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. This is okay I guess. Would never live in LA even if I made 500k a year. The houses there can buy me a mansion elsewhere. That BMW can almost pay off mortgage. To each their own though.

  2. I have a daughter…and will tell her to shine like this… minus the boyfriend and car note…lol…but kidding aside… keep it up!..

  3. I’d strongly advise against working at the same company as your partner. If it goes out of business or goes through a restructuring then you can both be out of a job at the same time. On a more personal level I would need space from my gf, I can’t do everything with her or I would go absolutely crazy if I worked with her on top of that.

  4. Somewhere else she is being criticized and laughed at about her finances.
    But I don't know. I'm a broke homeless bum on a government free phone.
    She might be right by the comments here.

  5. Hold on, does your employer match the 401k? It’s not smart to leave that money on the table. You have a lot in your high yield savings account. At least get the match from your employer, keep saving in your Roth IRA and the other accounts. Post-tax or pre-tax, it’s money you’re leaving on the table (if the company matches).

  6. I don’t believe that this young lady got to where she is today 100% on her own. She must of had some sort of financial and emotional support from her parents or family. She must of had parents who worked hard and sacrificed for her to get into college. I do not believe that she is a super man and achieved all of this by herself.🤷‍♂️

  7. graduated UCLA debt free, traveled around the world, makes 80k a year, has 25k in savings, and studying to get into an MBA program while pursuing youtube..wow she really has it all together…truly inspiring work ethic as a fellow Latina and senior college student

  8. Not going to say anything about the car because she already knows that was a stupid purchase. it's great that she is focused on investing and saving. I agree that people focused too much on budgeting. Obviously, people need to start somewhere but budgeting isn't a muscle you need to excersice for life. It eventually becomes a habit that you do automatically. Investing is where wealth is truly made for most people. I would recommend that she contribute to her company's 401k, specially if they have a match. Don't let free money slip away. I have a Roth IRA and a retirement account with my work and they match 6%, that is literally free money I'd would be saying no to.

  9. Wow, I am so glad you realize what a wacky move buying that car was! Live and learn, right? I have seen people sell the car and buy a safe and reliable car for like 5-10K. $700 a month has me totally shook! You did everything right leading up to that purchase. I believe you will make better choices going foreword. You just need to mitigate the damage from the Beemer. Best of luck with your YouTube channel!

  10. I was interested until the BMW loan came out. Why even showcase a person who feels a car is more important than a home???

  11. So much about this chick is bull ****, $80k a year as a logistics supervisor out of UCLA? Who got her that job? Parents bring her food when she's clearly loaded and doing well? Seriously?

  12. Question what nationality are your immigrant parents? Im guessing Filipino / South American?? Im sure im wrong, but please correct me.

  13. pretty good till BMW came into the picture 😓and what she said is a form of entitlement. I live the opposite no sense off entitlement even if I worked for it. Ohh and I make more than her

  14. You could get sleep if you sold your crazy expensive beemer got saved up to buy a car in cash so they $700+ or so a month can go to investing and you can stop killing your self teaching kids at 4am

  15. You go girl! How do you balance so many things on your plate at the same time is amazing.

    P.S: In my country, $700/month will only pay for a Honda…

  16. Heyyyy Hope you havent sold your Nio Position!! Remember I told you about CLVS, keep your eye on SAGE…. make that $$$$$…

  17. This one is very relatable to me. I'm a double Bruin, undergrad ND MBA, and also made a terrible car decision after my undergrad. I'm sure you'll do fine.

  18. I like this. But where would she be without her boyfriends extra income? I'd like to see apartments and debts for a single person and not a couple since it's advertised as 1 person. She graduated debt free, that's a blessing in itself. But would she have that bmw if she had to pay rent and utilities alone? Could she still travel etc without that other catch net? Can we see that or focus on both individuals for a true picture?

  19. This is an awesome couple and great video but why doesn’t her monthly budget add up to $80k less taxes? $3,468 x 12 months is $41k?..🤔

  20. You guys are on a great path, I’m super proud for both of you! Pasadena is an awesome city. Only wisdom I can give is be careful about spending tens of thousands on an MBA, unless you are certain it will move you up in your field.

  21. She is a true hustler, all I can say is, she really inspired me to pay off my student loan this year. I was paying the minimum but after watching this video I am paying $1,200 a month now. Thank you invested Millennial. 🙂

  22. She is amazing at juggling so much and is going to go far. A couple things to watch out for is overspending on a credit card to get ‘points’ which are pennies on the dollar! Most people overspend substantially when trying to rack up points and would be better off staying away from credit cards and saving on their own. Also, it’s not really ‘free’ because she spends $45 a month to go towards an annual fee? Also that car is crazy girl!! I know she said she loves the car but it would be smarter to sell it (get a loan for the negative equity) and get a much cheaper car that you buy in cash. Finally, I would avoid taking any student loans for your masters. Basically any debt is going to be your enemy no matter the justification. Good luck beating cancer and on your investing.

  23. I graduated University with 30K debt that I am still paying
    I don’t go by any budget
    I make less than her per year
    I live in a big city in North America
    I bought a house
    I don’t have a BMW
    I am still wondering what investments this video is about lol video is more about budgetting…
    Sorry for your cancer

  24. I'd love a new car, electric, but my 2008 scion xd (first car) works and is paid off and it's a Japanese car so… It's going to last a while. As tempted as I'd like to get another car it doesn't make sense. If I had a partner with me and all costs was split, no problem. I'd be able to get that car without my budget being out of wack.

  25. TRUST ME WHEN THAT BMW STARTS GIVEING U PROBLEMS, ITS GOING TO BE LIKE YOU ARE PAYING YOUR RENT BECAUSE I PAID 800.00 FOR MY FRONT END BECAUSE I HIT A POT HOLE IN THE STREET. BACK LIGHT WENT OUT I PAID OUT 250.00 FOR A DAM LIGHT. WHEN U BUY EXOTIC CARS BE READY TO PAY UP.

  26. Who gets a $700 a month car payment on 80k salary as a (legally) single person, in the state of california???? You have federal income tax, state income tax, high COL, file taxes as a single person, etc. I mean how do you even get approved for that loan since you financed it? You got it right after college so I doubt you had a whole ton of money to put down on it.

  27. "The majority of Wendy's expenses were covered by FAFSA." FYI: FAFSA is a form you fill out. It is not a fund. It enables universities to offer funding. CNBC is a money-focused program. Do better!

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