What’s your budget breakdown? We’re looking for stories from all ages, not just millennials! Share your story with us for a chance to be featured in a future installment of Millennial Money: cnb.cx/32TYZ2K
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I lived at home until I was 29! NO shame in that bro! Hate us cause they ain't us lol! Anyway, here's my breakdown: Wife and I are 32 and welcomed our daughter 2 months ago. Annual pretax: $145k Mortgage principal: 181k 15 yr conventional/2.33% interest Monthly total burn rate: 4500 (Includes 15% 401k/403b contributions from both of us and 12k annual roth ira contribution broken down) Monthly savings: 3000 (goes into high yield online savings account) Emergency fund: 25k (in the high yield account for liquidity) Plan: start a 529 or esa to fund baby's college; pay off house in 10 years (or less!); both of us only work part time by age 52 for insurance. Were comfortable currently but having this wonderful daughter will change the budget some. What do you guys think? Thumbs up if well be ok, or comment to guide us to the right direction!
if your parents treat you like an adult and respect your space, then yeah by all means live at home. but me personally have such toxicity that they want me to give them all my money and live destitute. and no personal space. so yeah i can't stay with them.
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a lot more realistic for a many millineals. People say milleneals are moochers and lazy, when most times its because they are taking care of relatives and/or have not been taught about money or havent been given money from thier parents to start life
I respect Chance for being so vulnerable and speaking about supporting family through a financial crisis due to addictions. As always, I appreciate CNBC Make It!
@Night Runner that's false, for American and asian women they actually expect a man to have his own place and great wealth. IF you live with your parents you have no chance with women here or from china
If he sees this or anyone knows him, tell him to look into the Nurse Corps! It looks like he lives in a rural area, and would probably qualify income wise. They pay for school and give you a stipend for expenses. Good luck!
@@hlevin7419 True, but you don't need to necessarily work in a rural area, just an underserved area. So he could move to an urban area like LA but work in an area thats underserved after graduation. Considering he wants to do preventitive medicine, shouldn't be too hard for him to get a position to do so.
@ anna seahorn Bs Anna, maybe a CNA or an LPN but an RN makes over 55k in the Midwest and south and only goes up from there speaking from real experience.
I just love the sincerity of this video, there's something special when someone chooses to be vulnerable, it makes them so relatable. And that's what I love about this great guy.I genuinely wish him all the best
I really enjoyed this one, out of all the Living On videos, Chance's story resonated the most with me. There are so many millennials that either live at home or are taking care/supporting their parent(s) and I wish we could see those stories as well on this. Helps us feel a little less alone. And I suspect during and after this pandemic a lot more of us will be in that situation.
He has such a positive attitude and I love that he has all these dreams which I’m sure he’ll accomplish. And kudos to him on his savings! That’s definitely my weak area...
@@MrAmanze I don’t think you know what the word congruent means. And it’s not like he’s living in his parents basement playing video games all day with no job. The fact that he’s taking care of his elder parent shows his kind nature. He seems like a very loving caring person that anyone would be lucky to have as a partner. Get off your freaking high horse 🙄
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Don’t feel bad that you live at home! My parents are aging as well and right now I’m looking for a house. I’m intentionally looking for housed with more bedrooms than I currently need for me and my kids in the event that I need to take care of my parents. What your doing is noble and you will be blessed for doing it.
Right!, lol. Did you miss the part that he's only paying $100 per month for rent, eating out, in his 30s, drives a nice car, has little direction. Renting a room at a nice house? Split the costs 3 ways. Mom, dad and him. $2,100 per month total expenses ÷ 3 people (toilet paper, paper towels, toothpaste, laundry soap, the utilities, gas/oil mixture for the lawn mower and string trimmers, pesticides for the house/yard, depreciation on the new roof due in a few years, lightbulbs, carpets and linoleum/hard-wood floor cleaning and maintenance and products, shampoo electricity and materials to clean the sofa and loveseat once a year, Windex and a new squeegee to clean the windows inside and out a few times per year, cleaning his car at mom and dad's house - their electric bill to run the vacuums and the liquid soap and water (bill)... and the list goes on. Does he help rake the leaves year around? Clean the gutters? Help organize and sweep/clean out the garage? Sweep up the driveway or sidewalk to help him earn his keep? Fix 1/3 of the meals every day? 3 people x 7 meals a week? 21 meals. He owes them 7 meals (that HE bought AND cooked) per week. Oh wait, there's more. It costs money to fire up the stove, wash the dishes, by hand or in the dishwasher. It costs money to wash the shower and towels, or dish towels, to wash the sheets and pillow cases, the clothes. All for $100 per month? He's not earning his keep in any way, shape or form. Ugh! 👎👎👊👎👎
@@majoroldladyakamom6948 well the video, and the whole “millennial money” franchise solely focuses on how millennials spend their money and manage their expenses. Cleaning around the house, raking leaves, and clearing out the garage would not be included in his financial breakdown since it doesn’t cost him money to do so. He says he helps his mom take care of his sick father, so with that in mind, I’m assuming he does a lot of manual labor at home.
The house probably paid off though or about paid off. He had grew up poor but at some point things got better and they was doing well enough to get a house. Plus all that time he spends taking care of them is well worth having him there.
I am 31 and moved back to live with my parents. Just remember it won't be forever, and to cherish your time with them. I can see my parents ageing and don't take that for granted. You're where you're supposed to be.
Omg. My name is Chance and I live in Oklahoma too. I also was a Page for 4 years. 2 years with a State Representative, 1 year with a State Senator, and 1 year with the Governor. Such a small world.
There's no shame living at home in your 30s, its common in other countries :) i think its fine as long as you're supporting your family and being financially responsible 😊
It's common in other countries because the government steals half of their money via taxes and they can't afford homes. Don't wish that on America. Trump 2020
@@marksophia7186 I was discouraged about getting involved in forex trading 11 months ago. Now I gat no regrets because I have a stable income more than most government workers.
Yeah we might live together but we give more than $100 for rent🙄 we hustle we take them to see their DR’s we cook we clean for them. The only one benefiting from this situation is him.
I don't disagree, but 100/mo for rent is pretty lame. That doesn't even make a dent in terms of the upkeep of the house. He should be paying at least 500 or 600.
I would love to have him as a nurse. He seems so calm and I find it very sweet hes at home with his parents. His connection/dedication to lis linage is really admirable.
I love this guy! He is so wholesome and genuine. I feel like he has so much untapped potential waiting for him in the nursing program. Love his loyalty to family and being able to help his parents. Good stuff sir!
He is a member of a native Indian tribe and they do get free college, so he will be ok. He sounds very smart and knows what he is doing and he will be greater in a few years.
@@emiliabolsas He is from Oklahoma, University of Oklahoma waived the tuition if u have 25% and registered member of a tribe which he is. University of Oklahoma is known to be good for Medical degrees.
He stated his reasons, he is scared . He needs that cushion and he never stated he is on the Dave Ramsey plan , he is on his own plan. I hope he is successful in nursing school that is awesome going back for a new career
@Shadowstrike exactly, so he needs to pay off that $22k debt with the #35k and he'll have $13k left to start an emergency fund. I think we can all agree having $22k debt is a bad idea.
@@dontleaveamessage he has more money in his savings compared to his 401k even. By putting all that money in his savings, he is losing money to inflation each year.....
@@tylerlin8259 even worse, he is losing money to inflation and interest from debt. 2% inflation + say 5% interest or worse = 7%+ and no savings account will get you 7%, especially with interest rates being this low.
@@baxakk7374 most likely he would be saving more money by paying off the debt vs investing, but yeah. Even putting some of the money in the market would be better than keeping it in a savings account.
His dad is a super good person, most of his problems he couldnt help. Don’t judge someone based on what you’ve heard from a news show. Instead judge on the story they tell you.
There's nothing wrong with living at home with your parents as long as you have a job, are going to school, paying off debt, and/or just doing something to set yourself up for the future. There is a difference of just living with your parents and choosing not to do anything but mooch off of them. I think we have all seen a few Dr. Phil episodes with millennials that didn't want to do basic things for themselves
I'd like to see this man get a side hustle flipping items or start learning a high income skill to move up in the world. He's done a great thing for the sake of his family and deserves to make more now.
It’s far more embarrassing to move out of the family home by choice when you don’t have the income to do so and are living beyond your means just to look “cool” or be like others your age. Plus you’re doing the right thing being there for your parents. Much respect!!
Bc the government has paused the debt payment until Jan 2021, and prob due to the pandemic shock he could extend the payment period longer. Repaying the debt right now isn’t his priority and also not wise, he could use that money to do more other stuff like investing even tho he is afraid to do so in the video, and also save for his nursing school, payoff the car loan very important as a daily transportation.
@@UchihaItachi-zr3vs his hoarding is a psychological crutch he'll need to learn to overcome. For that reason, it's better for him to address this now. Debt free and more psychologically fit to take on risk. He is not going to invest anyway, so opportunity cost is moot. He's a hoarder.
@@onsetaugust He probably wants a nice rainy day fund and it sounds like he's uncertain about the economy as well. I mean it makes sense. Especially during this point in time, you don't know if you can keep your job or not. Having said that, I do agree that he really needs to pay to off that debt, especially his personal loans. I'm sure the interest rate on those is much higher than his school loans.
No it's not. It's a Federally subsidized loan. It's super low interest. And loans that undergo deferral for grad school do not accrue any interest. I know: I did a doctorate. And the loan of 10K I had from undergrad did not get any bigger while I got that doctorate. When I got out, though, 10K was worth way less.
This is a portrait of a person in America who is kind, good hearted, decent with money, and is absolutely getting crushed by the weight debt and the system of economy in America. The man is trying to take care of his loved ones, go into debt to be a nurse so he can SAVE PEOPLE'S LIVES, and is barely staying afloat from a financial perspective.
Driving a cheaper car can often lead to tons of repairs, And if you aren't mechanically inclined, or it makes you miss work or school, it's not a money saver
@@jessicacole8404 can't be worse than paying interests on a brand new car that loses most of its value within a couple of years. You can find a reliable used car
I’m glad this channel is showing millennials outside of the largest metro areas in the US. Not all of us live one of the top 20 largest cities in the country!
@@s.e.f8160 0-0; Thanks for letting me know. I live in the bay area and I'm renting out a room with a roommate for $1500. The room is around 10x10 - 12x12. That is considered really cheap. lol. The cheapest 1 br apartment I've seen around the bay area is in the upper 1700. I rarely see apartments around that price range. It's almost like finding a needle in a haystack. On average, it's over 2k a month.
@@KyleHong yes ...BUT..... you might want to Google and compare the average cost of living , wages, salaries, upward career mobility, job availability, access to health care, property values, allotment of state and federal taxes, education, national test scores, teen pregnancy, amount of people on food stamps, Medicaid, WIC, rate of diseases of despair, etc. You will quickly see... one of these places is not like the other ..... the cost of living and wages among many other things must all be factored in not just a dollar amount that seems similar. Too many other things factor and influence
Hi Chance! I love your story! I'm glad you want to pursue your dreams. I'm very sure that you can get scholarships to help fund or your college tuition or even get a full ride, especially since you are native american!! Simultaneously, you can also start a GoFundMe. I would happily donate 🙂 Best of luck to you, sir!& thank you for sharing your story and your message!
I began investing on crypto’s this year with Mr Peter schiff I tried an initial input of $1500 and got a whole lotta profit of $5400 in just a trade frame of 24 hours
32 and living at home. Don't worry about it. I'm pushing 50, and still live at home. I have zero guilt about it. You have to think about yourself first.
I am extremely thankful that Chance shared his experiences with CNBC Make It. He represents a large proportion of millennials and it is rare for individuals in our generation to put their woes on display. Chance seems like a great individual and I hope that his plans come to fruition in the near future.
Chance seems like a totally awesome guy! He's helpful to his parents, he wants to help people and improve their lives in his occupation, and he seems genuinely sweet and kind-hearted! I hope that he reaches all of his goals and dreams and beyond!
I love how he said "People are surprised to find out that I'm Native American because I'm very white." I felt that. People are surprised I'm African-American because my skin is just as white as his.
He is not doing anything with his money. He literally gets to live rent free somewhere and he has yet to start even paying down debt? He is talking about vacations.
I don’t think there is anything wrong with you living with your parents. You’re smarter than most people by saving and helping your parents. You’ll cherish that time you spend with them later in life and that is priceless. I love how your honor them.
Living at home with your parents is a good thing! You're saving money, but more importantly, you are helping your mom w/your dad, sounds like a win, win to me!
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Good video. Only thing about "Anyone can save" is thats unique to his situation. While he may pitch in, its definitely cheaper than taking 100% care of your own household. All the food, all the utilities, etc. I imagine the cost of living is pretty low there, as anyone here in Chicago making 25,000 isn't saving much at all.
@Will Jacobs Ok cool. Relative to where I live, I assume its a bit more reasonable, but even then...Like I said, my only disagreement is the anyone can save thing. I make more money as a single guy than the median household does and the only reason I have significant savings is I don't go out, cook the vast majority of meals at home, and spend more of my wage to live in a nice place that I don't mind staying in (some amenities). Point being, I spend mostly on necessities and don't save as much as I should be able to to weather the economy. 25,000 or even 39,000 doesn't leave much room unless you are in fact living with someone who takes care of most expenses. Hes obviously been doing that most of his life. Not judging, its just reality.
Chicago is an incredibly cheap city to live in. Rent is literally like only half of what it is in NYC. Also, if you work full-time at minimum wage in Chicago, you’d be legally required to make more than $25,000.
@Will Jacobs Minimum wage in Chicago is $14 an hour, which at 40 hours a week, would be $29,000 a year, and next year it’s going up to $15 an hour. Rents in NYC on average are about double what they are in Chicago, yet minimum wage is still only $15 an hour and most jobs in NYC don’t pay double what Chicago jobs do. There are plenty of neighborhoods in Chicago with lots of empty homes and boarded up windows. If housing was as expensive as NYC or SF, that wouldn’t be there case. Chicago is losing population and there’s not a housing shortage.
I don’t think it is embarrassing to live with our parents. It’s great being able to spend time with your family while saving money for your other goals.
Don’t feel bad about living at home. I stayed home and took care of my dad and grandma at the same time. I was in school getting a second degree as well. I think that you are awesome. Congratulations on nursing school. 🥳🥳🥳
I think this is my favorite episode of millennial money. He just seems so genuine and humble and I absolutely love his attitude about life and money. We all make mistakes and it's honestly very easy to drown in debt, but the fact that he didn't let that stop him is very inspiring. Best of luck to you Chance and I very much hope that you fulfill your dreams of becoming a nurse and living in LA! Respect, and more power to you!!
