i make over $100k a year but I'm 28. I live by myself and pay over $1700 in rent. If I wanted I could easily live like this guy. I just choose to live alone and eat out a lot more.
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CNBC Presents Breakdown of Magical 25 Year Old that makes $100K A Year
- Thread starter BWoog
- Start date
Utilities low? $195 per person assuming 3-4 people is $600 - $800 a month. And that doesn't include internet and cell phone.
Chicago with roommates is pretty cheap for a huge city and their public transportation is some of the best in America...
I was in a similar boat at 28. Only I was living in a shitty little duplex for $680 / month. I did a lot of dumb shit with my money like have two car loans (one for my girlfriend) and rent out a bunch of rooms in a ski lodge for friends. Man I wish I could have the thousands I flushed down the drain back.
My advice: save save save. At least $12k a year in addition to your retirement savings. 35 year old you will be thankful.
Sydney is the 2nd least affordable property market in the world and thats about how much I pay. Basically the same age and make a simlar (currency converted) salary. More a matter of whether you want roommates or not than anything else.
Everyone is ripping this apart on twitter. It's great.
Yeah, this breakdown is quite hilarious. For example, in a lot of places that a 25 y/old would make 100k, they would be paying much more than $800 a month for rent. In Seattle for example you most likely wouldn't pay less than $1000, and this is for people who make way less than $100k. I guess we just assume that this 100k a year person is living with roommates.
And donations per month. Yeah right.
Yeah, this breakdown is quite hilarious. For example, in a lot of places that a 25 y/old would make 100k, they would be paying much more than $800 a month for rent. In Seattle for example you most likely wouldn't pay less than $1000, and this is for people who make way less than $100k. I guess we just assume that this 100k a year person is living with roommates.
And donations per month. Yeah right.
If spending ~$600 a month on food for a single person is considered "good with money", then I'd hate to see their example of someone wasteful.
So the moral of the story is that with a 6 figure salary you still need four roommates, your parents' mobile plan, the ability to live without a car, student loans that apparently just... disappear, and whatever extra magic is going on with that chart?
Good on him. Makes a lot and is probably going to keep it that way by doing what a lot of other people won't and mitigate costs by living with roommates. Good age to do it. Since his parents let him, sticking with a family plan is good savings too. Impressed with the donations, but kind of horrified at the food budget. I do a week's worth of shopping for a family of four at ~£40 (£ 120 --> ~$150). His school situation is/has set him up pretty ideal, though, so he doesn't seem like a good poster boy for your average budgeting.
Right? Kid must be snorting lobsters or something.
I pay £10, but I should just make an effort and do the £5 plan.
Right? Kid must be snorting lobsters or something.
I pay £10, but I should just make an effort and do the £5 plan.
$825 rent?
LOOOOOOOOOL
What kind of shit hole are you living in? Or, sure, have fun living in Bumfucknowherestan.
$615 in "donations"? The hell is that? Is that like Twitch subs, tips and Patreon? Who spends that much money a month on that shit?
$30 for a house cleaner? I recently wanted to have my place cleaned. I live in a one bedroom apartment with a large living room. Quotes ranged from 60 to 85 bucks. $30 would just get my bathroom done.
$20 for internet? Enjoy your shitty ass dial up. Seriously, you're not getting over 3 Mbps download for that. God have mercy on your upload speed.
$40 for a phone? Sure, if you bought your phone at retail price or on a really shitty plan. No way you're on a major carrier. That Tracfone though...
Holy fuck. This breakdown is absolute, total bullshit.
Edit
After actually reading the article, it's even dumber. Nobody lives like this. Nobody, as in very few people. Get the fuck outta here.
LOOOOOOOOOL
What kind of shit hole are you living in? Or, sure, have fun living in Bumfucknowherestan.
$615 in "donations"? The hell is that? Is that like Twitch subs, tips and Patreon? Who spends that much money a month on that shit?
$30 for a house cleaner? I recently wanted to have my place cleaned. I live in a one bedroom apartment with a large living room. Quotes ranged from 60 to 85 bucks. $30 would just get my bathroom done.
$20 for internet? Enjoy your shitty ass dial up. Seriously, you're not getting over 3 Mbps download for that. God have mercy on your upload speed.
$40 for a phone? Sure, if you bought your phone at retail price or on a really shitty plan. No way you're on a major carrier. That Tracfone though...
Holy fuck. This breakdown is absolute, total bullshit.
Edit
After actually reading the article, it's even dumber. Nobody lives like this. Nobody, as in very few people. Get the fuck outta here.
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Just read the article, PXG. Those are his 'portions' of those services.
They're actually fucking him over personally by writing it like this. He's going to cop huge amounts of shit from people his age. Probably people he knows and socialises with.
He seems to acknowledge he's incredibly privileged in the opening, but they lay it out like his thriftyness and hard work is why he is where he is, totally ignoring he seems to pay no student debt despite having gone to Princeton.
He seems to acknowledge he's incredibly privileged in the opening, but they lay it out like his thriftyness and hard work is why he is where he is, totally ignoring he seems to pay no student debt despite having gone to Princeton.
I admit, I did react without looking into the details. You see those numbers and immediately jump out of your chair.
I love how most of it is some fluff piece about some no name kid no one gives a fuck about. I'm like, okay, get to the point. Who is this guy and why should I care? Finally it gets to the breakdown of his expenses...
His income and lifestyle is so atypical that it's not even worth analysing or using as a basis for anything. Most people, generally, don't live like that. So, besides pointing out that he's essentially an anomaly, whoever wrote this wasted their time.
My conclusion still stands. It's all bullshit.
Yeah, they need to do a proper breakdown of someone who has real pressures and makes something more realistic. I do think there are kernels of good budgeting in there, though. Living with roommates is not what most people want, but it does save you money in lots of areas. Staying on a phone plan with your family instead of getting something with bells and whistles might seem lame, but that also saves tons. And if you don't have that option, there are plenty of plans $40 and under to get. But again, a lot of people think they need more when they really don't. This guy as their example is silly for multiple reasons, but I feel like people's expectations of what they should have has shifted a lot in recent years too and they're not realistic either.
Earns $100k a year, spends only $2775 a month, has only $43k in savings??? Am I missing something or does that not add up? Did he start saving only 6 months ago?
I did see at the bottom of the article a link to their previous one (which I think we had a thread on) of a "34 year old who makes $150,000 and is excellent with money." My eyebrows climbed a bit thinking of their rosy life view that the average person is making $100,000 straight out of college then $150,000 on their next rung of life...
Making $140k Aud in your mid twenties is impressive but definitely not typical.
Exactly. Not sure why people are having a hard time with that one.
Oh not typical at all. I realise I'm lucky as all hell and it wasn't just bootstraps that got me here. Mainly just trying to say that its actually a pretty typical rent for someone young who still doesn't mind roommates, even in an expensive city.
Hello, I'm just your average millenial bazillionaire, reaching out to you over my 56k connection. $20 a month, what a deal!
You can speed up our conversation by mailing me an index card with your post on it.
You can speed up our conversation by mailing me an index card with your post on it.
Their sad eyes get me every damn time.Even liberal media in this country has privilege oozing from its seams. All these hipster trust fund baby journalists could never imagine having tens of thousands of dollars in college debt and that a negligible amount of young people can score a high paying job in an expensive city right out of school. This is representative of the exception, not the rule. That it is projected as typical should infuriate everyone.
Reminds me of this:
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Millionaires clinging to each other FOR DEAR LIFE as the waves of adversity sweep over them. Shipwrecked by ill tides.lmao
I make a little more than half that and pay more in rent.
What is with media outlets and fake-ass hypothetical budgets.
Someone post that sad family that makes 650k/year
Edit: found it
Won't someone think of the utter plight of being wealthy
Alas, to reach your 40s without being able to afford a yacht...
I pay $850 for a spacious one bed room apartment in Buffalo. Includes laundry in basement, parking space and utilities (except for internet/cable).
I mean its not NYC(where I lived for 24 years) but there's reasonable places outside of the typical 2am Chinese food area.
I mean its not NYC(where I lived for 24 years) but there's reasonable places outside of the typical 2am Chinese food area.
Cleveland and I rented a two bedroom house in a nice suburb for $850 a month.
I'm rounding to make stuff easier. No idea why everything came out italized.
Lol, this article is so stupid. Real budget of when I was making around 100k and was single. For people's knowledge that's about $4000 a month after taxes.
Monthly:
$1800 - Rent (studio living alone includes cable and internet)
$100 - Light Bill
$50 - Water Bill
$100 - Cell Phone Bill
$400 - Car Bill
$200 - Car Insurance Bill
$150 - Gas Car Bill
$50 - Highway Tolls
$300 - Groceries
$300 - Drinking / eating out / going on dates
$50 - Entertainment (stuff like Netflix).
$250 - Student Loan
That leaves me with 250 a month for savings whatever other purpose I used.
Lol, this article is so stupid. Real budget of when I was making around 100k and was single. For people's knowledge that's about $4000 a month after taxes.
Monthly:
$1800 - Rent (studio living alone includes cable and internet)
$100 - Light Bill
$50 - Water Bill
$100 - Cell Phone Bill
$400 - Car Bill
$200 - Car Insurance Bill
$150 - Gas Car Bill
$50 - Highway Tolls
$300 - Groceries
$300 - Drinking / eating out / going on dates
$50 - Entertainment (stuff like Netflix).
$250 - Student Loan
That leaves me with 250 a month for savings whatever other purpose I used.
If you make a 100k and need to have 3 other roommates you need to consider moving. Also no way in hell you get a 40 phone bill unless you buy your phone cash, which I guess you could do but that's if you get a basic plan and don't pay the fees and taxes they usually tack on. And maybe internet is 20 if you split it 4 ways, which nobody does. And I guess a house cleaner for 30 is possible, if you drive down to Mexico and smuggle them in yourself. That eating out budget is also ridiculous especially if you make 100k, that's like a Friday night out with friends. Donations are probably drugs. They only realistic one is the groceries and that one is probably too high if you have 4 room mates, by myself I could easily do it for 200 a month. Doesn't even mention health insurance or credit card debt. Also unless this magica is New York or something similar your gonna have a $350 car payment with a $250 full cover insurance. If I'm making 100k I'm not taking the fucking bus, and I don't even make half that lol.
If they wrote an article this bad on this kid then how bad is their investment advice or economic analysis?
I mean, what Ikuu said, but I've also lived all over the place and never had a car. Mass trans, even places with poor mass trans like LA, can get you from A to B, but many people don't want to bother (as it is a bother comparatively).
This.
When I read that he has roommates for his rent to be that low I assumed right his internet bill was also low for the same reason.
This article needs a HUGE asterisk after the title.
Why is it that everyone thinks that some article on CNBC - a financial news service that spends most of its time talking about daily stock price movements or Fed interest rate policy - must have been targeted at their personal situation?
This is like reading about The Rock's 5000 calorie diet and getting outraged because it would make the average person fat.
This is like reading about The Rock's 5000 calorie diet and getting outraged because it would make the average person fat.