Living On $48K A Year Freelancing In NYC | Millennial Money

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It was a surprising decision for me not to pursue higher education, but I've always been very conscious of wanting to pay for my own path if possible. My name is Kate Brunotts, I am 23 years old. I currently live in Brooklyn, New York. Last year I brought in $48,000. I would say first and foremost, I'm a music producer, so that means all the sounds that you hear behind the vocals. So like the pianos, the sound effects, all of those things. I am building the beats there. One of the best things about freelancing for me is that you get to learn so many different skills and put yourself in so many different situations, and that makes me feel very engaged. Yesterday I helped someone set up their podcast setup. Right now I'm also teaching kids one day a week music production. I edit podcasts. I write for music production blogs. I also sometimes produce for indie artists. I do copywriting. I've done like general marketing videos, that sort of thing. I grew up in a very academic neighborhood in Northern Virginia. I always loved music growing up, but I hadn't really found something that I was really obsessed with until I found out that music production existed, that I just fell head over heels in love with. I've always wanted to work as soon as I could just because I knew I wanted to build a safety net for myself. My parents and my brother always emphasized the importance of saving, and as soon as I was 15.5, which is like the earliest age you could work, I got a job at Wegmans. Can I get a high five? Good girl! How about other paw? Yes. How about a dance? Yes. Very good! I eventually met Matt, who is my partner now. He also had a very similar path of at 18, he moved out of his home as a freelance video editor. In that time, I learned about freelancing myself. I didn't know that was a path that could exist, especially, you know, for for someone like me who hadn't really pursued any higher education. So this year I've had a pretty large goal to try and earn at least $1,200 a week. I figured if I was able to do that $1,200 a week, I would be able to set that aside and still live comfortably in terms of being able to make the art that I want while saving. We each make a transfer from our own personal accounts. And it's just for those shared expenses like rent, groceries, utilities, insurance for our dog, pet food, and sometimes like a little slush money if we want to go out to eat. Most of the time I pay for all of my expenses on my credit card so that I can get that cash back. I probably have around $10,000 in savings, but most of that is coming from my IRA, which is right around $9,000. Because I'm freelance, I don't have a 401(k) or any sort of retirement match. So I really need to be proactive and save for that myself. So my IRA is really important to me. My one splurge is I budget for a bubble tea every week because I'm so passionate about it and it's amazing. Most weeks I'm working a pretty normal Monday through Friday schedule. Most of my free time is taken up by my artist project where I'm producing and singing and performing my own songs. I do make a little bit of money from that. But for me, I think it's important to have that separation between art and what I do to survive and sustain myself. That's mixing my songs, that's putting together costumes for my performances, that's paying for my rehearsal space, putting together music videos. There are so many ways to spend money on music. I'm pretty minimalist in terms of setup. Like my mini keyboard is like $100. I use that like every day. My guitars... One I got from the Guitar Center dumpster. Another was like $200 bucks. I got a good old Squier mini over there, so nothing too fancy. Coming from when I first moved to New York and it was so tight and stringent, I feel so lucky to be where I am now. I think it's super commendable when people are able to commit to their art full time, but I think for me, decoupling that has has really benefited me. And I think it benefits my art too, because I know at the end of the day my expression is not dependent on its perceived value in the outside world. And so I think it can actually be really freeing. You know, if I end up being at this level for a very long time, but it still allows me to save and do what I love, then I think I could definitely be happy with that.
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Channel: CNBC Make It
Views: 163,891
Rating: undefined out of 5
Keywords: CNBC Make It, Make It, CNBC, How To Make It, Entrepreneurs, Starting A Small Business, Business Success, Small Businesses, Finance Tips, Career Tips, Work Hacks, Lifehacks, Money Management, Career Management, Managing Business, freelancing, business, business news, Millennial, Millennial Money, Gen Z, living, living in NYC, New York City, budgeting, managing money
Id: jj_NxTXxsvM
Channel Id: undefined
Length: 7min 42sec (462 seconds)
Published: Fri Jun 30 2023
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