Bukola Ayodele, Roy Patterson, and Brieonna Johnson live in different cities and work in different industries, but they have one thing in common: All three are millennials who make over $ 100,000 a year.
CNBC Make It previously interviewed Ayodele, Patterson and Johnson for ours Millennial Money Seriesthat profiles and details people around the world on how they make, spend and save their money.
Here’s a look at each of their monthly budgets, as well as their attitude towards money.
“I make sure that I put some money into my long-term goals every month,” says Ayodele, a 25-year-old software engineer who works in fintech. they makes $ 210,000 a year and lives in New York City.
One of their goals is to become financially independent FIRE (financial independence, early retirement) Move. She hopes to eventually earn enough from her investments to cover all of her monthly expenses, even if she chooses not to retire early.
Ayodele can save $ 7,625 every month. She pays $ 42 in her health savings account, $ 1,583 in her 401 (k), $ 2,000 in a high yield savings account, and $ 4,000 in a brokerage account.
The rest of her salary goes towards housing, family donations, food, beauty, clothing, transportation, subscriptions, and utilities.
Roy Patterson is a 31 year old IT project manager at Cigna Health who lives in Philadelphia and makes $ 118,000 a year.
Patterson spends around $ 6,000 a month, of which $ 3,111 goes into savings and investments.
Patterson’s greatest challenge is skin care, which he considers an important part of his self-care routine. His product of choice: Biologique Recherche Lotion P50, which costs more than $ 100 for an 8.4-ounce bottle.
In total, Patterson spends around $ 630 per month on discretionary spending, including travel, skin care, clothing, and entertainment.
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Brieonna Johnson is one 29 year old nanny who makes $ 175,000 a year Working in New York City and Atlanta. Before the pandemic, she flew back and forth between cities every week.
“I usually work seven days in New York City, then three to five days in Atlanta,” says Johnson. Her friend works for an airline that allows her to fly for free on standby. However, should she ever have to wait more than a few hours for a flight, the family she works for in New York will pay for the flight.
However, Johnson has not worked directly with the New York family since the pandemic began. She has been put on paid vacation and continues to earn her base salary of $ 130,000. She also makes $ 30,000 a year from the Atlanta family and $ 15,000 a year as a travel nanny and newborn specialist.
Every month Johnson puts $ 1,925 of her salary into savings, divided into Roth IRA, Simple IRA, and Digit. She is also aggressively paying off debts; Another $ 4,325 goes into their student loans and credit card debt.
Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.