Living On $80K A Year In Los Angeles | Millennial Money

Living On $80K A Year In Los Angeles | Millennial Money

I don’t see a lot of
women on YouTube talking about investing. A lot of them are focusing on budgeting
and saving, which is amazing, but I think we need more women talking
about the power of investing. My name’s Wendy Gonzalez. I am 24 years old. I live in L.A., and
I make $80,000 a year. I currently work for a Bay Area auto
tech company and I am a logistics supervisor. I live in Pasadena, California,
so it’s definitely not in like the L.A. area. You have to drive
out here, but we love it. It’s a very peaceful
and quiet community. Since I live with my boyfriend,
we do split the rent. Both my boyfriend and I
work for the same company. So every two weeks we have $500 deducted
from our pay that we don’t see, and it goes into our joint checking account,
which we use for our expenses at home. We love to buy our food at Trader Joe’s. We love the freshness and the
different types of options they have. And once in a while, our parents actually
bring us food on the weekends so that kind of helps us
stick with our food budget. Chris and I, we do go out and eat,
but we don’t like do sit down meals. We just do maybe like takeout, like
we’ll go somewhere and grab food and come back. So our roughly like monthly
expense on eating out is maybe like $50 each maximum. That’s on like a very expensive month. So I normally don’t eat out, but when I
do, I like to go to places like Chick-Fil-A. And one, it’s
kind of cheap. And also, I love the waffle fries. So, yeah. So every year I would apply to
different opportunities to do research for UCLA. I did work-study, so I worked at
the library, and I think I earned like $12.50. And that just helped for like meals and
expenses that I had to cover on my own. Graduating debt free felt amazing. I did not have
anything to worry about. I was able to just,
you know, jumpstart my career. Recently, I was actually
diagnosed with thyroid cancer. It’s called pupillary thyroid cancer. Back in August, I went in for my physical
and I had an ultrasound done on my thyroid since I’ve been suffering
from an autoimmune disease called hypothyroidism. The ultrasound did come
back positive for a suspicious tumor, which after a biopsy, it
was confirmed to be cancer. So these are little letters of hope
that family members leave for their loved ones that are currently
going through either chemotherapy, radiation or any type of cancer surgery. So they have like lots of meaning and
there’s prayers on these and there is just little words of wisdom and hope. My thyroid cancer surgery will actually
be covered through my insurance, fortunately. So there will be
zero out-of-pocket costs for me. This is a monkey. “Hello!”. I actually wake up pretty early around 3:30
to 3:45 to start my class at 4:00 a.m., and my classes
end typically at 6:00 a.m. And then from there I get
ready for my full-time job. Being an ESL teacher
is definitely fun. You get to interact with so many
children from China and they’re just so bubbly and so eager to learn
English, so it’s definitely fun. I would say that it does
take a toll on you. You know, you do get tired and it’s
hard to stay focused during the day, but I think that as someone who has a
goal to invest money and save money, I’m definitely sacrificing my sleep right now so
I can build my investment and savings accounts. I know that I release at least three
videos every week, so if you want to get notified every time, make sure
you hit the bell notification. So the goal with my YouTube channel is
to eventually be able to have enough income from that to essentially live off
YouTube income and also pursue my MBA. I would love to make YouTube videos
and be a business student at the same time, so that
is the long-term goal. After business school, we’ll see essentially
where I land in the finance world. I drive a BMW, and I love my
car, but I hate the monthly payment. I’m currently paying $720, which is almost
as much as I pay for rent. The goal is to pay it off in a year to
a year and a half so that I can have the freedom to start
looking for a home. I regret buying the BMW because
it is a nice car. It drives amazing. It looks great, but I don’t really need
that type of car in my life. I think it was an ego thing. Because I did graduate debt free, I felt
like I deserved a nice car, and I didn’t have my parents pay for it. About eight months ago, Chris and
I got our first puppy together. His name is Techno. He is a Blue Nose Pitbull. We spend roughly $100 a
month for his food. He eats a lot of food. That expense does come out
from our joint checking account. You know, I tend to be more on
the conservative side when it comes to money. And he’s more on like, you know, you
only live once, so do the things that make you happy. Although we have like little
fights about how each one of us should be spending our money, I think
we’ve realized that living together is a great way to save and it’s much
better to live with someone you love and that you want to be with versus
living with a roommate you don’t really like. So I’m happy that I get to
split the costs with Chris and that we’re building a little family together. The goal with that account is to save up
for a home, but at any point, if something does happen, I know that I can tap
into that money and use it as a rainy day like expense. I love the idea of knowing that
the money I’m investing in my retirement account will grow tax free, which means when
I hit age 65 and I decide to withdraw that money, I will not have
to owe a penny to the IRS. I do want to eventually open up a
401(k), but I really need to first pay that BMW and then that way I can
go ahead and contribute roughly 10 to 15 percent a month into the 401(k). I think I have beginner’s luck, but I
honestly don’t know if it was like my timing. But I started investing back
in like late December, early January. That’s when I initially started opening
up different positions, and my account is almost at $20,000 and my
initial investment was a total of $14,000. So prior to starting my hardcore investing
and saving journey, I was able to travel all around the world. I’d been to Dubai,
Brazil, Spain, Belgium, London. But now that I live with Chris, and
now that we want to save together and work towards a goal together, I
haven’t had a chance to travel. So my goal is to definitely travel
more, but to do it for free. We would love to go to Europe together
next year in the summer, so hopefully we get to do that for free or if
not at least for like half the costs with some points. I consider myself
to be pretty good with money. I’ve been working since
I was 15 years old. I think coming from immigrant parents, I
was always told you need to save every penny. And so I’ve always had
that mentality that you should strive to save for the future. Although I make $80,000/year and
I live comfortably in L.A., the goal is to actually
make roughly $95,000 a year. I think with that I’ll be able to
maximize my savings for my future home and not find myself struggling at the end of
the month to have extra cash after paying all my expenses and investing
and contributing to my Roth IRA. So the goal is for
about $95,000 a year.

100 thoughts on “Living On $80K A Year In Los Angeles | Millennial Money

  1. I’m sos surprised to see so many comments compared to when you first started and I discovered you 🙂 def going in the right direction. SO PROUD OF YOU WENDY

  2. Very disciplined for her age. She’s been blessed to be both smart & beautiful. Prayers for your recovery. 🙏🏿

  3. Could have brought a used BMW that runs and drives just like that one for less than $15K. I would swap rides and get some money back in the process, should have brought a house first. Also, going from $14K portfolio to $20K portfolio in a year or so is nothing. I made a $105K investment in Apple and in a couple years it is now worth in excess of a quarter million dollars. My "rainy day" money went from $10K to around $45K so forget about high yield savings accounts it will take forever to make money just invest in a non-retirement brokerage account which is like a roth IRA but without the tax advantages but you don't have to wait till retirement to use it and the tax is less than income tax which you will be paying when you get the $95K a year job. I brought a house a few years ago when it was cheap so my mortgage payment including tax and insurance (which is income tax deductible) is around $1500 for a 2 bedroom house, there was some luck in that.

  4. It is important to invest in your health too. Lack of sleep and overworking…i admire your determination and ambition though. Kudos to you!

  5. She knows how to manage her budget. I just want to buy a piece of land and mobile trailer home and get out of LA.

  6. Hi Wendy! Your story is inspiring! The way you handle your finances and your lifestyle is truly inspiring, something I wish and aspire for. May I know how did you get into logistics career? I want to explore making a career in that field. Hope you read this and respond. Thanks in advance!

  7. L.A people with rest of the graduates in other states. We know how to work full time, manage our money, and school really is free if you apply for scholarships and maintain good grades. As an Angelino, I'm living off $15 an hour with 40 hours a week. I'm part time college student finishing my General Education at a community college. FAFSA waives all my school feeds because of my good grades. My major will be Mortuary Science. My Apartment is $1200 a month but me and my life partner each split the rent in half. Our income together is only $3,900 a month. If we can do it, anyone else can. Keep on thriving! I honestly don't know how people end up with school loans. I really recommend people to school when they EXACTLY what they want to major.

  8. 33,000 divided by 700 is 47.14
    She’ll pay it off in 4 years relax people. Yes we know if she would put 500 in a Roth Ira or a Roth 401k for the rest of her life she’ll retire with at-least a couple millions.
    But yeah I’ll buy your bmw after u pay it off for 3k.

  9. Right when I thought she was smart enough to not get into student debt she ends up buying a luxury car, a BMW to make manners worse.

  10. I’m confused if her typical monthly budget is around $3500 and she also does teaching on the side then it’s $500-$700 then that doesn’t equal anywhere near $80,000 where did the rest of her millennial money??!!🧐🤨🤔

  11. Not telling the whole story…..50 dollars a month eating out?…in pasadena…… mostly chickfila? so you only eat at chickfila 5 times a month and eat nothing else?

  12. Much respect for being smart with her finances, especially during her college years. Graduating debt free from UCLA is pretty amazing. The only thing that wasn't wise was there BMW. But on the bright side of that, it'll benefit her credit. She's way ahead of me financially and she's just about my age.

  13. @InvestedMillennial I am 1st generation born American of immigrant parents. With that said I couldn't be more proud of what you've accomplished and overcame by 24 y/o. Wendy, You had me at graduated debt free from UCLA!!!! #Priceless …. Just like a professional athlete hits their prime around 30 y/o, I can't wait to see your accomplishments in the next 5 years. You have a new sub from me and a fan. Blessings on your health, wealth, and happiness. #WinningAtLife 👑🥰

  14. okok, where are more women like this? tired of finding a girl and she ends up being an instagram clout chaser or gold digger 🤦🏾‍♂️

  15. Opting out of a BMW to a less expensive car would have been smarter spacially since she's so focused on maximizing her savings. Other than that, you go girl!

  16. I wont be watching her investing channel after I heard her say she was entitled to a BMW and YOLO. Also, everyone look like a genius when the market is doing well. You can get 30% in. 2019 by picking stocks by throwing darts.

  17. i've made the same mistake by buying a car. Also a BMW 'only' for 25k cash. I bought it with all my saving when i was 21 years old. That was not a good decision. Should have invested that money for a house….

  18. Thank you for highlighting the importance of investing! I’m about to graduate from college and really respect your hustle and passion for educating others! Wishing you all the best!

  19. Hi I wish you made videos about the rest of the millenials not just those who make six figures with no debt. I want to see success stories from those payoff debt, still paying off debit, or handling credit cards when you make less than 60k. This seem so unrealistic ¯_(ツ)_/ ¯ to the rest of the country

  20. LOVE… she seems like a great spirit and very motivating. Im 10 years older and wish I had been this motivated at her age (I know it’s never too late) 💚✨

  21. Oh i wonder what it would have been like getting out of college and having a real job instead I got out in 2008😒that was bloody hell.

  22. Love her story. However, Cars are depreciating assets. That BMW is a bad investment. Financially, a bad idea but if you can afford it, good for you

  23. As someone who places value on leisure, it seems kind of silly (to me) to work an extra job just so that you can afford to pay a BMW car note. Why not wait until you're making more than 80k or living in a less expensive place than Southern California to have that kind of a car? As a comparison for folks who don't live on the coasts or in super expensive areas, what she makes is equivalent to 54k in the midwest (indiana, michigan etc.). Idk anyone who earns 54k that would buy a brand new BMW.

  24. Very motivating video! My only comment would be to downgrade your platinum to a Amex gold card since you probably spend a majority of your food budget on groceries. You could have them both but since your mentioned you do not travel as much anymore, it does not seem like you get much from the 5x MR multiplier.

  25. She drives a BMW buts eats fast food?? A smart person would drive a Toyota but eat in Whole Foods or similar – can save a fortune on medical bills going forward.

  26. Where is this 1795 a month one-bedroom apartment in 2019/2020??? Literally nowhere in LA County could you even find a studio for that price.

  27. She’s got to be one of the strongest, smartest, most open-minded and most financially responsible people in this series. I’m sure Graham would agree!

  28. I wonder will it be 50/50 if you get pregnant. He might do 4.5 months for you. Since y’all split everything lol

  29. Two things:
    1) Living with your partner is not a true representation of living in LA. Anyone can have a roommate. Let’s talk about how difficult it is to live alone or buy property in LA on a single income.
    2) Did she say chick fil a is CHEAP?! Girl…

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