So if you’re watching this video, most likely you’re thinking about moving out, either this year or sometime soon.

1. Why and when do you want to move out

When to Move out:
– Around 70% of you will most likely go to college, and I recommend staying at home when your college and also getting a job. ( if your parents don’t ask for rent, then you can make 24k per year, while in school and save maybe 15k and by the time you graduate have around 60k)
– However, if you are in a toxic situation, emergency type, then I would recommend moving out, and renting a room while your college, and paying for it with your job ( you won’t have the 60k in savings, but once you graduate and earn more money you can start savings)
– And btw, if you don’t plan on going to college, at least get licenses, or a trade job, because minimum wage is not cool for the rest of your life.

To-Do List before you Move out:
– Have a job and savings for at least 3 months of expenses ( usually after college)
– And that’s about it.

2. What to expect as of expenses and Tips
– The average person watching this video is going to rent and that’s fine
– Eventually, if you want to buy a house for investment or to start a family you can also
– But most of the time you’re going to start out renting, and that way you get to see if you like and you don’t have any massive debt or chains around you

Expenses:
– Rent: And the average rent is around 1200 for a one-bedroom, but in reality, you can just go google and check your state, and also shop around. And make sure its not more than 33% of your after-tax income. If your making 4k per month don’t spend more $1300 bucks and do the math and see if a room is better if you want to live close to the city or something. ( but remember if you can spend 10-20% even better)

– Furniture: You go to Craiglist and go to the free section, you can find all the furniture you need for free, just go pick up. And anything that’s not their just buys it used on the Facebook marketplace or garage sales, do not buy retail furniture unless you’re buying Italian wood, that appreciate with time.

– Debt: Credit card debt, student loan, and also auto loans. Do me a favor if you want independence, don’t exchange your parents for a bank, because once you owe them a ton of money, you will never be independent.

 The idea is, do not get into credit card debt you don’t need to. Its not an emergency fund, it’s not something you pay over time. If you want to build credit, get 1-3 credit cards, and but automatic bills on them like Netflix, Hulu, internet, and your phone bill on them. And pay them in full in every money. ( and grab the cards and cut them )
 Student loan debt: go to a good college but be smart, apply for every scholarship available a minimum 50. Consider going to community college to save money on your bachelor’s or your master’s degree. And pay extra, to finish faster.
 Auto Loans: do not buy a new car, buy a car that’s around 3-5 years old, and ride it till the wheels fall off, or till buying a new car is less than 5-10% of your net worth.
Here are the Small Expenses:
– Internet: $30
– Phone bill: $50
– Gym: 30
– Electricity and gas: 200
– Food: $200-$300 ( I don’t like the joke when people say I spend all my money on food)
– Car insurance: 120 Geico ( this is assuming you took my advice, bought a used car and saved up for it)
– Car Gas: $40
– Random Stuff: $100

Total: $670 and if rent is 1000: a total of around $1670 ( and that’s why I recommend waiting till after college or you get a trade job because on a 48k salary this isn’t that much, but a minimum wage of $10 or $12 bro, this is going to keep you poor for life)

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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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