Making $80,000 per Year Right Out of College
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- Опубліковано 4 жов 2024
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In this video I discuss my personal starting salary as an engineer right out of college as well as my expenses. Of course these numbers are unique to me and will different a lot from person to person and especially country to country.
When you looking at your savings it's important to not think you can afford spending that much every month on extra expenses. Especially for those in their 20's, it's important you save up for the likely possibility of buying a house and starting a family down the road.
My Starting Salary: $76,560/year
Salary after Taxes/401k: $46,335/year ($3861.25/month)
Expenses: $2963/month
Savings: $900/month
Specifics from above numbers are listed in the video.
There is a small error at 3:40 where I rewrite my salary as $3205/month when it should be the $3705/month from above, everything else is correct including the savings though, just somehow made that typo, sorry about that!
Hey I am just wondering how long you are paying students debt.
Btw this is a really informative video so thank you very much.
I was looking on how much I can afford and how much I can give to my mom because she is planning to retire in 10 years but I’m not sure if she has enough money so I thought that I can help if she can’t pay everything.
Thanks Alex! My debt will be paid off in ten years at the latest, but I hope to get that paid off sooner.
I'm not the best at geometry,and Wondering if u could help me
MajorPrep good video man keep it up💯i really was wondering what could i adfored as an engineer plus student loans💯🤘👌
Easy way to cut your expenses and taxes immediately: Don't live in LA
Gabriel Ramirez accurate statement!
Or Bay Area. There's no point in making 80k-90k a year if you can't afford to live there. Quality of life sucks, you'll be in an apartment easily paying $3,000, and cost of living is through the roof. How are you supposed to save? How is that fun?
@@tommyv4980 That's why everyone is trying to run out of Cali. I know alot of people that left Cali for Nevada
@@GUURL101 Thats the thing, I also think people are over reacting, it's still a beautiful state. There are other places you can live in such as Sacramento, and it's neighboring cities. I bet in LA County has some more affordable places if you go a little bit further out.
So true, he was paying more to rent a studio apartment than I am on my mortgage.
I"m an Engineer. And this was accurate AF. Except he forgot alcohol expenses and festivals.
He also forgot medical expenses. Not everyone is a healthy human being.
Zeek Shepsky What engineering did you take?
Crywolf MC electrical
Zeek Shepsky Health insurance..
Rayal it comes out the paychecks and business gives us cards
the stress is so intense i'm starting to deform plastically
stress from what? school or work?
This is gold 😂😂😂😂
oldcowbb someone’s a materials engineer 😉 (me too)
Keep pushing through it man you got it!
This is Awesome 😂😂
i got lost after 24,000 in taxes
Tea party
It gets even worse the more you make.
@Hdye Hdhde You get free showings of overhead fighter jet flights!
@Hdye Hdhde You also get Nuclear bombs, which are managed by incompetent and usually drunk officers.
eu en The difference is you guys have the greatest worker rights, benefits, safety net, and overall living standards IN THE WORLD. Compared to Germany, America is a Third-World Country wearing a Gucci belt.
This channel is now barely over a year old and I just want to say thank you to everyone for the support and being a part of the channel, it really means a lot. I can't believe we've gotten to over 30k subs in this time and it's been amazing watching the channel grow. I think at 100k I will do a video where I actually talk to the camera so I can thank you all and talk to you guys in a more personal way. Until then I hope you enjoy this video and the ones still to come!
MajorPrep Thank you for helping over 50000 student decide what they're going to do for a living.
Hopefully it won't take long to 100k. Keep up with the good work bro
Cant wait man! Congrats on getting this far!
Congratulations man! This is my favourite channel on UA-cam. Your vids are so detailed and well prepared. Thank you for your hard work.
MajorPrep thank you for the insight in my possible career path
This is one of the most informative channels on UA-cam about STEM majors! Keep up with the good work bro!!
As a first semester Mechanical Engineering student this video really helps me get over the fear of not being able to pay back loans after college (assuming I get a job right out of college)
Caleb Willis apply for grants and scholarships. And try to land an internship or a coop and you’ll come out with significantly fewer years of being in debt
Did you graduate?
hows life brother?
Whaat? If engineers are saving only a grand a month, how is everyone else surviving
Kimchi Koalaa because this is starting engineering pay. What you may be thinking about is the typical pay for a more experienced engineer which is around $120k. They’re obviously able to save much more, but the saving part doesn’t matter really at all, it’s just how much people spend that make them look wealthy or not. He was living in a studio apartment and going to restaurants most of the time which is a fairly lavish lifestyle for someone just getting out of college. Everyone else probably has lower expenses because they’ll have lower amount of rent, pay less in taxes, and choose to have lower expenses elsewhere to fit their budget. In the end, so long as you’re saving in your Roth IRA or other 401k/mutual fund, you can spend all the rest of the money you make, you don’t need to put anything into saving except have about 6 months of expenses put away in case something happens where you no longer have work. So don’t look at how much he’s saving, look at how much he’s spending and how much he could spend, it’s quite a lot for someone fresh out of college
The asian side of me really makes me think a lot about savings instead of spendings. Good insights though
The median HOUSEHOLD (note NOT individual) income is about 52,000/yr. He is earning well above the average person. The average person in America is getting boned and can't save
And the average is more than most people win, since just a few win a lot and a lot win a few.
California taxes
Very interesting to see how the US system is. As a European I always wondered why the US salaries are about 2x-3x higher than the EU ones. But those numbers didnt account taxes, healthcare etc. So at the end, it ends up being about the same. Plus, in some EU countries, where the salaries might seem low, the cost of living will be lower too, so it doesnt make a lot of difference.
andrew7720 interesting to see that EU workers get to know their salaries after expenses. But in the US, there are too many rules and exceptions and different expenses that it would not make any sense to give workers their salaries after expenses.
Im a Computer Engineering student in Greece, and over the last few year I regularly search for job listings all across the EU. And I have yet to see a salary offer that its not what you actually get in your hands. I think its just because in all EU countries, pension funds and state owned and run, and so the employee has nothing to do with it, its all on the shoulders on the employeer to cove the costs. For example, if you employeer does not pay to the state the € required to cover your healthcare, the trouble its on him. But if you need medical assistance, you are still covered. As for the retirement funds, again the are paid by the employeer before you get your money. In most countries, they are pre-paid a few months before. And all these coverages are universal across all member states. Lets say you work in one country and you want to retire to another. You can totally do that. Or you are in a trip on another member state and you need medical assistance. It will be provided for free all almost free. The main differences are salary sizes across states. A 2000€/month salary that might seem average in Germany or France is very poor for Norway and very rich in Greece. And not all living expenses follow that. Many prices at many products and services are almost the same for all the EU. For example, fuel is everywhere ~1,5-1,7€/L for 95OCT. And good luck if you rent / own any king of house or have any king of car without a permanent salary, as the fines for them will pile up quickly. At least healthcare, education and utilities are free and/or cheap.
yeah like ukraine and poland.
if I saved a million dollars I would live like a *_KING!!!_*
ua-cam.com/video/99fX-fGGn9I/v-deo.html
Man, your videos are excellent. I look forward to them every week! Please can you do a video on what your first job as an engineer was like. I would love to hear about it.
+Kosi Onyeka thank you! And yes I will. Actually I got a video detailing my first internship coming out in a few weeks.
MajorPrep excited!
Reasons why I want to leave California upon graduation...TAXES!
Terrell Stewart me too
Terrell Stewart wow that’s ironic bc I wanted to move to Cali after graduation (Texas tech)
Yeah but the salary is higher here so you probably get the same effect even when you factor in cost of living.
Come to Georgia. The cost of living is very low, taxes are low, yet Atlanta still has tons of high paying jobs in the STEM fields
@@faithyayi from Texas tech too, moved from California, cause Scholarships, although if I had money, would have honestly stayed over there
Freaking tax 😕
Ali Lawal I wouldn't complain if he lived in a country with universal healthcare, but that tax is pretty high. Well, we need to keep those roads paved and those schools funded.
Btw, you do get to save some money from taxes from deductions and tax returns.
Taxation is theft
david plotnik Taxation is contributing to society. Problem is, the us government spends a lot of it in the military, instead of better public education and universal healthcare.
Ama-gi Contributing to society is donating to charity and working. Taxation is coercive.
A contribution is when it is voluntary!
Next time people ask me why I have nice things I’ll point them to this video. We have scarily similar situations. I was fortunate enough to work full time in college and graduated with 8k in debt. Fast forward to 27. Saved 30k loans paid off, house, wife, son and three motorcycles. It’s all about a budget and working your ass off.
I am a licensed electrical engineer and by licensed i mean I passed the P.E. only people who have passed the P.E. can be called "engineers" in the state they practiced. I made my first 100k salary at the age of 23 ( i am 29 now). I now make closer to 200k but I bought rental property about 4 years ago that makes me money. I also live in a very low cost of living so 200k goes a loooong way. I own multiple cars and houses and take 2 vacations a year. My 401k is very healthy and I have a good amount of savings. My parents dropped out of high school and work minimum wage jobs (and they got a divorce when I was 9) so don't think I was handed anything, I just worked really hard to get where I am. I'm hoping I can retire at 40.
God bless u ❤ i wish to u the best !
Do you work in the utilities industry?
Will Tirad isn’t 40 a little too young. What will you do for the rest of your life
You seem like a complete douchebag honestly.
Ok boy💪
Expectation for video: depressing
Actual video: still depressing
honestly fact
I’m a firefighter and I make more....plus matching 2-1 up to 7% on retirement. Plus amazing medical benefits and everything else...but I want to be a mechanical engineer. Sounds cool AF. Tired of everyday at work thinking I’m going to die from some random HVAC or roof collapse or being covered in blood and throw up. Plus I want to work in the AC as opposed to 100 degree heat with high humidity in the summer
This is the kinda shit my parents should have taught me
'-'
This is the shit they need to be teaching in school!
*have (that’s a very stupid mistake)
Seems like they should **have** taught you grammar first
man I'd escape from wherever you were living in! those taxes are insane!!!
I just got selected in my college campus company for 3.2 lakhs INR which is 4341.96 USD
per year😞
Welcome to india 🇮🇳
Bro
Why nobody cares about this comment
Whyyyy
Im sorry, but if you were borned Indian, you have are very unlucky to start with...
@@fromhl7619 You could say the same thing about America if you compare it to Canada or the Nordic countries.
I'm pretty late to this watching your videos have been really informative and encouraging I'm currently in the military at the moment thinking about starting a new chapter and go for my degree iv always had interest in mechanical engineering viewing this videos have helped alot keep up the good work
Id never pay that much for a vehicle
I'd never pay that much for a phone bill. I pay $15 AUD/month, and that gives me unlimited texts, and more data and calling than I could ever use.
Same, I paid 2,5k for mine
Thanks for the info man! This was very informative! I’m glad UA-cam suggested this.
You got it! Thanks for the comment :)
I always save 25-30% of my pay. Yes I do live with my parents still and pay half of bills and taxes. I probably save like $15,000 a year.
New subscriber and in year 11 and im loving your vids. Keep up the good work. Thanks for the advice as well:)
Thank you!
This video is the opposite of what I thought it would be.
Not sure if that's a good thing but I'll still say thank you haha.
jesus man, im right out of high school joined the air force, im the lowest rank and still saving more money than you, 1200$ roughly a month. Though I do live very frugally, my car is worth 2 grand lol. I'm going to try to get an engineering degree though:D and the air force will pay for the degree:D
Lol
How are you doing right now?
In Russia we have 10k/year salary btw
Your videos are so informative and helpful. One of the best channels on UA-cam!!
Great video as always, was hoping you could make a video on engineering physics.
It's all about where you live too. Cali may start you at 75-85k, but cost of living is right there with it. In the average US city it will be roughly 60k. Remember this is entry level, and most companies will have a promotion progression where its possible to be making 120k with just 10 years of experience. Keep in mind this will very from company to company and position to position. Just keep in mind you have opportunities to earn more. Also, the 120k is for the average city (not NYC or San Francisco), and that doesn't include management roles. From my experience, a direct manager can then earn another 30k on top of that. Another perspective is bonuses and per diem's given if you work on job sites. There is a ton of opportunity to grow in engineering. Dont get caught up on starting salaries. For example, pharmacists can start off at 110k after 8 years of schooling, however they rarely have the opportunity to increase the pay from there, more or less being stuck. Just some things to think about.
Hi, I was just wondering which college/university did you go to? Love the videos and they are definitely helping me towards making my decision thank you!
Thanks for the comment! And I went to Cal Poly San Luis Obispo :)
@@zachstar how expensive was it ?
Thank You So Much
I was stressing alot
But you've answered my question
Thank You 👍🌟
You got a new subscriber
Each paycheck should have a line item break down of how the government spends tax dollars. If the average American knew that most of that 30% goes to the pointless military-industrial complex and tax breaks for the mega-rich, then things would change.
mrbam88 there is a reason why the richest counties are in the D.C area. Bureaucrats are committing theft with taxes. This is why I will always be for limited government.
And here goes Trump as he recently raised the military budget close to $630 billion annually.
Drone, guess you’d rather us be beat out by Russia. Now on the other hand how are all the politicians net worths in the millions off of a less than 200k salary?
This is really helpful to me as I am looking to be a mechanical/automotive engineer thanks! :)
Sam Broadbent great choice! Can never go wrong with mech engineering
$150 car insurance? That's cheap compared to NYC. $225+ easily per month. Even with an older vehicle.
bro I'm glad you're doing UA-cam. That debt and the state you're living in ruined your savings/yr. Makes me very thankful to be going to a cheap in-state school for mechanical. I want to move to Texas or Florida they pay around the same amount starting out and have 0% sales tax. If you had done something similar you would have been saving 30k+ a year your first year.
another good reason to live below your means.so you will have ore money.i think i want to live in a state with little to no income tax.but then that means the pay will probably be lower.
Cristian Luna Not if you go to Texas. ☝ High salaries comparable to NY and Cali, but without any of the pervasive taxes. I recommend taking a look.
@@rayxr
I second Texas. AZ has low cost of living too but landing a high salary is hard.
The amount of money that goes into taxes is INSANE and Scary!
This is a very informative video.
$80,000 a year in the US is approximately equivalent to £28,400 a year in the UK (based on both salaries being in the 60th percentile of their respective countries).
I fuckin love you, man....so much...
Thanks man!
Pretty helpful, thanks for sharing dude.
GOD.....DAMN! no i know why poverty in America exist....that tax deduction is fucking insane.
Could you do a video explaining the engineering licensing exams or whatever they are called? I read on a University page that even if you have a Bachelor's or Master's you still need to do the test to get licensed. It might just be here in Canada though.
Yeah at least from what I've seen in the U.S. many engineering majors don't need to take that licensing test, they can just get a bachelor's and go into the work force. One of the exceptions to that I know of is civil engineering. They all pretty much have to take the F.E. (fundamentals of engineering exam), and then later in their career they take a test to become a P.E. (professional engineer). I found an article that also said chemical, environmental, architectural, and mechanical engineers are encouraged/required to take it but I can't say much from experience. As an EE I was not required to take it and I personally didn't know anyone in my major who did.
MajorPrep Oh I see. Yea I want to go to college for Civil Engineering soon and was just wondering if all engineers had to take it. Thank you for such a quick and informative reply. Keep up the good work with your videos!
You must take it in Canada after a certain amount of hours working
Hey man I'm from India and I'm pretty sure relative to here 76000 dollar a year starting out as an engineer is pretty big...I'd love if you could make a video about how you got the said job, the interviews, the technical knowledge required, etc. Great content by the way cheers😁✌️
I make 27$ an hour in a warehouse and I don’t know if I really want to go back get my bachelors for what could be a small pay increase. But college would cost me only about 20k because my work covers a portion. Hmmm
You starting pay insanely high. In Singapore, the starting pay for an engineer is only around 4k SGD
Come over here
And in my country you could have 250 USD if you're lucky enough or in most case no job
Just converting the currency doesn't tell the whole story, you have to consider cost of living and the cost of getting a degree. In the US getting an engineering degree is far far more expensive that in other countries, hence the salary has to be high to compensate. I would say there are more job opportunities in the US but your expenses will be drastically higher.
This is awesome! I am in grade 10 and just a budget project. The career I chose is a mechanical engineer because I am very interested in how cars work.
That's awesome! Hope the video helped you then.
Diecast Cars can never go wrong with mechanical!
So what you're telling me is that I shouldn't go out of state to a university? 😭😭😭
Very nice and honest video. Great job. Good point on making an emphasis on saving at the end!
Meanwhile everyone in Germany and other European countries dreams about low tax rates like that.
Well kind of, in Switzerland the tax is roughly one monthly salary as a rule of thumb. And this is just the taxes itself, there are other expenses that add up, but it's never as bad as 30% as shown in this video. On the other hand, everything else is expensive af.
@Ken MacDonald Sure
Americans tell themselves they have the best education and health care in the world. Certainly they spend more, but their health outcomes are poor (even infant mortality) and their free schooling to age 18 gets them to the level other countries reach by 16.
Coming to this video after recently receiving s job offer as an EE for $80k+.. just trying to see what i will be looking forward to lol
the bottom salary on your total expense calculation is wrong
+Berkay Ünlü lol you're right, no clue why I missed that. Should be the 3705 from above, but the savings and all that is still correct.
With that salary in Texas you would live like a king. Establish yourself out in the woods were cost of living is cheap.
Damns that’s crazy he’s an engineer and has a starting salary of 76k in LA I’m a private security in Santa Clara and my salary is 70k and that’s without a college degree 📜
This video is so insightful and helpful, thank you
Very informative, thank you.
I don't know how can America have so big taxes but a private sanitary system where nothing is free. Like where all the money going?
From that day on, he voted Republican. The end.
FormlessGeometry i just wish harder working people didnt have to shell out half their salries. Why the fuck does tax percentage go UP, the more you earn? SENSELESS SYSTEM
yup
@@ubaidshah1910 agreed.
fuck no
@@ubaidshah1910 In America it goes down.
I always what i would be like after college (I'm in 9th grade lol). This video helps put into perspective some sense of money, thx for videos like this
Damn I’m so happy I’m in the military after seeing these expenses, free college, free food, free housing, shitttt lol
Sloth TheGammer , then again not every one who goes into the army makes it back alive. I'm not willing to take the chance
Most people do, though. In fact, the worst part of the military is actually called "death by powerpoint." Real vets have nightmares about that shit.
@@lilliampumpernickle4655 Our perception of risk varies. I used to live 50 miles from work, and spent half of my commuting time driving at 70 mph. Some of my colleagues thought I was dicing with death every day (even the guy who rode a motorbike). I never saw it that way.
@@lilliampumpernickle4655 a lot of people do, just don't join the infantry
Yup, it’s sad to see how much $ goes to taxes. Some cities have a lower cost of living, but in the end is relative to the pay in general. I live in Miami(2nd most expensive city after LA) and I cannot wait to leave. In the end, the best solution is to eventually have our own business to get a break on all those deductions. Great video!
Wow, even $900 is a lot to me. Guess I should have tried engineering...oh wait, they need tons of calculus right? Nevermind, calculus is way too confusing. Nice video though :) those taxes look like a pain though. :c
But it's just 2 years of hell, but really yes, if anyone want's to get into engineering only for money then no, don't get trough those hell years :)
Money is nice, but it would not be the main reason. I really just want to understand things better (or at least try to) because for so long I was ignorant about so many things when it came to science.
Calculus isn't that bad.
Given that they study right, I'm convinced anyone could do it.
Calculus is easy compared to actual engineering classes
Djordje Trampa a Bachelor takes 3 to 3 1/2 years in Germany IF you pass every exam at the first try.
This is a bachelor there is also the Master degree which roughly takes another 1 1/2 to 2 years depending on your college.
So if you pass that as well you have a master degree after 4 1/2 to 5 1/2 years of studying.
BUT WAIT there is more! If you want the Master Business Master (MBM) degree which basically is the highest possible engineering degree here you need to go to university for another year so you’re completely done after possibly 6 1/2 years and that takes into consideration that you need to pass all the exams first try.
Some people take around 4-5 years to get the bachelor degree so yea there’s a reason why engineers earn shit ton of money and for working an average of 80 hours a week that’s a pretty low income if you ask me.
(German btw so our system may or may not apply to your countries education)
What a excellent video. As awesome as usual. Can you make a video on petroluem enginnering. Thanks
I want to become a structural engineer, is it a good choice? Are there high paying jobs like yours? Nice video btw, thank you for sharing your knowledge.😁
TrollinGod if you like it, then you should certainly look into it. Here’s a short article you can read
www.raise.me/careers/architecture-and-engineering/civil-engineers/structural-engineers
I have not seen a more underrated channel in youtube
Funny I live with my parents and I earn the exact same base salary with 8% bonus annual.. so around 82k. After tax, resp(canadian Roth ira) and stock purchase program, I make just about $3850/mo.
1000 to parents to help with mortgage on 2 houses
375 student loan
60 phone
35 gym
247 car insurance
250 gas
0 car payment its paid off
.. I should in theory have $2000 for having fun and savings... I spend around 1k for stupid things and the rest 1k goes towards stocks. I need to cut my fun
Amateur Gamer increase your income instead!
That sounds like a dream man lol
Go into real estate
Almost $80.000 for a starting salary? Means that was your first job? That is a lot of money! Here in Germany you get $67.000 on an average for your first job. And Germany is the country of engineering.
As someone from a smaller/poorer country, these numbers are just unimaginable for me.
Where did you go for college?
+Karandeep Singh cal poly slo!
Good for you. I heard that many companies are more likely to recruit students from cal poly instead of UCs (exclude UCB&UCLA). Wonder do you think this is true?
Good for you. I heard that many companies are more likely to recruit students from cal poly instead of UCs (exclude UCB&UCLA). Wonder do you think this is true?
I heard that a lot to and the reason people say that is because Cal Poly basically has a lab for every engineering class and you do a lot of hands on work plus get a lot of exposure to equipment used in industry. I can't say that it's definitely better to go there than lots of UC's, plus coming from Cal Poly people is probably pretty biased, but I definitely did hear that many times.
@@zachstar I am going to Cal Poly Pomona rn majoring in Civil Engineering. I will be interning for Edison this summer. Any advice? Also how was your senior projet experience?
Great video! Super helpful, thank you.
Damn my college in the netherlands is just 2000 euros a year😂
Once u get a job see how much taxes u gojn to pay. Thats why college is cheap there
@@hacker-7214 im willing to pay money to see my country be well educated
GxthamSk yeah and in America you still pay a lot of taxes and get nothing lol. Atleast the people in his country are seeing the return on it while Americans have ridiculously expensive college, ridiculously expensive healthcare and basically if you leave your job you best hope you don’t get injured or ill otherwise you will spend your lifetime paying it off.
California used to have free university education for its citizens: Governor Reagan put an end to that.
Faithless Hound mostly since the university students did not share the same values as the people who voted him in, so there’s a bit of blame to pass around to other voters.
Just applied to cal poly last month for civil
Awesome! Hope you get in!
'Winner Advice' with the 401k:
You're 401k can be withdrawn from/liquidated if you're looking to buy a house--either to apply to the down payment/payment, or even to any of the miscellaneous expenses that come along before you head to close.
Mortgage is cheaper than rent typically, especially if you knocked enough off the principal at the getgo.
Then you can apply those savings to your retirement.
You're welcome.
question: what type of engineer are/were you? I hear it makes quite a difference as far as pay is concerned.
Electrical
which get paid more? arent EE some of the higher paid ones?
The expected starting salary of an engineer is $0, because less than half of engineers will ever get to work as engineers. Getting my engineering degree was the worst mistake of my life. I wish I had gone to work in a warehouse straight out of high school. I'd be in the same place I am now at the age of 28, except with 10 years of income under my belt. Don't listen to idiots talk about how great engineering is. It's a lie.
Indeed, engineering pays crap in every country on earth outside the US and is a cucked profession, you bust your ass off studying hard stuff for years and get paid the same as someone with no degree or someone who did a much easier degree, engineering is great as a field but a bad life choice for most people.
Somehow I find this depressing
In Germany you have to pay about 48% taxes for every Cent you make over 60k. So If you earn 61k/y you have to pay 48% for the 1k over the 60
Tough
Should of put a few dependents when doing taxes
I hate how living is so expensive. Granted, my situation is different than yours was and I don't have as many expenses as you did, but losing anything more than let's say 20% of your gross income immediately is a big hit.
This is why tax cuts were so needed, people who work hard to get where they are at get punished the most
We are always taught to avoid debt, but the richest people seem to do well with mountains of it: some even manage to OWE billions. "You can't take it with you" works both ways.
What about the us government
@@zachb1706 Most governments seem to carry on with massive debt. Back in the 1930's Newfoundland and Liberia found themselves taken over by the imperial power for being in debt, and the US did that to some Central American countries, but in the modern world that does not happen. Instead the IMF makes you privatise public utilities and abolish tariffs, so your infant mortality rate goes up but the rich are all right.
Im from Texas..and I aint going no where!!
How much do they take out in taxes
@@carlocatalanvisuals144 texas doesn't have state income taxes, but they do have high property taxes
MajorPrep you are the best man. Please keep up the great videos. Very good informative TRUE information
Thanks man! Really glad you liked it.
What kind of engineer are you and how long have you been an engineer?
Frank Einstein he's electrical, and has more details in another one of his videos.
Ah ok, thank you!
Also how old is he
At the time of writing this I'm 24 years old but I turn 25 tomorrow :)
Wow, I'm 24 too!
not goign to lie - it's an awesome video, even if I'm nitpicking the details. You did end up with some money at the end of the month, even with the expenses - so pretty cool way to go.
Yeah tax is crazy.
Holy mess, your apartment rent was the same as my house payment plus escrow on a 15 year mortgage.
"Don't live in LA" is good financial advice.
Good thing Texas doesn’t have income tax 😂
RandomAvocado IM PACKING MY BAGS DAWG
RandomAvocado Dallas in Texas is a beautiful place and gun laws are not as unrestricted! I guess it's time to leave this shitty state
Texas is modern man. I haven't seen a single gun here in the city. Moved here cause the cheap living situations. Politics are not as red as you may think(but in the city). Dallas is a bit like LA, sprawled out with high rises, but without the beach. Austin is like Portland, but again, without beaches.
Texas is my dream state. 😍 But right now, I'm stuck in Florida which isn't bad. No State income tax either. 👌
RandomAvocado
I’m packing my bags
24k in taxes is fucking insane. I'd move to Dubai or any other country that doesn't have income tax
I was an English major in college and landed a job paying 79k the semester of my graduation
Ok.
@@ivanescobar9033 don’t be jealous be happy for me
what's your job?
damn dude 20K on a car is a mistake
Not really. He gets to own a new car with no upfront cost. Per year he pays 3600 to own the car which requires very little maintenance, and should be covered under warranty.
In contrast to that, I paid 5000 upfront to buy a 10 year old car, which requires 1000 in maintenance each year. That's 2000 a year average.
So you are comparing 3600 a year to 2000 a year. But with 3600 you get a nicer looking, nicer driving, nicer smelling, more efficient, more modern car. It won't just die on you leaving your stranded, like an older car may. It doesn't make you think "shit... I need a new car".
So, if you can afford it, it's not really a mistake.
I bought a 10 year old accord for $4800. I change the oil and brakes on my own - we're engineers after all - and my maintenance is $0 per year (typically). Is having a "nicer looking, nicer driving, nicer smelling" car worth $300 a month? Maybe for you, but I got an extra $300 a month going towards student loans. Enjoy the "modern" car bro.
That new car is going to depreciate and lose value and thus money going down the drain. He would have been better off buying used. You can get a good reliable car for under $10K. And for petes sakes we are engineers. we should be doing our own repairs and maintenance on our cars.
I don't think the food expenses were unreasonable for LA, but judging how my food bills are $30/mth, I can say it's way more than I would spend.
Did You have a bachelors in EE or a masters? Because the starting salary can differ? Also did you take then Fundamentals of engineering exam ?
Bachelor's and yes it can make the starting salary differ. My boss told me they encourage people to get a master's and if you do you come back to a pay raise. And I did not take the F.E. exam. As an EE I realized I didn't really need to.
I’m also an EE student and your videos are very helpful. Maybe you can make a video about the difference between a M.Eng and MS. EE and were those degrees can take you. Also would you’re company have Stipend you some how if you went to grad school or would you have to pay on your own?
Save save save money and cash flow everything. Avoid debt. He could have had $1,500 a month to play with, but he had $600 and losing money on interest rates.
That’s my main takeaway from the budgeting. In any case, that’s a great starting salary for a 4 year degree!
$20,000 car? You weren't very smart with money, were you..
lol he shouldve gotten a motorcycle
Random Person sort of in an engineering student gonna save as much as I can probably put it towards getting a property and using it for people to rent
i had the benefit of co-op employment (4 year engineering degree becomes 5 years because of extra 1 year of co-op employment interwoven with school. Parents paid my college/room & board for the 1st 2 years (and planned on paying all) but upon starting co-op in 2nd year, I was able to pay all college tuition and room & board for the last 3 years.
why save too much, live life, everyone dies
Well you could live life stressed out because you accidentally overspent and don’t have anything saved up in case of emergency, or you could pack away a decent chunk of money into savings so you can have the freedom to go on vacations or do fun things while not worrying about whether your electricity bill is going to be able to get paid
Pierce Harmon Nicely said, but mainly emergencies.... That way of thinking of his is very poor and immature... Coming from a 15 year old guy.
"Coming from a 15 year old guy." So I'm assuming you have close to 0 life experience with paying bills, working, saving, roth IRA or any 401k plan for that matter. If you read any book on how to financially thrive, the first step every single one will tell you to do is to stop all extra spending and get money in the bank. Is my thinking poor and immature to think of the possibility that I may lose my job and need 4-6 months to find one that isn't just temporary? No, it isn't. And if you actually had to worry about your finances, you would understand.
Why be poor and have people think you're rich when you can live within your means and actually retire rich by 50? I'd trade living frugally for 25 years if it meant I get to live the rest of my life doing whatever the hell I want. If you're happy working the rest of your life then by all means have fun (you're sure as hell not gonna be seeing that social security if you're young) but the real ones living life sacrificed early on for it.
Great breakdown, thanks!
Thanks for the comment!
No worries, enjoying the videos a lot, they're super crisp and informative. Cheers!
Computer engineers are the winners now...
Kimchi Koalaa how