In this report, published by the American “CNBC” website, author Alicia Adamchik reviews the inspiring experiences of millennials who revealed through CNBC’s “Millennial Money” series how their money is made and how it is spent. and save it.
You can always start over
At the end of 2019, Karen and Sylvester Akpan owed more than $ 110,000 in student loans along with a monthly mortgage payment of $ 4,200 for a 5-bedroom home in California.
Unable to keep up with all these expenses and pay off their debts, especially after the birth of their son Aiden, now 8 years old, the couple decided in early 2020 to sell their house and put it in a trailer. living.
Currently, the family roams the country, earning money through blogs and social media campaigns. The couple paid off all their student loan debt and focused on investing and building a fortune for their son. They admit that it was scary to start their lives again, but her decision was the right one.
Make a backup plan
Destiny Adams, a child care specialist in Michigan, earns about $ 60,000 a year from her job, providing financial stability and fringe benefits such as health insurance. Adams also posts consulting videos on YouTube, and runs a small business that sells wigs and hair extensions.
Adams claims that “working from nine to five really limits your income. But when you’re an entrepreneur, there’s always the potential to make more money as you increase your productivity.” According to Adams, different sources of income allow you to live in luxury and achieve peace of mind.
It’s never too late to learn
At 38, JD Wilson is still learning how to draw up a budget. “I’m not very good at managing money, and that’s probably one of my biggest shortcomings, and one that I need to work on the most,” he says. “I learn, and I keep learning, every day I learn.”
During the coronavirus pandemic, Wilson had to close his own company, Lead U, which specializes in organizing events and hosting empowerment workshops in schools across the country, selling most of his possessions and moving from New Jersey to Hawaii to teach third-degree.
Although it is more expensive to live in Hawaii than in New Jersey, Wilson learns how to manage his life and his expenses. Aside from rent, groceries and student loan payments, Wilson does not spend a lot of money and prefers to lead a simple lifestyle. He loves Hawaii and his new community, and the time he spends there has helped him realize what he really wants out of life.
invest in yourself
Emma Sadler lost her job as a restaurant manager when the coronavirus pandemic hit New York City in early 2020. Sadler could not find new jobs in the food industry, but eventually decided to join a 3-year User Experience Design boot camp to take. the hope of getting a job in a completely different field. The course cost $ 12,000, or a quarter of her previous annual income, but Sadler knew she would make up for it by opening up new career opportunities.
Speaking of the decision, Sadler recalled: “It was scary. I remember talking to my mother and asking her, ‘Was this the right decision, was it worth it, is it not crazy to have all that money in this investment?’ to sit ?! “
Sadler currently earns about $ 60,000 a year as a user experience designer, and knows she has many opportunities to move on to career learning and double her income.
Money is not everything
Jason Way Lee always believed as a child that earning a 6-figure income would be successful. When he graduated from university, at the age of 21, he got a consulting job that assured him that income. But after a few years, he reconsidered everything he believed to build his life.
In 2012, he resigned his consulting job and launched a non-profit project with his brother from which he earned no income. Eventually, that business grew into Jubilee Media and Lee’s annual salary increased from $ 0 to $ 30,000 and then to $ 60,000 to $ 97,000.
Although this figure is far from what he has achieved from his consulting work, he believes that the satisfaction his work gives him is worth the sacrifice.
He talks about changing his job and tells me, “I learn and improve every day,” noting that running his own business “has really changed the way he thinks about money and success.”