How To Budget On $50K A Year

In the $O$CAST Adam Sosnick discusses current events, trending topics and anything related to money. In this short clip, Adam talks about the 50k a year budget.

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About Host:
Adam “Sos” Sosnick has lived a true rags to riches story. He hasn’t always been an authority on money. In fact, he was quite the opposite... Before hitting it big in finance in his thirties, he worked every job under the sun. He was a radio advertising salesman for Clear Channel, a party promoter, a hotel manager, a substitute teacher, a sports agent, and he even did standup comedy. While this life had a lot of perks, the reality was that he was making NO money.

In 2006, eager to start making serious money, Sos got an entry-level job at a financial firm as a cold-caller. After a few years of putting his nose to the grindstone and learning the ropes of the finance trade, Sos got promoted to VP of Sales and began to rack in serious money. Despite the financial world around him crumbling in the 2008 Great Recession and people going from making millions to losing their jobs overnight, Sos’s net worth skyrocketed. Seeing what was happening around him led him to recognize the SAVE THAT MONEY mantra.

Sos started a new project to wake young people up when it comes to money. He incorporated his high profile friends and influential financial connections to show that spending money is not that cool, and it’s all about #SaveThatMoney. And then what do you do with that money? You save to invest. Invest in appreciating assets, yourself, and helping people around you.


#SOSCast #ValuetainmentShortClips

[wzupppp]

I put 50% in savings. I spend the same as when I was a student. Being single does help tho

[frasan]

You can save more on food expenses if you cook at home.

[tyteallthetime]

I pay $1.5k in Houston on rent and the average commute is 20-35 mins that housing & gas ain’t no joke here

[petrovasylyk]

easy:
-dont be a simp w women
-dont waste money on alcohol & drugs
-buy used aplliances and cars

[sbkpilot]

1250 a month is going to be challenging in any big city, rents have absolutely skyrocketed last few years

[MrDonny]

U forgot light bill, water bill insurance

[MiamiManiac]

Me making, 50k with a $1400 rent. Rent is Orlando is high

[jaredgreen]

Adam, you're switching back and forth with % of gross pay(rent) and net pay(food/etc)

[imnugget]

I think people forget the power of spending less is more powerful and quicker then learning to make more

[jaredbills]

When saying housing, I assume that is just the base rent or mortgage. Would that also include any additional fees like parking, HOA, insurance, water, electric bill or other utilities?

[CaseyBurnsInvesting]

50k goes pretty far in the Midwest. Good homes are going for like 100k and less.

[jetzavala]

I officially gave in to the fact that I need to start cooking at home

[ryancrozier]

Coming round to Adam. Really appreciate the detailed financial analysis.

[fbmimpy]

Good to see you're reading the comments... This is 'good stuff'.

[undisputedchamp]

Your leaving out so much stuff. Electricity, gas, water, car insurance, health insurance. What you will find when you plug in all these numbers is your formula doesn’t work at all. Not to mention good luck trying to find affordable rent in a lot of states in the u.s and if you do making 50k isn’t a high plausibility in those states.

[fruiz]

You didn’t factor in healthcare cost, eyectare, dental and miscellaneous. So that $50k turns into $2200 after the costs you forgot.

[fruiz]

Yea. Not realistic numbers. 1200 a month gets u a box 📦 in Chicago

[youngmystery]

There are people who wish they make 50k a year

[iotxvcz]

There are platforms where you can invest and they trade your money.Then pay you profit either weekly or monthly.That's investing

[miles.alexander]

Rent + Internet + Rental Insurance + Energy + Water/Sewage= Actual housing cost