Budget Breakdown: How Millennials Earn And Spend Their Money?

It seems crazy, but millennials are already adults who go to work every day, pay taxes, and do pretty much everything grown-ups do. Moreover, some millennials have already become almost millionaires. Who are they? This is exactly what we are going to figure out here. The Typical Student team has found some truly successful millennials who have decent and, what is more important, well-paid jobs. So keep on reading in order to find out who are they. 

#1 Gaby Dunn, 30, Los Angeles, CA

Job: YouTuber, blogger

Earnings per year: $2,000 a season from different brand partnerships and podcasts plus up to $50,000 at a time from TV shows.

Gaby worked for BuzzFeed until 2015 when she finally decided to work for herself. Since then she is involved in various projects connected with YouTube, TV shows, and podcasts such as Bad with Money.

How does she spend her money?

Usually, Gaby spends a lot of money on her student loan (which she has only $24,000 left), rent, gas and car insurance, donations, groceries and other stuff she needs. Besides, Gaby is also trying to save some money for the future and she doesn’t even change her car because of it, “My car’s real beat up, but I can’t justify getting a new one.”

#2 Alicia Kennedy, 32, New York, NY

Job: freelance writer and editor specializing in vegan food, cocktails, and politics

Earnings per year: $50,000

Alicia was 29 when she left her job at New York Magazine and became a freelance writer. It was a pretty risky decision for her, but she says, ““I’ve definitely learned that I care more about my quality of life than the quality of my bank account.” So she surely doesn’t regret her decision at all.

How does she spend her money?

Most money Alicia earns she spends on rent and food, besides, she spends quite a lot on her loans, phone, and gym. Certainly, Alicia saves some money for the future as well.

#3 Trevor Klee, 25, Cambridge, MA

Job: entrepreneur 

Earnings per year: $100,000

Trevor was a terrible employee and this is exactly why he started working for himself. His job is tutoring people for the GRE, GMAT, and LSAT. Trevor says, “It’s one of those weird skills that turned out to be really monetizable.”

How does he spend his money?

Naturally, Trevor spends the most on his rent, apart from this he also spends his money on food, dining out, transportation, and phone. And of course he is saving some money for the future, in fact, he already has $43,000 put away.

#4 Alex Pardoe, 25, Detroit

Job: hairstylist and salon owner

Earnings per year: $280,000

After finishing cosmetology school in 2012 Alex started his career in a major salon chain. However, he always knew that he wanted more, so in 2017 he finally opened his very own salon, Aesthetic Hair Co. Alex says, “I grew so quickly that I wanted to be able to provide a platform for other hairstylists to grow really quickly.”

How does he spend his money?

Alex spends his money predominantly on cars, rents, utilities and Wi-Fi, miscellaneous, clothes, insurance, phone, credit card, subscriptions, and certain savings.