How to Save Money on Minimum Wage | Frugal Living

Many people think it is impossible to save any money on low income, especially on minimum wage. Learn how to save money on minimum wage. Save thousands of dollars on very low income. Live well on minimum wage by embracing frugality and simple living. Frugal Living on Minimum Wage is not extreme - it's a great lifestyle! Join the FIRE (financial independence retire early) Movement and live the FIRE lifestyle to begin saving money towards your freedom today. It all starts with building an emergency fund (safety net), rent or house hacking, and creating budget you can stick to! Unlock financial independence by embracing a frugal lifestyle: Spend less, Earn more, and maximize your returns! I hope you enjoy these money saving tips and tricks and begin saving money fast!
I think some people won't think my advice works. Here are actual possible numbers. You can't argue with numbers. Simple Budget (Low Income Minimum Wage Example):
$9.50 per hour x 40 hours per week = $380/week or $1634/month
RENT: Bachelor Apartment in Major Metro: 900/month (split with partner) - $450/month your portion.
Groceries: $56/week ($240.80/month) - Bonus divided by 2 with a partner (120.40)
Phone: $25/month
Transportation: $21/week (90.30/month)
Health & Hygiene: $32/week ($137.60/month)
Misc Spending: $22/week (94.60/month)
Total Spending: $1038.30/month
Total Left for Savings: $595.70/month ($7,148.40 per year!)
(While I am from London, Canada this can be practiced in many other developed countries as well!)
I am a big fan of the minimalists! Minimalism goes hand in hand with frugal living.
Other Great Frugal Financial Independence Videos:
Secret to Retiring Early : The 4% Rule
Link: www.youtube.co....
Frugal Living To Retire Early : It’s Simple But Works
Link: www.youtube.co....
How Anyone can Retire in Their 20s or 30s..Real Example Math
Link: www.youtube.co....
Meet the Most Frugal Man in the World?! (Early Retirement Extreme's Jacob Lund Fisker)
• Meet the Most Frugal M...
The interview cameo was with fellow KZbinr Gabe Bult, check him out!
( / @gabebult )
An interview did together: Frugal Living For Early Retirement Extreme At 24
Link: www.youtube.co....
#SaveMoney #MinimumWage #frugal #frugalliving
Instagram: @mikerosehart
The Gateway Book: Early Retirement Extreme: A Philosophical and Practical Guide to Financial Independence
Blog: Early Retirement Extreme (Earlyretirementextreme.com) @ Jacob Lund Fisker
Music Credit: www.bensound.c...
Stock footage provided by Videvo, downloaded from www.videvo.net

[@MikeRosehart]

I think some people won't think my advice works. Here are the actual numbers. You can't argue with numbers below: Simple Budget: $9.50 x 40 hours per week = $380/week or $1634/month RENT: Bachelor Apartment in Major Metro: 900/month (split with partner) - $450/month your portion. Groceries: $56/week ($240.80/month) - Bonus divided by 2 with a partner (120.40) Phone: $25/month Transportation: $21/week (90.30/month) Health & Hygiene: $32/week ($137.60/month) Misc Spending: $22/week (94.60/month) Total Spending: $1038.30/month Total Left for Savings: $595.70/month ($7,148.40 per year!) And this is without a good house hacking situation where you can get your rent costs down to 0! (Rent a 4 bedroom for $2000/month. Rent the other 3 bedrooms for $650/month. $2000-1950 = $50/month for rent! That's in a major metro area.

[@srijonisaha9017]

Mike Rosehart Which provider do you use for 25$? I would love to get that provider. I pay literally double of that price 😞

[@disabledgirlonfire5878]

Hey there - I'm totally with you on rent hacking, but the problem is often getting approved for the rental on a minimum wage income. I don't see how you can get approved for a $2K a month rental on a $1,634 income unless you have somehow secured your roommates ahead of time and add them and their income to the lease - at which point I can't see them agreeing to cover it unequally.

[@MikeRosehart]

DisabledGirlonFire how about rent hacking a bachelor apartment? Or 1+Den. Buy an ikea bookshelf setup to divided the den into a bedroom (in New York & Toronto & Vancouver this is popular) $900/month and getting a significant other or close friend to split? That’s $450/month each.

[@MikeRosehart]

DisabledGirlonFire I like that you’re asking the questions - so, you could take a friend with you on the application. Two people making 1700/month should be able to qualify. Many landlords (myself included) don’t stick chiefly to the income to rent ratios. You could also just claim that you have side hustle income that could add to the pot. Especially if you explain a solid credit score and that you have a 3rd friend who will share the cost, it becomes reasonable fast. Smaller time landlords are much less stringent. I rented a huge place when I was a student at 19 with no proof of income. I rent to students in my properties that have no proof of income - sometimes you need an aunt/uncle/family member or friend or parent to co-sign until you’ve established you can handle the rent payments. If you get creative it’s totally do able! I know many people who are having success!

[@disabledgirlonfire5878]

@@MikeRosehart I think an important thing to note - perhaps the most important thing - is the assumption, or hope, that people have support and relationships through family, friends and community. Sadly, not everyone is privileged that way. However! There are still ways to hack your home and make huge improvements on low wages - coming from someone on Social Security due to disability :) Glad to have more discussion on low income in the Fire Community!

[@domewing6252]

Dont go out to eat, dont smoke cigarettes or weed, dont drink, buy your clothes for cheap.

[@astridsandriesser4232]

So true.... For me i spent too much Money on clothes... Until i realized, that i am okay, that i don't Need more.

[@MultiBikerboy1]

…and always buy a second hand car.

[@papermason]

I'm 60 years old and make a decent part-time wage, I can't get a full-time job that pays more in the area that I live, but I'm watching your videos because I'll retire someday and I want to live simply/cheaply/frugally/minimally. I still have a future. Great videos.

[@MikeRosehart]

Awesome!! Thank-you

[@RealLifeMoney]

Part time is better than no time! Anything can help us and even small amounts can assist more than we think

[@MikeRosehart]

RealLife Money - Weekly Financial Videos very true!

[@juliedickson1721]

I make extra money by doing mock juries, focus groups etc. Lowest paid was $75 for 3 hours and free pizza. Highest was 250 for 8 hours, breakfast and lunch included. Usually from Facebook ads

[@CynthiaAva]

I am 53 years old...single mom, teacher. I just started saving this past September. I have a meager emergency fund and am trying to pay down debt. I have the sole financial responsibility for my child. She's a teen. I put her through private school and was not able to save....now, trying to get my financial act together before retirement which is within five years. I guess it's never too late. What you say is key...We have to embrace the frugal lifestyle. Not easy. I appreciate these videos...I'm not alone.

[@MikeRosehart]

Cynthia Ava you aren’t alone and you’ve done so well by your daughter! Well done. At the end of the day 5 years isn’t too late. With extreme frugality you could build a nice retirement cushion. House or rent hacking would allow you to semi retire for sure :)

[@XxMobileWizXx]

I noticed quality of these videos has improved alot. The audio,Smooth transitions ,HD camera and your smoother talking to the camera.Your mastering your craft man. This channel is gonna blow up! I can feel it.keep it up Mike.

[@MikeRosehart]

Future Wiz thanks Future!! I’m trying!

[@ccstinchcomb2967]

This is amazing advice for the young or those in debt. Truthfully most people are not willing to sacrifice to make ends meet, and most want instant gratification and will not save much. I wish I had know all the advice you gave (and actually followed it when I was younger). My family currently lives off of a few dollars an hr. over our minimum wage. Two adults, one teen, and one away at college. We make it work, are debt free, save several $1000 a year, and travel. We made a lot of mistakes, but we like the challenge of frugal living. The key is not how you choose to spend, it is in how you choose not to spend. Being creative, and patient can go a long way.

[@MikeRosehart]

CC Stinchcomb creativity is the key! Delayed gratification is necessary for sure. Thanks so much for the feedback and I loved hearing you share your story. Cheers!

[@cherylT321]

CC Stinchcomb. Awesome points!

[@klpinvestments]

I work at Walmart full time... make around 15.00 per hour. I work as much overtime as they will give me. I am a frugal minimalist. I've saved almost 6k since Jan 1st this year counting my 2k stimulus money. I live with parents no rent as of now. I drive a 2004 jeep liberty I paid cash for no payments. I pack food and take to work every day. Shop at Thrift stores. Drink bottled water. Brew my own coffee and take in travel mug. Bake my own bread. My only recurring bills are cell service ($45) Netflix ($20) and car insurance.

[@befree9579]

Cut netflix tbh. Lots of free movie sites online. Put that $20 in ur pocket.

[@dianehaislip6888]

I'm a paraplegic in a wheelchair on disability. I chose to start my own business selling micro size spices, to save people money so they don't need to spend on spices they don't use often. So even though im disabled, I can still get a little big ahead.

[@MikeRosehart]

diane haislip I love that hustle!!!

[@dianehaislip6888]

@@MikeRosehart facebook.com/profile.php?id=100012170587451

[@hennesymo1916]

if you are curious about where you are spending all your money clean out your car, purse or pockets and put all the receipts together. You will me surprised!!!!!

[@MikeRosehart]

Hennesy Mo for sure!!

[@pawsnotclaws2772]

Hennesy Mo ikr it really does add up!!

[@ANTIFAGlobal]

His advice is based on the fact that you don't have a car or a purse since they aren't in the budget.

[@hennesymo1916]

@@ANTIFAGlobal why do you have to be negative ? If you have nthn good to say dnt say anything. He welcomes every tips and tricks so everyone can learn from everyone. Everyone got a pocket and a wallet.

[@ANTIFAGlobal]

@@hennesymo1916 It's called realistic. He paints an idyllic picture which stands in stark contrast to reality, and then puts the responsibility onto people suffering to scam others to get out of their situation.

[@kaitlinobrien243]

I am loving this ......I am 61 and live out of my backpack I live an amazing life on a fixed income. I choose experiences! 🇨🇦💗🇨🇦

[@brentshuffler1234]

Thanks, Mike! Some very good strategies especially for housing. I started working for only $125 per week and made a point of saving something every pay-cheque. Walking and busfare is very cheap versus owning a car. Staying and sharing with friends/family is a fraction of the cost of renting alone or owning a home. Growing some of what you eat and making home-made meals is a big saving versus buying meals.

[@MikeRosehart]

It really is!

[@MikeRosehart]

All great points.

[@ItsLemontree]

I rarely eat out since i can make my own sushi, burgers, tacos, and phö (with pho broth in the grocery store). I force myself to make my next days food the day before, yes even my days off, so i don’t get tempted

[@MikeRosehart]

Melanie Keezer amazing! Sounds delicious.

[@radies]

This is a huge one! Keep it up Mike!

[@MikeRosehart]

Radies Rajakulam - Investing & Real Estate thanks 🙏 My best video quality yet, eh?

[@mlambert1974]

You nailed so many important concepts well..thank you!

[@MikeRosehart]

Let’s discuss below strategies on how to save money on low income. Earning Minimum wage doesn’t mean you can’t live a great quality life. Living on a below the poverty line budget can still mean a rich life. Live the good life ...on Minimum Wage #lowincome #minimum Wage #poverty #povertyline

[@pawsnotclaws2772]

Great video!! It really helped me. I make $11 an hour now and this is the most I’ve ever made.

[@MoneyMan28]

You can make money if you buy a house and collect rent profits every month

[@whoabrian]

Love your videos!!! Thanks so much for your advice and optimism!! God bless!

[@MikeRosehart]

Whoa Brian that comment means a lot :)

[@SirenaSpades]

Most of these Fire people aren't practical and have no basis except some 4% investment dream that they don't even understand, but you are presenting this in a doable, realistic manner - the same way I did it - house hacking! Real, passive income! Awesome job!

[@MikeRosehart]

Sirena Spades aww thanks! Love it 😊 Freedom is a lot closer than people think with a house hack :)

[@yosefpentangeli110]

I saved lots of money by quitting bad habits.. Smoking was my 1st bad habit and I continued to cut out more habits that were unhealthy.

[@MikeRosehart]

All of that drone footage was actually of my house and neighbourhood so stay tuned for that! The driving B-roll footage was also all filmed by us! Bonus Points if you find: -The justin B peterson comment - The early retirement extreme (jacob lund fisker) plug! -The still fresh clip -Did I hide anything else in there? ;)

[@donnaleeclubb119]

In the states, most of the time you cannot rent a home and then sublet those empty rooms. Sometimes you can, but not often. The best thing to do in the states is YOU be the one renting a room in someone's house. I do not live in a big city and never have due to the extra cost and crime, so I do not know how easy that is in a large city, but it is easy in a mid-size city to get a room, all expenses paid for about 500.00 a month. I also live in the South. Another option for a living expense is living in an elderly person's home or someone who is disabled or has medical problems. You can sometimes live for free in their home provided that you take them places and maybe do a few handy things.

[@MikeRosehart]

Donnalee Clubb good idea 💡

[@CentsibleLivingWithMoneyMom]

I know someone that lives on about $9 an hour and how this particular person does it is they actually rent out a room from some older people and they pay $500 a month and that includes the use of the kitchen electricity cable TV and their internet also she takes public transportation to get to her job so she doesn't have a car payment so she's able to live quite well the only thing that she has to pay extra for is her own food and her cell phone bill I think her job does provide her medical

[@MikeRosehart]

Centsible Living With Money Mom awesome!! 👏

[@christina8118]

Great advice, love your videos. Thank you for always going into so much detail!

[@MikeRosehart]

thanks Christina 🙏

[@austinyeh6]

Excited for this one! :) heard it's the best yet

[@MikeRosehart]

Austin FI Yeh see for yourself. Honest thoughts?

[@zainabaktar2485]

I Love this video because I feel you relate to me. I drink or bring coffee from home. I really don’t believe a cup of coffee should cost more than 1 dollar a cup. $3-$7 is just to much for coffee

[@MikeRosehart]

Zainab Aktar 🙏 Totally agree!

[@Hitman-tk6en]

I take a huge mug to work fill it up their drink their then before I live fill up their for later use hahaha my little cheapsake extreme moment of the day but my work gives use free breakfast lunch and dinner so I don't think they would even care

[@tiashadae1143]

I don't live on minimum wage but I have some consumer debt and student loans. I'm almost done with my c.c. debt so I want to learn as much as I can to live on a lot less to pay them down fast and rack up more savings. New subscriber.

[@MikeRosehart]

Tia Huntley Welcome! Awesome to hear you’re slaying debt - I’ve got lots of videos on debt repayment. Debt avalanche and debt snowball strategies both work well - I have vidoes on both. I paid off 6 figures in debt in 15 months, so I can tell you it’s possible!

[@tiashadae1143]

@@MikeRosehart I grew up very poor myself so I can relate to your background. Thanks for what you do!

[@cherylT321]

Tia Huntley. Do a frugal living search on KZbin. Watch as many as you can and read the comments section. I have learned a lot from what people say in the comment section!

[@tiashadae1143]

@@cherylT321 Thanks and trust me I do, I subscribe to a lot of you YT about saving money, minimalism, and frugal living

[@kaitlinobrien243]

You almost lost me with eating out of the tin. 😂 I am still here. 💗☘️ Love from Ireland ☘️

[@MariaFlores-dc2uu]

Great Video! I Hear Too Many People Making Excuses! Buying Fastfood Daily,smoking,drinking,paying for gym memberships they never use,Starbucks daily, shopping, The Newest Phones/ technology, outrageous car payments and house payments etc.etc..People need to Watch Your Videos!👍

[@MikeRosehart]

Thanks Maria! Share it around & on Reddit so people can find the videos :) I really appreciate the support and I’m right there with you!

[@09Germ]

Food almost finish a can of beans open already still fresh hmmm 😂. Great video and great tips especially about house hacking because that is my biggest expense rent 😞.

[@MikeRosehart]

Gemfeng thanks :)

[@203Elz]

This is the realist video on here about saving salute too you my guy 🙏🏾❗️❗️

[@MikeRosehart]

JMoneyy 😊

[@dral22]

Great tips, I love this guy. God bless him. New subscriber. 👑🙏🏾💡

[@MikeRosehart]

Dral22 B aww thanks 🙏

[@jamesjj4006]

It's not what you earn it's what you keep. Then what you keep invest it so money is working for you.

[@MikeRosehart]

James Jj exactly

[@whyaliceofcourse1054]

I have started asking myself before I buy anything, 'why do I want this?' I really think about it. Do I want it because it will make my life better or am I doing it out of habit or to impress others? In one week this has saved me from $600 to $4k. Most of that is on one big ticket item, but the rest has been smaller things.

[@MyMEGAamazinglife1]

I save money on food by buying my groceries from a charity. $50 for a full trolley of food. You don't get to pick what's in the trolley but it has fresh fruit n veg, canned goods, frozen meat and other stuff, dairy, eggs etc. I'm a single parent with 2 daughter's 10 and 13 and I love that We can cut our grocery bill by so much.

[@MikeRosehart]

ON Family smart!

[@leelaffan3925]

WOW $9.00 an hour. sounds pretty good too. I remember when I started working at $3.55 an hour. lol But yes even then at 14 I was still saving my money. not quite thousands at the time but hundreds.

[@MikeRosehart]

lee laffan haha my first was 8.70 or so, but hey it’s relative to buying power. It probably bought about the same amount of stuff. Relative to real estate, $3 went way further buying properties when you were young I’m sure ;) As always I love the comments lee, thanks! Did you enjoy this video?

[@adrianwitkowski396]

3,55 USD an hour is current minimal wage in Poland ...

[@eibeelee2890]

I found this super motivational ... I’m like pumped up and excited

[@MikeRosehart]

You can do it! :)

[@kiwikim5163]

Great! Hubby and I are multi-millionaires and we share a nice hybrid SUV, bought used. We have an old 4 cylinder engine pickup that is used only for hauling stuff on occasion. Insurane is low as we drive it way under the 5,000 miles/year limit.

[@sammyalabamy111]

10:00 That was nice, not spending for stuff for a whole year. Many people just buy stuff, just to say I have it then turn around and put them in a storage space (and still pay monthly fee); wasting money and resources, and taking away from you/family future self.

[@MikeRosehart]

Say it! Totally true! :)

[@MikeRosehart]

Sammy from Alabamy thanks 🙏

[@J.L.Nelson]

I've been watching your videos lately and just subscribed after watching this one (it's the first realistic one I've seen: saving on a low income), of course couples can save faster but here you explain how a single person on a low income can do it too. I'm 48 and am living paycheck to paycheck and I'm done with that. My credit is poor and I don't have a safety budget but 2020 is the year I'm taking control of my finances and taking back me. I don't want to be old and eating cat food. I've also shared this video. Thanks for the inspiring video!

[@MikeRosehart]

Katherine's Corner love it! Take control, let 2020 be your year!

[@KyleHarkes]

I think this video is pretty fresh. Just like those beans.

[@HungarianExperiment]

great transitions Kyle!

[@MikeRosehart]

They’re still fresh ;) between us the beans were not from the trash. I opened them and then carefully placed them in my recycling bin after I had already filmed the eating sequence. But don’t tell anyone!

[@MikeRosehart]

The Hungarian Experiment the pattern interruption B-roll is on point ;) We had to shoot this video almost 3x and the editing took us wayyyy too Long. But the final footage is so well done - this video has the potential for 500k views imo.

[@KyleHarkes]

@@HungarianExperiment Thanks man! I'm happy with how it turned out!

[@slackerjo]

Doing research on house hacking but until I find a solution (I live in Ottawa which has ridiculous house prices) I switched to the evening shift at work cause I make $100 extra a month for no extra work. The first half of my shift is pretty quiet so I spent time learning about real estate investing on the You Tube. I know a lot of people like to put everything on a credit card for points but if you struggle with controlling your spending, try switching to a cash only system. I withdraw a month's worth of grocery money and spending money (I call it disposable income) on the 15th of every month and seeing those $20 and $50 bills start to disappear really keeps spending in check.

[@MikeRosehart]

Jo Norman I know people that house hack in Ottawa! It works and can work really well there actually. Try a 3 bedroom place to get your costs down :) Roommates are a small sacrifice to make to subsidize your living costs. Eventually you can evolve into a different type of hack through home ownership (house hacking - Duplex Living etc).

[@eowendyl]

If you're conscious about this stuff (and you seem to), you'll be able to graduate from cash to credit cards in no time and reap the extra benefits.

[@jenismith5429]

Love your videos. I don't house hack, but I do live in a low-cost area. There are no jobs here, but I blog and write so I bring my own. I lived on 10k for many years with a son, going through college. It wasn't bad at all and now we make way more, a little lifestyle inflation, but living like that for so long, I can save most of my income now. What I love is the excuses. I got many from my blogs as well. You think you can't, and you won't. If you think you can, you will. Either way, you're right. :)

[@MikeRosehart]

Jeni Smith well said! Early Retirement Extreme takes the cake.

[@MikeRosehart]

Jeni Smith thanks ;)

[@SD-my9so]

How old are you! You are amazing!!! We thought we did retiring at 50 and 57. I wish we had known all you know. Wow! I’m sharing this with my just graduating nieces and nephews. Thankyou so much I will follow you.

[@MikeRosehart]

S Dunn thanks :) I’m 26 currently. I’m thankful to be retired today mainly because of frugality and hard work!

[@MomentumEmpowered]

I love this💪😊 thank you for sharing

[@JamesFort]

Great video man! Everyone listen up!

[@MikeRosehart]

thanks James ! We spent almost 30 hours on this video I really hope it gets 1000 views in the first 2-3 hours. Fingers crossed.

[@honestly101]

Hi Mike Rosehart, great video plus audio quality. Your content is awesome. Your doing what you love, keep it up.

[@MikeRosehart]

Thanks Noel ;)

[@alexandraclarke9349]

Very realistic strategy. New subscriber. Thanks for your honest advice.

[@maximhollandnederlandthene7640]

To be poor is to think.poor. That's how you stay like this when.you do this. This is how you do. Be conscious, Invest in yourself. Happiness and future.

[@MikeRosehart]

Happiness is largely tied to freedom. Minimalism and anti consumerism is linked to happiness. Therefore frugal freedom can mean happiness :)

[@maximhollandnederlandthene7640]

@@MikeRosehart Frugal is ok but not to all costs, Enjoying life is too important. Don't get shallow of your needs. Don't overspend. Don't get a freeloader to live on others pocket. Don't lend money. Don't look at your neighbours or friends spending. See life as a investment !!!! Most precious is your health, mental and physical. Education is second, but don't believe all is saying and written. Listen to your intuition and inner logical is telling you. Actions are more important than words. All you hear or see can be a illusion, made by others or by your own self. People are easy to deceive 😂 All that's too good is mostly fake. People love fairy tales more than the truth. They love to run from reality. That's why drugs and gambling are invented. Alcohol, tobacco and sweet foods and drinks. People are telling to stay away from over consumption but don't want to listen.

[@MikeRosehart]

MAXIM, Holland Nederland good points! I’m so thankful I made small sacrifices early on that are paying off in a big way now. the secret is to do what works for you that will make you happy now and in the future. #delayedgratification

[@maximhollandnederlandthene7640]

@@MikeRosehart All have needs, When you use conscious thinking all looks different. When you have excessive needs and let go yourself it can get a sickness. The world is already filled with this.

[@maximhollandnederlandthene7640]

Power, money and sex are ruling the world. Give the people a fairy tale and they are sold. That's what religions want to tell you by calling it the Devil ( D evil)

[@janetbransdon3742]

I make a picnic lunch to eat in my local park, enjoy a 10 minute walkto same . It can be a social activity too if I strike up a conversation with other people. Fresh air and watching the birds and nature and exercise so relaxing. I go home relaxed and no extra money spent. Money actually saved as not watching tv or using air conditioning etc at home.

[@Amy_hinke]

Mom of 3 kids here on pretty much min wage no EBT no help saving about $300 a month on average-- coupons and foodbank just not eating out not giving into kids etc ( about $150 savings)and getting out of debt slowly. I'm always Facebooking my frugal ways to friends online.. if I can do you. You can. I am doing a month long no second hand stores only shopping fore bare basics and eating from foodbank. A huge amount of our income go to grocery and household basics besides rent

[@MikeRosehart]

Amy Hinkle love it Amy. You’re an inspiration!

[@MikeRosehart]

Amy Hinkle frugal queen!

[@elizabethm193]

Awesome tips !!! . Your video is for real people working real jobs and struggling to improve their circumstances. The advice is very doable. Thank you for realistic advice.

[@MikeRosehart]

Elizabeth M thanks 😊

[@simplesgood7694]

Really great stuff!! Please keep it coming!!!!!

[@MikeRosehart]

Simple’s Good will do! Thanks! All my videos fit into 1 of 3 categories: They’ll help you 1) spend less or 2) Earn More or 3) Maximize Your Returns

[@BuildLessons]

Love the idea of the no spend challenge. It gets addicting once you get some momentum! How much of a budget do you set aside for Education Mike? I’m always wanting to buy new books (example Early Retirement Extreme) and feel like sometimes I might be overdoing it in this category. It is one or my favourite things to spend on and always wonder where to cap these discretionary purchases. Like button smashed.

[@annann6136]

Yap...renting a house split with 4 friends. Internet shared as well...big savings for me!

[@MikeRosehart]

Ann Ann right on!

[@timothyjonathan526]

Thanks a lot for the tips🙏🙏👊 I subscribed to your channel

[@MikeRosehart]

Timothy Jonathan aww thanks. Welcome!

[@JamesFort]

Nothing but straight value dropped here

[@MikeRosehart]

James Fort thanks 🙏

[@brittany1484]

I clicked on this video out of curiosity. I'm glad that I did. I'm going to check out your other videos. If I could hit the like button 10 times, I would lol

[@s.h.4241]

On minimum wage you can’t rent a $2000 home because the minimum you would need to make to qualify is $6000/mo income. So while that sounds good it’s not actually something you could do on that wage without someone else on the lease. If you had three people on minimum wage they wouldn’t even qualify if they put their incomes together for a $2000 a month rental.

[@MikeRosehart]

S. H. And yet people I know are doing. I did it.

[@MikeRosehart]

S. H. I did it as a student with no income. Someone rented me a place. I claimed I had student loans for income and got approved :) cammer You’d be surprised - Being creative is key. Let me give you some real house hack or rent hack examples that can work on Minimum Wage So many people are closed minded. I have now amassed 50 properties here in London and I often rent out to a singe student who pays all the rent to me and he sublets rooms to his friends. I make their parents co-sign the lease, but I don’t care what they rent the other bedrooms for - I charge a house price for 1995/month for the 4 bed 2 bath and they can do whatever they want. I have no interest in policing between bedrooms, collecting & chasing rent x4, vacancies, conflicts, etc. I’m telling you lots of landlords do it. Most landlords would rent a 2 bedroom with den to a single person or couple, and if you then setup IKEA bookcases with a curtain for the den to rent it out like a bedroom, and the second bedroom. Then take the other for yourself. Even a 2 bedroom is house hackable. Even a bachelor split with a partner, close family or Friend is a rent hack 50% off ;)

[@sk8sbest]

gna have to calm down the hand movements there... getting a bit dizzy here

[@MikeRosehart]

érdnA :( #handtalker

[@frazhussain7313]

mike bro you are the man

[@MikeRosehart]

Fraz Hussain thanks for your continued support!!

[@frazhussain7313]

@@MikeRosehart no problem mike bro your always most very welcome at anytime hero take care have yourself a very nice day.

[@dsinformation6640]

Very practical & implementable strategies for minimum wage earners or any wage earners! Thanks!

[@MikeRosehart]

ℹ️ ❤️

[@RonensJourney]

New subscriber. Very inspiring, great content. Keep up the good work!

[@MikeRosehart]

RonneniPhone welcome! Thanks 🙏

[@rebacarmack8335]

I switched from lattes to regular coffee- so far, so good - saved lots of $ plus gas!!

[@janetbransdon3742]

Liked and subscribed. Great info thank you.😁

[@bradmason1846]

This is a channel I’m happy I came across

[@MikeRosehart]

BRAD MASON thanks 🙏

[@MikeRosehart]

BRAD MASON ❤️

[@tanndigedan2261]

Great video thanks xxx

[@MikeRosehart]

Thanks 🙏 ❤️

[@Caspricocious]

Great video! An extra tip I would add is that I keep an eye out when riding my bike 60kms to work for fresh roadkill on the roads. This is majorly overlooked by many people out there, but in some situations provides me with a freezer full of semi-ok meat for sandwiches, heartwarming soups - you name it!

[@MikeRosehart]

JshCsp on that note - I need you to checkout my Instagram @mikerosehart - my mom sent me a text at 1am the other day...it was embarrassing actually and I shared it: “Mike someone hit a deer here. Want to come and grab it?” Me: uhm, no? :P But seriously I have once skinned a deer with a hunter. These days my time is better spent price matching from the local grocery store 40% off fresh ;) No road kill for me :P

[@MikeRosehart]

JshCsp part of me hopes you’re serious.

[@Caspricocious]

@@MikeRosehart Not serious lol. Although Im trying to become as frugal as possible Im not that deep. Yet! Im in Australia where it can get to 45 degree celsius in summer so no way would that meat be ok. Canada would be a different story Im guessing

[@MikeRosehart]

JshCsp ya, if it’s cool out it’ll preserve ;) I’m actually not down for road kill lol, i was playing into your joke. The text from my mom: Real. I was as shocked as my Instagram followers on watching the story (it’s saved for review under my stories lol). #hippyparents

[@donnaleeclubb119]

Yeah....NO. LOL.

[@jenniferdavis2110]

Great info!!! Thank you and more power to you! 👏👏👏👍👍👍❤ Bravo you just motivated me more!!! 🤩

[@MikeRosehart]

Thanks 🙏 ❤️ that’s the goal!

[@KirlySuesKitchen]

You are so knowledgeable and full of useful advice , thank you for sharing , I’m vegan too and just subscribed to your channel 😊

[@MikeRosehart]

Kirly Sue ❤️

[@MikeRosehart]

Welcome!!

[@sukanya9153]

Hi mike,. I liked this video a lot. And happy to see you so dedicated in your life.

[@justmoney139]

Hey Mike, often you talk about purchasing properties below market value and not using realtors that use MLS listings etc. How do you get access to off market properties? Any one you recommend? Thanks! Keep up the great videos!

[@MikeRosehart]

Thanks Jake! Networking, messaging for sale by owners and door knocking, wholesalers etc. Sometimes realtors will bring off market properties to you before they list (and you can score a deal).

[@momof2momof2]

If the landlord allows that many young room mates :)But yes, I agree that people ,if they do their home work, can live well for less. Imagine if all lower income (especially young) people followed this way of thinking. tfs

[@MikeRosehart]

I totally agree and that’s why I have this channel and put these videos out there! :)

[@diasrvlife2649]

Great video with tons of great ideas. How will hey let you rent a 4 bedroom making minimum wage? Unless you add the roommates info in the application/contract, then the potential roommates know the price of the rent and I don’t see them splitting the rent and you paying nothing while living there too. At least here in the us... but the idea is great.

[@diasrvlife2649]

Lots of great ideas 💡 thanks.

[@MikeRosehart]

Dia’s Frugal Life you’d be surprised how many landlords will rent to someone with low income even..especially smaller landlords. You’d have to work a little harder to explain your situation and how well you will take care of their property.

[@MikeRosehart]

Dia’s Frugal Life thanks!

[@thinhdoan3373]

The biggest 4 expenses: Taxes, Housing, Transportation and Food (groceries and eating out). Focus on cutting these down like crazy and invest what you have left.

[@sylviefrancis331]

Hey, Mike! My son & I (single mom) just moved to a new city (for his school) and the housing hack sounds cool but I cannot share my place with strangers since I have an ASD child, and I know nobody here. If you know of anyone who's going through (or went through) that kind of a housing situation *and* managed to save, I'd love to get some tips. BTW, I convinced my son to do the 1 month challenge. Coffee & hair salon for me, and games & gaming merch for him. That's over $200! Great vids, Mike. They give me a boost, you know... I'm not alone. Thanks! :)

[@canadianmom]

Kijiji is amazing for free items. We got pretty much everything for our baby's needs on there...crib, rocking chair, bouncy chair, clothing...etc...

[@spotsandme1968]

Kijiji is great! I got all my furniture items there. I also frequent Goodwill and second hand/consignment stores for all my clothes and only shop if I truly need something.

[@missesAnnCooper]

To get someone to rent you a 4 bedroom house in the Uk is impossible as they rent your based on your weages and you are not allowed to sub-letting.

[@MikeRosehart]

Anne Coops checkout Samuel Leeds. His business is subletting in the UK lol

[@MikeRosehart]

He gets permission right in the lease too.

[@missesAnnCooper]

@@MikeRosehart right i will check him out.

[@pawsnotclaws2772]

I’ve been trying to live this way but my boyfriend won’t listen to me -_- he’s like “we’re never gonna be able to retire”

[@MikeRosehart]

Paws Not Claws #bychoice

[@candicemay]

Just be frugal yourself & save for your own retirement then when your retired earlier then him then u can tell him "I told u so" 🤷‍♀️

[@pawsnotclaws2772]

Candice May lol good idea 😂😂😂

[@jillygirl2024]

Electric ? Clothes ? A date ? Car repairs? Insurance - car, health ? Medicine ?

[@MikeRosehart]

Jilly Girl utilities are factored into rent. I rarely buy clothes - mostly get them for free On free spin or Craigslist etc. Medicine is $30/month budget into an account. I assume the minimum wage person has minimum benefits. Here in Canada healthcare is mostly free thankfully. This fails if you’re mentally unwell or have major Health issues of course. You’d have to cut back elsewhere or earn more in that medical situation. Is car necessary? We had 1 car and were super frugal with how we used it - negotiated cheap insurance and gas cost.

[@MikeRosehart]

Jilly Girl I’ve got lots of frugal dating tips in one of my older vidoes.

[@jillygirl2024]

I am new to your channel but commend you - it can be tough on low income but people can live wearing dollar store makeup, living w/o cable or internet and cutting back

[@donnaleeclubb119]

My husband went on many picnics while dating, hiking at state parks (minimal cost) long walks, walks on the beach, free concerts in the park, go to zoos and museums on days during the month when it is cheaper. Most places have that.

[@tonycanelo2519]

Well fuck! I can’t believe I never thought of rent hacks! Thanks you just solved my biggest problem.

[@MikeRosehart]

:D

[@benefitnessstudio2702]

Choose your damn sacrifice ... love the JP drop

[@MikeRosehart]

Benefitness Studio hahah :)

[@MikeRosehart]

Benefitness Studio :)

[@ScottTsai]

Hey great video, it'd be helpful if you talked more about the specifics of rent hacking for those who haven't done it before. How to write roommate agreements, how to deal with vacancies etc.

[@MikeRosehart]

ScottTsai I have a video on rent hacking & a free ebook on it too on my blog. (Www.25andfree.com).

[@MikeRosehart]

ScottTsai all of it fairly simple to do - I’d be happy to share what I’ve used for subletting to roommates etc.

[@ScottTsai]

@@MikeRosehart thanks I'll check it out!

[@usernametentwo]

@@MikeRosehart Would love to see a video on subletting!

[@MikeRosehart]

Hey man, make love, not war! Definitely. I’ve got some free materials on it in previous videos I’ve done and on my blog.

[@g1mercury]

Nice video Mike. That beginning gave me a good laugh!

[@MikeRosehart]

g1mercury 🤣 we tried hard for it. What did you think overall?

[@g1mercury]

@@MikeRosehart it does feel like alot of frugal videos look like the beginning which you proved is something you don't need to do. You're talking the talk and walking the walk. The production quality has definitely increased. Definitely provided great examples of things people can do to make it happen.

[@MikeRosehart]

🙏 g1mercury

[@Myfrugallife]

Awesome tips! Housing is the biggest expense!

[@MikeRosehart]

My frugal life aww thanks, totally agree! Any tips you’ve found to add?

[@Myfrugallife]

The main way we are able to live good on low income is that we bought our house when the prices were lower, 11 years ago, and that keeps our payment low. Hopefully, 5 more years, and we pay it off completely.

[@MikeRosehart]

My frugal life getting in early is great! Real estate tends to move in a general upwards trend slightly above inflation :) I did a great video on why you shouldn’t pay off your mortgage. I’m a big fan of remortgaging and investing it :) People irrationally pay off their houses to get a 3% rate of return on their mortgage interest, and stay in homes that can’t be house hacked because they’re emotionally invested. From a financial perspective it’s not always best.

[@Myfrugallife]

Maybe, but this is a guaranteed savings. Also, savings, unlike gains, are not counting towards the income and not taxable. Also, for those in USA, if we have capital gains over a certain amount, we loose earned income tax credit, which is for low income people, and for us it’s about 6K a year. We have 3 kids, and it would be less for fewer kids, or when they grow up. So, I choose to pay the house off first, and then, when kids grow up, and we won’t get that credit anyways, I might invest, but maybe I would rather buy a rental property, or 2 or 3.

[@Myfrugallife]

By the way, my new vid just came out how we save on electricity in the summer when we have to have weird electricity rates that cost different depending on the time of the day.

[@micahthomas6600]

Min wage in VA is $7.25 still.

[@MikeRosehart]

Is it Fresh? Still fresh. Channel Inside jokes ;)

[@srijonisaha9017]

Mike Rosehart could you please make a video ‘how to become a millionaire on a minimum wage ‘ & ‘how to buy a house or condo in Toronto on minimum wage?’

[@srijonisaha9017]

Mike Rosehart I mean GTA

[@joycegonzales4994]

What I do is either find a way to make money or save money

[@blathermore]

When your parents and kids won't be seen with you in public, you know you've gotten it down....nobody like this fellow mentions social realities and people like dentists.

[@mirjanaskoric3385]

Roommates are not an option. No way.

[@MikeRosehart]

Mirjana Skoric Duplex Living in a high end 3000 square foot house in a great neighbourhood work for you?

[@mirjanaskoric3385]

One side of duplex for roommates, sure. But sharing kitchen and bathroom... No way. It's hard to Live with family sometimes and even harder with strangers with different cleanliness practices and daily routines.

[@MikeRosehart]

Mirjana Skoric very true! Duplex living is as far as my wife was living to go.

[@AndriSadlak]

100% Agreed. My first job in Canada was $35k for the first 2.5 years and I managed to save $30+k for my first downpayment. I love seeing the #Travelization Scratch Off World Map on the background! :) Mike, you should consider becoming an affiliate for it as well! haha

[@MikeRosehart]

Andri Sadlak awesome! Proof that it’s possible. haha maybe.

[@cindygutierrez2382]

The “like” thing was so bad that I had to press like lol

[@MikeRosehart]

Cindy Gutierrez 🤣

[@thebeerhunter7307]

not allowed to sub let rooms here in New Zealand, unless they are on the lease when you take the place

[@michelesimko7541]

$9.00 at 16 is great. Motivated person

[@joanhall3718]

At 16 years I was making less than $1 an hour. On top not working 40 hr a week .

[@adrianwitkowski396]

Very low wage ? Minimal wage in Poland in 2020 will be 500 USD netto ... And Poland is in the European Union ...

[@rosarioescobar8255]

Great content

[@maryschumacher7118]

I house hacked for seven years in a house I bought. Covered my mortgage and gave me $500 extra income per month.

[@kaitlinobrien243]

I love that you are Canadian 🇨🇦🇨🇦🇨🇦

[@PATWO]

If i had this advice when i was in my twenties... my god... xD never too late so... Thanks Mike!

[@rem145]

I have a very good friend that is really good at mlm but it’s only for like 1 percent of the population. He is one of them but I don’t personally know anyone else who gets anything from it

[@MikeRosehart]

So do I. The problem is most people would do the exact same steps as he has and have failure. I like things that have guaranteed returns - like Real Estate. As a landlord, you collect rent and put in the work to maintain the property and you make like $30/hour guaranteed. I’ll do a video on those types of “sure thing” gigs.

[@rem145]

Mike Rosehart fortunately I found someone to rent a room at house it’s more about cutting expense on silly things I do. Working from home (needs a plan) or taking bus is the way to go. I found something like $88 a week, yes a week already with lunch, coffee and transit. And I’m still getting all three, because I have to go to work, just a different way.

[@MikeRosehart]

rem145 awesome!!