Millionaire Reacts: How a 20-Year-Old Stylist Making $40K in Downtown LA Spends Her Money | Glamour

so welcome back to the Graham Stefan show my name is Graham and welcome to my show and I realized it's been a little while since I've done a series reaction to one of my favorite YouTube channels out there besides CNBC wait for it millennial money we have what my other favorite series called glamour well no wait glamorous the channel name it's another series by glamour and and the title of this video is how a 20 year old stylist making 40k in downtown LA spends her money downtown away this is my city my I'm not really downtown I'm like 10 minutes away from downtown LA without traffic so this is this is an area where I feel like I might have some expertise Los Angeles is a very unique city it's it's very expensive high taxes gasoline is ridiculous but it's a lovely city with with a with a large homeless problem but the weather is very nice have to say today has been a lovely 75 degrees slightly cloudy and it's basically like this 24/7 so anyway let's see how this 20 year old stylist handles for $40,000 downtown make sure they hit the like button of course because these videos take me forever to edit don't know why it's just so many like cuts in and out takes me forever I'm gonna be up late doing this so hit the like button and let's get into the video hi i'm molly elizabeth and here's how i live on my forty thousand a year salary my apartment is a four hundred and seventy square foot studio space that i share with my boyfriend in downtown los angeles i pay $2,000 a month in rent and a hundred dollars in utilities but that price is split between me and my boyfriend that's crazy two thousand dollars a month two thousand for a studio apartment that's four hundred square feet you will I like my garage the garage right I'm filming in right now is four hundred and fifty square feet they're living in the size of my garage for two thousand dollars you know what I will rent out my if someone wants to rent my garage for two thousand a month what wait no I'm not gonna do because then it wouldn't have a place to film but anyway you get like that's why we're having problems in in Los Angeles with rent and control you know it has nothing to do with two thousand dollars a month for a studio apartment it's four hundred square feet that's not the point it's Los Angeles it's so strict about there development and what you could build and what you can't build and for zoning that people are spending $2,000 a month on 400 square feet ridiculous so if the city of Los Angeles is watching let's get rid of rent control and instead let's allow for denser buildings to be built yeah something I wish I could pay off today would definitely be my student loans I hate having debt as you can tell like with my credit card I paid off every month so if I could pay off that 10,000 that would be like amazing that's like what I'm working for now 10,000 student loan could be worse I think now I become so desensitized to student loan balances because I've seen people with like a hundred thousand in student loans anytime I see less than six figures I'm okay you know what it's not that bad it could be a lot worse so you know I you know she'll get that knocked out this is the into a breach right here I got at Target and it's super cute I love it adds another plant vibe in the apartment you know I gotta say tarjay is an amazing spot to shop they got some really good stuff however I don't mean to be a debbie downer here but Ross is slightly better than target I would say tarjay has more options you know if you want to go into the Costco of of stuff tarjay is perfect but if you want good value overall good Ross I gotta say I got a lot of my home decor from Ross and also I've noticed just a quick like holiday gift tip for everyone out there has a really good sale on candles you can get some really cheap candles that look super expensive so you can go and give a gift people think you're given them like a $30 candle know you're giving them a candle that's $4.99 but it looks like it could be a $30 candle people love to get candles it you can never go wrong getting getting a candle as a gift any time around the holidays everyone loves a good candle so just there a quick money-saving trick of the day you're welcome here's the corner of my entryway I have this chair here that I got from Target I was eyeing it for a couple months and then purchased it last fall that's when do they sell one hundred and seventy five dollar chairs at tarjay I have never ever in my life and I've been to tarjay like twelve times or more I've never seen a one hundred and seventy five dollar check that's got to be like a pricing error I just don't know what share would be so expensive it looks like it looks like a normal twenty dollar chair or one of those free chairs that you can get off Craigslist in the free section I would say on a scale of one to ten I've put in about seven or eight I've spent a lot of time trying to pick out the decor and items while also fitting into my budget but my boyfriend would probably say I put a twelve into it so another fun fact about me and I'm pretty nosy when I see stuff written like this on the refrigerator so you know I'm just gonna go and read it so let's go and read this together here's what it says hey cutie I know you get stressed when I'm gone and even more so when the apartment is a mess so I did my best and made the bathroom less stressful for you and did another load of laundry all clean clothes are on the couch all dirty is folded in bathroom Asia will be easy and I'll be back before you know it for a robe and house hunters day so there we go so anyway that's what it says I bet there's no point to having that in there but but now you know here is my fridge it's honestly more full than usual because I usually don't have a lot in here since I'm usually eating out or eating on the go I usually just have like coffee eggs and water bottles it's funny because that's basically my fridge is coffee eggs cheese ham no waters because you can get the water from the fridge then it saves you in water bottles it's a little filter tap and you just go and you put your cup there and the water comes down it's great but no lately I've actually got a lot more food in the fridge thanks to Graham's girlfriend that that's a lifesaver to actually open up the fridge and have more than just eggs and oatmeal but anyway her fridge looks somewhat similar to mine pree Graham's girlfriend I would say pretty much 90% of my meals eating out sometimes will order out and bring it back in though three hundred and fifty dollars a month dining out plus a hundred and fifty dollars a month in groceries five hundred dollars a month interesting food that's way too hot you should get the dining out down to 150 groceries yeah fine but we can cut out $200 very easily dining out LA is expensive but good food does not need to be expensive here my currents credit score is about 700 on average I spend about 300 a month on credit card sometimes up to 500 that's the max but I make sure to pay it off every month she should really be working on her credit score right now having a five hundred dollar limit at twenty years old is not enough I don't care if she doesn't spend the five hundred month at the very least she should at her age have minimum forty five hundred to ten thousand dollars in available credit that's gonna help her credit utilization and help increase her credit score down the line so if she's watching the if she's I'm now I'm talking to you in third person if you are watching this right now and you you are the person in this or if you're just in the city just go and get yourself another credit card like as soon as possible Bank of America cash rewards is in my opinion really one of the best starter cards to get order the discover its secured get one of those get as much of a limit as you can and start working on your credit score 700 is okay not it's not phenomenal but you just need to up your credit limit so let's do that so I found this on Urban Outfitters and here's the coolest part little stool actually come up and sit side of the table like that so you can have like the open floor area and it makes it super easy to clean so I love this table that looks like honestly one of the most pointless things I have ever seen in my entire life to pay three hundred and something dollars to put the chair you know it's not that hard to clean underneath the chairs like what you do is you take the chair and you put it somewhere else you don't need this instant overly complicated system of blocking that it like that looks more complicated than just moving it out of the way and cleaning open air concept no you don't just move the chair right I can't be the only one that thinks that I also have these sunflowers it's because I think they really brighten up the space and add like a little bit of life in like a city apartment you know what you can get those same sunflowers for $7 at Ralph's you know how I know because because I bought those same sunflowers for $7 at Ralph's she overspent or even better one of my life hacks here is I got a huge blooming plumeria tree in my backyard that's constantly flowering and the flower smell really good all I got to do is clip off a little bit of that put it in a cup or a jar free flowers free flowers thanks to nature you can save a lot of money by doing that and then over here we have our mahogany teak wood candle it's my favorite and we probably go through one a week it's kind of bad what'd I just say I said Ross go to Ross go and get the candles there's no way you can burn through 26 dollars a week in candles I bought candles from from Ross two and a half years ago guess how many of them I still have today I have most of them you can't get rid of it you could keep them burning for like a year straight and they will have looked the same Ross so right now I think my biggest financial anxiety would just savings and making sure I have enough money in my savings you know that's the most stressful thing is looking at your savings and being like if I don't get pay this month then how am I gonna afford everything oh no it's not how can you afford everything it's how can you have more money to invest that's the answer you got to invest more money it's not about spending it's not about submitting it's about saving and investing it that that's what this is about this is our shoe wall pretty much it's all our favorite pairs of shoes a lot of our like designer or more expensive favorite pairs Yahoo's wearing these shoes eight hundred and ninety five dollars for Balenciaga shoes four hundred and sixty five dollars for shoes that look like Skechers I I'm sure I'm gonna get flamed here I just don't get it I just don't get the appeal of shoes like this I don't think I ever will if I had to pick like my top three favorite things the first thing would be this off-white bag that I just got is super small but like it's kind of nice because you can just like throw it on how is she affording all of this I just don't get it on a $40,000 salary I'm done guessing that's maybe before taxes after tax she's probably left with like 32 ish let's say 32,000 so you know let's even call a little bit less than 3000 a month and she's spending seven hundred and ninety dollars on a bag why not to mention the $1,000 a month on rent not to mention the almost $1,000 pair of shoes I need to know how much money she has saved at this point because it's it this is concerning my biggest financial weakness will be clothes I do have to buy a lot of clothes for my job since I am a stylist I have to be spending probably multiple purchases a week on clothes but at the end of the day a lot of it is also personal shopping and personal clothes I want to buy which it can definitely be a bad habit yeah that's what it sounds like I see here's the thing if you're a stylist I believe you can make anything work with a little bit of creativity no again I say this as someone who's just wearing a black t-shirt so maybe I don't know you know the top pinnacle fashioned but I believe like you just mix and match you mix that hat with something else you mix that top something you mix the the whatever this chain thing is with something you could mix and match like II like I could get like ten different shirts and that allows me like a few years because you mix and match that it sounds like it's all personal spending and it's rationalized like like its business but not really he got this pair of ski goggles to wear one day wore it with this construction vest - I gave him so much hate for these two pieces when he first got them it's funny because I actually wore it for a red-carpet look last weekend for a beauty con you know what I just don't get fashion that's probably my problem like none of this is practical like are you going snowboarding are you working a construction job on the street are you going to the airport the more I look at this and more I realize that I have I have no idea my tips for living in a small space would be just only have what you need and if you have a warrant like a piece of clothing in a couple months like get rid of it like you don't need it so I'm pretty good at like only having this stuff I use on a daily basis I think I think the way she is able to use everything is just one day she's like you know I'm gonna wear this this is fashion I'm gonna put on the construction uniform and the ski goggles and and this old camera and and now it's fat now I wear it and I could justify keeping it and you just do that with everything my biggest tip for people moving to LA and wanting to save money or not spend like crazy spend your weekends at home getting your stuff done because when I first moved out here I would go to like shopping and Melrose every weekend and literally like ooh bring there buying a couple clothes buying lunch buying a coffee it adds up to like $500 somehow and I would just try to like hang out with people and make friends and end up spending so much money so honestly I probably am a little less social now that I'm saving money but at the end of the day I'm getting stuff I need to get done and that's important to me is she saving money though it just seems as though with all the spending that I've seen so where it where is the savings where is it I don't see it and unless the shoes are savings I just don't see it I wanted to see a breakdown we get how she spends her money I want to see how she saves her money I want to know how much is saved any retirement accounts I want to see every I want to see the full breakdown on everything and not just this but yeah I mean that's my only criticism here is that it seems like this lifestyle is very expensive and I'm looking at this and like this is expensive even for me and I want to know just how much money is being saved by this and I think if she's watching this I think getting another credit card would be a great start a Bank of America cash rewards discover it shop at Ross don't skip all the candle stuff shop at Ross instead instead of spending three hundred and fifty dollars a month going out for food spend a hundred and fifty dollars a month and save that extra two hundred ollars a month and instead put that towards a Roth IRA which I think would greatly benefit you and other than that I just think cool apartments you know it's a cool style I get it I think it looks pretty unique don't move just because you need a walk-in closet I would rather turn an extra wall in your place into like just put a rack up there and you just put clothes up there oh la is so expensive so I would but even 2001 I would just move outside of downtown LA for 2,000 a month you can get like a three-bedroom house in like you know San Bernardino you know you can just move a little bit outside of LA you know even even like Mount Washington move move somewhere over there 30 minutes away you'll save so much money or you could get way more space without spending a dollar more so that is my advice for making forty thousand a year in downtown LA glamour so with that said you guys thank you so much for watching I really appreciate it as always if you guys enjoy videos like this hit the like button subscribe notification about go ahead and add me on Instagram I post her pretty much daily so if you want to be a part of it there feel free to add me there thank you again for watching and until next time

Channel: The Graham Stephan Show

Views: 655,142

Rating: 4.8922997 out of 5

Keywords: millionaire reacts, how to save money, how to save money fast, how to save money on low income, how to budget, how to build wealth, how to build wealth fast, how to build wealth in your 20s, how to invest, how to invest in stocks, how to invest in real estate, how to invest in your 20s, real estate investing, real estate investing for beginners, passive income, how i became a millionaire, how to become a millionaire, passive income ideas, glamour, money tours

Id: Sg0Cgyv2ths

Length: 15min 56sec (956 seconds)

Published: Sat Oct 05 2019