5 Expensive Things You Need to Buy in Lifetime

Now the goal for this video is to tell you about the 5 most expensive things you will need to buy in your lifetime and how to budget for them.

1. Education

So here what I recommend:
– Obviously, college is expenses but its not the only option
– You have a trade school, jobs that just require training and license ( and pay very well
– You can become a home inspector and get paid around 50k per year, so just do your research

But:
– If you want to go the traditional college
– Apply for every scholarship you can, in campus and off-campus
– Get a job to help you paid for college also, making 12-20k per year is double, and get pay for your entire education
– Or get a job in a place that helps pay for education.

Tip: if you graduate with 0 debt, and a job that can make you more than 60k then you won.

2. Car

I knew this guy:
– That spent always 1200 on his car per month, while only making 2000 per month ( that freaked me out)
– You wanna know why he had bad credit and not the best driving history so the insurance was why
– But he refused to get rid of the car

Now, here’s what supposed to do:
– Only buy a new car if it’s less than 10% of your net worth and only if you are a millionaire
– For everyone else including myself, buy a used car that’s 3-5 years old, that way you get a 50% discount and another 5-10 years of great value
– When you buy a car, usually I recommend you pay cash for it, but if you don’t just make sure it’s less than 15% of your monthly income. ( make a savings goal)

3. House

Here are the facts:
– The average house in the US sells for around 200k
– But the truth is that must of you watching this video on my channel are from Florida, California, Texas, New York, and Georgia
– The average home price might be closer to 300-500k depending on where you want to live ( ps, some of you are even from Alaska that’s insane, thank you for support from all around the world)

What I recommend:
– Save up 20% down payment ( this helps you avoid mortgage insurance)
– 33% rule, make sure the mortgage is no more than 33% of your take-home pay

Optional: pay off the house faster, this is one of the biggest monthly expenses so if you pay if off in full you get to live without that expense.

4. Kids

The Facts: I read some articles so you don’t have to
– A kid from birth to age 17 cost around 233k, including house, child car, and expenses
– These numbers make me laugh, in my entire lifetime, knowing my mom, grandmother, cousin, and my entire family
– I don’t know a single couple that spent anywhere near this amount

Here how you manage this:
– Child care: if a parent stays home or the grandma is cool then that’s free
– Housing: why would you count that
– Normal expenses: maybe might cost 3-4k per year but that’s about it

Also funny joke I read:
– If you have more than one kid
– Then you get a free baby sitter, free cloths, and shared housing
– So the cost tends to go down with each kid.

Tip: the true expensive thing is going to be college, so open a 529 account for college investing and start investing 200 bucks a month and in 1 year you’ll have: 87k ( enough for college for 3 kids)- but I would still have them pay for some it

5. Retirement
– Now unless you don’t plan on getting older
– Then this is very important for you
– Because if you retire at 65, but have no money, then you have to go back work

Tip: Simple Formula
– How much do you spend per year on a good budget
– Multiply it by 25 and that’s how much you need for retirement following the 4% rule
– To invest, you can invest in a target-date fund with the vanguard, call them ask them about it and tell them you want to use the 4% rule for retirement.

Tip: that’s less than 17 of your monthly income.
Bonus: wedding

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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