Rent is Half my Income

When it was time for me to get my first apartment, i remember going online and searching for one. I saw apartments for $2000, 5000 and some even more expensive. And then I asked myself a question, what do i want with renting. Do want to be a fancy apartment, that belongs to someone else, and will it harder for me to build wealth or do i just want a safe place to live while i build my financial life. ( obviously i wanted the fancy apartment lol )

I went to this restaurant, where a burger was like $20, but the burger came with a view of the ocean, and a beautiful presentation and spectacular service. When you want nice things you will pay a premium price for the same stuff. Aka Five guys is probably better but hey.

So in this video, I’m going to go into details about how to lower your rent bill, how to save money and how much I spent on rent , when I was initially renting

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1. How Much did of Rent as Percentage of My income vs the average person

-i paid about 7.5% of my income on rent, because my goal was to live in a safe location, where i was comfortable enough and i could build my future ( now i have an above average income )

-But for the standard income of 40k a year that would have been 22.5%, which is still way below the rule of thumb of 33%

-My point is that you try to be average you will get average results, and average is broke in America

3. Here what i recommend

-the rule of 33% is a good rule but its stupid if you don’t use common sense

-If you make a lot of money then its to much, if you make very little then it may not be applicable

-The point is use common sense

My experience

-i felt pretty safe in the Bronx because I was use to hearing gun shots

-I felt pretty comfortable living in a closet basically because its what i had to do

-And lastly when I had to commute fear hours a day, i knew it was a waste of time but it was what i had to do

My point i this:

-Know what you are willing and not willing to do

-But also know the price that it will cost you

3. Purpose of Renting ( Pros and Cons )

-renting is awesome you get to use someone toilet and not be responsible for it

-It’s a nasty way of saying it but i really want you guys to understand the benefits

-You get to live in someone house where they are 100% responsible and all you have to do is pay a service fee

The Purpose:

-to give you a place to live obviously

-To help build your financial future ( Pay off debt, save for emergencies, invest and save for a down payment )

-Sometimes it just more convenient until you find out where you want to live

The Cons:

-if you stay for way to long, you will be throwing money away ( run a rent vs buy calculator )

4. Cheap Excuses Vs Good ones

-commute, ghetto, not comfortable/roommate, itsexpensive here (move), ( i hear this all the time, and trust me theirs nothing cool about living somewhere you have to ultra visialent but theirs nothing about staying broke forever either people sleeping in bathtubs )

-Good excuses: its Temporary, safety, someone will cover the other Stuff

5. Overall Guys use Common Sense

how to do it responsibility ( give and take ) Budget

-Use Public transport or buy a cheap car

-Meal prep at home

-Don’t take out any other bills or if you do get the cheap stuff

But if you feels;

-stress

-Are getting into debt

-Then it’s probably not a good idea

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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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