in this video I'm going to be sharing with you the main reasons why my wife
and I are able to save so much money every single month to be honest I don't
think I've ever shared this much personal information in one single video!
what you are about to hear is the true story of the factors the primary factors
that have helped contribute to our success and allowing us to save over 50%
of our monthly net income
what's up guys it's Mike and chipper if you're new to our channel I just want to say
welcome highly consider subscribing because on this channel every single
week we produce videos that it's gonna help you with your finances taxes
investments and things that's gonna help you with your career and just your
everyday life I am so glad to see all of you once again you guys are looking
fantastic I just want to say thank you for coming back and joining me for this
very special third episode of this money-saving series how was your Black
Friday did you guys snap up any deals by the time you see this video Black Friday
will have passed I don't usually buy a lot of things on
Black Friday but this year I'm actually hoping to snap up the Canon Rebel SL
let you guys know if I end up getting it because I'm really looking to finally
upgrade this little camcorder I've been using for so long okay let's talk about
saving money because I know that's why you guys are here I'm really going to
try in this video to be as transparent as I possibly can I'm gonna be talking
about a lot of things in this video and please please do not take any of this as
bragging because that is not the intention whatsoever as you're watching
or listening to this video just really be thinking and I would like you guys to
be thinking about what you can be doing right now at this very moment and over
the course of the next five years to help you set up yourself for financial
success I understand that you may not have the same opportunities that my wife
and I did as we were growing up I also understand that you may be facing unique
challenges and unique opportunities that are unique to you and I totally get that
I totally understand that the point of this video is for you not to copy
exactly what we did I mean you can if you want really the main point of this
video is for you to just think about what you can be doing to set yourself up
for more financial success in the future after hearing our story let's get
started the first factor that contributed to our financial success was
our living situation my wife and I both had the opportunity to just live at home
and tell getting married to save as much money as possible our parents allowed us
to live at home completely RIT free so we can get a good start financially our
parents said to us we want you to live at home we encourage you to live at home
we want you to get a good start because once you move out we don't want you to
ever have to come back pretty sure they had all three
motives nonetheless I want to say thank you to our parents because that
opportunity to live at home really made a difference for us especially at this
point in our life we're really reaping the benefits of it right now now I know
what you guys are thinking it's totally uncool to live at home with
your parents especially while you're going to college or growing up but you
know what sometimes you and I just need to be cool with not being cool so we can
get ahead financially
so I know you're all wondering when did I take my millennial butt and move it
out of my mom's house the answer is six months before getting married and my
wife moved out of her parents house the day we actually got married so we got
married at the age of 27 and we moved out of our parents house for good at the
age of 27 okay factor number two let's talk about
school in college because that's such a large expense so my wife and I actually
went to the same State University however she took a slightly different
path than I did she went to a community college and then she went to the state
university and graduated from there I never went to a community college I
straight out of high school I went straight to the California State
University and finished my four-year bachelor degree there if you want my
true opinion I actually do encourage people to go to Community College first
it's much cheaper the reason I didn't go in case you're wondering is because I
could literally walk out of my mom's house out the front door and I want you
to picture this and 10 minutes later literally 10 minutes later I could be on
the college campus so I could walk to and from my mom's house in 10 minutes
so to me it really didn't make much sense to go anywhere else but if you
have the choice or if you're in between a state school and a community college I
would probably recommend the Community College first the majority of the time
just because the cost savings is tremendous and at the time this state
university that I went to was reasonably priced and my wife graduated with no
student loans once she graduated from there she was able to obtain substantial
scholarship money in various scholarship awards because she's awesome that's why
I married her duh so for her thus her scholarships
paid for the majority of her college expenses I think there was a little bit
left over and I think her parents helped her with a little bit but for the most
part she got scholarships that basically paid for her entire tuition for all four
years for her bachelor's degree at that state university I on the other hand
didn't do so well I graduated with a total of $28,000 student loan debt
now half of that was actually student loans from tuition and books etc the
other half of that debt was really from a car loan so what I did I would made a
really dumb decision when I was 18 as I bought a brand new car and I so what I
did is I rolled that 7% interest rate car loan that I had and rolled it into a
student loan debt which had 0% interest so it saved me a lot of honest
by doing that and it worked out for me but I ended up owing to a total of
twenty eight thousand dollars in student loans by the time I got out now during
this time when I was going to school like I said my wife got all our chips
but I worked part-time in a grocery store I also did some substitute
teaching I actually got my first degree in marketing and then did sales job so
well and I didn't like it so I ended up coming back to school for a second round
to figure out what else I wanted to do and then at that point I chose
accounting and I studied accounting for two years before I graduated but that
two years that's when I really wrapped up most of the twenty eight thousand
dollars in debt when I first graduated with my marketing degree I only had four
thousand dollars in debt but once I went through the system again that they don't
really give you financial aid at that point if you're getting like a second
bachelor's degree so that's how my student loan debt went from four
thousand up to twenty eight thousand by the time I had finished my accounting
unit of course I got financial aid along the way because my mom was single income
and so I qualified for a lot of government support a lot of free money
which is great but at the same time though I ended up needing to take out a
lot of debt the good news in all of this is because I lived at home I was able to
pay all of my student loans off except for $4,000 by the time I got married so
that worked out pretty well and just so you guys know neither my wife nor I have
a master's degree we both have bachelor's degrees and she's an
accountant as well because that's what she's studied in school and we both have
our CPA license so we've never gotten our masters maybe someday but not right
now factor number three let's just take a moment to talk about debt now my wife
like I said she graduated with zero debt because she's awesome she's like so much
more awesome than I am honestly but when I got married when we got married it was
I had $4,000 remaining and so we paid that off within the first year of our
marriage shortly after buying our first home
which I'm going to talk about here in just a second and at that point the
student loan debt was the last debt we had we didn't have a car loan we had no
credit card debt etc that was the only debt we had number four let's talk about
jobs after college so my wife entered the workforce first because she
graduated with her accounting degree before I did I met her at school at that
college but she was just graduating and started working so of course we met and
we actually dating right at the time she landed her
first professional job as an accountant at this large corporation and at that
point she started making way more money than I did with my little grocery store
minimum wage so of course all my friends - all my friends I will be ever known as
the gold digger
oh brother and shortly after I graduated with my accounting units and
concentration I immediately was able to enter the job market in public
accounting and I've been doing public accounting ever since for the last five
or six years number five let's talk about saving money so you just heard me
say that we had hardly any debt and we both lived at home until we were 27
so we dated it for roughly four years before getting married so what that
allowed us to do was save a substantial amount of money and so just before
getting married we had conceived a combined total of
$80,000
and speaking of marriage that's number six what was the total cost of our
wedding you're wondering the total cost of her wedding was between seven and
eight thousand dollars and I will disclose that our parents helped us with
about two thousand dollars of that okay let's talk about number seven before we
talk about homes let's talk about cars for a second so my wife her car that she
got she actually inherited a car she inherited a 95 ford windstar van as
shown in this video i've recently produced you can go check out that video
I think you guys will enjoy it I'll leave a link in the description section
down below and also in the comment section down below so you can check it
out but so she inherited a vehicle with no payments no debt it was an older van
but she was still happy with it and like I said earlier when I was young and dumb
I ended up buying a new car and totally and financing most of it
but like I said I rolled most of my car payment are my car loan all into my
student loans so my car was paid off by the time we got married so to this day
we've never had a single car payment since getting married and luckily we've
in the position at this point in time so that when a car does go down or when we
go when we do need to go purchase a new car we can just pay cash for that next
vehicle I don't think we'll ever have to finance another car ever again in our
lives okay factor number eight let's talk
about renting and buying a house so upon getting married we did rent an apartment
for six months before trying to buy a house because we had lived with our
parents so long like I mentioned earlier we saved around $80,000 so we were ready
to go home shopping and we were very blessed because in 2000 of 2012
beginning of 2013 we were able to finally purchase our first home the
market in California was extremely competitive but we won the bidding more
only by a thousand bucks so we purchased our first home here in
California for one hundred and eighty five thousand dollars which was a great
price at that point in time and we were able to put forty five thousand dollars
down in the house so our mortgage payment is not bad at all so with our
total mortgage payment it includes our insurance and taxes the total amount we
pay every single month is only eight hundred and sixty two dollars and based
upon where we live in California the average rental unit right now whether
it's a home or an apartment can range anywhere from
800 to 1600 dollars a month so like I said we are very blessed because our
mortgage payment is about half of the cost of the average rent payment right
now in the area we live and because all the things we did all that savings we
did along the way we only owe about a hundred thousand dollars left on our
mortgage which is not bad at all and we currently have enough cash in the bank
if we want to we can pay it off today okay factor number nine two incomes now
I don't know if you guys are familiar with California but in California it's
very hard to get by without having two incomes and this is probably true in
many other areas around the United States as well when we first got married
we were making approximately around ninety thousand dollars a year anywhere
from eighty to ninety thousand dollars now fast-forward five or six years and
think of that all the promotion's we got we got our CPA licenses Tetra now our
income and I can't give you the exact number for confidentially all of your
reasons why our income now ranges anywhere from 100,000 to $200,000 a year
okay factor number 10 the last factor I have to share with you is money marriage
and budgeting I'm probably gonna be making a series of videos about money in
marriage but having a budget has just been so crucial to not only to our
success with our finances but our marriage it helps us keep very clear
pictures on where we're at financially what our expenses are what our income is
where we're headed how things are going and it really opens up the lines of
communication between my wife and I and of course it's always a work in progress
right nothing's ever going to be perfect and it seems to strengthen our marriage
rather than hurt it so whether you're single or whether you're married
whichever it is please please please make a budget it's one of the best
things you can do for yourself if you do not have a budget actually have a free
video I'll put the link up right there and also put it in the description
section down below you can download a free Excel budget template completely
free from my website money in life tv.com
I'll leave a link to that download in the description section down below you
just listen to all ten of these factors and so thank you for listening this long
but of all of them no matter what if you only use one of them if you only pay
attention to one of them pay attentions number ten make a budget it is the
foundation of financial success without it you cannot progress and be
successful financially so please do yourself a favor and make a budget okay
let's do a quick summary of everything we just talked about living at home
really helped us save massive massive amounts of money we're not only able to
pay off debt we're able to save more money than most people because we didn't
have very many expenses and it made it really easy for us to go buy a house
after we moved out because we had so much money saved we were able to put a
lot of money down and so that reduced our mortgage payment which allows us to
save even more money every single month if you live at home or if you have that
opportunity and I know not everybody does but if you do take advantage of it
it really can change your life and most of the things I talked about in this
video you can you can listen if you listen back or rewatch it again you can
hear me saying how much living at home helped us it really set us up because
having success at anything in life is so much about that prior preparation it's
about the setup you're setting yourself up to have success I mean honestly guys
I don't think I'll ever have to pay a rent again ever in my entire life we're
gonna have this home and we already have enough money in the bank to put 20% down
on another home if we want to we're thinking about it but we haven't done it
yet so if you get the opportunity to live at home take advantage of it you're
probably only gonna get this opportunity once your life I really encourage you if
you're younger to do it because this is your opportunity
don't blow it because so many kids do so many people who could be so much better
off blow this opportunity and if you have it it's just the godson so take
advantage of it and thank your parents the second thing we talk about what's
paying down your debt pay down your debt as quickly as possible
don't worry about investing so much you know maybe get your company match but
other than that focus all of your extra income on paying down your debt so you
can get your monthly cash flow back coming into your pocket another thing we
talk about is school I really encourage you to get out of school as quickly as
possible with as little student loans as possible if you need to work during that
time work while you go to school whatever you can do to minimize those
student loans so that you can get rid of that debt faster if you graduate with
debt and try to stay in-state I mean what we did is we
in state and we lived at home so we saved double the money I mean going to
an out-of-state school is extremely inexpensive in most cases so I encourage
you to go to an in-state school if you can based on what you're trying to do
guys don't make them a stupid mistake I did don't go buy a brand new car that
was one of the dumbest things I've ever done I really do regret it buy a car
that you can afford with your current income right now that you can easily pay
off in one or two years the last thing we talked about guys is make a budget
we've already talked about that though so make a budget we also talked a lot
about income besides budgeting the next most important thing is your income
focus most of your energy on increasing your income over your life why because
it's the hardest piece of the puzzle most people don't have a large income
and that's why they struggle you can figure out how to increase your income
over time whether it's at your job by getting promotions whether it's starting
a side business whether it's you know mowing lawns I don't know what it is you
know whether it's investing whatever it may be if there's nothing that will
allow you to save as much money as having more income the last thing I want
to say about getting ahead financially is it often does not look cool it
doesn't look cool when you drive an older car
it doesn't look cool when you don't have the newest clothes or the biggest house
but let me tell you something it feels really cool when you actually have a
substantial income you have money in the bank
your marriage is good you have an emergency fund you have money left over
every month so you can invest and grow your family's wealth you can you have no
debt you have options and freedoms other people just don't have but it's not cool
because it doesn't look cool like I said earlier in the video be cool with not
being cool because to do this kind of stuff we're talking about means you're
gonna try to not be the average person and do everything you can to not be the
average person because the average person walking around in America is
completely broke alright guys that is all the information I have for you today
if you like the video make sure you hit that like button down below share this
information with your friends and be sure to subscribe for our future uploads
every single week we make new videos on this channel that are going to help you
improve your financial position your career and your life if you have
questions or comments about anything I mentioned
in today's video about anything whether it's one of our stories or you wanted
some more details let me know leave those questions and comments in the
comment section down below and I will make sure to get back to you alright
guys I just want to say thank you so much you've been a wonderful audience
thank you for sticking with me this long on this channel and just on this video I
wish you the best of luck in your financial success and I will see you
guys next week in the next video I love you guys peace
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