Living On $48K A Year Freelancing In NYC | Millennial Money
Вставка
- Опубліковано 15 чер 2024
- Kate Brunotts, 23, is a music producer who lives in Brooklyn, NY. Skipping college after high school, she followed her own path and left her home in Virginia to come directly to NYC to pursue her dreams of working in music. Every day is a constant juggling act of balancing multiple gigs, finding clients, and managing her finances.
Check out Kate's music here: open.spotify.com/artist/1vV2H...
This is a Gen Z episode of CNBC Make It's Millennial Money series, which profiles people across the globe and details how they earn, spend and save their money.
What's your budget breakdown? We're looking for stories from all ages, not just millennials! Share your story with us for a chance to be featured in a future installment of Millennial Money: cnb.cx/3OxbJ71
Produced by: Lauren Shamo
Senior Managing Producer: Eric M. Clark
Supervising Producer: Jessica Leibowitz
Additional Camera: Maherzad Todiwala
Animator: Elham Ataeiazar
Reporter: Cheyenne DeVon
Subscribe to CNBC Make It: cnb.cx/2kxl2rf
About CNBC Make It: CNBC Make It is a new section of CNBC dedicated to making you smarter about managing your business, career, and money.
Connect with CNBC Make It. Online
Get the latest updates: www.cnbc.com/make-it
Find CNBC Make It. on Facebook: cnb.cx/LikeCNBCMakeIt
Find CNBC Make It. on Twitter: cnb.cx/FollowCNBCMakeIt
Find CNBC Make It. on Instagram: bit.ly/InstagramCNBCMakeIt
#CNBC
#CNBCMakeIt
#MillennialMoney
Thank you all so much for having me! 💖🫶 Such an honor to be featured
It's always great to see people know their focus at such a young age, Kate
@@Pram4 🫶💖
I just listened to some of your songs they are great!
With 48K a year you could apply for a lottery for an apartment in NYC.
It's an honor to see you here, Girl. I know for a fact that not everyone is willing to be featured publicly, so you're actually doing us good by sharing your story here. Very inspiring and appreciated. 🎉
She's able to survive there. So it's not impossible as many think it is. It's a pretty tight budget but she seems to be happy. You go girl.
Bon courage.
yesss this was so comforting for me! I would love to live in NYC and people had me so despondent telling me that I would need to earn over 100k to be able to survive! So this was super refreshing :)
Yep, it also helps if you have a safety net like mum and dad's bank account ready to help you out if things don't work out. When you don't have it and you are someone's mum or dad things play out differently.
@@nso5625you can survive and thrive here. Just spend accordingly and be careful with debt.
One, she has a boyfriend that's helping pay the bills.
Two, I-m sure like many of us at the age, her parents can help in times of need as well.
bs stop selling these kids these wild dreams no one can survive off of 40k in nyc that's poverty status.. She's were shes at because of networking.
Being 23 years old w/ no debt is awesome. 48K is a 'lot' for someone who has their whole life ahead of them & has no debt to cover. Ask anyone older who has massive student loans, other monetary responsibilities & gets paid a negligible amount more. She's golden!
Wow you guys have of dets for education. Thanks God I don't have debts to repay 😃. I'm also video editor freelancer with good income though I finished beachlor degree in engineering but it had no use.
Just an American thing. In Europe: Sweden, denmark, netherlands etc. you can litterlay study get a masters degree without 0 euro of debt or loan. And I didn't start telling you about healthcare. Crazy how selfish the American system is, a nation needs to provide for it citizens. (and jet Biden sends 100 billion dollars to Israel.)
We’ve moved into GenZ! Love it! She’s doing what she loves and saving while doing it
Good for you Kate!! You went after your Purpose in life instead of settling. 🏆👏🏾
Thank you so much Shranda 😄💖
@@KateBrunotts Your Welcome Kate
I live in NYC and this is what most transplants in their 20's do. Freelancing has a lot of compartments involved but I am happy Kate is navigating that realm well. I can't get over the bond her and her Dog have so precious. Thank you CNBC for featuring Kate's very realistic life.
It Is so refreshing to see a young woman who is so thoughtful, interesting and making her way in the world!
She's very smart about money! I wish I had that at her age. I moved to NYC at her age with $1000 ... now that was a story 😂. That first year was insane. At one point I didn't have $5 to take the train... wild. Now I'm a graduate student at NYU's Music Technology program. This young woman is so cool.
Been listening to Kate for a while now and I can say , hands down the sweetest soul in this industry. She really is doing what most of us can’t . Mad respect kate ❤
:,) This is so kind! Thank you so much, appreciate you 🫶
It's nice to have video on a young person who is making a more "normal" income. There are lots of people in NYC who make less than $100K. I would have liked to know which neighborhood they are living in since it appears their rent is below average.
Yes although without her boyfriend she probably wouldn't be at this point of her career..... I would have preferred if they made the video as a couple sincerely
Her boyfriend pays MORE than half the rent. The key here is be a woman with a successful boyfriend.
@@iiiiilllllllll Exactly, you nailed it here. The title could not be more misleading. She is only "living" in Brooklyn because she is able to split her "shared expenses" (especially the RENT) with someone else, who may even be paying more than half of it. Otherwise, forget about living in Brooklyn on only $48k (unless of course you want to live in public/low income housing).
@@drivethrutours1916dude, you commented on another comment about this. What is wrong with partners paying for each other if they're happy to? It's fairly common to split expenses with a partner or roommate unless people don't like you. Even people earning 6 figures split expenses or pay more for a category. What is up with you and people like you judging her on that?
@@emilyau8023Nothing wrong with it and I’m not sure anyone is judging her but in a financial breakdown video, it’s normal to expect more transparency
Someone comparing themselves to her wanting to make a life in New York may not be able to do so if they don’t have a partner/roommate
I love this episode. Kudos to Kate for being able to pursue her dream and make it as her profession. She seems very happy too. ❤
She’s awesome!! Love that she didn’t go to college and that she’s well educated with personal finance
I truly enjoyed this video! You’re financially savvy plus you’re creative! Keep pursuing your dreams! This was so inspiring!
I'm currently learning about enlightenment and this girl is enlightened. You can tell by what she says at 7:07 and that's why she's happy not focusing on money rather what she needs to do with that money for what she wants to experience. 👏👏👏
so great to see kate on here. she's an amazing artist and it's such a joy to see her grow in her career!
AH HI MEYLI 💖
Kate is very smart about money, and so positive about it too! So many people in NYC who are making this much money are negative about how expensive it is to live here. People like Kate are the ones who will make it here :) Of course it helps a lot to have no debt.
Thank u for this ❤ my friend and brother are in the freelance music & film industry. This is so inspiring and you’re in the same age group as them!
It is impossible to live on just $48k per year in Brooklyn. Oh wait a minute, she refers to her rent, groceries, utilities, pet insurance, pet food, etc. as "shared expenses" with her partner.... So the title is a bit misleading because this implies that someone can actually "live" on only $48k a year in Brooklyn. She is only "living" on that because she has a supportive partner (who probably earns a lot more money than her) to split her expenses with.
Aww I really love her mindset! She’s saving and doing what she loves
@TExxTMeUPPp ok just left you a message! 🤠
I admire this young lady. She gets her life together and understands the value of money. Thanks for your sharing the story 🎉
Her spending is $4630/month which equates to $55k/yr, but is living on $48k/yr according to the video title? Math isn’t mathing or am I missing something…?
Credit boyfriend tax refund parents
Now, let's see how it works out with someone not dependent on sharing bills.
No fr because why even show her 😂
Kate is delightful, interesting, smart and talented. Wishing her success.
Smart girl who'll get far for sure🥂
Forever an inspiration. All her dreams will come true ❤
ayoo that’s my cousin!! go Kate ❤🎉
HI CUZ 💖 miss yall I have to catch an outer shapes set soon 👀
Nice Video and story!
you're an inspiration Kate! I'm so glad I found you through tiktok and have got to see you grow in your art and career
Aw likewise hello Anna Belle :)! The feeling is so mutual
You do what you love, congratulations ❤
She’s living on $56000 and spliting most bills with her bf… New York is expensive
Kate seems like a really nice girl, wishing you all the success
I appreciate you! Thank you!
The only reason why this works is because she is living with her partner. What happens if the relationship doesn't work out?
bingo but the young don't think about rainy days.
roomie
You get a roommate? Like it’s not a biggie
@@jones2277she’s 23 so old enough to move in with her partner. And yes young people are aware things aren’t always permanent I’m sure she would get a roommate or two it’s not hard in nyc
There’s a lot of spouses that can only afford their lifestyle because they’re married…. Even though they could break up too. 🙄
luv this
I Love her music !!!!!,when i saw this i get so excited cuz she's one of my favorites singers .
That’s my star girl!! Soo proud of youuu! LIVING YOUR LIFE UNAPOLOGETICALLY ⭐️
Maxing out the Roth IRA is amazing and save $$ on bubble tea by buying canned ones from Hmart or DIY kits!
Great video
Good for you Kate!!! Living your best life with little miss spicy
thank u ms kellifer
Well done!
this is really impressive!
You are making really smart choices. Wish you the best. Love the idea of decoupling your artistry
She's got a great head on her shoulders. She'll go far in whatever paths she chooses.
She seems very chill. Love the independent spirit.
In Europe this is a VERY normal budget! Liked her story a lot
You go, girl!!!
Excellent spending and budgeting habits she has going on!
An amazing artist
Really loved this episode!
Good work! I am a very creative person my self i love art and music too 😊
Cool to see another NoVa native!
I’m not getting the math, $4630x12=$55560 not including taxes… also where do they live for only $1150?!
Right? I was so confused
My guess is that her boyfriend pays most of the bills. They did not disclose his income so that's where my money is at. That and I'm sure that her parents provide some form of allowance.
She explained it in another comment.
SLAYYY KATE
Remember folks, It’s not about how much you MAKE it’s about how much you can SAVE & INVEST. That’s why people’s income never blow me away. How much time do you have to do the things you like & love? Build that comfortable lifestyle for you, don’t always chase trying the money impress strangers or peers/family. Quality of life/Balance is more important.
I hope cnbc paid for that bubble tea.
Guys she lives in BROOKLYN NOT MANHATTAN, where you can rent a 1 bedroom for under 2k all day long or roommate is up for $1,000 or $1200 like the rest of NY isn’t extravagantly expensive as sought after neighborhoods in Manhattan are.
She’s great with her money!
So is $48k just what she brings in or does it include her partner? Household income is what actually matters since she said they share expenses like rent, Insurance, groceries, etc.
I think 48k is what she brings in and there is a breakdown of this income in the video. There are shared expenses such as rent and bills that she puts into a joint account with her partner.
I feel like they just used a random amount. Her April spending was $4,630, which excluded her partners contributions and 12 months of that would be needing about a $56K paycheck for her alone.
I have a similar story as she have. I finished my bachelor degree from my freelance income and have no debt but I haven't moved out from home yet 😅 still with my mom. I'm 24
I honestly thought anyone making below 50k in NYC was homeless
It's more about being smart with money.
How is her housing so low in NYC? Maybe she splits the rent with her partner. Also, the $1,200 discretionary is shocking. She’s doing great for 23, though.
It says at 3:55 in fine print that’s her portion of the rent that she splits with her partner.
@@alphadonut missed that, thanks!
Good on you for chasing your dreams.
This is amazing, love to see young people making their money work for them.
Love Spicy ❤ 🐶
those with more modest sums are always a lot more eager to give. says a lot about someone.
How does she pay for health insurance?
Probably parents
Such good energy she has!
I love that she's 23 and already has a Roth IRA!!! :)
Idk how she does it. Living in NYC is extremely expensive. My daughter who is similar age as her, lives there, earns 100k plus and still finds it hard:) I think it’s all about how disciplined one is. Rent is cheaper in Brooklyn compared to decent neighborhoods in Manhattan, also I think as she is 23 she is on her parents insurance so that helps her save too.
Good that she is able to manage living in NYC and still able to save. She is smart and so disciplined with her finances. Kudos to her!
She has a boyfriend whom I guess pays the majority of the bills...that and I'm sure that her parents provide some monetary allowance.
@@raginghardonetwo1544what majority of the bill is he paying? The have similar job. He is young. They split the bill for shared expenses because they live together as stated in the video. Where did your assumption come from?
What would Graham and Caleb say is my wondering.
Such a likeable person, wow! Wish her all the success and financial freedom!!!
Is the $48K gross or net income?
what abeautiful soul
It was an interesting one
How does she earn $48K and spends $4,630?
You don’t wanna know 😬
She said her income target this year is $1200/week, so $4,800/month. 48k was what she brought in last year
Let's just hope and pray she's setting aside money for taxes...
Since I'm a freelancer, my income fluctuates every year and month for that matter lol- this year I've been consistently earning about 1,200 a week, but since I don't have a W-2 like most people, they decided to go with my taxable money from last year, but it shifts a lot. Spent extra this month as well flying to see family
Because you don't know how much is in their current accounts right now. They are definitely overspending, but could be cutting into their savings to get the extra cash
Featuring someone who is part of a household, but not giving the household income or showing the actual individual percentage contribution of costs, is not an honest portrayal of the lifestyle on the stated income. If the expenses are shared proportionally, if the partner earns 30k or 80k makes a dramatic difference in the lifestyle and financial numbers portrayed in the video. Similarly if there is an unequal percentage contribution of household members.
You’re absolutely right I believe her boyfriend gets paid more than she does
So no taxes? Her tax bill next year is going to hurt
Bubble tea ftw!😁
I loveeee her Shihtzu
she's not a millenial, she's Gen Z.
People in their early 20s are classified as either millennial or gen z. The federal reserve classified them as millennial.
48k but shares the rent I'm assuming? So then this isn't really accurate.
Good for her
Shes maxing out her Roth IRA at $542/month. You have have people who make double and have little savings if none at all. Shouts out to her 🙏🏿
another example that you don't need College to live
Why live in one of the most expensive cities in the world when you are mostly freelancing. She could live much better in other countries.
friends/family probably
Lot more to do, more audience for her own art, and other artists in nyc
Her share of the rent is $1150. That’s basically what many people pay in lower cost cities to live solo. Sure, she could pay $575 elsewhere. But perhaps she doesn’t think the $575 a month she would save is worth the move to a different city.
She also would have fewer artistic opportunities if she lived someplace like Ohio so that is a trade off.
Contracts. Contacts. I'm in LA. My music friends who do music production HAVE to live in LA. They can only leave when they are in the 50's. Because by then, they are established.
23 is not Millennial Money. What's next a 55-year-old millennial?
Federal reserve has classified 23 can be a millennial
Next up: Millennial Money: Greatest Generation Edition-How Agnes Lives on Savings Bonds and Bottle Caps
She looks like Martha from the show Dark. Anyone get me?
$48K A Year but spent $4630 in a month 🤷♀
She said 48k was what she made last year, and this year’s income goal has been 1,200/week. So 4800/month
@@SuperVisionMediaLLC Still poverty
@@zcorpalpha2462 🤣 thanks. These people halarious
@@SuperVisionMediaLLC that's still terrible. Apparently, poverty is a mindset and lack of basic education 🤦🏽♂️
This has to be after taxes. If she spends 4.6k a month that almost 55k a year which isnt 48k. The numbers arent adding up
boyfriend and parents help out
She’s freelance so no employment salary for taxes to come off so I’d say it could be gross income. I hope she’s also put aside some money to cover her tax bill….
Good for her 😊 I think as an entrepreneur you can have a solo 401k
This is what I call "living the life"
everything is fine but i wouldnt live with the boyfriend and share accounts if yall break up it can really mess you up finacially.
She's doing well.
Hopefully she can make a little more so she can put away more towards her retirement
She looks so happy
Is making 47k a year a lot?
No
Is no one going to talk about disappearance of music and content writing work due to ai?
Wow you are able to live on 48K in NYC? still manage to save $6000 per year in IRA?
You can still survive on $48K a year in NYC despite the astronomical rent increases?🤔
It’s not millennial money anymore, she’s Gen Z
People in their early 20s are classified as millennials by the federal reserve and often described as being a mix of being a millennial and gen z. But, I also don't get why that is where your focus is at.