A gift in my family is a card and a pair of socks.

@kinghazythethird

9 ай бұрын

Facts 😭

@reza2251

9 ай бұрын

Maybe you can do better for your kids

@bettemiddler7756

9 ай бұрын

Exactly lmao, im always amazed when parents offer stuff like this.

First generation software engineer here. Buying my disabled father a home because thes got nothing to his name. Good luck buddy.

Or he can sell the tesla and get a affordable toyota

@miksilv4576

9 ай бұрын

Javier, would looking a NOD and Pre Foreclosures be a great indicator on how the future housing market would behave???

@NinoInTheComments

9 ай бұрын

It's 2023, "affordable Toyota" is a contradiction 😂😂

@dnah02

9 ай бұрын

@@NinoInTheComments he could get a decent Camry for like 30k or less if he's making bank he could sell the tesla and get that instead. I'm sure it will beat a 800 car payment.

@dnah02

9 ай бұрын

@@NinoInTheComments or a used camry

@NinoInTheComments

9 ай бұрын

@@dnah02 DEFO cheaper than a Tesla but it’s just bad timessss

I came out making 108k and my parents gifted me a 20% down back in 2008. Their condition is that I pay off the house 7 years. I did just that. Was mortgage free by 30 years old which helped tremendously when it comes to building wealth.

@reza2251

9 ай бұрын

Singuy888 you Indian? You guys have great culture around building up the bext generation.

@Singuy888

9 ай бұрын

@@reza2251 Chinese

@a7x8f3

9 ай бұрын

What a great privilege to have. Next challenge, save 20% down for your kid(s)

@Singuy888

9 ай бұрын

@@a7x8f3 My kids are likely taken care of for life with their trust fund after my passing

He makes over $100k how can he not save? Idk but my mindset is if you can’t afford your own down payment or you are using your parents credit as a co signer then you should’t be buying

@10essee10titans

9 ай бұрын

100k is not nearly what you think it is. people really need to readjust what they think "siX FigUres" means

@PlatinumVanguard

9 ай бұрын

Might make sense 10 years ago. The problem is everything costs more these days. I can afford the mortgage and taxes on my house and the increases, but it was impossible to save enough to keep up for a downpayment + emergency money. My parents told me they'd take the down if I could handle the maintenance costs, and I agreed. Turns out I needed the money for some big ticket maintenance items, and I could avoid going into debt. But when I talk about increasing costs, my salary has increased about 40% over the last 10 years, house prices have increased about 100%, grocery bills are about 120% higher, gas is about the same. It's just not keeping up. Making 6 figures now just isn't all it's cut out to be.

@killacups

9 ай бұрын

Yeah many don’t realize how much you end up with after taxes. Taxes do scale up the more you make

@BKLNHobo

9 ай бұрын

​​@@10essee10titansBut an $870/mo car payment is still ridiculous.

@Stephen-go5gl

8 ай бұрын

@@10essee10titansyes it is. 100k a year is alot… if you can’t save making 100k a year then thats a you problem… you’re living well above your means.

The problem isn’t the coming up with a “Budget” the problem for him and Everyone else is sticking to it

Coming from a collectivism culture downpayment from parents is seen as blessing and is not frowned upon or looked negatively like here in America.

@belindawilliams4915

9 ай бұрын

I am an American and I definitely look at it as a blessing. I hope he appreciates it very much and expresses gratitude.

@reza2251

9 ай бұрын

👏🏻

My wife and I make what he makes in a year but I would suggest he gets disciplined with his spending habits. Stop all far away travel vacations, do his budget, see what money is being wasted on subscriptions, ect

Such a great video 👏👏👏 I've been meaning to read Grit for ages, swinging by the library this afternoon!

1:25 Lol! Just for future reference, It's pronounced A - RAP - A - HOE. No kidding. My dad used to live there. I would also heavily advise that guy to NOT buy a house in that area. Those homes were built back I believe in the 50's and 60's. A lot of them were not well taken care of, and there are tons of foundation, and plumbing issues. Also, if this guy is making $118k, he's easily bringing home around $4k biweekly. 1 pay check can cover his high rent, insane car payment, utilities, insurance, and food. The other check can go straight into savings. This guy seems to just be blowing his money.

Javier out here giving y'all life gems!!!

Cars depreciate. Homes appreciate. Sell the Tesla and buy a better home.

Awesome book recommendations!

Gotta be ready for the maintenance costs especially in Dallas the land of foundation issues.

No 500k home he should go for a 300k home if possible

You missed that rent isn’t a fixed expense if he bought, that’s 2k a month that he’d be paying to the house. He can easily afford this, but he’s spending 4-4.5k a month (based on his savings rate and rent) on frivolous stuff (including that Tesla). Guarantee you he’s eating out all the time and going out for drinks almost every night. He has about 5k a month (after rent) and is saving almost nothing relative to his income. That means he’s spending $140-170 a day on his Tesla, utilities, groceries, subscriptions, and lifestyle. Bet the first and last one are eating the vast majority of that money.

I read the comfort crisis and it made me appreciate being a human in 2023. It also made me think about future generations

Rents in DFW are insane, but there’s alot in the 300k range outside of dallas proper

The "pending" option in Zillow includes Pending and Active together, so you're incorrect at 2:16 because there are actually 27 active and 21 pending.

@JavyVidana

9 ай бұрын

Really?!? Dang it man. I wish there was a way to look at local date nation wide

@brittdanzer1431

8 ай бұрын

@@JavyVidana Have you seen the KZreadr "Reventure consulting"? He has pretty good videos on housing data and has an app that does stuff like that.

I was born to the wrong parents

He should just move in with his parents for two years. That will help to save more than enough money for a down payment, build a emergency fund and plan out budget better.

So, how do I calculate how much I need for a healthy savings account?

Yeah goodluck getting car note for 400 dollars though pretty much impossible at this point

@atrain132

9 ай бұрын

1000% totally possible!!

@Alxotaku

9 ай бұрын

@@atrain132 depends on the area the dealer ships and the car but no at this point its not 600 is doable but 500 is a struggle in itself lets be real the average car note now is about as much as a tesla sometimes even higher than that if were being real depeding on the telsa it'kk costy as much as your honda civc base model or a toyota camry or a corrolla its why your seeing alot more evs now more than ever not because they've gotten cheaper but because a normal car almsot cost or is at a tesla well a tesla makes more sense the prices of the cars about the same and when you factor in insurance their about as much. Atleast with tesla however or any ev you get a tax credit and they can be alot more cost efficiant than owning a regular car when you factor in maintence on the othert hand though if your ev has any major problems good luck finding a mechanic that knows how to fix them and part wont be cheap

@atrain132

9 ай бұрын

@@Alxotaku man wow, way off base, and completely wrong. 🤦‍♂️

“Block out the of subscriptions.” 💀

One of my friends’ parents gifted him 200k on a house and he took care of the remaining 800k he took are of with a loan and his savings. Must be nice…

Being gifted a house or down payment is probably more common than people realize.

@amanacatandhisdog8836

9 ай бұрын

My parents gave my brother and I our inheritance early. Him a big down payment and me a 300K home. 😊

I've averaged the same income over the last 3 years and saved $120k over that time. And that's with having two kids over that time, and as the single income for the family. I wasn't even pinching pennies either. Probably could have saved $150k if we did. This guy wasn't trying AT ALL.

@roliver3165

9 ай бұрын

Your right, I have a wife and 2 kids ages 11 & 13. Wife works part time ( 15k/yr ). We have saved about 100k past 2 years without penny pinching either, so this guy must have some really bad financial habits. 🤔

@JonathanRootD

9 ай бұрын

​@@roliver3165you either live in absolute poverty or in the cheapest place in America.

@loverforever9030

9 ай бұрын

Maybe both of you live in Missouri. Try to save that much in Northeast.

@tamarastone141

9 ай бұрын

Where do you live? And what are you eating? Air?

$70 for home owners insurance, I would say 300-400. Tax I would put it at 700 for that area even with exemptions. The payment would be easily $500 more than calculated. This is my area.

@amanacatandhisdog8836

9 ай бұрын

I Iive about two hours away from Dallas. The home is paid. My insurance is 315 month and about 500 month towards property tax for a 300K w the homestead exemption.

Stop being jealous…lol let the guy live and be happy. Good for him

30% of net income as a max. payment is way too conservative…he can afford that home.

I mean savings is great and may be someone's way out of issues when needed, but what if he doesn't want to save money for now? Like why is saving so more important at his age if he is in good financial situation to buy a home and save that $2k rent and pay that towards home equity? He can start thinking about saving with the $2600 mortage as much as it is to start thinking about saving now while renting $2k, as you are asking him to do.

@Megs658

9 ай бұрын

I’m going to talk about saving for retirement specifically. Your dollars are more powerful when you’re young. Google the money guy wealth multiplier and you’ll see what 1 dollar can turn into at 20 vs 40. It’s pretty incredible.

Things have really changed a six figure income was like upper middle class at one point. Now this guy can’t buy a house even with down payment assistance and needs to downgrade his car 🤔 how much do you need to make to live an average life?

@robert8311

9 ай бұрын

I mean true but at the same time he has a VERY expensive car it's not a normal every day car you just buy on a wim very much a luxury, and even with the car by himself he should have more saves up if he had this job longer than 5 minutes if his numbers are all correct

@jozuzl1

9 ай бұрын

@@robert8311 I agree but did figure earners at one point could afford to drive luxury cars. He’s driving a Tesla which is a bit expensive for an average earner but his income is above average. It doesn’t sound like he has kids. Times are weird I guess $118,000/yr am be you’re still forced to live like you’re broke to make ends meet 🤔

I’ve been seeing this here in Utah a lot as well and I get it parents are down sizing and millennials are buying there first homes

You can’t afford a 500k house with only 118k. You can afford a 350k house- lol

Property tax going to be closer to $5000, not $500 on this house in Dallas.

@jaykfrisby8163

9 ай бұрын

I think he meant $500 a month or $6k a year

@amanacatandhisdog8836

9 ай бұрын

It is high in Texas. The homestead exemption was raised significantly though. From 40K to about 100K

My parents gave my brother a down payment and me a 300K home. Our inheritance early. I am pretty happy. Nice 3bedroom 2 bath in Lorena Texas by waco.

Damn, all my parents have given me are trauma and bad spending habits. Lol. Love them to death regardless. Just gotta do better for my children.

If I can afford the payment I’d buy. The car payment is temporary

@miksilv4576

9 ай бұрын

Get RID OF OVER PRICED TESLA

@Megs658

9 ай бұрын

In America the car is temporary and the car payment is forever.

@miksilv4576

9 ай бұрын

@@Megs658 OBSCENELY Overpriced TESLA's . That only give you 300 miles per charge. Useless for Long trips. Forget about San diego CA to Vegas. No way. Needs to be charged 2 times

gotta love those mama's boys...

A gift in my family was get up your ass and work boy . Best gift i had

parents paying for their kids down payment is a HUGE part of how this market is as propped up and terrible as it is. no idea how long this will sustain, but it will prob be for a while

@LunaMirage

9 ай бұрын

possibly. Probably less than the 25% of homes going to investors.

@maxbarkdull875

9 ай бұрын

Yea, let's blame family members supporting each other!