d like to think I’m ahead of the curve after seeing some of these numbers. My household percentages on the 3 main expenses are small compared to the averages. 18% on housing 17% on vehicle/commute 22% on non-essentials 33% into investments (401k, IRA, Stocks) 10% on Travel/Vacations

[@philsanderson7024]

You're the richest man in the world. So, that 10% you're blowing on travel must be some pretty mind-blowing vacations.

[@etagrats1]

I’m 54 single with a pension and paid off home and debt free, It was much harder saving money when I was married.

[@grantv2313]

Let’s call it what it is…. Impossible.

[@ericharold4074]

Yes, this is very true if you have combined accounts. Its too hard to manage, especially if the other person spends more money than you. Best to have separate accounts its much easier for sure.

[@jimlee4815]

I agree, much cheaper to rent them to own

[@bigneiltoo]

When you hear average person has $1M at age 50 but the median is $170K you realize how rich the SUPER rich are. The top 1% has as much as the rest combined. Drop the top 1% and the numbers go WAY down closer to the median.

[@bigneiltoo]

@abigmonkeyforme I never heard it either, but a simple search results in: "The Average Net Worth For A 50 Year Old In America In 2022, the average net worth for a 50 year old in America is around $150,000. But the average net worth for an above average 50 year old is around around $1,250,000. That’s right. The above average 50 year old is a millionaire."

[@bigneiltoo]

@abigmonkeyforme That video listed the median at $170K which seemed more realistic, but I think the fact some people have $50B skews the "average". But do you have better sources? I was suspicious myself.

[@bobknight33]

When young Save to 300K as fast as possible. This will put you in a great position.

[@dgriffin6074]

Every college/university should be required to teach a life finance course. Young people's optimism often greatly exceeds their knowledge and life experiences. If the mean age for home purchases is 30, you could be trying to pay off a mortgage after you retired.

[@Lifetalk849]

Aren't there enough free online financial planning programs already available? And isn't it possible to receive excellent credit/financial counseling from the private sector, for a fraction of the cost of a college course/tuition...? There's no lack of information available to young adults. Only a lack of interest/motivation in accessing it

[@8ofwands300]

What? I'm guessing you've had a pretty good life.

[@Verify110]

I'm financially outperforming my age-group by a significant margin and home ownership is still just a fantasy. Nice :')

[@jonathanpalmer228]

Same here making 120k a year and no college debt is pretty nice

[@Lifetalk849]

Have you ever considered purchasing a home in Kansas, Iowa or Nebraska? Relocation may be a better option than staying in your current housing market; no reason to buy a Cadillac when you're on a Chevy budget!

[@8ofwands300]

@@Lifetalk849$120000 a year in your 20s doesn't sound like a Chevy budget to me, but I take your point.

[@Lifetalk849]

@@8ofwands300 You're confused. My reply was to BG. Not to Jonathan.

[@jonathanpalmer228]

@@8ofwands300 it is lol just gotta learn how to live frugal lol. Going from making 40k to 120k its nice not to have to worry about bills and just enjoy life. Yall are never happy and have to keep lookin at far off places to find happiness but never do find it

[@billspaid9]

Thank you Chris for sharing your talent and knowledge. Sincerely Yours, Bill..... living with my wife and a debt free life......

[@ChrisInvests]

Thanks for watching, Bill 👍

[@bryanbrasile2703]

Car payments are the real problem, in my opinion. Cars are way overpriced (have been for years) and people finance them like it's no big deal. If people saved up for a car instead of financing things would be very different.

[@getdealtwithquick]

Spot on, especially at current rates.

[@thevanman4498]

Probably would end up buying a cheaper used car.

[@ellenoir5678]

Yup gotta plan it the smart way bcuz the income most people receive doesn't match their living expenses

[@juantamez9442]

Wish he added the median amount spent on medical bills too...I feel like 1 medical emergency would bring me back down to zero...

[@xMontorix]

I save & invest so much money its starting to stress me out because I feel bad for even THINKING about spending my own money. I even gave up my own home to avoid rent. I dunno, it feels kind of stressful.

[@ChrisInvests]

It's all about striking the right balance!

[@xMontorix]

@@ChrisInvests 💯

[@RandomJane104]

I can't even imagine a monthly car payment like that. I always put enough down to keep my monthly less than $300 and then pay it off in 3 years or less. I buy slightly used too and keep them for 10 years. Condo is paid off at 49.

[@morebeer7673]

Why only 10 years? A decent car should last a lot longer than that if well-maintained. I drive a couple 2001's.

[@RandomJane104]

@@morebeer7673 I'm not a mechanic. I feel like 13 plus years is good for a car that isn't sitting in a garage or car port, and if the owner isn't mechanically inclined. Reality time: Mechanics see $$$ when a woman drives up in a 20 year old vehicle I had a 15 year old Accord. I took it in for one issue and the mechanic gave my car another issue because he thought I was a stupid woman. The thing required you to pump the gas to start it the entire time I had it. All 10 years I had it. Mechanic noticed I was doing it and told me my starter was going bad. It wasn't and I told him so. When I went to pick my car up it suspiciously wouldn't start. 10 years it started every single time as long as you pumped the gas first. The starter was fine when I took it in. 100% sure the mechanic tampered with it to get more money out of me. I'd rather have a nicer car than keep paying to keep an older car running and have to deal with slimy mechanics that try to get one over on you.

[@LouisTheTraveler76]

Good video Chris. The benchmarks are helpful to see where we stand on finances and income.

[@ChrisInvests]

Glad you enjoyed it...thanks for watching!

[@rolandgardiner4251]

Almost 36 here, bought our first home 5 years ago and will be there for the foreseeable future because of higher rates combined with home values doubling in the last 5 years!

[@Interestingenough4]

I'm unfortunately significantly below average for my age group for income. Fortunately, I'm well below for average rent costs, have no car loan payments, have no student loans, don't have to pay $1,000+ per month just servicing debts, and don't spend $1,800 per month on "unnecessaries." So this at least makes me feel somewhat better. Still, some of these stats are pretty horrifying.

[@ChrisInvests]

You really don't need a high income if you can keep your housing costs low

[@michaelg3911]

Good for you. I know quite a few people who make considerably more than the average and they in debt over their head and 1 bad week away from disaster.

[@8ofwands300]

Me too. Just do your best and don't compare. 💗💗

[@kennethrichardson8849]

OR UNION JOB! 13% going into a DC Vested day one by union contract along with a company provided 401k at 3% vested at 36 months match. This will mean the employee is a multii millionaire no matter if employee stays or goes by providing that the assets are rolled correctly in to a cheap S&P index fund and there transfered assets are over 100k at around 30 years old and yes every employee reached over 100k with in 5 years! GOD BLESS THE TEAMSTERS!

[@Dbb27]

Happy to see unions gaining strength.

[@BusterDarcy]

When I hear someone “complaining about how broke they are” it makes me sympathize with how expensive poverty is, from high interest emergency payday loans to the replacement costs of cheaper necessities that wear out faster to how a single parking ticket can throw their entire finances into disarray to the extra time they need to spend on essential tasks the rest of us can automate like going to a laundromat or standing in line to cash a cheque. I definitely don’t think that they’re being unwise with their money because that is a ridiculous assumption to make about people who are constantly in a state of just trying to survive and not literally die from poverty.

[@coyrex1250]

It depends on the person. A lot of people are just like you say, truly scraping by and working hard just to get out of poverty. Other people go out and buy expensive fancy cars, or clothes, or tattoos when they can barely afford the essentials as is.

[@BusterDarcy]

@@coyrex1250 literally no one has ever bought a fancy car while not being able to afford the essentials. Just stop for a moment and ask yourself how they would even qualify for the loan if they’re so poor they have to choose between buying food or paying rent, let alone how they would put gas in that thing. I don’t understand why people feel the need to concoct these straw men when describing the poor. Why can’t we all just face the fact that poverty sucks, no one deserves it or asks for it, and we should all be doing more to reduce it? Why do we have to invent scenarios to explain the existence of poverty that defy logic and common sense?

[@coyrex1250]

@DarcyFitzpatrick little sisters bf did it. Had a cosigner. Believe it or don't i don't care.

[@BusterDarcy]

@@coyrex1250 so you’re basing your understanding of an entire demographic of people on what you personally one time witnessed your sister’s boyfriend do. Got it.

[@coyrex1250]

@DarcyFitzpatrick you said no one, so i only needed one example to disprove that. I alone probably know at least 10 people in similar situations, and I'm one person I do not know that many people. Like I say before believe it or don't.

[@robertmaxa6631]

I have zero debt, except for the normal monthly credit card bills, which get paid, in full, every month, putting money away for retirement but, I cannot afford to purchase my own home. I will be relying inheritance. As like to say, I can't afford a refrigerator box, in a nice neighborhood. Canadian here.

[@HowToBeHealedTV]

This was such good information, I watched it twice. Thanks for this video.

[@ChrisInvests]

Thanks for watching 👍

[@EricDaMAJ]

When I was 30 I’d worked nothing but low end jobs and I was deep in debt. I saw retirement coming at me like a freight train. People look at “The Greatest Generation” Boomers with envy but that’s survivorship bias. They ones so poor they lived off dog food in the 70s were a thing. I took action and boy am I glad I did.

[@rr2109]

Came into this video with a ruler and ready to defend myself but left with a better understanding of my 401k, thanks!

[@thatotherguy1]

Transportation is the 2nd highest cost per month for a family? What about Health Insurance? With the average in my state being around 1800 a month for a family plan, I find this hard to believe. Also, what about groceries for a family of 4. Even being a good shopper, you're looking at 800 a month for that.

[@joeandersen9038]

I stopped working last year at the age of 58, house debt free, car debt free. I have saved money and invested, so i will get 4000$ every month after tax for the rest of my life. PS i live in Europe, was a tradesman, have travelled the world the last 30 years, long live unions and socialized healthcare.

[@keithball6480]

I feel fortunate as a boomer. Wife and I had average paying jobs. Now retired have been mortgage free for years, 1m in securities, 500,000 in retirement funds. Still manage vacation or two year sin the past 50 years Hoping that will be enough (all with pensions) for the next 25 years .

[@ChrisInvests]

Glad things are working out for you

[@mattmcfly2165]

Yes! You can live on $60k a year safely.

[@alexanderchenf1]

Comparison is for losers. Be yourself and fulfill your own goal

[@MNJ90]

You know what would suck even more. Following this advice and not getting things you always wanted and dying early and then never get to experience it. You only have 1 life

[@sheneedsme]

When I decided to pay cash for my new house which cost over $1 million bucks (I’m a builder) I had a tough choice to make. Get a mortgage and put the money in the stock market or have the peace of mind that even if the market tanked I’d have a roof over my head. The stocks I have really declined in the last year so I’m glad I didn’t go that route. I sleep well at night.

[@pejpm]

That makes absolutely no sense. Why would fluctuations in the stock market affect your ability to pay your mortgage?

[@saywhatnow57]

These numbers pretty well match our spending at our house (except no student loan debt). But that's on a $200k/yr income. I can't imagine doing this budget/lifestyle on less than $150,000 for a familiy of 4. And that's with only one car payment, or maybe two modest ones.

[@sethwagoner3430]

I’m 34 and I made $150k last year so I feel a little better now. Thanks Bruh

[@markkennard861]

At 61 I'm self employed with house worth about 900k NZ but I have a 150k mortgage still. Even if its played off in the next 5 years I'll be too crusty to enjoy it. More luck than good management I invested in a certain car company and now I own one so my travel and maintenance costs are virtually nil. While it was a sizeable chunk of $ I dont regret it in the slightest. :)

[@ColinAdventures]

I spend at minimum $700/month on a car payment payment but then again I live in it so I don’t have a rent payment or mortgage. Should be completely debt free by the end of the year!

[@fhowland]

Those retirement amounts are shocking! I’m 39 and have about $350k saved up

[@rayzerot]

Yup. All those seniors who moan and complain about young people being irresponsible while only having a pittance saved for retirement despite being the most economically advantaged generation in US history... not a good look

[@Netizen_101]

I don’t get why people want bigger and bigger homes when that also means higher maintenance costs.

[@oatyfrye6758]

32, student loan free, car payment free, no other debt and a literal 2.00% interest rate mortgage. Saving 60% my income... loving life

[@ChrisInvests]

Glad things are working out for you!

[@declanmcardle]

Car/truck loan (second-hand or new) shouldn't really be considered part of 'transportation'. It should come under debt/long-term liability like a mortgage.

[@battletoads22]

I like to think I'm doing well, but I do live with my parents. However, I am trying to pay off what debt I do have aggressively. I also don't carry cash and pay for everything practically with a credit card to take advantage of monthly cash back.

[@ChrisInvests]

Look into house hacking

[@jordanmcmurray5785]

None of these shocked me except the average first time home buyer being 36, that is absolutely insane! I bought mine a year after high school at 19.

[@anniealexander3402]

I bought my first home at 19 also. Never sold it. My oldest daughter and her family lives in it, mortgage free.

[@LooseArrowBoy]

I'm 29, recently started to make about 100k and I can responsibly afford 130k loan. Small condos in my area are about 200k meaning I would need at least 70k down to hit my target monthly payment. Of course I could afford a bigger house or pay higher monthly payments, but I'm aiming to have payments only 25% of my net income and my primary residence to only be 30% or less of my net worth as early as possible.

[@jordanmcmurray5785]

@Jack lol oh yes, bought a very outdated 2bed condo in the not so great part of town. But I am on my 4th house now at 28 and getting to roll equity over every time has allowed me to own a nice house in cash. I always tell people just buy whatever you can afford even if it sucks. It's not forever. Plus when you're young and have no kids it matters a lot less.

[@keithball6480]

@@jordanmcmurray5785 I waited a little longer age 25 to buy my first home, but had it paid off at age 30. It just seemed the natural way to go, buy and be debt free....but that about 40 years ago. It's been a lot less stress in my life to by mortgage free/credit card free/ car payment free for most of my life. Seems I was smart but more important, born in the mid 1950s when all this possible.

[@8ofwands300]

What do you do for a living? Did you have help from your folks? I'm assuming you lack sufficient credit to get a mortgage at 19? People need to recognize not everyone is starting out with the same advantages.

[@CYCO1631]

Guess my wife and I (39 & 38) are rather atypical... as in, not broke! Our income is below average, but we live in a low cost state, we're very strategic in what we bought, where we bought, and how much we bought for housing, and as a result, pay less than half of the average mortgage payment reported. We also pay $188, not $525 for our used car, and own the other outright. We have no student loan or credit card debt, paying the former off 8 years ago, and not having the latter. So, we live like no one else... so we can live like no one else.

[@Dbb27]

A Dave Ramsey fan! 👍

[@halvorsrensen610]

Wow, these statistics shocked me. I am 28 and have halfway paid my mortgage, which is the only debt i have. I am alone aswell.

[@bookmagicroe9553]

Our house is paid off. With the ever increasing rises in home prices, our property taxes are going higher and higher, even though we are staying in our home.

[@garychristison763]

Is this computer generated narrative? If it isn't, take this as a compliment that your narration had no human mistakes.

[@medwayhistory3101]

Are the percentages of income statistics gross or net? Do the student loans really have to be paid back since the plague?

[@Dbb27]

Usually those figures are gross wages. People could have very different nets depending on their tax situation. Dependants, donations, deductions is individual so when you see salaries or income spoken of it’s gross pay.

[@user-gz6tx6yp3v]

I have a big mortgage which won't get paid off until I'm 70, but I have other investments in property and that cash flow services my monthly mortgage payment, so it kind of feels like it's already paid off.

[@Dbb27]

It’s not. Start adding to the principal and cut some of that time off.

[@user-gz6tx6yp3v]

@@Dbb27 I don't service my mortgage. My mortgage is $2000 per month, but the cash flow from my other properties/investments is over $6000. I don't need to do anything with my own Mortgage and for every $50k I could pay down on that mortgage which would only save $300 per month when that money into another property would cash flow another $500 even at current rates. Paying down your mortgage early is not smart, and not how you build wealth.

[@Absaalookemensch]

Purchased first (present) home in 50s age and paid it off in 10 years. Debt free and paying that money into retirement savings.

[@chunkychew]

Good video, but I don't believe you included the cost of health insurance anywhere. This is pretty high to some famlies

[@ChrisInvests]

maybe I will do a follow up video with more of them

[@paulvanier429]

It is not about what you make it is about what you keep. There is a lot of pay check to pay check 6 figured earners in this country. Household with big houses with mortgage based on their gross household income with 2 financed brand new cars in the driveway.

[@bobknight33]

Im 61 and currently down to 1M in investments -- sitting in cash now =- Still think market will fall 30=% over nest 2 quarters. Just finished paying off the house. Still have 2 kids at home 17 and 18. earn 80K last year. and Wife stayed home to raised the kids. working on /off through the years to keep her sanity. Car paid off. House needs updated - Couch is 25+ years old. need new floors-- etc ...Kids finally done ( I hope) destroying them.

[@Dbb27]

My 47 yo accidentally broke something in my house. I forget what but the ‘I just can’t have nice things’ mantra went through my head, lol. You keep hoping! 😂

[@roburb73]

Thankfully my 2.25%, 30 year loan means I'm nowhere close to the 34%. Ours is about 8%, so I'll ride that to the 30 year mark.

[@ChrisInvests]

Can't beat that!

[@spencervance8484]

If you can afford it and are able to, my advise is to use that 8% for all its worth. Pay it down like its a 10-15 year loan instead of a 30. The principle will drop like a rock

[@roburb73]

@@spencervance8484 I understand your point of view. However, there's 0% chance I'll take any additional income and put it towards my mortgage. I'll continue to invest heavily and enjoy the benefits of said investments in 10+ years. Paying it down will cost me hundreds of thousands in the long run.

[@spencervance8484]

@@roburb73 fair enough

[@MikeBNumba6]

The average used car payment is $500 per month? I literally paid that amount for a new car back in 2014. That is ridiculous that the payments are that high for a used car

[@ChrisInvests]

It sure is....but 2014 was quite awhile ago

[@ADobbin1]

Well where I work I'm about 12 light years ahead of the majority never mind the average person. Most of the people I work with live pay check to pay check and are just rolling credit cards.

[@inctru]

Most people buy new vehicle brands/models/trims that are way out of their budget league. They aren't buying new vehicles in the $20-30K segment.

[@ChrisInvests]

True

[@Daikini0]

I have a guideline about car: never buy a car more expensive than your 3 months net salary. Car has utility value. If you really need it for representation for public relations you may consider something more expensive. Otherwise car is one of the best item where you can save a fortune. Buy reliable lower consumer car. It is really used like 5-10% of your time awake.

[@bookmagicroe9553]

@Daikini: I drive a 6 year old Prius. It gets 50mpg. No repairs, just brakes and tires replaced. Someone I know drove their Rav4 for 300,000 miles and all it needed was tires and brakes and oil changes. The only reason they don't drive it any more is because it was totaled in an accident. A family member drove an Acura for 500,000 miles. They bought that used to begin with. I'd say those cars fit your description of "reliable". Best wishes to you.

[@kellychuba]

So true about people's own self-destructive behaviour. My rewards are a nice cold beer, at home, with a cheap steak. I drive my 2010 honda all so I can live alone. All alone.

[@albertwells8503]

I guess I’m not doing too bad. My house is now paid off, and I’ve never made a car payment in my life. I drive old beaters. I use the city bus a lot. I have an IRA that I started at 25, now worth close to a million dollars. I’m going to retire this year. I think I’ll be ok.

[@hump1953]

I'm thankful I have my home paid off, no debt, car and a nice investment portfolio with a pension and social security...

[@ChrisInvests]

Glad to hear it 👍

[@phil_8367]

I’m six feet tall. I’m taller than most men in Guatemala. 🎉

[@biglarge9418]

Is there a formula that you use to calculate a pensions effect on my net worth? I have a pension at 59 years old that has a yearly cola of around 1.5%. It has a survivor benefit of 125% for my spouse who’s also 59 this year. I don’t spend any of my retirement money yet, but I’m sure there’s a to include my pension into my net worth.

[@ChrisInvests]

I'm not super familiar with pensions but this article should help: www.sapling.com/12011834/factor-pension-net-worth

[@sherrieludwig508]

DON'T BUY UNTIL YOU HAVE 20% DOWN. PMI (private mortgage insurance) will kill your savings.

[@iviaverick52]

It's neat seeing that I'm above average, but someone should tell my bank account

[@jordanmcmurray5785]

Honestly I see these statistics and I don’t understand how people make it. My wife and I spend $4000/month but we have paid off cars and a paid for house. We feel our lifestyle is pretty middle class but if we were to have payments on our cars and house we would be spending $9000/month instead of $4000. Adding taxes that means you have to be making $150k a year and saving just a little for retirement to make our lifestyle work with full debt. I really just don’t understand how that many people do that.

[@spankynater4242]

The trick is tO budget your money and live beneath your means.

[@jordanmcmurray5785]

@@spankynater4242 No I get that part, that’s straightforward. I don’t understand how people live above their means. Like eventually the bills come due. Yet I know plenty of people who manage to drive two $50k cars, live in a $400k house all making only $100k or so a year. Mathematically I don’t understand how they do it. I get debt but eventually that debt comes due and I see people do this stuff for years.

[@stuartdavis83]

@@jordanmcmurray5785 do you track your expenses? It also depends on where you live. If you live in NYC or LA than it's a no brainer that you will pay $4k a month. Some people think "yes, I make $200k and I live in LA". Well, that $200k salary comparison in Arkansas is $50k. It's all relative.

[@jordanmcmurray5785]

@@stuartdavis83 I’m a finance nerd so I definitely track it. We spend $4k/month as a household in Kansas City. But our house and cars are all paid off and if those were leveraged (like most Americans) we would easily be spending $9k/month. I mean just health insurance is $900/month, groceries, utilities and home/car insurance bring us up to $3000/month and then the other $1000 is basically discretionary spending. We are fortunate to be in the top 5% of income earners so it’s really not a big deal. The thing I really don’t understand is how so many people live these lifestyles I know cost $120k a year to maintain (fully leveraged with debt of course) when our city’s median income is barely $58k a year. I mean our 80th percentile only makes $96k. I understand debt is how people do it but even with debt I don’t understand because eventually that debt has to be paid. Sorry just random ranting but I just feel like the data has never made sense to me compared to what I see you know?

[@stuartdavis83]

@@jordanmcmurray5785 so since you are in the top 5% your expectations on how you live is VERY different than how others live. You probably go out to eat during the week, eat fish and steak, organic food, drive more reliable car brands etc... I have 5 kids, a wife that stays at home and I make $129k a year. We live on $3k a month (mortgage, insurances, food, utilities). We live differently than many of our neighbors who probably live on $5k a month. It's all just perspective and how one manages their money and lives.

[@samuelmontypython8381]

You mention sharing costs with spouses, but after being married and divorced twice, I now make about 25% less at my new job (that I enjoy) and yet somehow have almost double the discretionary income after all bills are paid as a single divorcee haha.

[@halvorsrensen610]

How is that even possible lol

[@mandosolos7213]

If I wasn’t living in the Bay Area I’d be way ahead lol but I can’t leave my job it pays too well

[@bobsacamano7653]

Tell me about it I have been living alone all my life. I would rather be homeless than give up 65% of my take home for rent.

[@PremusRed]

In more debt than I'd like to be in due to having kids/wife not working. Now that she's back, we're going hard at debt to get us back to saving a bunch for retirement. Pretty close to the average costs in this video.

[@gunnari9254]

I well more than make double the median income for my age bracket and I am in good financial standing only because I have no car payment and share rent three ways. I wouldn’t be able to survive on my own. Sad

[@tylertwotoms9640]

i think im slightly ahead wages wise ages 25-34 and even 45-54 are not even remotely close to my salary at my age of 26 and i also have a good lumpsum saved but its all going to go into buying a house providing SVB crashing actually yields the results some are looking for Props also on my salary for not living in NY or CA where somehow having a 100K salary is "not a lot" of money which is absolutely ridiculous to even have to say lmao

[@mikhailmamontov2155]

Americans are very proud of their country, but healthcare costs could kill any retirement dreams. Be healthy and stop worrying about statistics. Financial advisers are mostly giving you common sense facts, and for most people are not needed as an extra expense. That is from Warren Buffett, about advisers.

[@Dbb27]

Health care is the leading cause of bankruptcy (54%) and foreclosure 45%. You’re spot on.

[@hdfz4362]

Ignoring the complete lack of sources, let's take this nonsensical hypothetical forward to show why this system of "average" wages is fundamentally broken. "Median income for ages 35 - 44: $60,000 Median income for ages 45 - 54: $61,000" So, the average income at, say, 40 is $60k, while the average income at, say, 50 is only $61k. Yet, an issue here is personal overspending? No, the primary issue is stagnation of wages in the United States. These numbers are far too low for someone who's been in a workforce for 30 years. The average person at 54 shouldn't only be making $61k if they've been working for 30 years, especially when housing prices have quadrupled over the last fifty years, even accounting for inflation.

[@ChrisInvests]

Did you watch the video? 😂 it says the sources for each category

[@Wasteoftime10]

The median wage for 45% of americans who work full time in the US, is just $18,000 a year.

[@brandonjones6068]

The 18k spent on non essentials was streaming and eating out. This channel just said don't date

[@danielhall8205]

[@mtninjas]

yeah man I feel that too all these dates and dinners are expensive. Like $120/night... These hot girls are just not it anymore. I just want a girl with a degree + career

[@Nolaman70]

🚫🚫🚫🚫🚫🚫🚫🚫🚫🚫🚫🚫🚫🚫 ❌️❌️❌️❌️SCAMMER BOTS❌️❌️❌️❌️ 🚫🚫🚫🚫🚫🚫🚫🚫🚫🚫🚫🚫🚫🚫

[@Dbb27]

Cue the scammers.

[@rickdunn3863]

And yet the politicians say our biggest worry is Global warming or "Climate Change". I don't think anybody should worry about finances when we face "bigger problems". STUPID IS WHAT STUPID DOES.

[@Dbb27]

How does one negate the other? I’m fully capable of worrying about multiple things at once.

[@77Tadams]

Once you are over 40 as a woman don’t forget you are even more replaceable. You are more likely to be laid off.

[@tomsassurance]

Before government intervention in student debt, you needed to convince a banker that the money they lent for a loan could be paid back with your degree. Very few people talking liberal arts unless their parents agreed to pay the loan. Stop the insanity of loaning money for worthless degrees.

[@USViper]

My house accounts for 12% of my monthly income. House built in 2010 3000 sq ft, bought house in 2015, 215k with 20k down. Mortgage payment is 1,080 per month. Sitting pretty on this one

[@Marinate305]

If the avg home cost $1900 at 34% of spending that individual would have to take home roughly 68K/yr. Gross, not net.

[@colleenmcbride3656]

All of my money goes towards my home. I have no car, lowest possible internet and phone plans paid by my boyfriend. I am disabled and make less than $1300 a month. I'm 31 and have no savings and own nothing of value I could just pawn if I needed the money.

[@MC-gj8fg]

Saying "I have X saved for retirement" is a deceptive gauge when looked at as a snapshot. If I had 1 mil at the the peak of the market which has since fallen by 20% I now technically have 800k. Wait, market/GDP indicates the market could easily fall by another 3rd. If it does, or worse, if the market just trends sideways for several years until market/GDP levels, then it's more like $534,000 saved. So which is it? For the purposes of calculating a projection of how much I'm likely to actually have for retirement do I start with a million or half that? The difference is large now, but compounded over 15 years it's millions which can significantly alter retirement plans.

[@kevbe144]

very true, i think of it as the book cost of the investments. Cause yes stuff goes up and down but 4% withdraws a year is pretty close to my overall dividend yield. Having 1mil invested even if market value goes up or down im still guarnteed 4% returns. If you have 500k in investments with an unrealiuzed gain that makes it 900k on paper, i wouldnt say thats a reliable figure to go off of (the 900k).

[@MH-so9oz]

I don't know all the answers, but if the market does fall by another 3rd, I'll be ready to buy!

[@TheFirstRealChewy]

@@MH-so9oz I always wonder where people get the money to buy during a down market. In my case all of my money is invested except for an emergency fund. As a result, until I get paid, I don't have anything extra to invest.

[@AT-hs9nf]

@@TheFirstRealChewy I get your point. Some people keep money outside emergency funds just for buying during market drops. But regular people like you and me just buy bit more with next salary. It all depends what are you saving for and your long term goals. So I just chill and keep buying consistently every 15 days. I don't care about the noise and other bs. I will circle back and look at what I have when I am couple of years away from retirement and adjust accordingly😊.

[@johntorrington2672]

Something like 50% of stocks never fully recover to previous highs after a bear market. So consider much of that lost. Sounds boring, but, cash is king. Regardless of how you do it, your net worth has to keep rising regardless of the markets.

[@michaelswami]

I subscribed. Thanks for the wonderful content.

[@ChrisInvests]

Thank you for watching!

[@nightsailor1]

10% of what I make is mine to keep. "The Richest Man in Babylon" - Amazon - George S Clason

[@davidfunvideos]

Anyone know if the housing cost statistic includes utilities?

[@ChrisInvests]

Yes

[@untouchable360x]

"You're average at best." KS

[@johnappice4619]

I guess I’m crushing it for my age group

[@xAdamJx]

No statistic on child care costs? Seems like a pretty essential one to miss.

[@ChrisInvests]

Interesting perspective

[@Nightowl80]

Way behind, my retirement plan at age 60 includes death…no way SSI will be enough.

[@samuelmontypython8381]

Aaaaaaand the bank bailouts begin lmao

[@colleenmcbride3656]

How does someone even get to the point where they make $100k a year? It would take me 8 years to make that being on disability like I am.

[@llama2022]

And I thought when I had a $215 car payment was stupid, ha!

[@ChrisInvests]

😂

[@Brandon-youtube]

Everything is relative.

[@jonathanpalmer228]

If you want to become finically free move out of the US lol