Living On $100K A Year in Orange County, California | Millennial Money

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At the end of 2020, Kim Liao paid off her mother's mortgage. The 27-year-old saved up $28,000 in the first nine months of the Covid-19 pandemic, after her mother lost her job and was worried about making her housing payment. Kim began credit card churning and sold items around her house to bring in additional income. She considers it the least she could do to provide her mother financial security. "It was the best money I've ever spent because it made my mom so happy," Liao tells CNBC Make It.
This is an installment of CNBC Make It's Millennial Money series, which profiles people across the globe and details how they earn, spend and save their money.
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Living On $100K A Year in Orange County, California | Millennial Money

Опубликовано:

13 окт 2021

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Комментарии : 1 тыс.

@themillennialcpa 2 года назад

Hi guys it's Kim here! (Graham Stephan reference) THANK YOU so much for all your kind words. I'm so grateful to have been a part of this series and share with you guys my story. I love the personal finance community!

@janicelee6697 2 года назад

Congrats Kim! You’re amazing!

@hotmama298 2 года назад

You're doing great, you will reach your goals.

@aic0809 2 года назад

Thank you for sharing a piece of your life with us! It takes courage and vulnerability to do so. I’m an older millennial and am truly inspired by you!

@akirebara 2 года назад

Congrats, Kim! You are amazing! I’m so sure you’ll FIRE in no time. Cheers!

@kishaf23 2 года назад

You’re doing so well Kim. You are definitely an inspiration. I have one question, can you share your budget spread sheet. It looks really cool and something I can use.

@Y_Canada 2 года назад

A woman who makes $100k and walks dogs to pay off her mom's mortgage... She's so inspiring!

@DonMikimax 2 года назад

Waste of time.

@knightingg8324 2 года назад

100k in California is not that much actually.

@milkyway_939 2 года назад

@@knightingg8324 it’s kinda sad she needed to save for over a year. I wouldn’t call this financial stability :/

@tonyg.482 2 года назад

Saving 28,000 on a year is crazy wym

@YellowFlowerofTexas 2 года назад

@@DonMikimax yeah you can make more doing a part time job as a recruiter. I'm a senior financial analyst but I can do the part time too

@akirebara 2 года назад

Only $6000 on their wedding? I love that! Also, the fact that they got married in their house. I love that even more. They'll reach FIRE soon enough.

@finaistand9968 2 года назад

Thanks~~~~

@akirebara 2 года назад

@@jesuslover5968 I have no idea what you’re talking about

@akirebara 2 года назад

@@jesuslover5968 I didn’t remove anything but I did notice that you are replying angrily to a lot of the positive comments here about Kim, some of which seem racist & hateful. Not sure what your deal is, but I would suggest channeling your anger into something else besides writing angry RU-vid comments. Maybe strive to do something positive for someone in your life. That should take some time away from your phone/computer for a bit. Cheers.

@jennyk.8349 2 года назад

Our 2021 wedding costs was less than $500 personally 6,000 seems like a lot of money anything in the thousands seems expensive!

@akirebara 2 года назад

@@jennyk.8349 Wow! That's so great! I love that. I cannot fathom spending more than $6K for a wedding. I think her budget was good enough for an intimate, yet fun experience for her and her family & close friends. Anything bigger than this - that's just a flex at that point.

@Tabbylover55 2 года назад

Seeing how she cares so deeply for her mom is really beautiful. They obviously love each other very much, and she didn't take anything her mom did for her for granted, kudos to them both.

@drewconway7135 2 года назад

She’s doing great! I was so glad to hear they kept their wedding expenses down. Big weddings are a terrible waste of money.

@finaistand9968 2 года назад

Thanks~~~~

@twalsh1801 2 года назад

studies show the more expensive the wedding the more likely the marriage does not last

@jjowah 2 года назад

We agree to disagree. If you have a big wedding where your gifts equal the amount spent then you just made amazing memories you won't forget haha but ofcourse most of the time that's not the case

@drewconway7135 2 года назад

@@jjowah Or you could skip the ceremony, still get the gifts, and come out ahead.

@jjowah 2 года назад

@@drewconway7135 that is true haha

@Dreabz617 2 года назад

The is woman is so impressive. She’s obviously really smart and extremely caring. As an immigrant myself, I appreciate seeing someone who has made helping out her parents a financial goal. Awesome and inspiring episode ❤️

@uncomfortabletruths7990 2 года назад

Ok I’m not hating or anything but this is not impressive what so ever she is literally a normal person I’m literally going through exactly what she has went through already so have my older 2 sisters and a lot of friends around me she just hit it already but we all getting there

@Dreabz617 2 года назад

@@uncomfortabletruths7990 stats show that 70% of Americans have less than $1,000 in savings, with some not even any having retirement funds or emergency funds. This woman managed to save 28k in one year to pay her mom’s mortgage on top of all her other expenses and savings. I think 70% of Americans would disagree with you that what she’s doing isn’t impressive, especially when she didn’t come from wealth and privilege. Props to you and your friends who happen to also be on the minority.

@denzelb1333 2 года назад

@@uncomfortabletruths7990 keep crying tho

@sun_free 2 года назад

@@uncomfortabletruths7990 “we are all getting there” no, that’s not the reality for everybody. Not everyone is fortunate. Don’t be close-minded

@changenoways9555 Год назад

Why do you have to say this woman why cant you just say this person? LOL I am joking

@jones2277 2 года назад

this is a great example of how important generational wealth is. it doesn't mean your family is wealthy; it just means you have the means to financially support, boost, or provide your social capital for your loved ones when they need it. it's nothing to be ashamed of. she and her husband are clearly hard workers who valued the help they got and will pay it forward to the generations that follow them.

@SL-lz9jr 2 года назад

It's true. It really has nothing to do with having wealthy family members. Just those with enough disposable income to provide a leg up. It makes all the difference.

@benrickbaptist4313 Год назад

Love this ❤

@lynwill9946 2 года назад

She's doing very well. Have a $3600 mortgage divided by two individuals is 1800 a month. You can't get a one bedroom apartment for 1800 a month in major cities. She is doing great.

@552mustang 2 года назад

Whereas I live in one the high COL areas in the nation Seattle and pay 1400 a month including property tax for a 3BR 2000 sq ft house. Current rent and mortgages are just taxes on new suckers who want to move here.

@alp.9672 2 года назад

1800 is enough for 1bd apartment, you’re definitely exaggerating

@teacheschem 2 года назад

@@alp.9672 - depends on where. $2000 is a one bedroom in my building in the Bronx in NYC. Can’t even imagine what it’s like in Manhattan. My husband’s client has a 1 bedroom in Manhattan and pays $6000/month.

@alp.9672 2 года назад

@@teacheschem NYC the most expensive city in USA also. I’m from tri state Im familiar with our rent prices.

@Zero11_ss 2 года назад

@@teacheschem There are plenty of 1 bedrooms in the bronx for $1,300 to $1,600.

@MinisterMishkin 2 года назад

She's killing it. I wish more families took care of each other like she has.

@Pquinter1 2 года назад

Some people see it as a bad thing unfortunately. My spouse did and had to divorce because of it.

@SkankHuntForty2 11 месяцев назад

They do. They're called "Asians."

@jeffsibert647 2 года назад

This is one of the best ones Ive watched so far. Not only did she make great strives and used great tactics but its one of the more relatable videos lately, salary wise

@ayeshadhillon3766 2 года назад

Truly amazing young woman! The story of her saving up for her mom, picking up extra jobs etc. is absolutely beautiful to hear- you can literally just FEEL the love of their relationship. Good for you and wishing all the success for you and your mom (and families!) in the future.

@budgetwithjenny 2 года назад

She’s doing amazing and I love how she is helping her mom out. She is someone to look up to!

@JanellKnowsMoney 2 года назад

This is my all time favorite series. Please keep them coming! It’s so cool to see where other folks are at & how they got there.

@RyanLogan01 2 года назад

these videos keep getting better and better! love how financially responsible she is at such an early age. you love to see it!!!

@sweitang6305 2 года назад

I’m an immigrant to Australia....this story is truly inspirational...can relate to helping parents out as I come from an Asian background myself. What is really inspiring is how Kim is budgeting so well to live frugally whilst still having fun. Good to see mum is doing well too. These stories inspire me and motivate me to work harder to provide for my family

@paengguin9381 2 года назад

She is SMART and hard-working. Also a loving daughter to her Mom. She has goals and she is motivated to achieve all of them! She is a good role model for kids nowadays. Many kids feel entitled and are lazy.

@sweetflower7959 2 года назад

That is true 😞

@desultorilypanacea 2 года назад

She's so nice to her family most people don't help out. They say that is their problem.

@finaistand9968 2 года назад

Thanks~~~~

@queline213 2 года назад

I think it's easy for her to do this seeing how much her mother sacrifice for her. Although parents are supposed to care for their kids and be selfless, that is not always the case with parents, especially fathers. I noticed how she mentioned her mother over and over again when making sure her mother will be always cared for. She is showing gratitude for what her mother did for her when they had very little. Perhaps daddy wasn't much of help when he separated from her mom. Seeing that he gave her 30,000 toward the house only to secure his future .

@ilovegoodsax 2 года назад

It's part of the Asian culture, your parents and elders in general are respected and revered.

@BlackFlashDrive 2 года назад

Chinese culture is like that. Our parents took care of their parents, and my children will take care of me. It’s a cycle where everybody is taken care of. This is one of the reasons why you rarely see homeless Chinese people

@thaiproud2b12 2 года назад

Pretty much echo what others have said; part of Asian culture. Pretty much see most white people here in the UK put their parents in a care home or visit them/call once in a blue moon leaving them to rely on pensions. No way would that happen culturally for most Asians. Sad really.

@TheDanaYiShow 2 года назад

Love this episode! I'd love to see update videos on stories like these a few years down the line :o

@dr.wesker 2 года назад

$45K from the parents isn’t exactly “no help”.

@twalsh1801 2 года назад

its downpayment for future living arrangement with the dad

@kauigirl808 2 года назад

30k is dad's secure payment for future living arrangement lmao 🤣 the 15k is just the commission they didn't have to deduct.

@The_Bronze_Spoon_Investor 2 года назад

Hi Kim, I love your sense of independence! That is really cool that you learned while working in the finance industry to save more and invest your money. Oh my gosh I love the house wedding idea! At first I was like dang, living with parents for two years then you guys bought this massive and expensive house. Good for you guys on finding a way to rent out a room and Kim planning that budget for your mom is absolutely incredible. Awesome experience, thanks for sharing your story!

@monicarenee7949 2 года назад

Her story sounds soooo similar to mine, from the cheap wedding with DIY, side gigs, buying mom’s house, and rental property. I wish her the best, she’s sure to reach her goals!

@nicolasnicolas274 2 года назад

Great comment, inspires me to do the same! All the best for you and her, hope you can reach your goals soon!

@paolabueso 2 года назад

Beautiful episode! I love how she values her family. Thank you for sharing this!

@bizmatthew 2 года назад

Great story Kim! One of my goals is to pay off my parents mortgages also so seeing you do it 9 months makes it more attainable.

@itstatilol4392 2 года назад

She seems like she’s got a good handle on money, would love to do the same!

@milkyway_939 2 года назад

She seem very kind and respectful towards her family. Not really good with money tho. She could be financially free within a year with her income and don’t worry about calculating every penny carefully.

@agnethapoopiehead 2 года назад

Omg this story is amazing an resonates so much with me from the story with living with mean family members who looked down on us being new immigrants to helping out our retiring parents. It would be awesome if you share your budget spreadsheets bc they look so organized and beautiful!

@j_jungy 2 года назад

This is one of the greatest ones I've seen, Kim is a rockstar

@amanderzw 2 года назад

So moving how much her and her mom support each other. Love love love !

@KaliAlexandria 2 года назад

Such a feel good episode 🥰 thank you for sharing!!

@MOBMJ 2 года назад

this is probably the best one I've seen yet, its so different then the ones in the past because it covers different things about the person that were never before. another thing I really could relate to this one because my dad was a immigrant. and how through out my life he taught me about finances and how his life was back then and educating me to not make the financial mistakes he made. also what makes this a special one for me especially is I am from Orange County and still live there now. I love my home town and so glad to see this from CNBC Make It

@TinaLeder 2 года назад

Ngl, those budget spreadsheets looked beautiful.😍

@PnoMonies 2 года назад

This is by far my favorite episode ❤️. Congratulations

@iamkerenlouise 2 года назад

She is #goals, love her devotion to make her Mom's life financially stress-free. Truly priceless!

@travel9two557 2 года назад

Wow really liked her way of thinking about her mom, present and future. She is very good with money, saving and spending. Congrats to her and family

@rebeccavl97 2 года назад

They both definitely have the lifestyle I aspire to have someday with a partner! I also love the fact they kept their wedding expenses low and instead spent their money on more useful things!

@akin242002 2 года назад

Graduated college debt free is the best starting point. Especially for an economics major. Also with $2,680 invested per month, she is maxing out her Roth IRA and 401k adjusted annually. Plus some extra investing in a regular taxable brokerage account. Smart!

@kelvinkuzy 2 года назад

She's so funny, performing for her guest lmao. Impressive, she's doing everything right. Graaaaahammmmmm time to review.

@ericshang7744 2 года назад

oh well, she didn't have the instant coffee, so not a pass just yet.

@Emilyghe 2 года назад

I feel you! I lived in my aunt/uncle’s house the first year after I came to US and they were very mean to me. Then moved to dorm and continued my life without them being cold blood relatives. One reason to not want my parents to move here with me.

@finaistand9968 2 года назад

Thanks~~~~

@sharlenelockett2224 2 года назад

I love that they made their wedding so personal. The big weddings with stuff to impress others is unfortunate. Helping your family is such a great feeling especially when they are trying to accomplish something on their own and you can help them reach the goal. Great segment.

@bhavayog 2 года назад

So inspiring.. especially supporting the family.. great values

@muller_509 2 года назад

She’s killing it!

@Pumpedi 2 года назад

Interesting idea about expenses split, thank you for a great video!

@finaistand9968 2 года назад

Thanks~~~~

@ananbatra7731 2 года назад

Its amazing to see how she helps out her mother so much! Love it!

@ajnunez11 2 года назад

Amazing job! Loved your video. You will be there in no time.

@GwenDeeful 2 года назад

That was a wonderful financial story. I loved that Kim chose to help her Mom when she was laid off.

@aldralee 2 года назад

This brilliant and beautiful woman deserves a standing ovation! Such dedication and love. Saving money on the wedding was so smart. Her family is so lucky.

@ontheaction1 2 года назад

The discipline is REAL! Congratulations on achieving so much & so early in your career life.

@Powaup 2 года назад

Great story!

@kirstenzzz2849 2 года назад

so wholesome such good vibes her story made my day thank you

@skylinec83 2 года назад

She's 27. Assuming she graduated 5 years ago and assuming she split the house down payment with her husband, she's been able to save at least $20k or 20% of her gross income per year. $80k for the house, $28k for her mom, a few here and there for wedding, furniture, etc. That takes legit discipline and hustle. I see that immigrant grit and work ethic is strong in her. I'd invest dad's $30k into an ADU or in-law suite down the line tho...

@MrTacoMan123 2 года назад

I’d like to point out most likely she didn’t start her career at 100k per year. But yeah she has legit discipline I aspire to have one day

@BrainFish82 2 года назад

I cried watching this ! Soo cool that they learned to play instruments for their wedding guest. Also, a gem was dropped when she mentioned having a joint credit card when finances are separate

@merryive 2 года назад

Such an inspiring story!

@DavidNassau 2 года назад

What an inspiring story, love her energy and mindset

@latashakelley3550 2 года назад

Great episode! She is so selfless, helping her mom! I love her Discipline I just don’t know if I agree with her and her husband having everything separate. But to each their own! The important thing is that it works for them.

@Kemzozo 2 года назад

I love how she’s helping her mom ❤️

@kuukuaforson 2 года назад

Awww! Love that you helped your mom pay off her mortgage! 💜

@gachzedek 2 года назад

I love this story so much.

@camelliaghotbzadeh2576 2 года назад

I'm also from Orange County! Awesome being able to find a place for $800k and having a roommate help with the mortgage. I love how I also recognized Orange Circle 😂 Kim seems like she's doing really well for herself!!

@Brokeloco 2 года назад

Awesome episode.. I’m financially free and I just Remodeled my aunts whole bathroom it was a blessing to give back .. give like no one else like Dave Ramsey says

@livelife1899 2 года назад

So inspiring! Thanks for sharing

@finaistand9968 2 года назад

Thanks~~~~

@WalksWallStreet 2 года назад

This is one of my favorite ones! She works hard and I respect that 100%.

@isismalls3436 2 года назад

Love how she takes care of mum😩🙏❤️

@TruuJones 2 года назад

The wedding part was REALLY smart/cool

@snehapoonacha8364 2 года назад

This is one of favourite episodes! She seems to be killing the game. Good on her.

@daniellemayber6509 2 года назад

Aww I loved when she helped her mom! That is so sweet! ❤️

@onekewlbraddah8460 2 года назад

I like how she always goes back to help out her Ohana no matter what!

@sc705 2 года назад

What a wholesome story. Very inspiring to see her help out her parents. Bravo!

@KynaNg123 2 года назад

Love her motivation!!! Def someone to look up to :)

@jameshizon4861 2 года назад

Great story.

@Hakeem94 2 года назад

She was able to afford a home by receiving $30,000 from her dad and was able to save the remainder to by living for free or cheap at her boyfriend's parents' house. That's not statistically realistic for the majority of working-class people.

@devonta28thKY 2 года назад

Even without the $30k they would’ve been able to afford the home. They only needed 3.5% down not 20% There are many everyday working class folks who live with family.

@TinaLeder 2 года назад

I love that they keep their finances seperate besides shared expenses because they have different money goals. It helps avoid money arguments as a couple especially since they're likely making similar salaries anyway.

@MattSezer 2 года назад

But how is it going to work when those goals do or don't come to fruition? It seems like it's just delaying conflict rather than solving it.

@gtyson188 2 года назад

You definitely need a little Dave Ramsey in your life.

@rexyzvent5864 2 года назад

My kind of wedding! And love that shes looking after her mum

@user-fl9ti9ej8g 2 года назад

Pressure makes diamonds!! You’re an inspiration.

@pumpkyn96 2 года назад

Goals! This made me feel so much better about moving up in accounting

@katherinezp 2 года назад

As Chinese, So happy for you and your Mom's get through the tough times.

@finaistand9968 2 года назад

Thanks~~~~

@MrTmenzo 2 года назад

Wo xiang mai chi dangao to celebrate.

@jesuslover5968 2 года назад

So happy she found a white mans

@jacksanson3325 2 года назад

@@jesuslover5968 why

@dr.wesker 2 года назад

@@jesuslover5968 you sound jealous. Can’t find yourself a white man?

@hinavepooi7657 2 года назад

Love her story very inspiring

@ggvideonow1 2 года назад

What an inspirational story and accomplishments!!

@dchen1010 2 года назад

That's awesome. Spending only $6000 on a wedding is such a big win! I see people who spend over 50k on a wedding and that sets them back so much! I love how frugal she is. She'll retire early for sure

@sidehustlevikki1066 2 года назад

Thank you cnbc for another great story!!!!! She may be my favorite so far.

@teri3131 2 года назад

My favorite episode by far!

@wshh8486 2 года назад

Good job. Keep striving

@StephonBroughton 2 года назад

Super cool! I’m a financial analyst and my fiancé is a chemical engineer (student, almost done!) but she’s working in R&D and quality testing. Super cool to see another perspective. We budget together tho…. Even tho we have different goals😂 great job Kim!

@msthing 2 года назад

It's true! I paid off my mom's student loans, and it felt so good! Funny how the bank was happy to take the money, they didn't care about who it was coming from :D

@livinginoc Год назад

Great video! I love helping people move to our beautiful community!

@gingerriviera3654 2 года назад

Wow....this is the best story and adore how Kim's priority is her Mom also...❤

@4444care 2 года назад

Happy for her! Her mom must be very proud 💖

@Je.rone_ 2 года назад

In California $100K is like $60,000 in most other places in the USA 😅 cali kinda expensive

@zakariamattu8613 2 года назад

Exactly that’s really how expensive it in California

@ilovegoodsax 2 года назад

It depends on where in the state you live. Not everyone live in SoCal or the Bay Area but people who don't actually live here ignorantly think they know everything about California.🙄💯 Besides that, the wages are higher here than in Kansas or Mississippi so cost of living is all relative. Our state minimum wage is $14/hr, not the federal $7.25 that most states pay.

@MrTmenzo 2 года назад

100k gross so 72k net. Not bad

@theschweetstop 2 года назад

Less than 60k

@theendurance 2 года назад

still better than other states because when you do all the COL adjustments, she is still making and saving more money in CA.

@hught6885 2 года назад

Love it. Seem very humble and realistic.

@Gatecrasher1 2 года назад

Grit, smarts, determination and hard work--this is type type of person I admire the most

@JamieKateAdoc 2 года назад

She’s killing it!🌟🌟🌟 at a very young age she accomplished a lot!🤗

@kayayichibesa6481 2 года назад

Buying a house for the wedding venue is a brilliant idea. I would definitely do that if I have the capacity

@JujuGurgel Год назад

Our high schools need stories like this. I remember being in high school and not having any idea of anything financial.

@djetton1 2 года назад

From the mud!! Love it and very inspiring!

@artakopyan8474 2 года назад

100k salary is the new “50k”. Barely enough to survive and pay bills

@adunni2606 2 года назад

remember she lives in a dual income household

@missminty1996 2 года назад

In California that is definitely true 😂 especially Orange County. Median income is $135k

@ToddBaldwin 2 года назад

She is crushing it!!

@JK-fp2vk 2 года назад

Super inspiring!

@crystallara96 2 года назад

Love this!!!

@DemetriPanici 2 года назад

Orange county looks so cool!

@finaistand9968 2 года назад

Thanks~~~~

@johnz8112 2 года назад

It's gorgeous!

@MOBMJ 2 года назад

it is I'm from Orange County born and raised and still live here today beautiful place, encourage u to visit it

@noobERNS_it 2 года назад

"you guys living under my roof, you gotta follow my rules" sounds just like my parents 😅 thankfully not living with them no mo, but definitely thankful for the roof over my head and food in my belly growing up 😁