My Cost of Living in New York as a 23 Year Old

So currently I live new York in the Bronx, and I live with my mom and my little sister at age 23.

1. My Income
– As you guys know I’m an accountant and I help small business with their book although I’m slowly stopping this business
– And I also youtube and talk about money and everything I learn for free
– I sometimes flip things to make some extra cash, its usually for fun. ( but it used to be a legit business)

From my Personal Business with Accounting:
– I currently only make around $5,000 per month from 15 clients
– Its actually going down, because I’m slowly removing clients to focus more on doing more things with youtube
– Almost every business I ever started was always to support me while I get to my goal with youtube.

Then my YOutube Business:
– This makes me by far the most money, ranges from 20-40k per month, last month we made 40k which is insane
– One thing you know is I’ve been making videos since I was 11 years old making 0 dollars from it

Flipping things:
– It depends if I want something thing I rarely do it these days.

One thing is this:
– although my income is between 25-45k per month
– The truth is that a lot of businesses that I started supported me to give me the freedom to keep uploading to youtube without making any money
– Since I was 11 this what I wanted to do, I just didn’t know how, and when it works.

2. Cost of Living

Cost of living:
– I Give my mom $200 a month for 80 sq foot room in the house
– I also help the groceries around 200-300 per month
– I pay the phone bill ( $133 buck per month, but its gonna go down to 65 next month, adding some people to the line to save more money)
– Dates every month: $100 bucks a month
– Fun Budget of $100 per month ( usually buying random stuff on amazon)
– Gym membership: it’s $300 per month ( lol jk its $15 per month)
– Gym app Trainer:: $10 per month ( this saves me money on a real trainer)
– Send my Aunt: $50 a month
– Send my Sis: $20 a month
– Miscellenias: $10-50 ( usually this uber)

The total Budget for the month is: $878 bucks
Which is: 1.95% of my income ( talk about living below your means right)

Why: I remember Dad a lot when I think the money I spend
– He was great at making money
– But as his income grew so did his expenses
– So I keep my expenses the same

3. What I do with the money
– The truth is I have all right here jk this fake money
– The truth is I invest all of it and save some of it for future cost

Here I the break down:
– I invest around 40% of my income monthly
– I save 6% for a down payment on a home ( 2 years I’ll have 70k)
– I already funded my emergency fund to 6 months of expenses
– The other 54 percent: 2.4% goes towards business expenses, and the rest serves as a surplus for investing and tax payments

Important:
– I invest the same amount of money every week, in order to do dollar cost average
– I don’t only spend 2.4% on business expenses
– And taxes might be around 30% so keep that in my mind.

4. My goal is this
– I want to make $48,000 a year in passive income
– This is going to take a portfolio size of 1.2M
– And I’ll follow the 4% withdraw rule

But once that’s taking care off:
– I want to shift my focus towards capital reallocation into business
– Build up massive wealth and create an insurance company
– This is going to help 3rd world countries

5. Comment if you want to see a budget for my moving out expenses and I’ll make it tmr.
– We plan to move out to Florida or Omaha in the next 1-2 years
– My mom is going to come with us also, me and wife then can buy a house for 350k with 6 bedrooms enough for the family

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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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