seven years ago. While he spent $30,000 on building costs over the first two years, he's since netted more than six figures during the following five years.
"Even after accounting for the cost of the house, I've saved over $100,000 going tiny, and it's been a great experience," Mitchell said. When asked about his savings strategy, he said: "It really was as simple as moving into the tiny house.", Mitchell, who previously worked in non-profits and human resources, was spending about $1,500 a month on rent, utilities, insurance, and other standard living expenses. He said that most Americans spend 30% to 50% of their income on housing costs, including rent or mortgage, upkeep, utilities, taxes, insurance, cable, and internet.
"I knew if I could eliminate housing costs, I'd win big," he added. "When people think about saving and budgeting, too often people try to 'cut out the lattes.' You saving $4 on your coffee isn't going to move the needle; you taking your rent from $1,500-plus down to $30 per month — that's huge.""It's hard to put into words how different this life is when your bills are so low; it's life-changing," he said.
But creating and selling a business wasn't Mitchell's only source of income. Running The Tiny Life earns him a little more than enough to cover his monthly expenses and allocate about half of his overall monthly income to savings, he said, adding that he only has to work about five hours a week to meet all his bills, savings, and retirement needs, which gives him "a great lifestyle.
I wish i were tardigrade
Any developers listening? Doubt it.
Cuck shed
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dispensed Business Insider's weekly healthcare newsletter March 6 - Business InsiderDispensed: How the US is confronting the novel coronavirus, Oscar and Clover's 2019 financial results, and the big business of direct-to-consumer healthcare
Source: BusinessInsider - 🏆 729. / 51 Read more »
Next recession: Robert Shiller sees 'existential threat' from AI fear - Business InsiderNobel laureate Robert Shiller identifies a rising 'existential threat' to the economy's expansion — and tells us why it's similar to what made the Great Depression so severe Hindsight is always perfect. Why did Shiller & other great academics not see the risk of putting our national egg in a Chinese basket? realDonaldTrump POTUS EricTrump Hlo sir if u help to me I need 1000 dollar to start my business and I need it I promise I will return you back
Source: BusinessInsider - 🏆 729. / 51 Read more »
Shops in NYC's Chinatown are losing business due to coronavirus fears - Business InsiderThe downturn began even before the coronavirus reached New York City, and coincides with a rise in anti-Chinese sentiment. suemarino 😪 Just wait. Shops everywhere are losing money where I am :) You'll wish it was just chinatown too bad because the food is so wholesome and healthy
Source: BusinessInsider - 🏆 729. / 51 Read more »