Home Real Estate What We actually pay. Cost of living (California) 2022 vs 90s (read description)

What We actually pay. Cost of living (California) 2022 vs 90s (read description)

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What We actually pay. Cost of living (California) 2022 vs 90s (read description)

So I pointed out what the cost is. 2022 today’s times.
Cost the SAME to feed us per day whether you make $25k or $1 million a year

Basing on a family of 4 and what We spend monthly!

Does not matter whether we make $1 million a year or $50k a year, we ALL pay the SAME amount to feed ourselves per day.

in the video, I forgot to include car insurance and health insurance cost!
so I included here.

food $600 mix cook at home and fast food
gasoline $400 ($60 per tank on Kia)
car maintenance/ small repairs $200
car insurance $100
health insurance $350
other needed like hair cuts etc $100
non grocery, hair soap etc $100
entertainment. movie theater etc $200
internet $75
4 cell phones for family of 4
including updating every 2 years. $250

electric bill $100
gas $50
trash $25
water/ sewer $100

grand estimated $2200 (give or take)
this is like the BARE MINIMUM we need a month!!! NOT INCLUDING RENT.

Now for the housing (rent)
cheapest apartment in my area is about $1000. (ugly 1 bed, in an ugly area)

for a family of 4 BEING CONSERVATIVE with money. The ABSOLUTE MINIMUM needed is roughly $3200
All this is assuming you DONT have any car payments or credit card payments.

The average bottom tier decent job in today’s times (2022) pays like $20 an hour, $700 estimated week /40 hrs.

apparently one person in this situation cannot do this, making a mere $2700. You need both parents to work! If both are working in decent jobs $20 each. That can bring home $5000+. Which will then be more than enough. BUT it takes 2 incomes!

So to wrap it up. $3200 is the bare minimum needed for the most part.
But remember some people have different needs and have different demands. Varies from family to family. Which includes credit card bills and car payments. So in that case, for some families it can be significantly more expensive than $3200 minimum I pointed out.

For that example. one family might need to eat more than the other. And they have car and credit cards totalling $1000 month. For this case, the bare minimum for that family probably can be $4500 bare minimum.

The other thing. The $3200 bare minimum I pointed out is assuming if you don’t have a car or credit card payment. AND if you (the family of 4) was to stick with a small apartment in an ugly area!!!!

Still ONE OTHER THING. At this $3200 bare minimum we need. There will NO ABILITY to save money. And NO ABILITY to go out and buy all kinds of luxury items. such as the new PS5 or electric scooters etc!!!

I know for a fact. Only a small handful of people would actually want to do the “bare minimum!!” or are even able to do the “bare minimum”. MOST of us will refuse to live like this! Unless of course you have no choice.

For my opinion. A family of 4 needs not less than $5000 monthly TO LIVE AND FEEL COMFORTABLE!! For higher needs/demand family with car/ credit card payments. $7000 to be comfortable!!

So for this case, We do need 2 of us to work to avoid living the bare minimum! Income from 2 of us is actually PLENTY of money, really. If both of you are making $20 hr in today’s times. That can bring at least $5000 month.

Anything above the $3200 bare minimum you both bring home. You can upgrade that apartment, buy a new car. Or you can do more entertainment hobbies. Or you can leave it the way the bare minimum is, and just Save that extra money you make above the $3200 bare minimum needed.

For our case. (this got to be interesting)
I make $17.50 hr. And Jenny makes $22. I bring home average of $2500 monthly, plus about $500 for my YouTube (Thank you guys!). Jenny brings home about $3500 monthly.

For the grand overall. We get about $6000 monthly. So for that case. We dont need to go the bare minimum of $3200. We surely don’t want a small apartment in a ugly area. We have the ability to UPGRADE ourselves in life. In this case a much more nicer home in a desirable location/ neighborhood. Apparently instead of $1000 for the cheapest apartment, we are paying $3000 mortgage.

So to wrap this up. We need the minimum of about $2200 food/ gas/ other needed. plus $3000 for the “upgraded” home.
Totals just above $5000. So instead of $3200, for us we need $5200 minimum.

Apparently we make more than enough for what we have. The extra roughly $1000 we have monthly after paying mortgage and all needed stuff monthly. We may do more entertainment or hobbies or we just SAVE IT.

source

47 COMMENTS

  2. I didn't see anything about insurance or health care either.Its a little depressing, & probably why so many are homelss..Ya really gotta hit the ground running or ya get behind.

  6. I prefer 2000s better than 2020s i miss Year 2000s and 90s i wish I was go back to 2001 go to McDonald's and burger king and shopping at Walmart i miss Year 1998 also late 90s and 2000s is better than 2020s

  12. Im wondering where these $1,000 per month apartments are in California, I live in So-Cal and 1 bedroom crappy apartments start at 1700 to 2000 per month. – good video, thanks for posting.

  17. I have not had a vehicle payment in several years now and paid my credit card off,I got rid of cable and land line phone,I am trying to retire early,my youngest son moved out March 1st but my grocery bill seems just as high.

  19. gil i know you pay alot more then 1thousand dollars a month for the rent on your house or maybe you have a bank note you pay im sure your house payment is at least 2thousand or more

  22. It’s funny how baby boomers now a day complain about how young people in this generations demand but they forget that during their time college and many things were free for them. Cost of living was cheaper and you were able to afford a house without a college degree

  24. Sorry if I missed it but what about car insurance for every vehicle. We have 3 vehicles and insure all 3 even though one of them is barely driven. Registration/tags. Any health related expenses?

  26. Gil you hit the nail on the head. Stay out of credit cards and car payments as much as possible, it really robs you of your ability to save money and build wealth. You must be really disciplined on saving money considering you were able to save up $1k in the 1980s for your first camera, making $3/hr

  27. No internet in the 90's but you spent more on Blockbuster movies and going to the Movie Theaters more often so it almost balances out. And also factoring in streaming services in that too

  28. It seems like it's just getting to expensive food gas everything and I feel the cheapest decent house in Cali will cost you 500k or more if you can find one cause by time you decide to pull the trigger to buy it , it's already pending lol

  29. I pay 1200 for. 3000 square foot house back in 2012 . Mortgage was for 278 000. Now prices are 600-700 000 since covid. I couldn’t afford to get back into my house if I sold it

  30. Wow I would be rich if my rent was $550 a month today, $1400 is hard for me I have to do Uber eats on the side to live luxurious as a single guy like you mentioned lol

  32. That's not including property tax or house insurance or car insurance and registration. My property tax and insurance averages out to be about $900 a month. I have 1 1/2 acres in Marin County though. I can plant grapes for wine and make 4 times that much back. The airbnb on my property brings in $6K a month, and I still have to run a second business. That's Marin though, lol! Expensive. I have no credit cards, BTW.

  34. Our biggest monthly expense is food, our monthly grocery bill is about 800 , utilities is another 5 hundred, before the pandemic I was commuting about 500 Miles a week , about 160 a week on gas . California is the most expensive state, but the weather is nice all year long.

  37. I live in a little hick town in Oklahoma. I have a household of 3 people and we spend about $300 a month on groceries. Eat out about once a week at a decent restaurant. I can't remember the last time I ate ramen noodles. Bought my house in 2009 for 70k. 3 bedroom, 2 bath, 2 car garage. House was built in 1995. Cost of living in California is nuts. All my bills are paid every month, and been saving for years. Bottom of the barrel jobs here are paying about $14 hr. I'm in manufacturing and make well above that.

  39. @23:58 – Land Lines – Back in the day when a long-distance call could jack your bill up $20!! I first had AOL internet before they went to monthly. It was hourly. I got a bill for $99.00 in 1998 and my wife cried for an hour. We made very little back then.

  40. @20:54 – Regarding food costs – Part of the reason for the food cost discrepancy is the fact that something called "shrink-flation" has occurred. Products have stayed the same in price, but have shrunk in size/quantity. It's a well-known industry bluff. I detest it.

  41. My mortgage is $1,603 a month. I live in downtown Riverside. I paid $248,000 for my house in 2015, its now worth 550-600. My loam amount is 180k.

    I pay 250 for all three cell phones
    Electricity, trash and water $240 a month.
    $ 300 a month for house keeping.

    $200 ordering postgames a month.
    Pay $569 a month truck payment

    Life insurance policy $572 a month
    Gas $400 a month
    Business expense 1200 a month
    Child support 980 a month
    Hookers $700 a month

    Yeah it adds up

  45. @11:50 – I live in central PA and we rent a 3 bedroom townhouse with a full basement for $750 a month. I know this is below average, but we also rented a 2 bedroom apartment a couple of years ago for $980 a month. It was nice, but small.

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