Paycheck to Paycheck on a Six Figure Salary

[@elchicano65]

As a former loan officer who worked in a mortgage company doing refinances, I became acutely aware of the following truism, "It's NOT how much money you make, it's how much you get to KEEP". I was repeatedly stunned when I saw how families making 150K to 300K per year were in deep financial trouble. What they never considered is the financial condition you can find yourself in if one partner loses their job or gets ill for any length of time. Ironically it was the people making between 50K- 80K that were more inclined to spend more modestly and with greater care. I tell young people to always live below your means - doing so will keep you in good financial stead. Never forget that money is to managed and not squandered. 'Nuff said......

[@dojocho1894]

A friend of mine is looking for a apartment I told him go to craigslist there is a section for people looking you can list there...he said he did...he said there was 52 pages of people looking for a apartment.......thats frightening......

[@TragickSin]

I agree with you…especially with all the financial institutions and banks run by certain people who don’t exactly care for you and just want to hoard your own money….

[@PAWKID4LYFE]

We do budget counseling for homebuyers who have tight budgets. The bank may not let them close on the loan without it. It's usually the six-figure earners that have little savings with little to save each month. Meanwhile, someone making 60k has $15k left in their savings while saving $1500 a month.

[@johnydsmithson6834]

We keep 20-30k saved for emergencies, otherwise we bulk buy ingredients and supplies and we have no waste. All the extra money we use to buy materials and vehicles we build on at home and sell for large profits, which we reinvest. We have 100+ acres, have aquaponics, livestock, green houses and fields. Even during winter we can grow surplus of food and proteins, solar and natural gas power... a septic, and compost toilets... I work a 90 hour shift a week, 9 months of the year, sell a camper every quarter, build our own structures (unincorporated land), make our own boards... my hobbies are making things, get to teach my sons many skills, and we make a great income for it. Mom gets to stay home and raise the boy, he's league's ahead his public school counterparts, big family and community activities and travel he is very sociable. You need very little in life. And cash depreciates, investments appreciate. Skills are priceless, and family and dogs are all we need to be happy.

[@Zinger3030]

Totally agree. I remember being in my 20's and working in retail in the most affluent area in my state. It was all fake money. Mom's would pull up in Land Rovers and Escalades, wearing Gucci, and have to swipe 3 credit cards to find the one that wasn't maxed out. It blew my mind knowing that I was only making $40k and probably had more assets and money in the bank than 90% of the families that came in.

[@jalengonel]

Major respect to you putting this out. As a 22 year year old still in college, real life examples of finances are so hard to come by. Thank you so much for putting this up

[@diceportz7107]

I have few words of wisdom: Live below your means and always have a nest egg. You acheive this by setting a monthly budget.

[@Tvj_films8452]

major respect to a 22 year old actually listening to advice from older people with knowledge to share.

[@presidentxijinpingspoxdoct9756]

Save a portion of what you earn and do not spend money on impressing people you don't know. Slow steps will yield rewards.

[@mal723]

@@diceportz7107exactly. Create a budget. My grandmother would have called this “living too high off the hog”

[@bosko.]

@@Tvj_films8452 so many resources out there… I’m 23. There’s a genius for everything right now, Andrew Huberman, Jordan Peterson, fuck - even the Andrew Tate guys have something to teach you… At this point it is just about making the most out of your time💪🏽

[@drinkinclear3100]

My grandfather worked in mechanical enginnering for 30 years. He climbed the ladder to become department manager and when his boss was sick he would assume district manager. He brought home over $180k per year. (This was also 10-15 years ago so today like 250K) He died in debt. Too much pride to tell anyone. He had always been bad at managing money. I will not make the same mistake.

[@otikokoso1956]

He was paying 180k a year on the house?

[@JokesOnHer]

@@otikokoso1956he brought home, not bought a home, 180k. Meaning his job(s) made him 180k per year and still he had debt

[@Zephiremaggie]

The fact that you managed to take time off to look at this spreadsheet is 70% of the journey done, well done sir!

[@JakeFerrin]

I appreciate it!

[@DamienTalksMoney]

Well done for being this honest. This is the kind of content that helps people address their own financial struggles.

[@JakeFerrin]

Thanks man!

[@diy5729]

@@JakeFerrin Random shopping and Hulu....Disney land? Sorry no sympathy for your $$$ issues.

[@UdoADHD]

Hey man do not feel bad you’re not paycheck to paycheck. You have life insurance, 2 savings, enough to eat out, shop a bit AND vacay with the kids? Look, you’re not “no need to see the price tag” rich, but you’re not paycheck to paycheck. Y’all are comfortable!

[@JakeFerrin]

Absolutely. No complaints at all. It's a weird dichotomy trying to be grateful for what you have but also knowing making a lot more is completely possible.

[@counterfeit4450]

@@JakeFerrin yeah, as someone who made like, $1,500 a month, paying around $1,000 in rent when I was younger, real paycheck to paycheck is a state of constant stress and panic. Definitely still learning to be grateful for where I am now.

[@rottensteak508]

@@JakeFerrin idk what your financial advisor is doing but you need to fire them. I can do better/am doing better. I’m not offering my services, because I’d rather give advice to people about finances for free. Your first step is firing this person… also consider getting into real-estate: but another house and rent it out, it will pay itself off in time and then it’s all profit and if you like it do it again because that house will pay itself off twice as fast and so on. You can hire a property manager once you have two properties, you seem too busy to worry about it but you’ll be making enough to not have to worry like this at that point. You need to double your income to live like this and not worry about money in an emergency.

[@JakeFerrin]

​@@rottensteak508 That $150 "Financial Advisor" is money we're putting away into our IRA, it's not paying a Financial advisor. Mint has weird category names sometimes. My financial advisor is actually my dad and I don't pay him anything haha. Real Estate scares me. I know nothing about it. At some point I need to dive in and learn about it. I mean... the real estate that I do own has done great (my house). We're up at least $200k in two and a half years.

[@rottensteak508]

@@JakeFerrin ah, I must have mixed up your words my bad. Yeah definitely get into real estate! Such a great security for you and your family, I suggest putting your KZbin money into starting it. Or even the stock market to start with. There will never be a reward for a non risk when growing your money, I’m sure your dad has taught you that tho. The higher the risk, the higher the reward. The rule of thumb I go by is if I’m going high risk on any type of investment I’m going to use the money I set aside for investment so if I lose it it doesn’t effect me as greatly. It’s a rich man’s form of gambling. Why buy McDonald’s when you can put that into the stock market or save up and buy a vending machine business or start another small way of growing that money? Im in no position to be talking down to you, I hope you don’t take it that way. I feel like intention gets lost over the internet 😂 I hope your KZbin channel grows big man, that would be a good passive income on its own!

[@irenefeng6900]

My spouse and I both grew up poor, so now we live way below our means. Our annual total income is 85k, but we have almost 450k in savings.

[@ChillyWi11]

gah damn invest

[@elmedia1532]

Dude, find an acre of land, build a 180K 2400SF home, sell it for 650k!! I am on my 4th one and have over 1Million in the bank!

[@csowner2048]

@@elmedia1532 🧢🧢

[@Gelenvader3]

Please put that into property

[@csowner2048]

🧢🧢

[@darylb5564]

First thing is fire your financial advisor. Second get your food budget in check. Close a door every now and then. Your utilities are off the chain. Third get rid of all of your bs expenses like streaming.pick one. You make a lot of money. Learn to say no every once in a while and you will have all kinds of cash. This method works for me. When I’m about to spend money on BS I turn the price into hours worked. You will find that many times you will not be willing to work that long for whatever the thing is. Try it for a month

[@BillLaBrie]

I had my years of making deep into the six-figure range. I still drove used cars, lived in a simple townhome, cooked most of my own meals, vacationed car-camping at the lake, wore clothes from Costco and Old Navy. After a while, it became very obvious I wasn’t fitting in. Everyone I worked with drove new Audis or Range Rovers, lived in a McMansion, and constantly complained about being broke. There I was, just being me, doing what I wanted to do, not caring if I got a two-week notice or not. I felt I was the object of a weird blend of envy and contempt from those who worked around me. Those days ended and I moved on. Nothing changed for me. I’ve seen what phony wealth can do, and the perks are not worth the effort.

[@stevend8785]

You have to be single to do what you did.

[@yooo13t]

@@stevend8785 i would disagree. You could do all the things he did except you might need a bigger house for a family.

[@lot2196]

I'm 57 my wife is 56 and we never had a Starbucks product, bought an airline ticket, or been on a cruise. House paid off years ago, raised and education three kids. We have no debt, good 401k, and cash. My wife's old minivan has 170,000 miles. I did buy a brand new car 4 years ago. A Honda Fit. 41mpg. I could care less what anyone thinks of us. I missed a whole year of work because of cancer too. Neither of us went to college.

[@Foreveradriennexo]

Amen

[@WhimsyWendy]

Good for you not buying into the rat race.

[@theeALister]

You deserve a ton of respect for sharing this because it is such a common problem in American households. I’m a software engineer who makes above 6 figures, and I concur that it is very easy to spend that type of income. When I was making a third of what I do now I was much more frugal and actually saved a lot. I’ve come to realize that it’s mostly a matter of limiting unnecessary expenses as well as combating the rising costs due to inflation. This video helped me renew my focus on limiting frivolous spending.

[@TheoriginalBMT]

Same

[@HandleUnclear]

I'm also a software engineer, and only started making 6 figures this year (5 yr long career). I racked up A LOT of debt working as a contractor (had to pay out of pocket for moving state to state for different contract). Now thay I make 6 figures, I have been trying to pay down my debts FASTER, so I technically live paycheck to paycheck because of this. I live relatively frugal, as in my lifestyle has not changed since college, I literally have always struggled with eating my money, never really bought myself "nice things". We bought a house 2 years ago after I finally got a FTE, because interests were low and renting is a money sink. However the only houses we could afford were fixer uppers, which has caused us more debts. It may have been a bad financial move, but since we're living comfortably, paying off debts, and own our own home, we're not complaining yet. Only thing is we definitely cannot afford children. Based on our projections debts should all be paid off in 2 - 3 yrs time. We'll see how things go

[@TrainerAQ]

Also the job that make 6 figure salaries typically require equipment that costs in the thousands of dollars. I.e. a pilot buying durable luggage and headsets. A Doctor buying a microscope and medical equipment, etc.

[@Ghosty716]

@@TrainerAQ highly doubt most jobs buy their own equipment. All tech jobs have equipment supplied by companies, doctors definitely don’t buy anything that’s the hospital is for etc. So that’s never a factor

[@nataliesoutlet]

Super interesting video. Appreciated the transparency

[@JakeFerrin]

Thanks!

[@AlternateCurrent.]

Don’t be replying to anyone in a dress 👗 half on.. Nope 👎. 👰🏻‍♀️ ain’t having that. Sorry Natalie “ we got shit going over here” Doing good keep it up.

[@jseels]

@@AlternateCurrent.lmao chill out. Getting triggered by someone’s clothing is insecurity warning. 😂

[@AlternateCurrent.]

@@jseels 🤣😂

[@quintonrhodes244]

500 bucks a month on eating out

[@TylerofSc004]

9-5 money gives you fuel for the fire. Use it to buy cash-flowing assets that put money in your pocket every month. The predictable 9-5 income will allow you the freedom to explore different investment opportunities and see what works for you. Don't underestimate a salary.

[@TheNamesJake]

wth do you mean about cash flowing assets ??

[@xanderabbey8529]

@@TheNamesJake It's a bot comment chain. Don't fall for it. These bot comment chains pop up on every video on YT that relates to money and finance.

[@lasdyn6885]

100$ a month will never get you rich do not believe this lie. Or maybe you’re gonna get midly rich in 60years at best. The best way to making money nowadays is to start your own business and work your ass off on it. 9-5 is for slaves that believe they will be free one day. Wake up

[@Pens4Life85]

​@@TheNamesJake They straight up mean buying more properties to rent out and extract wealth opportunities from your fellow working laboring class. Pretty soon we're gonna have 10% property owners and the rest being renters nation. This country seriously sucks

[@jtmitchell83]

@@lasdyn6885 It's not necessarily false that a hundred dollars a month won't make you rich, but the key is building the habit of consistent investing. Starting with just $100 and maintaining that habit as your income grows will eventually lead to wealth over time. It's all about establishing and sticking to those habits.

[@matthewlubey9316]

As an 18 year old going to live off on my own this video was perfect. It helped me realize no matter how much money you make you need to make money conscious decisions

[@tonybelonog2941]

Very great way of looking at it my man!

[@MazzBCD]

Don't vote Democrat

[@leumas2606]

I'm right there with you... 18 years old and newly understanding how important it is to keep the money you make, even to make some sacrifices.

[@dr.mantistoboggan7078]

Don't spend more money than you make. A simple concept that's easy to forget.

[@colinschenck2129]

I only spend like 70% of my salary. Make $20 an hour. Built a 20k saving while living very simple. You really have to sacrifice much. Instead of buying a $8-9 coffee everyday, make it at home for next to nothing. Don't eat out very often. Shop at thrift stores. Stay away from credit cards too. Those will eat you alive. If you do get one, do not carry it with you because it's too easy to use. Keep it in a lock box for dire emergencies only.

[@MikeScarberry]

Not to be that guy but he isn’t paycheck to paycheck. He has a 401k, admits to having savings, and other sources of income. Most people don’t even have that. That’s really living on the edge.

[@faranocks]

While that's true, if he was only making $120k/year he would be well into the "paycheck-to-paycheck" range. I think he is showing how close he is to being paycheck to paycheck (in terms of money in money out) more than saying 'I am literally paycheck to paycheck".

[@PandoraBear357]

​@faranocks nah. If he wanted to he could probably find things to cut back on and have a bigger cushion. The people who make 6 figures and refuse to budge on their lifestyle are the ones on the edge and in debt.

[@brennan6587]

​@faranocks As someone who has done just fine on 20k per year for the last 10 years, this comment is massively insulting and out of touch. Someone making 100k more than me is "paycheck to paycheck" range? Gtfoh. Debt can be managed or even erased, regardless of income bracket. If you're struggling on 6 figures, you are making bad decisions and wasting a ton of money somewhere, somehow.

[@Hedwig-gj2di]

And all the eating out and random spending. Damn. He is living more than comfortably lol. Paycheck to paycheck means no savings, no eating out, no random spending

[@OzHunter]

@@faranocks Nope, he can easily cut at least 30-40% of those expenses. And just seeing how lax he is about being in the negatives I'm pretty sure he could move to a more modest house so nah he is just lazy. But he acknowledges it and as long as he is ok with his life decisions and consequences good for him.

[@MinhalQ]

Love the video! Thanks for being transparent. I feel like $100k today is what $50k was 10 years ago. Salaries haven't gone up nearly enough, compared to inflation.

[@winstonzeb2842]

Thats a fact, plus the mindset of making “six figures” is dangerous for most people, because it makes them feel like they can spend a lot more than they actually can…

[@HandleUnclear]

Yep, studies have shown that to live a comfortable middle class lifestyle, like what was the dream in the 60s - 70s, a family has to have a household income of >=200K. My husband and I make 180K together, we have tons of debts, living "paycheck to paycheck" to pay off said debts faster, and still can't afford kids, or fancy vacations. The biggest "luxury" item we have bought is a home that is a fixer upper (I've had people tell me homeownership is a luxury, but I believe its a right/need since shelter is a basic human need)

[@mikesteelheart]

What's even the point of working hard to make $100k if it doesn't even make your life that much better? Most people on social programs get to watch TV and "live frugally" with a roof over their head.

[@misterb1132]

Not quite that much. $50,000 was like 100k now maybe 35 or 40 years ago, but the value hasn't halved since 2013.

[@ariefraiser140]

We've had one of the lowest level of inflation in US history over most of the past 10 years with the exception being the past year or so. No way $50,000 ten years ago is like $100,000 today.

[@TheJakobRose]

spending $730 a month on eating out means you're definitely not living paycheck to paycheck what

[@SantoryuKauboi]

Ive known some military buddies who spent over $1200. Never understood it. At the time I made the same money ($5000/mo) after taxes. Ate like I did at 23 before I joined the military. A few packs of ramen a day with tomatoes and hot sauce.

[@MrLaughingcorpse]

Yeah that's what I thought and still they spend $800 on groceries?

[@hellothereyouall]

Yeah plus 1k on groceries. With a 2 & 4 year old who don’t eat that much. That’s not paycheck to paycheck. That’s irresponsible.

[@SantoryuKauboi]

@@hellothereyouall Yup. Thats lifestyle inflation. I make enough, and dont have alot in a savings account. But I have like 80K in my 401K and 16K in stocks. Gonna try and have over 500K in stocks within 10 years or less.

[@hellothereyouall]

@@SantoryuKauboi that’s great! You’ll definitely get there! Yeah, $1800 a month to eat a month is insanity. You can’t eat that much food. Definitely a lot of waste

[@dennisyounkin644]

I lived this life style for years in my 20’s and 30’s just not at a 6 figure income. I think you hit the nail on the head when you said you don’t look at your finances. That is the biggest mistake, I think most people make, you just think how much money you have in your account but don’t really know. If you and your wife sat down once a week and talked about the money coming in and going out it would change you big time…. Don’t give up, if you want to do better you can I’m living proof!!! I’m making 6 figures now and retiring in 5 years 224 days 10 hours 29 minutes30 seconds, but who’s counting!

[@RonPaul20082012]

Five years is a long time this day and age. Its so close but its at extreme risk of disappearing. It may already be gone you just don't know for sure. Work will become so much more painful and less rewarding, and all of the security and bad vibes will make it feel as if they will prevent you from leaving.

[@dennisyounkin644]

@@RonPaul20082012 for some it would seem to be 5 years is a long time, but me this time in life it isn’t. I’m 55 years old and have been working at this same job for almost 20. Boy has time flown by and it”s been great rewarding work over the years. The best part is when I hired into the Company they were offering a full pension at 25 years with full medical. I agree that it could be gone in a instant but that is just life so no reason to worry about it. I would rather dream of what it’s going to be like in the future then worry about what tomorrow will bring..

[@SouthernCodester91]

I would definitely agree. It is crazy how many people just kind of fly at the seat of their pants and wait on that bi weekly paycheck. Some have some savings but really don't know how much they actually have. It is crazy how many people are one financial crisis away and a layoff from being homeless or in financial strain of losing their home. I definitely don't make 6 figures but I make a very respectful salary. I was fortunate on real estate and timing the market. I bought early, reduced my debt to basically zero outside of the mortgage now working on buying my third home cash. My advice I give to anyone is debt reduction, resist unnecessary spending and investing whether it be risk assets or invest in your self with education like trades or other skill trades. Congrats on your pending retirement. I have a goal for 45 as my retirement age. I am 31 now, so we shall see how it goes!

[@petermelnikov682]

He spends 150$ on Financial Advisor. Not a financial advice here, but I see how he could save 150$ a month.

[@Chicagocubbiegirl]

During covid when I worked at home I saved so much money it was ridiculous. The morning Starbucks, lunch, afternoon snacks and the occasional uber home, and doing carryout dinner at least 2x a week, all went into my pocket and suddenly I had an extra 1k a month. It was life changing and I've managed to keep it mostly going ever since.

[@ZundaySwings]

@@treasuretim3 4real

[@therisashow]

So true! I saved 3k during lockdown, but unfortunately, I slipped back into my old ways. I have a bunch of other things going on, but I want to get back to saving more of my income so I can buy the bigger purchases I want sooner.

[@sentryion3106]

The fact that you pay less for gas since you are not driving as much plus less time commuting meaning less chance of lazying and eat out amounts for a lot.

[@euwofbw]

that's why employers hate working from home. They want to keep their employees POOR.

[@purple7vi0let]

That’s great. Do you still work from home now?

[@JeffreyQProductions]

I always appreciate people being vulnerable and putting out this kind of information. It's not easy, but it's very valuable to others.

[@MrXolaX]

Bro. I'm subscribing just because of this video. What a sincere video, thank you so much for sharing.

[@keepcalmprepon]

When I was a kid, my dad told me "it's not what you make, it's what you spend...always pay yourself first (as in savings/investment), then live below your means", he also said that when buying a house, never do it on both incomes (if you're married or buying together), buy on one, or don't buy until you can swing it on one salary.

[@youtubedeletestheoppositio8188]

The buying the house on 1 income is what majority of ppl fail to do. When my wife and I did this, we based it solely off my paycheck and have been living comfortably since. A buddy of mine and his wife bought a house based off both of their paychecks. She lost her job. They couldn’t make bills. Divorced and now both live with their parents. Sad reality for some people who don’t understand the value of money.

[@keepcalmprepon]

@@youtubedeletestheoppositio8188 my husband and I did the same - if something happened to his job/career, I could work and get us through until he was working again. One bump in the road can ruin a couple financially if they don't have a plan/strategy for life's curve-balls. Thankfully we've not had any issues with his job, but if we had, my earning potential (I stayed home with the kids) was there if needed.

[@stephaniezimmerman8669]

You are absolutely right, my parents bought a house that they could pay on one income. It was a good thing too because 5 years after they bought the home my mother was injured in a work place accident and did not work after that. Unfortunately she hadn't worked for a total of 5 years in a job that paid into social security (she had done a lot of contract work) so she couldn't take early retirement/disability payments and my dad made too much for us to qualify for aid.

[@itypethetruthnobshere8975]

Life is short man. I understand “live below your means” but again you only get 1 life.

[@ps9501]

@@itypethetruthnobshere8975 It is, but you shouldn't live lavishly with low income and then complain that you are always struggling with money. I know so many people who have poor money management even with poor earning potential

[@JanitorialSrvcs]

Props to the vulnerability man, acknowledgment and staring the problem straight on is the first step to improving and growth. Best of luck to you man!

[@Budgetwithwhit1]

Very rare to find a transparent financial video like this amongst higher income earners! Very interesting content!

[@JohnCash001]

not really transparent. I don't see his KZbin revenue anywhere..

[@Gabe_Readz]

Thank you for making this video. It really does help seeing an honest breakdown of a monthly expense. Appreciate your videos

[@javansarmiento7151]

I’m 100% in same spot as you. Wife and kid, your age, same income, paycheck to paycheck, same lifestyle in every way. Definitely our generation is way more about transparency (all the KZbin channels talking about it) just today talking to multiple co workers about what everyone’s is making etc . Thanks for the video!

[@PSOpwnage]

Its the realization that 6 digits doesnt get your family what your parents gave you.

[@butwhole4186]

You're all selfish.

[@minimalist_monk]

@@PSOpwnage It’s more than enough until you throw the kids and wife into the mix

[@Damaris756]

Our first appointment with a financial advisor going over our average spending, we also pulled in $700 per month eating out. I was SHOCKED. But when we looked, it’s all those little, “oh, I forgot to pack lunch, I’ll just eat out.” And “I can’t make breakfast today, I’ll just pick something up” x 2 people almost everyday of the week. When we focused and took lunch from home and meal prepped, we were able to really cut that down! Probably the easiest category for those in a similar situation .

[@Omego2K]

Yes to this. In ~2015 when I started cooking I noticed I was saving ~$400 just by packing a sandwich or cooking a meal. I ended up ordering out only once a week. Sometimes twice. 400 bucks a month in 2015 money is a lot. Half the time my lunch was a Genoa salami sandwich with chips. Very tasty and filling.

[@coreyburke3493]

I was renting a room to "save money" once. I didn't cook at home because of various reasons.... I finally got my own place when I realized I was spending like $1700 ish eating out. Eating out can absolutely crush the budget if you're not paying attention lol.

[@Omego2K]

@@coreyburke3493 1700 is insane. That's over 50 a day. That's dinner for two at an expensive restaurant. 4-5 decent diner burgers and fries. Five Chipotle burritos. If I get Chipotle I always get the bowl with tortillas on the side. That gives me 4 burritos for the price of little more than one. I can't imagine eating five full Chipotle burritos a day.

[@coreyburke3493]

@@Omego2K well I was eating out for every meal and probably 25-35% was door dash lol. I literally SAVED money getting my own place vs how I was living. Now me and my kid are spending $709 ish a month on groceries lol.

[@Omego2K]

@@coreyburke3493 1700 is still a lot. I mean were you doordashing every meal and placing separate orders? For three three times the tip and delivery fees. Were you looking for any sort of deals? You can eat for a day with one order for 25 plus fees and tips. I know because I really spent over 25. When I ordered it was generally from multiple meals.

[@tellavist]

This is so enlightning to come by Instead off all these, 'how I make 10k a week' type of videos. Props to you for putting yourself out there and showing the vulnerability!

[@АлексейКазаков-и5ц]

What's enlightening about saying that having two cars, a mortgage, a big house with electronics, travelling, having teeth problems, reguralry eating out, and saving for a financial counseling for investment is going to be hella expensive? And that you can always find a way to spend more money

[@pedrohenrihc]

Hi Jake, nice video. I can relate to you a lot. I also live in Utah, more precisely in Provo and work a remote job. I’m also a engineer and I have similar life style and expenses. I would love to watch a video on doing freelance and contract work for extra income, something that I couldn’t figure out yet. Maybe you can make a video on how you advertise your freelance gig, how you get costumers, how much you charge and how you manage taxes and business expenses, etc. Thank you so much for your content

[@TheLastWhiteKid]

My wife and I combined pulled $156k this year. We have $15k in savings, I max out my HSA and match my employers 401k. One car paid off, paying the other down. Investing and saving for a down payment on a home that won't make us house poor.

[@briankelly1240]

That is good

[@ssjwes]

Sounds like yall got the right of it.

[@i.v2148]

good stuff ,im looking at being in the same situation as well

[@Idkgoogleitbro]

What do you mean by house poor? Just curious. I’m in a similar situation but I live in a $650 rent unit and I feel like that’s good enough for me and when my daughters stay over the weekends.

[@HandleHandle123]

@@IdkgoogleitbroI think he’s talking about buying a house that cost too much and makes you poor from a high mortgage, combined with interest rates with high dollar amounts like houses can add up to you making payments for a long time and interest tacked on making how much you pay for the house a lot more Pretty much not buying too expensive of a house

[@camm4694]

As a Financial Advisor I can appreciate how vulnerable these conversations can make you feel. Many people refuse to break down their spending this way as it will lead to tough conversations with themselves or loved ones. Always nice to see transparency and I am sure you will help many just by showing what a normal family with decent income goes through. Cheers to you.

[@IAmBattlestrong]

💯💯

[@leeli1674]

First off thank you for your transparency Sir. I want to say making considerably less than you as a single, not even making 2600 a month , I struggle considerably. Like paid on Friday broke on Friday. Gas , rent ( roommate) . Food the basics. I am now changing my mindset into becoming an entrepreneur and betting on myself because no one is going to give you what you are worth. I have often thought of if having a child would be a far away fantasy or being a homeowner was an impossible feat. I just don't see how we can all be this way in a first world country... what the hell.

[@aaliyahyoung1542]

I love that you are sharing this. I am a 27 yo single mom of 2 and make 49700 a year and I live paycheck to paycheck. I beat myself up about it. This really puts it in perspective. I have been in college from many years pursuing accounting and I have been working in accounting for over a year now. I realized that I may never get to a point where I have an abundance of money. It is really just important that you have a budget and make smart financial decisions. It doesn't help that the cost of living has drastically changed even over my semi short time as an adult. The dollar just doesn't have the same weight it did before and wages haven't went up as much in comparison.

[@po69tato]

I think you already know this but it's worth it. Keep doing the right things and you'll find the breathing room. Finish your degree and one day you'll look back and thank yourself for getting to the end of that tunnel. You sound like a good mom and smart person. If it means anything I believe in you.

[@overlorrd53]

Don't compare yourself to this guy. He's financially illiterate and could be saving more money if he was more wise in using it.

[@mikesteelheart]

That should be really good money; it's not your fault government spending and inflation have ruined the American Dream for most of us....

[@alexander_sinclair]

@@mikesteelheart A single mom of 2 kids doesn't pay taxes at 50k a year so you're being silly. I know because I'm a single dad of two kids, make basically the same, and I don't pay taxes. Also, the amount of taxes for people making less than six figures hasn't drastically changed in the last 2 decades. Finally, the amount of taxes people pay aren't going to drastically change their lives. Blaming taxes and government spending is silly.

[@mikesteelheart]

@@alexander_sinclair I didn't say anything about taxes.

[@samwebb585]

Ugh, dude! Thanks for sharing this. I’m a software consultant for a US company (though I’m in the UK) and my wife and I just recently did a huge budget assessment for our family of five… we were ashamed to see how much we spend without realising! We’re clearing out all the unused subscriptions, changing our car (skipping the £350 a month payment…), funnelling as much of our disposable income into cleaning out the credit card etc and have a plan to no longer be paycheck to paycheck by the summer. Lifestyle inflation is a real risk!!!

[@redemissarium]

even without lifestyle inflation, the basic needs price inflation could destroys our income. Its not 1980s/90s when everything is predictable and sweet (at least for people outside USSR)

[@hugovlsilva]

@@redemissarium Not in Brazil... In the 1980's, inflation here was rampant. 10% per month was not unusual. We started to tame inflation in 1994, when we changed currency for the n-th time.

[@rgrays2380]

Looking at the numbers will give you and Jake an opportunity to see where both families can make cuts. It should be viewed as a chance to learn, improve and rethink your lifestyle and budget- not shaming. What many people have when you make > than $100,000 a year is called income creep. You spend more because you make more. It's very common and easy to fix.

[@LockingIn-j9q]

Any loan with a high interest rate like a credit card should be the first to be paid off. Credit cards aren't free money and is so dangerous to be seen as such. I hope you're doing better now.

[@scottlabine8888]

I relate to this video so much. My wife and I make a combined $170,000, we didn’t track our spending for a couple of months and when I finally did I realized we had been losing money every month. We always had retirement and investments coming out first each month, but still, we should be able to save some extra cash every month making that much money. It’s crazy how when the paychecks increase your lifestyle can increase even more. If you don’t track it and keep yourself in check you can run yourself into a hole without even knowing it.

[@Ikaros23]

The system is based on people like you useing creditcards trying to live like the kardashians. I’m a salesman and this is my secret. I know that even in a resession, there are always working class people pretending to be middle class.. And middle class pretending to be upper middle class. All addicted to impressing people they don’t know. Spending money they have not earned 📉💸

[@Tie509]

Isn't it funny how there is that tendency to spend more when you make more? When you analyze it after the fact, it seems really irrational, but living it in the moment and analysis are two very different things. You can always find someone who makes double your income and is still more financially stressed.

[@squiggy8110]

We are about the same. Live in a relatively low cost area. At the end of the month, checking account always hovers at about the same spot. It’s frustrating. My wife likes to buy “stuff”. Lots of it. I enjoy nice whiskey along with a couple other hobbies. We both like to travel. I feel lucky to be in that position, but we should be able to have a surplus also.

[@squidvis]

@@Ikaros23 Yup repo man here and I can't tell you the number of Yukon Danali SUVs I have to take from these entitled idiots. These suburbanites are in for a harsh reality check when the consequences of their actions begin trickling back to them...

[@genericchannel126]

I ran myself into a hole And im like FUCK I have debt to pay Why did i do this to myself lmaooo I used my savings to pay off 80% of the debt and i felt weight come off my shoulders! I learned my lesson. No regrets

[@baoh29able]

Thanks for the transparency, Jake. It got you this new sub. Keep sharing info and increase people's self awareness and keep the conversation open.

[@JakeFerrin]

Awesome, thanks for the sub!

[@InvestorCenter]

I think part of the reason people are living paycheck to paycheck is because they don’t pay close attention to their finances. As you said, you had been paying for a service for nearly two years and didn’t even know it

[@coreyburke3493]

Exactly. I make around what he makes and when I started tracking my spending more closely I was amazed at how much money I was spending on accident.

[@Rubyeverly-Jessica]

Great video. We are all seeking for financial independence and a better way of life. This is not difficult to achieve with savvy investing, a frugal lifestyle, and cautious budgeting. I'm glad I learned early on to work hard for financial independence.

[@Brittany-reeds]

In my opinion, making a smart investment is not only a technique for earning passive income, but also a profitable way of saving for future expenses. People who fail to make the proper judgments early in life often come to regret it later in life. Nonetheless, investing alone can be difficult and risky. As a result, I recommend obtaining expert assistance (financial advisors). The challenge is not just watching videos and reading investing books; it is about implementing information effectively.

[@anyadni]

@@Brittany-reeds Sincerely, your remarks have genuinely inspired me. I'm highly interested in investing and have a substantial sum of money that I'm willing to invest with the appropriate information. My greatest worry is losing money on a bad investment. As a result, I'm eager to hear your comments and ideas on how to invest intelligently.

[@Victoriataylor5668]

@@anyadni As an OAP with extensive expertise, I am certain that the success of any investment is dependent on getting the appropriate knowledge, regardless of what others think. "Be greedy when others are scared, and fearful when others are greedy," Warren Buffer constantly says. This is undoubtedly the key to succeeding even while others fail. I made $100,000 while working with licensed financial adviser ALICE ELAINE HAYHURST. Thus far, her experience has been promising.

[@cliftondippolito]

@@Victoriataylor5668 Please tell me how I can contact your financial planner.

[@CJ-wright]

@@cliftondippolito Do a fast web search to see if you can connect with her and conduct your study using her complete names.

[@unlaboredflawlessness3]

Hey Jake wanted to reply to your inquiry. (I am single) As for the eating out amount, I used to list grocery and food as separate, grocery being around 250 a month and food being 500, but then I really dug into that logic. Realistically I was eating out everyday, and a normal food outing will cost at least 15-20 dollars. So I changed that number to around 750... which was very eye opening and led me to now focus on grocery shopping and planning out my meals, being more frugal about eating out. I think its really easy to underestimate food and gas.

[@CharlieLavoie-hu9dr]

*I'm 52 already and i already have a portfolio good enough to take of myself and my grandkids😂.Trading comes with alot of benefits and I just bought my first house this month through it, as a beginner i was scared at first, but I'm glad i took a bold step that is now favouring me*

[@CharlieLavoie-hu9dr]

Hey👋Sorry for late response I apparently used the FIRE movement to put my finances in shape you can research more about it and invested in Stocks and forex with the aid an investment enthusiasts Alvarez Harry Flectcher

[@Dervishi57]

Alvarez's strategies work perfectly. I don't know him personally, but his strategies are currently good. I earned my first €105,000 trading with him.

[@KyleighBouchard]

SEEKING FOR HIS MEDIA INFO

[@KyleighBouchard]

INSTAGRAM

[@KyleighBouchard]

Alvarez_H_Flectcher

[@Valorince]

Huge respect for putting this out there! It's rare to see people who are genuine about money and finances. Thank you for sharing. You are helping a lot of people learn stuff they should've been taught in school but weren't due to our horrible education system!

[@rosieforChrist]

Agreed... they are teaching our kids unecessary stuff they will never use in the real world. So im teaching my kids now what they really need to know

[@Betweoxwitegan]

Getting paid to tell people to decrease their expenditure and try to increase their income has to be the easiest job I've ever heard, it gives me life style coach vibes tbh.

[@zachbentley9050]

Super grateful I found this video. Incredibly relatable, I live in the Phoenix area and was making $125k/yr. Married with two kids (no pets). Very similar numbers for groceries, mortgage, life insurance,internet, etc. I’ve always felt in the dark as to how our spending on some of these categories compares to others. Personally I feel like we’re not especially frugal, but we also don’t spend exorbitantly. Videos like this are super helpful to see what is “normal”, where you can cut spending, and where you can be encouraging that you’re doing ok

[@aceman0000099]

Yeah, and what's ridiculous, like eating out 21 times a month yet somehow still spending 900 dollars on groceries... Make it make sense

[@kiaharper7172]

You don't notice 10 to 20 bucks daily, but at the end of the month I'm shocked lol I don't have kids but mu husband's business only pulls in about 3k every couple months so honestly I don't count that. But I realized I spoiled my dogs. 500 bucks on treats and toys in ONE MONTH. HOW?!?!?! 😅I love them but, no.

[@aceman0000099]

@@kiaharper7172 you must be far wealthier than me if you don't notice 10-20 bucks daily... Lmao

[@sparkatronnnn]

😢

[@sparkatronnnn]

Felt thissss

[@fouzanhussaini7029]

Jake, thanks so much for laying this out here. I've been really down on myself because i'm in a similar situation and i've been wondering what i've been doing wrong. This helps a lot!

[@purplemonolith7464]

I had this video pop into my feed and want to applaud you for being so transparent and vulnerable with this information. Thanks!

[@drivingmusic4213]

Good for you making this video man. Very few people make honest content like this.

[@romanaxle]

Thanks for the transparency. One thing that changed my life was budgeting for upcoming months instead of trying to look back at previous ones. For me, I use YNAB, and find that once I know what I’m allowed to spend on each category and know that the money is assigned so I worry a lot less about it.

[@markkempton4579]

I applaud you not only laying this all out there, but also facing it to begin with. I started getting serious about my finances even later in life than you, so congrats. I would guess that your August KZbin payment was $492.

[@richardbautista503]

thank you very much for being very transparent. it's so important to be honest and show how we all really live. doing this really made you a more real person. keep doing what your doing. love your content

[@christopherhorton1995]

It’s really hard. I make $110k in Colorado and my budget looks very similar. Groceries are a bit higher, we buy gluten free and organic due to celiac and health issues with our oldest. I use Mint to try and keep track of spending and see where we can cut spending. It really does feel like I got accustomed to our life and cutting anything feels like a loss - even though in college I scraped by on $24k/year. I really want to start implementing a financial meeting w/ my partner every month so we can get together and motivate each other to start saving. Thanks for the vulnerability in sharing numbers, even though it’s scary I think the surprise in how many people are similar is worth it.

[@kingdan7458]

Maybe your partner should a get a job?

[@BasedPhilosophyMom]

I'm so glad you did this, we're a family of five on one income and wonder why it's so hard even though we've 'made it'.

[@rigoscigars]

This is great man to be honest. It’s scary how much everyone is in the same spot. Made me start looking at my expenses almost immediately. Subscribed!

[@darlingd01]

Jake, thanks for being transparent, and sharing your life with others. Best regards!

[@TheHungarianchick]

Thank you for this. We live in the Northeast, make a combined 155k. We have no children an no debt besides the mortgage. We did a budget assessment recently and our biggest expenditure right now is groceries/food. We eat out once every other week but we have a weekly meal delivery service as we don’t have the time to cook most nights. We supplement it with essentials from the store. The final number for two adults per month eating nutritious food is enough to blow your hair back. We will switch to weekly food prep and see if it brings the numbers down.

[@johntamd]

Thanks for being open and honest about this… so many people treat money as a taboo subject and no one wants to talk about their finances. Thanks again!

[@Didish6]

Reading this gives me hope. I’m at 140,000 no kids and renting. However I’ve got some poor spending habits don’t even want to disclose how much I spend eating out and on Uber eats! But watching this somehow made financial stability and freedom seem achievable and closer than what I had thought. Thank you so much for sharing!!

[@PInk77W1]

Every time u eat out You’re stealing from your retirement. I’m bad too

[@Debtfreedvm]

Read ‘the simple path to wealth’ by JL Collins- game changer!

[@juanshaftpatel7488]

well youre blk .. so its not surprising youre not good with money

[@larryc1616]

Stop the gambling and massage parlors💋

[@Tvj_films8452]

lol....there's no way this kid is making 140k a year. So you saying you make 70 an hour with a 2800 bucks weekly paycheck? I call that bluff.......

[@IRdatank]

I loved that we had a "clothing and shopping" category early on (on top of groceries) and then another "random shopping" category later on. You're spending those paychecks like it's Black Friday every month

[@juvawnparker2327]

Really good video. I wouldn't necessarily classify this lifestyle as paycheck to paycheck since you have a savings, an additional income stream, and plenty of discretionary spending you can cut back on if needed, but I do love the transparency that went into creating this content. Bravo.

[@JakeFerrin]

Yeah we're not technically paycheck to paycheck. A lot of people are much worse off. Things still feel tighter than we'd like though haha 😅 Thanks for the kind words my guy!

[@salguodrolyat2594]

Paycheck to paycheck doesn't mean that you don't have ANY savings at all It means that you don't have savings you can immediately use in an emergency.

[@sometinghuge2291]

I feel lucky to have been taught by my parents growing and then being mentored in the Marine Corps to live like I'm in a lower pay scale. I've generally been able to do the things I want because I do them in moderation. All those lessons have made the past few years a lot less stressful for me.

[@Zela_Night]

$730 per month is a lot for 4 people. My family of 6 hits about $300-$350 per month eating out. We eat out 4-6 times per month.

[@ShalomSarahJoy]

Making $129,000/year for yourself is WAYYYYY different than making $129,000 for 4 people and a dog.. Supporting a whole family makes sense why you’d be living paycheck to paycheck on that salary 💛

[@Sammysapphira]

Sounds like there shouldn't be 1 earner in a family.

[@angelganggirl]

@@Sammysapphira right

[@youtubedeletestheoppositio8188]

@@Sammysapphira sounds like it shouldn’t cost 20$ for a McDonald’s cheese burger.

[@AleksHollow]

@@Sammysapphira Sounds like you should have that option if you wanted

[@lmvr127]

@@Sammysapphira that’s the problem with late stage capitalism, it’s destroying the nuclear family

[@hahaureadmyname]

this is why life in the military was so awesome for me. ate at the dining facilities every single day and rarely if ever spent money. even though i only brought home $2k a month i got to keep over $1500 of it directly into savings phone - 55 motorcycle (total) - 90 internet - 100 misc. subscriptions - 40 misc purchases -

[@jamalwilburn228]

The military also gives you allowances to. As an LT, I had $1,500 for housing, though only spent $1,000.

[@MaurickSh]

⁠@@jamalwilburn228It only gives you that if you’re a minimum E-4 (unless you have dependents) and live off base in the Air Force. That first paycheck that hits when you move out of the dorms hits like crack.

[@clairej370]

I appreciate your transparency so much! It's nice to see someone admit they're not perfect and have things to work on. We eat out too often, also.

[@NorthwestMariner]

This isn't living paycheck to paycheck, this is spending irresponsibly the money you have lol

[@3DCommando]

Yeah its a just a clickbait title. Those will never go away

[@brothachromatid]

Yo dude, much respect to you for this. Most folk can't even stomach creating a budget, much less take on this level of vulnerability. Especially with all of the context you gave regarding your house and size of family. Quality content here.

[@sheepsforjesus]

Dude this is powerful! Don’t be embarrassed. I am only making 40,000 rising 3 kids and a wife and this is insane seeing this. Also crazy how my kids 2,3 and 5 and a Puppy too man!!! Insane

[@tedlessor3887]

Yes seeing this is wild. I feel like i would be rich making $129,000 a year😅

[@sheepsforjesus]

@@tedlessor3887 same.. but he got a point money is value the same like it used to

[@e.l.4860]

The more you have, the more you are compelled to spend.

[@scholaroftheworldalternatehist]

Is that poverty level, no offense?

[@tedlessor3887]

@@sheepsforjesus sure the value is less because prices in everything is higher. But come on thats tough🫣

[@jonnie1559]

I also started my monthly budgeting. It's great to see where the money goes into and it helps to start limiting and/or cutting off things that are unnecessary. For the last year I was making over 100k and also living on paycheck by paycheck but comfortably. My new goal is to make wiser decisions about spending money and save up for my first property here in sacramento, ca. Great video man!

[@roaldruss4211]

May I ask what exactly drains all your money? Unless you're completely financially illiterate and irresponsible, you should be able to save north of 60% of your monthly income, easily. I guess it is true what the statistics say: 70% of all Americans are three paychecks away from homelessness. Shocking and sad.

[@livharris590]

Thank you for being so transparent about costs. I also live in utah and make a fraction of what you make. At my household it costs $100-200 to eat out and $250 a month on groceries. We rarely go on vacation since its too expensive but we are thankfully able to save a little bit every month. I'm grateful for what we have and we no longer worry about possibly going into the negatives anymore.

[@aldihux4028]

Spouse and I have a similar monthly take-home pay as you, in the $6800-7000 range. This is after 401k contributions and health insurance premiums. Our largest expense is $2800 for the mortgage (including home insurance and property tax), but we also pay an additional $2000 toward the principal balance. So total housing expense is $4800 per month. Car is paid off. We budget $1500 for all other monthly expenses, including utilities, subscriptions, groceries, eating out, etc. Whatever is left of the original $6800 is thrown into savings. We follow the Ramsey plan in case anybody is curious.

[@YeZhik5]

Unless your APR is like 6% or greater why would you pay down principal? Invest it

[@chuckdavis5300]

The Ramsey Plan will fix your $$$ problems quick. Just pick up any of Dave Ramseys books, and watch him here or radio

[@Fenixthecat191]

Paying an extra 2000 on your home isn't an expense. It's a payment into another asset, in this case the equity on your property. The value is still present but it tightens your cash flow. It's hard for me to say people live paycheck to paycheck when they have thousands of dollars in disposable income towards retirement accounts and paying down principal on property. Paycheck to paycheck is after food, rent, utilities, and essentials, there is nothing left. No paying down principal, no retirement funds to contribute to, and no emergency fund.

[@anthonychao]

Appreciate you being vulnerable and sharing your numbers. We need more of that in the world. Good on you brother!

[@reddfoxx7799]

This is actually pretty terrifying. My wife and I bring maybe 90k together and just our rent alone is 2500. 50k in Arizona was really decent 2, 3 years ago, now it's like making 25k. We have 2 car payments, food monthly is way higher than ever, plus, now I gotta figure out how to make extra money just to pay for health and life insurance for us and 3 kids after starting this new job. We don't even go out as much as we used too, never got to take our kids to Disneyland yet and that's getting harder to even think about as time goes on. Yeah, this video is terrifying

[@MrNiceGuy347]

Sounds like a recruiter, but look into the NG. I know a lot of people in rn that do their weekend a month and are in the same boat as you. The sole reason they stayed in was for the cheap health benefits for their family

[@lorirogers9304]

My adult kids never went to Disney and they survived our negligence 😂

[@JokerMimi-e1e]

Hi, big respect to you for uploading this video! I’d say you can cut a lot of your clothing expenses

[@liketheyogurt]

I've been struggling with this as well. We are very frugal and still struggle month to month. We don't eat out. We don't do date nights. 1-2 streaming services. No car payment. It sucks. Inflation is real and has hit us pretty hard. Luckily we have saved for some unexpected life changing things and that has helped greatly. Thanks for sharing! It is good to know we are not alone.

[@jseels]

You should find a way to do cheap date nights or inexpensive ones. Maybe you already do. But that time with your spouse is something so invaluable ❤

[@GingerO762]

I used to think that I was immune to being even remotely close to paycheck to paycheck. My wife and I were soo frugal and would save every spare penny now life just kind of happened and everything got more expensive. Before you know it you are spending just as much as you make some months and others you have a little bit left over. It’s honestly depressing

[@R53Hole]

screw streaming services

[@livinlavish9585]

Hey, man I don’t usually do this but major respect for this video. You are really humble and show many of us young adults new to this financial world the reality of how it is.

[@ag307davibesandrew]

Hi Jake! Thank you for sharing this. I am 23 years old and appreciate you so much for being open with this. I’m also in the technology field in Washington DC, so I know things may be a little different in terms of costs. But thank you again man!

[@charlielauters3107]

Thanks for doing this video. It’s a cultural thing that people don’t talk about money and I feel people can learn a lot from each other.

[@kara1084]

We're a family of four with two kids and we spend less than $150 dining out but a lot more at the grocery store. I love using YNAB and the philosophy behind it. We're working on a new budget plan and trying to get our monthly grocery spending down.

[@Zondasc12]

Just shouting out ynab used to be free on steam 10 or 15 years ago but 10000% recommended

[@jseels]

Do you guys not go out on a date night once a week? Or are you busy very frugal when eating out? Just curious because that’s very low which is cool.

[@alexands1261]

Major respect for putting this together I make the exact same income as you and also work in IT and people think I make a huge income. I don't have all the exact same bill as you, but I live in NYC metro area, but my mortgage is much bigger and my life insurance is $245/month at my age. The price of groceries is very high. It's amazing how depressing it is to have so little left over after what seems like a big gross paycheck.

[@Activated62]

Imagine how depressing it is for the people who make half then

[@kevinvruggink4908]

Anytime you have over 6 figure income it IS a huge income wtf. No one feels sorry for all you rich fks

[@Activated62]

@@kevinvruggink4908 Yeah I'm sitting here with the exact same feeling lol.. I hate to be bitter, but it is quite frustrating seeing people here complaining about how rough it is with 100k+ a year.. Try 1/3 of that..

[@angelgjr1999]

@@Activated62 They’re just terrible at making a budget. Being smart at IT doesn’t mean you’re good at finances, you’d be shocked how poor the “upper middle class” actually is. They’re poorer than working class after you deduct debts…

[@KatieBellino]

@@Activated62 Some of it is for sure geographic area. 100k in California or NYC is so different than 100k is a rural area. Sometimes, 50k in a rural area is like making 100k in those expensive areas due to housing costs. Making 100k when you have a 4-6k rent makes you easily as poor as someone making $50k with housing in the $800-1200 range (possible in rural areas without being trash housing).

[@luvistragedy]

I love this video. I am a payroll manager and seeing what people’s take home pay is really shocks you. The more money you make the more taxes are being deducted. Very little is taken home which people do not realize.

[@dizont]

You mean the % of taxes scale with the salary?

[@memealot4055]

I feel like this video is a really good example of spending paycheque to paycheque rather than living paycheque to paycheque. Our financial decisions can make or break the gap between our living expenses and our income, and being broke doesn’t necessarily mean you don’t see much money coming in only that it’s spent before the next income. while I think money is a tool that can give us freedom and experiences it’s important to recognise our living expenses and emergency fund/pensions come first. If your feeling uneasy about the numbers and your spending paycheque to paycheque it’s more easily rectified than if your living that way there’s usually very little gap to play with. In my opinion eating out could be cut down a lot, maybe set a budget of around half that size and see how you go, especially if your spending up to £1000 on groceries already. Also I would remove any subscriptions I don’t think are used or of benefit. Additionally random spending and clothes could be there own budget set something you think is reasonable and achievable, and excess not spent could go to savings after the month. As someone who is in the uk supporting only myself it’s definitely easier to change finance habits than in a family unit, I’m quite money conscious and only spend £70 on groceries pm, eat out using my personal spending allowance of £80 pm (which also includes any other things I want) and only have two subscriptions including my phone bill, but I would find budgeting more difficult in a family unit. I wish you all the best in your financial future!

[@ronmona7143]

bro this is so helpful to see what 6 figures look like now in the US. It takes alot of courage to share something so vulnerable but i applaud you for you are helping so many people like myself. keep up the great work

[@fofofofo3076]

Agree even though am not from usa 🇺🇸 i got an idea just in case i immigrate to this country

[@cy8905]

For groceries, we spend $100-125 per week for a family of 4.

[@molarrr]

@@cy8905 there’s no way. Unless your shopping at the food bank. I have a wife and 1 kid and we spend about 200 a week 800 a month. We go to Walmart for everything except deli meats that I buy from Publix, we aren’t eating anything fancy only chicken and other cheap things, With current inflation I don’t believe your able to buy enough food for only 100 bucks.

[@cy8905]

@@molarrr no, I've never shopped at a food bank. I do donate to them. Basically, I rarely if ever pay full price for anything. I buy on clearance, sale or from a bent n dent type of store. I make most of our food from scratch, . 3 meals a day, 7 days a week. If I buy junk food like cookies or cereal, it's highly discounted. Our family gardens, forages, hunts and goes fishing. 90% of our meat isn't from the grocery store. We purchase beef and pork once a year from local farmers, so we don't pay the premium prices in the store, plus we get better quality meat.

[@cy8905]

@@molarrr interesting that you mention deli meats. To me, that's a luxury item. I buy it once or twice a year. It's much cheaper to roast and slice your own lunch meat. I just did that on Monday. I roasted a turkey that cost $0.50 per pound. I cut the breast portions off and am slicing them for sandwich meat. We will eat a lot of the other meat as chicken lasagna or white chicken chili and I've cooked the bones and scraps to make broth. I'll pick all the little meat scraps off the bones and add it to the broth and pressure can it so that I can make chicken noodles later in the year. I should have about 7 quarts of broth to can from this turkey. That will be 7 more meals for our family later in the year. I'm guessing till I'm done, we'll have approximately 12-14 meals, that serve 4+ people, from this one turkey that cost me about $15.

[@ryanferguson4205]

I got super bored on a day off and decided to chart my spending and earnings for every month for the last 2 years. It gave me a really great look at my spending habits, and how theyve changed as my income has changed. Before i started making decent money, i was actually spending significantly less a month.

[@GamingCentralTV1]

You are SUPER brave for putting this out I wish I had your balls. I had a 200k salary this year and I'm embarassed to say I'm living paycheck to paycheck. Its crazy because many years ago I've said when I was making 40k that more money will solve that problem. But, I ended up spending more money as I made more. P.S. $1500 a month on restuarants 4 year old boy, 7 month daughter. I also pay bills for my house and my mom's house.

[@Liimpy]

1500 month eating out.. holy sh*t 😬

[@marcuslong9761]

Yep just about everyone i've talked to falls into the "i ended up spending more as i made more" trap.

[@davysmith8569]

what type of work/industry are you in? Also why spend so much on resturaunts, thats outrageous. Cook for 1/2 that and healthier too

[@gotseoul123]

Really don't feel bad for you...zero budgeting.

[@GamingCentralTV1]

@@gotseoul123 no one asked you to feel bad for me lol I'm doing more than ok.

[@Luis-budgetbound]

Dude…..you are literally doing all of the work it takes to make a budget! I download all of my expenses and put it on an excel sheet just like you did, but I have a budget for each category. Eating out our budget is about 200. Our grocery is usually 1250 though. You can easily do this month to month and then have discussions with your partner on what you need to cut down on. I would say the toughest things are eating out and all of those MISC expenses. You can easily save more if you wanted to save.

[@BenjaminMutuku]

Hi Jake. I can totally relate. We live in Utah and this is pretty much our spending except that we have two kids in private school. The finances catch up fast, and people would be surprised how easy it is to spend six figures. Thanks for sharing this level of detail. We’re not alone in this spending matrix.

[@theGiver3]

As a fellow utahn, there's your problem right there in the third sentence.

[@jenayacurry8609]

It's so great to see a breakdown like this to compare to. Thanks for making the video! Btw, my YT ad revenue guess is $963.

[@adam19890911]

I also want to guess the ad revenue but there are so many commens I just write mine under yours. My guess is 70$.

[@jonathaneduardo7332]

First video of yours I watch and I really like, I agree with you that as much as there has always been a taboo around personal finances, it shouldn't be such an issue. It's better to be more opened about it, share and educate each other and see what we could be doing better. Loved the video, new subbed!

[@JakeFerrin]

I appreciate it my guy!

[@dhrabarchuk]

Thanks for this. It gives great perspective. You are doing very well paying yourself first. Be very proud of that.

[@rampar77]

$1,900 for grocery and foods are mind blowing. $200 of grocery a week for 4 wasn't too high. $250 a week eating out was ridiculous. I am retired with slightly more income including social security. We don't have mortgage or car payment. My wife and I ate out once a week and cost less than $50. Our grocery was about $120 a week and we ate healthy with no junk foods. I saved per 30/20/50 rule (tax/save/spend) since late 20s.

[@NickOvchinnikov]

You guys in the lower 48 can't be spending that much on groceries. That's what we spend lol. At Walmart

[@Clio00hikaru]

It really depends on the cost of living of the area you’re in.

[@scottd7222]

​@justthebrttrk gtfoh. I live in that area and i spend 250 a week easy on groceries. I have children though but you crazy. Cambridge is one of the msot expensive places in the country and its getting worse and unlivable.

[@auditrevor]

It’s really easy to let spending get away from you if you don’t keep a good eye on it. With inflation over the last year or two it’s just gotten insane. The biggest thing I can say is instead of spending time looking at things you’d like to buy use that time for a productive hobby. For me it’s going to be fixing up stuff around my house and property. Also car payments are a killer for most people. I always pay cash for older vehicles and know how to fix just about anything on them.

[@auditrevor]

Also I hate to say it but that money going into your 401k would probably be more productive if you applied it direct to the principal payment on your house. Especially when it’s early on in the loan it can make such a massive difference.

[@openmindchannel1978]

Not, really if this is the case you lack discipline, you don't know your priorities and don't know how to managed money.. People just want to sit their lazy asses in the same jobs and positions for 20 yrs but expects to double their salaries , where is the common sense in that.. I know people who have been working for companies for years, never became a lead hand, an assistant supervisor, supervisor, assistant manager and manager.. When the companies are paying your studies and giving your compensations to upgrades without you spending a penny from your pocket. At the end of your training you have a guaranteed job position with a big pay increase, you won't need to applied , to wait to start at the bottom if you did it on your own..

[@johnnywaffles2482]

@@auditrevor car payments can be brutal. I bought a base model Subaru 3 years ago with the payment being $304 a month. It’s well within my means and I’m going to pay it off a year early, take good care of it and hope it runs me another decade. I have a few coworkers who just needed a fully loaded truck or high end suv. Some of them are paying $1,000 plus a month

[@bmbkg4266]

Facts car payments are not it !!!! Idc how good it looks.

[@brandonharper7171]

Thank you for being vulnerable, lifestyle creep is a real thing and I think finances should be talked about more openly. Also, Utah is beautiful!

[@piapenny]

I always appreciate ppl who share their real numbers. I think it’s good to be transparent so thank you. My family of four, I spend about $300-400/month dining out. If we are celebrating something it may go up to $600/mo

[@kimayaknight7180]

This seems to be a huge problem for the us citizens rn! I believe everyone should Live below their means" adjust your lifest, be frugal, budget, save and invest. This helped me out as a 6 figure earner. I've grown over a million in retirement savings with this method

[@phillawson5785]

Yeah it's really Sad there's a lot of people living paycheck to paycheck

[@louis-freddieceaser8811]

Great! You said it all right there!

[@maxdmitry1912]

Max, 38 Just started at my six figure job after being in and out of the poverty line. I really hope I don't end up like this. I'm scared really scared!!!

[@kimayaknight7180]

Don't panic, start out easy, don't buy things you don't need, budget every money, always save a portion of your pay atleast 5%, Invest from your pay check; it grows and helps you accumulate wealth easily.

[@maxdmitry1912]

Thanks, I started saving a bit already, how do I go about investing? I want to try all my options

[@Outdoor_Nathan]

Good job with the video. I’ve been reducing my expenses, quite a bit, to pay off debt, for about a year and a half, now. I still eat out way too much. I can relate to that. But, I’ve been able to start channeling a lot of money towards debt reduction (more than my mortgage). It does get to be a grind. I’m in the six figures, driving an old car with problems, but something I like is that I’m saving by only paying liability insurance, do most of my own car repairs, etc. I started doing a monthly financial statement, where I update my income, expenses, assets, and liabilities each month, plus my credit score. Progress has been slow with the debt reduction, but the credit score is approaching 800.

[@jamesh4574]

Thank you so much for being courageous enough to be vulnerable. It’s really so hard to find people willing to talk about finances so openly and honestly, and this will benefit so many people for whom it is hard to put their own finances into perspective. Please tell your wife it was well worth it and that we appreciate you for doing that

[@StrayCatInTheStreets]

Raising two kids = two additional18-year mortgages. You basically have 3 mortgages.

[@InfamousTheKidd]

Hey Jake, love the perspective on this. Between my regular job and freelancing as a marketer, I'm making around 170k per year and have a similiar feeling. I put away 25% - 30% in my 401k, IRA, and investments. Spent a lot of money remodeling my place this year so I'm expecting next year to go smoother. I'll take a wild guess that your ad revenue brought in $850.

[@JakeFerrin]

Nice, that's a solid chuck to be putting away. Close on the august ad rev guess but not quite :)

[@reviewsbygen5591]

Family of 6 (4 young kids, 2 adults) and we spend literally $40 on eating out a month, we have date nights in our house after 7.30pm so we don’t pay for a sitter ever. My husband makes about $113k and we save $3000/month. We also don’t have that much in subscriptions, no car payment and still a frugal lifestyle. We do live in Nc and our mortgage is $1300 for a large 5 bedroom home.

[@BMartinsGamingExpo]

God bless you and your family. I love to see big families winning out here.

[@KevinVeroneau]

Taxes are pretty crazy south of the border. I made just under six figures and my net income each month is basically the same, that's crazy! Thank you sharing, this provides the much needed perspective on why many households are living paycheck to paycheck despite making so much. Hope things get better for you and your family.

[@jakegarrett8109]

Yep taxes are horrible in the US, I got a 30% raise and yet my paycheck after taxes MIGHT just cover the increased cost of my favorite bag of chips (which went from $0.69 to $1.79 within the last 2 years), and I like my tortilla chips! In reality it obviously covers those chips, but it really only was a couple hundred extra per pay period and really not that much extra per month. Taxes just ate up any hopes of having a raise (or the Christmas bonus, I actually had to hunt for what paycheck it was applied to even though it was above $1k, but the paystub was barely any higher after taxes!)

[@azhardav]

Historically taxes haven't been lower in a 100 years in america. Whats crazy is for a 3 % increase in taxes we should have universal healthcare and family support like Pre-K and exented parental leave- like the rest of the developed world.

[@ArtArcanus]

i've started budgeting hard in the last couple years and, yeah, the food spending is always the menace. i was spending 700/month just on food (eating out as well as dining in). i've knocked it down between 300 and 500 now just by not eating out and being more aware of spending in general. i'll be making a more sustainable and less rigid budget once i have a few financial goals out of the way. Best of luck to you, dude. finances require some humbling self-reflection but better to eat that pie now than later.

[@MommingAutism]

I want to THANK YOU for being so transparent because you showed how any and everyone no matter the status or "tax bracket" we are all HUMANS.

[@natandessie]

This video makes me think of before KZbin. We made 160k a year (burn ICU nurse and oil and gas). And also felt like we weren't getting ahead.

[@JakeFerrin]

So cool to hear. Thanks for the comment! You are crushing it on KZbin, my goodness. My girls love your channel btw (ages 2 and 4)

[@natandessie]

@@JakeFerrin We move to Lehi in 1 month ;) thanks to KZbin. But your story resonates a million times over :) You are on your way up! The algo has found you. Congrats to the beginning of your long journey :)

[@JakeFerrin]

@@natandessie so inspiring! and thank you! I’ll join your ranks in the million subs soon enough haha. There are so many creators in Utah! It’s crazy. Lehi is a great place to be. Congrats on the move.

[@katysleta4285]

ouch! Burn ICU is brutal

[@natandessie]

@@katysleta4285 It is exhausting. But rewarding :)