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A 38-year-old woman who earns $58,000 a year has revealed how she has saved hundreds of thousands of dollars by moving full-time into a mobile home.
Carly DeFelice, originally from Fort Worth, Texas, appeared on a recent episode of Make it from CNBC Series to share your life advice.
The 38-year-old, who has a degree in finance, lives in a 20-by-8-foot mobile home that she purchased for $14,000 cash.
She revealed that her annual cost of living is $25,000, which she says is “super low” because she has no debt and now uses the rest of her salary to save and invest.
Carly DeFelice, originally from Fort Worth, Texas, appeared on a recent episode of the CNBC series Make It to share her life advice.
The 38-year-old woman, who has a degree in finance, lives in a 20-foot by 8-foot mobile home that she purchased for $14,000 cash.
Carly, who is now a community manager at a coworking space, spoke about her own journey to achieving financial stability.
Her family was not wealthy when she was growing up and she took a number of jobs to earn her own money, including babysitting and refereeing soccer games.
He graduated from college with a finance degree in 2008, just as the recession hit, and was left with $35,000 in student and auto loans.
Carly decided to learn how to install home security, as she had previous experience selling systems during school summers.
She paid herself $50,000 a year through a business account and managed to pay off her debt, a feat helped by her low rent of $500.
The financial expert eventually decided to start her business, Best Money Class Ever, to offer personal finance advice to other adults.
She then decided to try “small living,” which led her to purchase the RV, along with an SUV, for $14,000 each.
After settling into the RV in Austin, she sought community in a co-working space, which she later became manager of.
Her family was not wealthy when she was growing up and she took a number of jobs to earn money, including babysitting and refereeing soccer games.
He graduated from college with a finance degree in 2008, just as the recession hit, and was left with $35,000 in student and auto loans.
She then decided to try “small living,” which led her to purchase the RV, along with an SUV, for $14,000 each.
Carly, who now runs her business in the evenings and weekends, also revealed how she creates her budget.
‘I keep it super simple. I look at my fixed expenses versus my flexible expenses. I take an average of what I spend on utilities and then I have my health insurance, my auto insurance, and I have RV insurance.
‘That’s pretty much it.’
She continued: ‘The main expense I have with my RV is the lot. So the motorhome is paid for in full, but I have to pay to park it.’
Carly said she often faces “unexpected expenses” but is always prepared.
‘The most important thing is that I have an emergency fund, my emergency savings. I’ve got more than a year’s worth of expenses in the bank for a rainy day.’
When talking about her daily expenses, the smart saver revealed that every Friday she withdraws only $120 per week.
She said: “First I buy my necessities – groceries, gas for my car – and then what’s left is happy hours and going out with friends.”
‘It really takes the guesswork out of budgeting. It’s like, can I afford something? Can I buy this drink or whatever? Look at my wallet. If there’s money there, I’ll get it.
Carly, who now runs her business in the evenings and weekends, also revealed how she creates her budget.
She revealed that her annual cost of living is $25,000, which she says is “super low” because she has no debt and now uses the rest of her salary to save and invest.
You have a mini kitchen, a bed, and seating in your RV truck and you keep it simple with your accessories.
Carly’s CNBC Make It episode has so far received over 78,631 views and many mixed comments.
Carly, who also contributes $1,000 each month to a Vanguard investment account, is part of the FIRE movement: Financial Independence, Retire Early Formula.
She explained: ‘Basically, what you want to do is build assets 25 times your annual living expenses.
“Then you can safely withdraw four percent and live on it for the rest of your life.”
Carly revealed that she had accumulated more than $100,000 by the age of 26, adding: “What that means is that I could just let that money grow and work for me.”
Now she aspires to be a millionaire by age 45, saying, “I’ve mastered the art of being incredibly social.” Have an amazing social life and also be good and save money.
“And I think the way I’ve found balance is that I realize that what matters is the experience with my friends.”
The saver continued: ‘If I hit that million dollar mark, I’ll feel secure in not having to generate income from a standard day job or my business.
‘For me, however, that is not the end goal.
‘I feel like part of the financial independence that attracted me is the freedom of time.
‘I wanted to have the freedom to spend my time however I wanted.
‘I don’t necessarily want to retire. I want to spend my life reaching people and helping them change things with money.’
Carly’s CNBC Make It episode has so far received over 78,631 views and many mixed comments.
One person wrote: ‘I’m so happy for her!!! She is refreshing and her best money class sounds very useful! Wish you all the best!’
Another person added: ‘Wow. She is amazing and very motivated. Good luck to her in her other goals.
But other commenters weren’t convinced by his choice to live in an RV full-time.
One person wrote: ‘This lifestyle is great and all, but I feel like nothing in between is ever shown.
‘Either you live so frugally that you basically work just to save, or you spend so much that you work to pay off your debts (but represented in a way that you are living a successful lifestyle).
“I’m not sure why only those extremes are always shown in a positive light.”
Carly revealed that she had accumulated more than $100,000 by the age of 26, adding: “What that means is that I could just let that money grow and work for me.”
‘This is depressing. Reduce your expenses to a minimum to retire early. With a finance degree, I could have easily made six figures a year and achieved the same goal with a better quality of life,” a third person wrote.
Progressive Insurance surveyed 501 Americans who live full or part-time in an RV to better understand lifestyle trends.
According to the study, 59 percent of people ages 35 to 44 and 70 percent of people ages 25 to 34 are remote workers.
When it comes to accessing the Internet in an RV, 52 percent of RV users use a hotspot, 35 percent use public Wi-Fi, 21 percent use satellite, and nine percent use spaces of joint work.
Millennial RVers live in a mobile home for at least six months a year (69 percent) and 21 percent have no other permanent home.
When it comes to the biggest challenges that come with the lifestyle, 45 percent said they were finding good camping reservations and 42 percent said they were driving and maneuvering the RV.
When it came to gas prices, 40 percent said that was their most difficult obstacle, while 37 percent said it was lack of storage space and 36 percent said it was lack of personal space.