Millennials Who Are Killing It Financially and the Increasing Cost of HBCU Homecoming Season


welcome to manage your money with ben malcolm or trade in personal finance advice entertaining conversations about money millennials and the heart yeah it welcome welcome welcome world yet another edition of my favorite show about money manager damn money with ben and malcolm my friend mr what is going on with each the day all good man i'm just gonna flat out say it's the best show on TV period oh okay so yes it's about money but it's also about much more i read box and three little girls and all kinds of stuff at my favorite all around show speaking of all the kinds of things that we talked about on the show it is is for both you and myself is HEC you homecoming season you and i both going back to our alma mater going back to north carolina ANC i'm going back to hampton university diversity ride this weekend excited about it i am very excited so i had to miss last year's homecoming which was something never do right so like my feelings were so hurt and frankly i forgot about it for like two seconds until people started talking about this homecoming here soon as comes uh-huh overall everybody starts talking about his next right absolutely so i'm like super excited i have one issue that i have with this coming season and granted it's in part because my the whole life situation is delivering but homecoming costs have gotten outrageous how so it used to be like you just go back and like maybe by a party or two but now at least at my school to the point where they're selling spots at the actual tailgate and people are taking the opportunity to buy a space in the parking lot and then they deck out this space with the tent liquor and everything else lynn sell you a ticket to be in that space we're not really friends right right i'm referring to it as a big money grab where people are like china through all these different events and like events adjacent just to make money i mean you went to the wrong school uh-huh frankly i i can't say one hundred or so but i'm pretty confident that that doesn't happen today and don't what is it called project your feelings feelings on me now i'm i'm i'm not projecting i'm thinking i've never heard of such a thing happening at an if you're here actually have ever met you are not in this moment in dire fam- okay so if there's fried fish left by all means get down on these vittles dated needed to do so i i don't know i'll see i'm going to look out for that this time and come back and report of such selfish behavior that that's not the anyway anyway excellent excellent so me and monkey rolling down the road respective schools and we'll tell you about it next time a record as we do on every episode of manager dan money it is it's now time for headlines bunk beds are renting for one thousand dollars as the housing crisis spins out of control this was a september twenty nineteen eighteen piece on the huffington post by catherine smith in the midst of an affordable housing crunch people are trading privacy for a place to live ashley shannon fit all her earthly possessions into a suitcase in a duffel the twenty two year old got rid of her all her stuff when she moved to kansas to los angeles after college for much of the pastiche and has lived at upscale hostile called podge ashir paying one thousand dollars a month remember that one thousand dollars a month less than half the advocacy average cost of a one bedroom apartment in the city for bunk bunk in a larger room occupied mostly by other young people for that she gets for utilities basic toiletries coffee food staples like peanut butter and rama noodles that is not a staple staffers living on sites said it's funny right staffers living cleanup after guests and even cooked meals with them and the guests come from from all over new york minhas leyla japan they share bathrooms kitchen and camaroon's malcolm first question though before i go on what was your initial well reaction when you first read this piece it sounds like utter foolishness a thousand dollars a lot of money it is a lot every month right house l. dollars a year that you're paying somebody to live like this right like when i looked online at the photos that go along with absolutely absolutely like an upscale scale jail like i can't imagine paying somebody money to go to jail without bar which is essentially right so you're allowed to come and go as you please but when you leave MIT might take your stuff in jail right like i just i can't imagine i like my first reaction to this whole article like you said because i was directness the article the amount people were paying in the visuals are striking 'cause this literally one is like you said it's a prison bunk mattress and then maybe you you have like a little show for a couple of things and then the picture show multiple people in their bunks on their laptop reading the book you know and i was just like mike and i'm from and that was the stage picture right everybody make it look like fun three and and this is in los angeles i'm originally from los angeles los angeles county in pasadena and i was like is this the best that we can do for young people today like here's a bunk pay thousand dollars a month i literally early fell and i'll tell you this when when i found the article so angry right now like this is ridiculous but i have a hard time being angry over it okay the reason is because so you chose to fly from kansas to LA with your life in a suitcase and say i'm gonna make it in LA you chose that life you also chose rose to sign the contract to pay a thousand dollars a month to live that life so it's a hard way to go for me to feel bad for you because you willfully subjected yourself to of that situation now on the flip side if you're a person who's from from LA liz in LA and you got displaced from your home right because of the way costs keep going up to the point that the only thing you can afford this hostile jail right then i'm like okay i feel bad for this person because they're not upwardly mobile will clearly with a left and their home is being taken away from them around like this but in this case you got on a plane and subjected yourself to that willfully speaking of upward we're mobility article on to say that this is not a lifestyle in which everyone would drive but it works for shannon who earns forty thousand dollars a year roughly thirty percent below the the city average as a personal assistant to hypnotherapist she likes living with a rotating cast the people she doesn't feel like he's doing where money pasha share which rents two hundred twenty beds across five locations and one san francisco is one of the growing number of new quote unquote co living spaces where people have their own tiny bedroom or you've been a larger share broom and properties usually controlled by management company as a housing crisis incentivizing booming coastal cities LA is definitely one of those these co living spaces are emerging as an alternative alternative for people who want to live near urban cores but are otherwise priced out the appeal especially to young professionals building their careers who often have paychecks to small and student debts to lars to by a house or afford skyrocketing rent prices and i can tell you without question i live a better life or at least with more privacy than shannon is right now in college at hampton the university right in undergrad i had a better living situation than this i also went to school in north carolina i guarantee for that thous dollars she could probably get an eight thousand square foot mansion in greensboro north carolina right cheater invite all her friends per room charged them them rant and still come out ahead with forty thousand dollar salary right now this picture of los angeles and austin angeles is kind of like what you would think of when you think about these cities where the good jobs are so to speak quote unquote and but i'm thinking like what does this tell us about living in those cities where you might make a larger salary to some extent it's not really though she makes forty thousand dollars you can make forty thousand dollars in a lot of other cities and i have have a lot more to show for it then eighteen revolving roommate's like i just don't understand the logic in that other than i wanna live in l. a. because i want to get discovered because i want to be in the next episode brooklyn nine nine and that's the only way to do it right otherwise i don't understand the logic absolutely absolutely is this what young millennials and generation x can expect for housing like a continued degradation so to speak of their living arrangements in this way i don't think so because we're we're also seeing so do you remember how old she was in this situation right so twenty three is about six or seven years away from saying this is some foolish i can't believe i've been doing this this long there are other curse words because there are other words that we can't say on public public TV right but what will happen is i'm noticing this with my own friends and now also read about this trend quote unquote a million times where older millennials like us who are growing up and saying it doesn't have to be like this right like it's been fun to live in DC new york san francisco wherever but i'm out but i'm out because i'm going to nashville where i can actually afford a home and afford to be a grownup because in these places i can't function away away grownups function right maybe i'll come back one day when i make a little more upscale money but probably not absolutely sleeping older millennials a friend of mine actually refers here's to us or those who identifies that as elderly millennials i thought it was like a great use of the word but i want to remind people you can always catch past episodes manage managed money as a podcast apple podcasts soundcloud stitcher google play and spotify please please please leave us a rating or view on any of those platforms that helps more people so if you have a topic or question you want to cover send it to us info at manage your money dot com and of course you can always follow us on social media my handle at NYU AM one knock on wood yours at malcolm on money facebook facebook dot com slash measure their money this MIDEM with malcolm we'll be right back uh komo thanks for listening to manage money with ben and malcolm are interested in more entertaining fare covering money and millennials treat yourself to a copy of my book fictitious assist financial fairy tale a completely under story about money friends and moscow mules available now on the brother i mean amazon it's packed act laughs and will look great on your coffee table enjoy the rest of the show welcome back to manager money with ben malcolm where on this episode we are talking about millennials who are killing it financially salihi on NYPD and we spend most of our time trying to break down personal finance concepts so you can make improvements in your financial life sometimes you have to look at the bat so we can understand the good but in this episode of the DM we are keeping upbeat we're looking at millennials who are killing the game succeeding and managing their personal finances malcolm you sent me this idea an email i think what what kind of inspires you to kind of conceptualize this this thought well i mean i guess just my overall old general wanting to stick it to the man and i'm joking i think really just the idea that normally we hear all all the bad things that are happening with millennials and what we're doing wrong in so to find out that there's so many of us who are doing well and in drove all right is actually really interesting to me right after speaking of those drove lineas doing well the headline that we pull over this bs was there are more than six six hundred thousand millennial millionaires the united states according to one report on this is october twenty nine dot com by olivia remond romande monday there are six hundred eighteen thousand millennial millionaires i'm not one of them in the united states and their wealth is only expected to grow me are expected to be five times wealthier in the next decade and they are now according to a report by coldwell banker some of their wealth can be attributed to what's been dubbed the quote great wealth transfer nearly sixty eight trillion in dollars in assets are expected to flow to younger generations so did you know there are this many millionaires or did you think many i i mean i figured there had to be nia few hundred that live like out in silicon valley and we're early early entrance into some of the apps and platforms that we use news on a regular basis that i had no idea that there were six hundred thousand yes that's a big number number the difference between millionaires of the early nineteen eighties and the ones being created day is that many of them stand to inherit even more wealth from their baby we were baby boomer parents who are considered the wealthiest generation history therefore says i'm currently ninety three percent of millennials camila millionaires have a net wealth between approximately one million two point five million dollars according to the report nearly sixty percent live in california or new york chasing that dream in LA away and they are investing more real estate than elderly millionaire counterparts so you're in financial services industry what i do does the financial industry broadly understand about the quote unquote great wealth transfer not a lot okay a lot of quote unquote think pieces right there freeze breeze but in this case because it is like actually pejorative so a lot of people are writing a lot of things about they understand that there is this great wealth transfer that's going to happen so back up for two seconds basically it's just the boomer generation passing along sixty eight i think is as the number estimated now trillion dollars sixty trillion dollars over the next twenty to twenty five years to genetics and us gen y. right um and that's what's being dubbed the great wealth transfer essay and so everybody's kind of got their everybody being the larger brokerage firms financial financial services firms has have all got their idea of what millennials in geneticists are gonna want in the form of financial advice because it actually does look different from the boomer generation that acquired that wealth but i haven't seen very many folks in any meaningful way actually creating concepts concepts and platforms that draw in that attention from those folks yet with the exception of some millennial financial advisers who i know who are new entrance into to the space right who are creating a firm now to be able to work with those millennial or gen x. folks where they are today knowing that within the next ten twenty years they're going to be in the same places there boomer parents but awesome awesome another story that we pooled excuse me for this particular piece this self-made millionaire parents out of debt and bought them their first home this is a march two thousand eighteen piece on NBC dot com by karen gilchrist and a hot hot awesome why don't we get hard last names on this show how onto their we got anaheim house honcho was twenty one when she said her first major financial goal by i hear parents at home before she turned thirty at twenty eight she isn't it though at twenty eight she handed them a new set of house keys and by the time her milestone birthday rolled around she was officially a millionaire how did that happen i'll tell you how how tommaso is not the founder of a multi million dollar tech startup nor did she grow up with money in in fact quite the opposite as a teenager her family was saddled with thousands of dollars in credit card debts and ever increasing rents on their apartment and singapore after the nineteen ninety seven asian financial crisis is this costs her parents textile business to go bust after finishing high school how tanya went to singapore management university to study finance taking his many extra classes as she could she then and started working as a wealth manager figured on a time frame for paying her family's debts and bind them home over those nine years she worked several jobs and use their financial knowledge to invest in the stock doc market she started first with small caps emporium stocks before buying fallen US equities after the two thousand eight financial crash she also practiced a frugal lifestyle she what do you referred to as they quote unquote cafe mentality which she said is a common mistake for millennials and khalid frivolous spending instead she limited her spending to one hundred singapore dollars per week which is about seventy five dollars per week and just one of those holiday per year malcolm what's what what sticks out to me about this story and i feel like these are like one in a million are are these young people or millennials however you wanna define them that had like this kind of prescient perspective in terms of how they're going to manage their stuff for the future like i'm making i mean what i think is a poor financial decision by going to home company but i'm still go 'cause i don't wanna miss out right okay but that would that would that doesn't seem as if it was stand and if how tanto was given the same question at the same quandry that's the real challenge right you want to the irregular person but you also want to have something put to the side when that rainy day comes at some point it does rain right so that's kind on the challenge that i think a lot of people struggle with because a lot of times it it probably sounds to us as you listen to all these different pundits in the financial services orissa space talk it sounds like you can only have one or the other right only have a frivolous lifestyle or you can have a super frugal lifestyle working multiple jobs living on seventy five five dollars a week and you know that that's very little joy if any i like to believe there's a happy medium i personally despite what a lot of people assume in in a lot of what some of my friends tend to think i'm really not all that cheap way i'm just not frivolous either like i'm going to homecoming two ah hundred dollars fun this weekend but i'm also not frivolous in the sense that i'm not buying bottles or you know doing the whole table thing and all all that i'm not buying any new outfits to go like i have plenty of clothes so you go i limited my floodgates stop that was it for not doing it i'm gonna check back in with you a bit so like you know what i mean but you get what i'm saying like i want to be the at the event but i don't need to be the best dressed like dude i'm married like i'm good like i probably won't buy new shoes this year won't buy any new genes this a year for what so at the end of the day i think there's a way to live in the middle somewhere where you still get to enjoy life inexperienced experienced things but you don't have to have all of the things was also interesting though to is it seems like kind of moving away from like the frugal versus not frivolous and whatever she also seems to have had a plan much earlier on in terms of how she's gonna direct her career she got into a line of work that was able to pay her certain amount and mm-hmm was you know forward thinking i mean the story saying that she bought US equities and stocks after the financial crisis of two thousand eight i mean that's some really like forward looking you know that's amazing yeah right you have to already have known that that's the place that's money right yeah and that's the the kind of thing that i think is always interesting to see but you always you don't necessarily have that knowledge at this age and stage to know what to do if you you know what i mean you know what i'm saying completely i mean all but having the knowledge is one thing having the desire to do something with that knowledge is a totally different thing because there's plenty of people all in the same industry season same industry i'm in right who in two thousand seven two thousand eight two thousand nine had the information and the access to be able to do the same and fan wherewithal and they didn't so you know there's also something to be said for having the desire to do something and not even for herself because it doesn't say necessary oh she's a millionaire but it doesn't necessarily that she bought anything for herself it just says that her goal is to by our folks a house where she lives in the house with them i don't know very kind of pulling back back a little bit and this'll be my last question before we go to another music break how is it different we talked about inherited wealth and earned wealth and it sounds like this young ladies are it was more on the earn side and she didn't even have to like have a wicked jump shot right in order to pull it off that's the amazing thing about it to me as i read okay it's like she's he's not a pro athlete or an entertainer anything like that she'd been found the tech startup that made a big right she's a regular person right and he does it that exactly it doesn't make a difference in how we we understand their wealth based on having earned it versus it being passed down one hundred percent i think i think we tend to ooh mentally discount people who come into wealth because it was family generated and i even include myself in that to some degree when you have a conversation with somebody about like the origin story of them and how they came to get to where they are right because it's like you can't necessarily have the same same respect for the assets as g two g three g one who created that wealth absolutely you know what i mean so i mean it's possible right like you can instill in your kids and your grandkids and whoever else in your lineage how you want them to think about their assets and think think about their financial privilege at that point but it's still really tough for them to have the same mentality as the person who walked uphill oh both ways to work every day to get it done for however many years it took to get it done absolutely absolutely you can always catch manage their money as podcast on apple podcast soundcloud stitcher google play and spotify also please leave us a rating in a review on any of those platforms that help more people catch the show you have a question or topic you want discover sent it to us info at managing money dot com and of course you can always follow us on social media handles at MIT AM one what's yours at malcolm on money yards get us on facebook facebook facebook dot com slash managing money i'm speaking of homecoming real quick did you get any hey stranger texts i did not i didn't want you to answer is that we'll be right back they the welcome back to manage your money where on this episodes conversation at hand we were talking about millennials who are killing in it financially another story that we pull for this show millennial super savers socking away at least fifteen percent of their incomes this was a september two thousand fifteen piece on by bloomberg news thirty million participants in a 401K 401K plans administered by fidelity investments close to four hundred twenty one thousand are young quote unquote super savers ironman wonder woman millennial super saver he or she is an ordinary human eighteen thirty four who saves at least fifteen percent of his or her her salary each year in a 401K retirement savings plan the mission save enough to retire comfortably or at least retire at all an analyst by fidelity investment of the ornelas by fidelity investments thirteen million participants in 401K plans it administers found close to four hundred twenty thousand of these young super savers as fidelity fidelity calls them accounting for almost twenty percent of the millennial savers and fidelity's database on they save an average of eleven percent of their salaries the other four percent comes from the company match back on the overall average millennial contribution rate is six point six percent which rises to eleven percent with the company match health millennial super savers and like a lot more money than their non super saver peers on the average big saver in the AC thirty four range makes seventy three thousand dollars a year which is a pretty significant salary that that's not investment mega the money but it's a nice compare it when we compare it to forty six thousand dollars a year on average from non super savers savings can be tough for everybody but savings when you have a salary salary that's twenty three percent higher than the median for your peers less painful so malcolm what are millennial super savers doing that the rest of us or not everyone is doing i think thing is just the disciplined slash commitment to setting that threshold right like the whole pay your for pay yourself first mentality is shown through those statistics users read through because of my focus is i wanna make sure that i get fifteen percent of my income into my 401K every single year and that means i've at least these guys contribute like ten percent let's say myself to get the match to do it then i've now committed to paying myself ten percent first before any and everybody else gets anything right and when you normally to me when you set contributions like that on a systematic recurring basis you forget about it after like two months that's true i think the real test is when you actually have like a life change and you know like for example my having triplets was a major life change and my the amount of money they converted diverted into my 401K i could use that on a day to day basis but i've somehow continued to allow that to go into the 401K but the the good thing for you wanna completely lately nonfinancial basis okay go ahead and say that you had all girls because then they are your retirement plan whereas like you know what i mean girls girls take care of their day guys will leave you hanging so at least like at the end of the day you had three shots at our retirement plan and and so you know one of them will probably remember the i hope so i also have you ever heard of young people who haven't or didn't are aren't necessarily early understanding the value of being aggressive before one k contributions several and a lot of times people will say something to the effect of like i'll get to that later okay like i got all these other things i need to do i'll get to that later and realistically no you won't like actually actually can't get to it later later 'cause now with tom when you're like so it's two things working against you right it's the fact that like compounding returns snowball on top of themselves but there has to he something there in the first place to start plus the fact that like this is the time when your life is the cheapest presumably it's going to be ah i can attest to that so it's like you know once your kids grow up and start doing activities and going to college and all that kind of stuff money is constantly flowing now right so right now like this is the cheapest life is gonna be for you by for a very long time right now so it's two things working against yes do simultaneously when you make that argue how do you convince people to actually do it like people who are our age or younger like i don't know i've kind of given up to be honest with the alga okay the folks that legitimately are like i want to do better and if i knew better i would do better so tell me how right i'm all for it i'll have a conversation with them all day every day but the people people who have all the excuses for why they can't like literally can't and i'm like talking to people sometimes who i know for fact make more than i do and i'm like if i can save been like i don't understand how that like had at mathworks or to each their own and a more technical financial question how critical as a retirement savings to savings in your life as a whole so i mean that's kind of the rub that people come into quite a bit where it's like whereas the top so if i'm saving ten percent already in retirement account should i now start creating investment portfolio with any raises that that i get or should i start saving that into the money market savings account or something that's kind of the conversation the way it evolves on that it really is a one all thing for how you anticipate retirement to look like if you're one of these millennials who fired follows the fire financial independence retire early movement movement then maybe you don't want everything you have in a retirement account because you're going to retire at forty but you won't be able to touch any of those funds without paying taxes until fifty nine and a half right if you're a person who like me thinks they'll probably be eighty before they really consider retiring then maybe it doesn't matter to you so much if it's an IRA or 401K or whatever so it just depends i think on your outlook for your life you showing up to whatever office they let you come to age eighty is hilarious work from home like but i mean like legitimately i don't see myself wanting to be retired until like people are like do you just showed up here in your bathrobe through gotta go home people are calling my wife saying can you come get him then i'll know it's time to hang it up until then like i have no interest in okay okay very good and another story that we have real quick twenty eight year old who banked two hundred fifty thousand dollars says this mental shift is the key to save you money this is august one eighteen piece diesel CNBC's make it by kathleen elkin one mellon minneapolis based millennial who goes by them sean is doing far better than average the twenty the eight year old had managed to sock away two hundred fifty six thousand dollars as july twenty eighteen he reports on his blog and expect to have enough in the bank to retire comfortably by cocoon the age of thirty seven CNBC make it ash on who sets aside sixty percent of his eighty thousand dollars salary for his top money saving tips sean says says you have to rid yourself with the idea that what everyone else does is what you also need to be doing also known as keeping up with the joneses the question question the things you're you're spending your money on he says and make sure that what you're spending on is actually making you happy and it's not just the social norm and other words don't buy into high status items was just because your friends do that's easier said than done especially in today's social media driven were as one study found social media can have a significant impact on spending habits particularly those of young people aw ninety percent of millennial respondents said social media creates a tendency to compare their own wealth lifestyles to that of their peers it's okay to splurge on things he adds but make sure that whatever it is truly is what you want to spend money on on the story just close by saying the number one way found to avoid compared his situation anyone else was to the voice social media altogether the best i can give is that you just live your own life the best way to just live simply and be content is just turn it all off and hardly pay attention to it at all because that's what gets people into the most trouble they oh my friend went on vacation and i wish i could do that too and we know that that is prominent i'm an prevalent in the social media would as four i they might as well like add that as a tagline so what social media is nowadays but how how how much the psychology plays in how he managed to save our money especially when you talk about these outside factors like social media it's gotta be like seventy five percent of the battle okay i mean there's a lot to be said for the fear of missing out on this phone sure i hate that acronym mature okay something to be said for feeling like you're not at the level that the other people who are around you are at and trying to at least look have of an outward appearance that you are and so i i really liked the fact that his number one tip is don't measure your financial success by anybody else around you because you'll you'll go broke trying not to look like and that's not a good way to live your life then never do you ever get off that treadmill so i really liked it that's his number one key thing but i mean if he makes eighty thousand dollars and he's living he's saving sixty percent of that that is fifty five thousand dollars is that right fifty yeah fifty five that's too much to me like i'm thinking now about all the other things i could be doing with just another like ten thousand of that him so that's another example of what i i was talking about at the top of this i was like there's a happy medium somewhere i'm happy for him if he's if he's happy i'm happy could be fun you could be right it's just tough tough to believe that he is funny and then real quick how do people is is the answer truly like disconnecting or giving yourself some some kind of stringent limits when it comes to engaging on social media and he's connected platforms like what's the solution they're like honestly i on social media a decent it's in her mouth to tweet stuff all the time like you on twitter though that's not the flex that's not the flex well maybe that's the answer instagram the gramm on twitter linked in and twitter are the only two things that i and i'm on linked in more than twitter social media so maybe that's the incident because in that by saying i don't really feel motivated to do anything to keep up with anybody like i don't ever see anything anybody's doing say like man i need his life right absolutely well we were talking about millennials who are killing it who are the millennials in your network of people who you know who are killing clean it like what's their profile what's there make a i don't know enough of them frankly needs some new clients now i really like i ah so i went to a school that has produced a gazillion engineers and so most of my classmates who are actually like not even necessarily killing it in the sense that like they can donate a hospital to a neighborhood but killing in the sense that like they're not worried like that tent that you're talking about that you walk up to a homecoming and they're like it's twenty dollars to come in i'm gonna pay for me in the eight people behind me then we'll make a dent whatsoever like that kinda sure i know a handful of those people because all all of them are software engineers or something super related to that the people who i've known who are killing it or at least killing it in this current moment are people who are one they have some kind of like a high earning job that kind of nets them some income that's higher than the normal threshold and they're using that income to reinvest them like at least as the people on thinking about in real estate kinda type projects and maybe adjacent to the work they do or they've handed it to somebody else who's in that space and they're just giving it to them as as an investment so those are the people who i think we're of the instagram real estate invest well these are these are people who i know personally i'm not talking about those kind of folks but also also what are some other keys in your mind to killing it financially as a millennial well you actually just touched on one that i was going to say is getting into understanding real estate investing as early as possible because again that snowball has the compound right so you building that passive income snowball has has to start at some point so they can build on top of itself right so the earlier you get into that space or the faster you get there right because what i've learned in the time that what i've been doing this is that you can have a really good job like the c o o CFO CEO of some major company and make a really good living and save your way to about two and a half three and a half million dollars right beyond that you've either got to be attached to some sort of wealth creation like getting started the business and drove it to millions of dollars a profitability or you've been investing in real estate for a really long time all right those are the only two ways that i really really seem people build significant you know ten million twenty fifty million dollar portfolios over time and so to me the sooner you get into that world the faster you get there in the better off you you end up and maybe some smaller steps in keys in my opinion one thing that ourself uh-huh marriage and partnership however you wanna work that is a big one because you're talking about putting two incomes in one household the math is is just ridiculous for you right there also of course it eliminated debt finding extra income where possible and for as long as you can't living well below your means in general so that means maybe having a place that doesn't have every amenity but has enough to put your head down and be warm when it's winter those are my standards here's when they cost too much so another question how do people manage sometimes lacking incomes or not being where they want to be financially through the twenties and thirties how do you manage that get another job i don't period of time where you're not necessarily especially for certain how did he say career tracks where you're not gonna make the money until later how do people manage it went they're making that you know thirty k. forty k. like we talked about in the opening of the show what what's her name shannon shannon yeah how do people manage through that period period of time so he comes back to not trying to keep book with what everybody else is doing because i actually that happened to me right so when i came college as i mentioned i know a good number of folks who are engineers and so their first jobs jobs out of college you know they're making sixty five seventy five eighty thousand dollars like they was balling couple years right so then you compare that to somebody like like me when i first started in this in the financial services industry i wanna say my i i don't remember the exact number but it was something in the forties my first year in this business yes but a financial advisor has a steep reserve in income where somewhere after like your first five years ears and people realize like okay this person i need is gonna hit their doing you'll be okay but those first five years so i think really really the key is keeping in mind that you just can't live like everybody else lives and frankly being honest enough with the people around you to tell them that keeps them from i'm trying to encourage you to to live that way too after after i'm quick to tell somebody like i don't have money for that y'all talking above my pay grade many many many people have criticized me for having such things to say yeah at least publicly i don't know if you're supposed to say it quietly or not at all and just not go played on twitter indeed

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