Single Mom Spends 48% on Mortgage | Millennial Real Life Budget Review Ep. 29
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- čas přidán 4. 08. 2024
- I'm so excited to look at this budget from an educator who lives in San Diego!! Y'all know my sweet spot for SD so find out how I help her figure out how to reduce the 48% she's currently spending on her mortgage.
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CHAPTERS
0:00 - Intro
0:49 - Biggest financial struggles and goals
2:56 - Budget review
10:20 - Debt payoff plan
13:00 - My recommendations
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Mortgage rates are currently at an all time high since 2000(23 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market.
The stock market is no different, to maintain profit, you need to have some in-depth knowledge on the market.
True, I mostly just buy and hold stocks, but my portfolio has been mostly in the red for quite awhile now. Unfortunately to be able to make good gains, you’ll need to be consistent and restructure your portfolio frequently.
In my opinion, it was much easier investing back in the 60s but it’s a lot trickier now, those making consistent profit in these times are professionals reason I’ve been using an advisor for the past 5 years to consistently build my portfolio in preparations for retirement.
@@LucasBenjamin-hv7sk Could you kindly elaborate on the advisor's background and qualifications?
I won't pretend to know everything, though. Her name is Sharon Ann Meny but I won't say anything more. Most likely, you can find her basic information online; you are welcome to do further study.
Isnt 2035 .. 11 years away?
Love this series. I’m nosy and love to see what other people have going on 😂😅
As a life long San Diegan I feel for her , expenses here are no joke , you pretty much need a two person income to be a home owner here so trying to do it as a single mom much respect … Hopefully your home value has benefited from the crazy home prices .
My mortgage is 43% of my income, same situation… single mom who raised 4 kids in my home. Problem is buying a smaller home is more expensive now in my area so I’m stuck with my big mortgage payment.
Agree. Buying a smaller home in my area right now is about the same if not more than my current mortgage. Adding on the 7% interest would put it way over.
I will say my wife and I used to be on a single income - Idaho - no benefits and while we did okay our mortgage was fortunately not more than 30 percent of our income. Now, we have two incomes, admittedly more expenses, but we have lots more income to be able to save.
Hi Justine, thanks for another review, these are my faves.
On a different subject, your audio is sounding very echoey. It’s probably because you’re moving. A lapel mic like Cammy from The Sheep Game or Vanessa from Girl with the Dogs wears should be the solution.
Once the elder son leaves home, this woman would be able to rent out his room. Also the younger son may be able to contribute by then.
I am going to set a goal to fill this out by EOM!
Great plan because you will be able to track your spending for the month and by EOM you’ll have all the information you need to fill it out.
🔥🔥🔥 first!
I think the picture of the young mother and young child isnt right. Its misleading of her situation a bit. Her kuds are grown.
I am pretty sure Justine said her older son still lives with her. That means she still has another one that isn't grown.
12:32 the debts are 0% interest so looks like she was leveraging that to get the interest on the savings account instead of
Good day. I am a subscriber who is still in the Philippines and planning to migrate in the US soon. Do you have a sample budget for a family of four single income in Edison New Jersey or from a location with the same cost of living? Thank you .😊
Lol. "She wants to retire in 2035. That is 9 years from now" :P Luckily that didn't come up in the calculations.
I wouldn't necessarily be so aggressive on the 0% loans unless you're a person that feels better having no debt than 0% debt. Then I'd go with your plan to take it from the emergency fund and pay them off, and replenish the emergency fund.
The 0% ends may 1st which will then go to the 20-30% rate. That’s why she planes for her to pay it off aggressively
@@eghe12345 Fair enough. :)
step 1: she needs to sell the house and downgrade .... sucks I know, and it sucks she's going through a divorce, but the reality is if she wants to hit these goals in 9 years she is going to have to unload the house and move into something smaller.
$3000 is not bad for SD based on her income
She just needs to cut the CC debt and tighten up
@@wolverine9079 "not bad for CA" still is horribly mathematically. She ought to seriously consider moving. She can't depend on her son subsidizing her mortgage forever - he will want to eventually move on. She could get a small condo or something.
@@arthrodea
Don’t think so
2 bedroom apartments in SD, the least ur looking at is $2300-2500 per month
Moving out of the area is an option but the really is she may lose her good wages
The average house in SD is selling over $800k and mortgage payments between 4k and 5k
She is doing great for a single mom, she just needs a little support and good old budgeting