Living On Under $30K A Year In 3 U.S. Cities | Millennial Money Marathon
TLDRThe video script features the personal and financial journeys of several individuals, including a disabled law clerk, a PhD student, and a coffee business founder. Each person shares their unique challenges, motivations, and goals, highlighting the impact of financial struggles, career choices, and personal circumstances on their lives. Despite their diverse backgrounds, they all emphasize the importance of resilience, community support, and pursuing passions over financial gain. The script showcases their determination to succeed while staying true to their values and the realities they face.
Takeaways
- 🎓 Tiara Simmons, a lawyer, emphasizes the misconception that all lawyers are wealthy and expresses her desire to work for the everyday person rather than in big law firms.
- 🏫 Tiara's transition from law to teaching was met with initial disapproval from her parents, but she was driven by the importance of the profession and her knowledge of teachers' low compensation.
- 💼 Tiara funded her business through a credit card, a grant, and a Kickstarter campaign, and lived rent-free at her mother's place to reinvest in her business during the early years.
- 🦿 Tiara has been disabled her entire life but was not raised with a focus on her disability, leading to an eventual realization of the need to adjust her thinking about herself and the world.
- 🤝 Tiara's advocacy for the disabled community is clear, as she often repeats 'Disabled, not lazy,' highlighting the societal and personal challenges faced by those with disabilities.
- 🏘️ Tiara's background includes being raised as a ward of the court due to her parents' struggles with drug addiction, and she has used prosthetics and a wheelchair throughout her life.
- 💸 Tiara received a settlement that allowed her to buy a house and live comfortably, but she later found out the money was gone, leading to financial panic and the need for careful budgeting.
- 🚌 Tiara and her husband have a system for splitting bills and managing finances, with Tiara focusing on rent and her husband on other bills, using a joint account for flexibility.
- 🚑 Tiara receives SNAP benefits but has experienced issues with them running out, leading to the need for careful food budgeting and preparation for emergencies.
- 🏥 Tiara's disability has financial implications, including the cost of wheelchair repairs and the loss of income due to necessary time off work for herself and her husband.
- 🏢 Tiara's ultimate goal is to become a public defender for LA County, working with indigent clients and those in financial situations similar to her own, reflecting her commitment to social justice.
Q & A
What was the initial reaction of people when they found out the speaker wanted to become a lawyer?
-People started making 'ching, ching, cha ching' sounds, implying that the speaker would be making a lot of money as a lawyer.
Why did the speaker choose not to work in big law firms?
-The speaker wanted to work for the everyday man and woman, not in big law firms, which often prioritize higher earnings.
How did the speaker's parents react when they first learned about the speaker's decision to switch to teaching?
-The speaker's parents were not thrilled about the decision to switch to teaching, knowing that teachers are not well compensated.
What was the speaker's initial funding method for their business?
-The speaker funded their business through a $500 credit card, a $300 grant, and a Kickstarter campaign that raised $60,000.
How did the speaker manage living expenses during the first three years of their business?
-The speaker lived rent-free at their mother's place and reinvested the money they were getting from the business back into it.
What is the significance of the phrase 'Disabled, not lazy' mentioned by the speaker?
-The phrase 'Disabled, not lazy' is a statement the speaker repeats often to emphasize that their disability should not be mistaken for laziness, and it's a part of their identity and life experience.
What was the speaker's childhood experience with prosthetics like?
-The speaker used prosthetics from kindergarten through 12th grade, which were heavy, broke often, and were painful, leading them to find it easier to use a wheelchair.
How did the speaker's disability affect their perspective on money and life?
-The speaker's disability made them realize the need to adjust their thinking about the world and themselves, especially after college when they understood the financial implications of their situation.
What was the speaker's reaction to discovering their settlement money was gone?
-The speaker went into internal panic mode upon discovering the settlement money was gone, as they were not working and relied on that money for financial stability.
What is the speaker's current financial situation with their student loans?
-The speaker's student loans were discharged due to total and permanent disability, but this is conditional on their income remaining at or below the poverty line; exceeding this could lead to the loans being reinstated with interest.
What are the speaker's career aspirations and why are they important to them?
-The speaker aspires to be a public defender for LA County to work with indigent clients and those in financial trouble who cannot afford high-end law firms, reflecting their desire to serve the everyday person.
What is the speaker's view on money and living comfortably?
-The speaker believes that one can live comfortably with a certain amount of money and is not interested in accumulating wealth rapidly; they are content with their current salary and life mission.
What is the significance of the speaker's cultural background in their approach to coffee and business?
-The speaker's Dominican background and the importance of coffee in their culture inspired them to create Donk Cafe to represent and promote Dominican coffee in the United States.
What was the speaker's strategy for funding their coffee business?
-The speaker funded their coffee business through a combination of a $500 credit card, a $300 grant, and a successful Kickstarter campaign that raised $60,000.
How does the speaker manage their living expenses while running their business?
-The speaker lives in an apartment with rent and utilities totaling about $3,000 a month, which they split with their girlfriend. They also barter and trade at the farmers market for food and other necessities.
What is the speaker's view on their current income and financial stability?
-The speaker is content with their current income of $25,000 a year, stating that they make it work and are more than fine with it, drawing parallels to their upbringing and their mother's financial management.
What are the speaker's future goals for their coffee business and personal life?
-The speaker aims to expand their coffee business's retail and wholesale presence, get into more retailers like Whole Foods and Trader Joe's, and eventually invest in other businesses while ensuring they can take care of their mother financially.
Outlines
📚 From Law to Teaching: Tiara Simmons' Journey
Tiara Simmons, a 39-year-old law clerk turned attorney, shares her story of transitioning from a career in law to teaching, driven by a desire to work for the everyday person rather than pursuing lucrative big law opportunities. Despite the financial challenges, including living rent-free at her mother's place and reinvesting earnings back into her business, Tiara remains committed to her mission. She discusses her life as a ward of the court, her experience with disability, and the hustle culture's inaccessibility due to her physical limitations. Tiara's narrative emphasizes the importance of adjusting one's perspective on life and the world, and her ultimate goal of becoming a public defender for LA County to serve indigent clients.
💰 Financial Struggles and Aspirations: Tiara's Reality
This paragraph delves into Tiara's financial struggles and her aspirations. She discusses the misconceptions about lawyers being wealthy and clarifies that her path is not about 'ching, ching, cha ching' but about serving the community. Tiara's switch to teaching was met with parental disapproval but was driven by her passion and the realization of teachers' low compensation. She describes funding her business through a credit card, a grant, and a Kickstarter campaign, and living frugally to reinvest in her venture. Tiara's disability and its financial implications are highlighted, along with her philosophy of living within her means and the challenges of managing student loans and the fear of losing her disability discharge if her income rises above the poverty line.
🏫 Pursuing Passion Over Profit: G. Baig's Story
G. Baig, a 26-year-old PhD student at the University of Washington, shares her experience of prioritizing her passion for special education over a higher-paying career. She discusses her decision to become a teacher, despite being aware of the limited financial rewards, and her subsequent shift to higher education during the Covid-19 pandemic. G. Baig's narrative includes her extra role as a grader for additional income, her upbringing in a financially cautious family, and her personal philosophy on spending and saving. She admits to not saving much due to her desire to enjoy life and indulge in personal interests like makeup and skincare, while also acknowledging the importance of therapy and mental health.
🌟 Embracing Entrepreneurship: Hector Carvajal's Coffee Quest
Hector Carvajal, a 26-year-old entrepreneur, narrates his journey of establishing Donk Cafe, a coffee roasting business, with the aim of promoting Dominican coffee in the United States. He shares his background, growing up in a family that valued hard work and resilience, which inspired his entrepreneurial spirit. Hector details the financial aspects of his business, including funding it through a credit card, a grant, and a successful Kickstarter campaign. He emphasizes the importance of living within his means, managing expenses, and his approach to saving and investing in his business. His story is a testament to the power of perseverance and the pursuit of one's passion.
🚀 Aspirations for Growth: Don Carvajal Cafe's Future
In this paragraph, Hector Carvajal outlines his aspirations for the growth of Don Carvajal Cafe. He expresses his desire to expand the business's retail and wholesale presence, aiming to be featured in major retailers and to increase the brand's reach across more states. Hector's personal goal is to take care of his mother financially and to invest time and energy into other potential business ventures. His narrative reflects a balance between personal aspirations and professional growth, with a focus on sustainability and diversification of assets.
Mindmap
Keywords
💡Lawyer
💡Teaching
💡Kickstarter Campaign
💡Disability
💡Hustle Culture
💡Ward of the Court
💡Student Loan Debt
💡Public Defender
💡Special Education
💡Entrepreneurial Spirit
💡Barter and Trade
Highlights
The misconception about lawyers' income and the speaker's desire to work for the everyday person rather than in big law firms.
The transition from law to teaching and the financial implications despite the lower compensation.
Funding a business through a credit card, a grant, and a Kickstarter campaign, showcasing entrepreneurial resourcefulness.
Living rent-free and reinvesting earnings back into the business as a strategy for financial stability and growth.
The personal experience of disability and its impact on life perspective and societal expectations.
The challenge of subscribing to the hustle culture due to disability and the importance of recognizing disabled individuals' capabilities.
Tiara Simmons' journey from being a ward of the court to becoming an attorney and launching her own virtual law firm.
The practicality of using a wheelchair over prosthetics for a disabled individual and the expanded freedom it provides.
The discovery of a settlement fund and its influence on financial independence and security during early adulthood.
The sudden realization of financial instability when the settlement money ran out, leading to panic and reassessment of financial priorities.
The speaker's experience with SNAP and the challenges of food budgeting when benefits run out or cases are on hold.
The financial strain of disability-related expenses and the impact on work and income due to necessary repairs and absences.
The struggle between the desire to pay off student loans and the risk of losing disability benefits due to income levels.
The aspiration to become a public defender and work with indigent clients, reflecting a commitment to social justice.
The contentment with a modest income and the belief in living comfortably within one's means, rather than pursuing excessive wealth.
The story of G. Baig, a PhD student in special education, who takes on additional work as a grader to supplement income.
The cultural influence on financial habits and the importance of family support in times of financial need.
The founder of Donk Cafe's mission to bring awareness to Dominican coffee and its underrepresentation in the U.S. market.
The entrepreneurial spirit and the bootstrapping of a coffee roasting business with limited resources.
The strategic use of bartering at the farmers market to reduce living expenses while promoting the coffee business.
The financial planning and goals for the future, including business expansion, investment in other ventures, and ensuring financial security for family.
Transcripts
Browse More Related Video
Spent: Looking For Change (Full Documentary) | American Express
How to Cultivate an Entrepreneurial Mindset | Linda Chiou | TEDxKerrisdaleLive
Growing Up Poor In Britain: Boys & Girls (Poverty Documentary) | Absolute Documentaries
Is a master's degree worth it? | My LLM experience
20 PhD students reveal what a PhD is REALLY like
If I Wanted to Be a Millionaire Before 30, I'd Do This
5.0 / 5 (0 votes)
Thanks for rating: