Accolades to this man for being a first gen Asian American that is working in the Government sector! That is not common and should be talked about more especially within the Asian American community! Thanks for the representation!!!
@@emotionscomeandgo No, he's a first generation American. He was the first generation of his family to be born American and grow up here. Second generation Americans are people whose grandparents immigrated here.
Representation matters. Glad this guy is doing things in DC. Along the lines of politics, Andrew Yang is the only POC in the top 5 dem presidential candidates. He's impressed me with his 150+ policies and intelligence towards solving the nation's problems.
$45K isn’t much in DC at all! He was very blessed with his parents ability to help him buy a home because rent prices there would be almost $2K alone. & also, they need to pay these ppl more for the work he does. stay until 10pm with probably no OT. insanity.
Jimmy Sivongsay Who says his parents bought him his apartment? They just *helped* with the initial down payment, but he’s responsible for paying $1400+ per month in mortgage. If the parents aren’t selfish idiots and have an extra couple thousand dollars laying around, what’s wrong with helping their own son with a down payment?
johnnyXXX It’s not that he can’t afford the mortgage, he has a decent job. But if you want happiness, get it on your own. If you wanna look successful, then by all means take advantage of those that want to help you. You carry a difference sense of confidence with self-invested ownership.
Thank you all for the LOVE. Wanted to share my story to encourage more Asian Americans to consider a career in government and to illustrate the low pay that Congressional staffers receive. Trying to do my part in making the world a better place!
Thank you so much for participating in this! I want to work in DC and was trying to figure out what a budget would look like and the types of salaries I should aim for. Gives me courage to do something I want for lower salary seeing you succeed and sacrifice as a Legislative Assistant
Ok y'all did him wrong though cutting to ice cream snickers right after "I don't usually spend money unless it's an expense I really feel like is necessary 💀😂
"My parents helped me buy my house because they thought that it was important to be financially stable ..." Generational wealth - still the number one determinant.
I think it has more to do with generational intelligence. Sure his parents gave him a hand up - but he ran with it instead of squandering on Starbucks and a liberal arts degree. Most of America is terrible with money to the point they can't give their kid any advantage. Unfortunately for those kids, even when they do receive a golden ticket - they waste it. Why do you think most lottery winners and athletes are broke once the money stops rolling in.. It's your responsibility to change your life for the better, don't be like your parents who couldn't help even if they wanted to.
@@dexter131 Exactly. This is truth. Stupid does breed Stupid but it will take the sacrifice of one within the generation to turn it around for the better.
FaintAura lol I’m not a commie and I think they shouldn’t get paid more. I just like to remind ppl that WE are the government it’s not some magical money fairy.
@AmarNathan just that there's something more to life than money. It is *very* important, but there's so much more to life than that. The sooner you realize it, the less you'll regret on your death bed
sv 93 yeah just hope nothing happens to him or else everything is going to come crashing down pretty quickly. Money wise he explains things pretty good.
I love his perspective on money and how eloquently he speaks about his neighborhood and his job! Such a positive guy with nothing but a good attitude on his lifestyle. Go Victor!
@Evral Tatum-Mcfield I've lived in DC my whole life. But any other person looking to move here making only $45K with no help wouldn't be able to purchase a home let alone afford a one bedroom apartment for over $2000 a month plus other bills. I live on Capitol Hill as well, so tell me more about being able to afford new outfits every week cause I'd like to be able to lol
$45k/YR IN DC!! Wow! Congrats my man on the ability to live a minimalist life style to be able to save and live like that. Great video! Thx for sharing!
Krittie In the City facts!!!! DC is here for the money, but maybe Capitol Hill staffers are not. A lot of the Capitol Hill staffers don’t get paid much at all,but often find lucrative positions once they leave the Hill.
May be he doest not want to be President! It is not for everyone.... And not everyone who is working in the capitol wants to become the next President!!
Proud of this guy! My only comments: get a roomate, that will help with mortgage costs and put some extra money in your pocket. Also maybe get a fun second job on the side for extra spending money: tutor, write, etc. Also, funny how he bought Apt 4. It sounds like death in the language - its a superstitious culture. Lucky your parents supported you with the down payment. I wish my parents did that for me.
Yeah that no4 apartment was surprising. Also surprised for him to find a place that doesn't seem to have high HoA costs that comes with living in DC (looking at mortgage)
He’s a 26 year old government employee. His income is reasonable. And he could earn more on the side. But I reside in the DMV area. $189,700/yr is required to enter the top 10% of income earners. $117,000/yr is average!
jlovetjat A lot of folks, missed that part. His house was 350k, and his mortgage is 1,450 per month. They said his parents helped him. His parents gave him 200k for his house.
He's not living comfortable one of his whole check go to his mortgage. I'm sure he need the second check for assistance.. 45k is not a lot money to live on and be comfortable.. you needs some overtime
@@bighou2359 - Most Asians come to the U.S. with nothing. But they very work hard , save money for rainy day and be frugal. They don't go around buying stupid material things!
I honestly adore Victor! His priorities are in order. Yes, this may not be a lot of money right now but I’m sure this is a stepping stone position. We all have to start somewhere!
As an Asian American who’s is 24 this is one of my favorite Millennial Money videos. Not only was it more realistic to what I make, it was inspiring to see someone I can relate to. Also, Victor did an amazing job at giving perspective on salaries for our government workers as well as a general idea of what it’s like and why he does his job.
Great Channel, $45k a year is not enough in DC. I also live in Washington, Seattle and I do earn $12k weekly and I still feel it’s not enough, that’s why I always try to increase my investing power in other to generate as much income as possible.
Vegard I do earn that off my stock investment. I invest in stock with the help of a financial executive expert. Mr Wilson McEntee. He handles all my investment on my behalf generating high profits.
I actually once met him at a conference meeting I went to few weeks ago. His speech and knowledge about the market will give you insights that he had great knowledge about the market.
@@sarahjuma7563 Yes. It is common, but I think what Jay was pointing out is that with a $45K a year salary home ownership in the Washington DC area is nearly impossible. Here is a pull of data for 2019 in the WDC area: The median price for a detached single-family home grew 10.9 percent, to $809,500, while that for a townhouse grew 11.9 percent, to $752,300. The median price for a condo or co-op unit also rose 0.6 percent, to $483,000. Salary needed to buy a median home is about $95K with 20 percent down or $109K with 10 percent down. The math just doesn't even out if you are at $45k gross.
@@cobramanphil Oh, boy... Let me explain what is impossible. A flat in my area in Lviv (the city in Western Ukraine) costs $50000 for a one room apartment (kitchen, one room, WC and bathroom). And an average salary here is $250/mon. Your description above sounds just like a dream for a Ukrainian, like me 🙄
@@cobramanphil I was thinking the same. I live in the DC area and pretty much impossible to find a house at that price. Also when you get a chance, download my app @stowaway app. It's a peer to peer shipping platform and is available on android and ios and would appreciate any feedback
@@8000860 For my direct area median price for a home is $2,628,200 even though it has declined 10.9% in the last year. You can validate through the various online and standard calculator/mortgage apps, but a household income of approximately $400k would be needed assuming a 20% down (pretty much impossible to own a home unless you are making close to half a million a year). What I have observed though and it seems the norm is that there are a few that do make that kind of salary, but many use the resources earned from home sales (1 or 2 homes) to pay outright the single home worth $2.6 million. There are many ways to skin a cat as the term goes, but you cannot buy a home outright in the neighborhood unless you have a couple of homes owned already:). There are not many studios/apartments/flats in the city, but the few existing are in upwards of $550k..
I learned he has a good head on his shoulders and a 150k down payments on his condo from his parents. If he had to save the kind of down payment on his salary he would buy a house when he’s about 55
I like this guy. He could have gone down a route where he makes a lot more money but sees public service as more important. I also love how he puts himself out there and meets people in his neighbourhood. I want to be more like him.
Most houses here are $700-800k on average in my province. Should I buy a $200,000 condo if my take home is $3100 monthly? I am a minimalist. I am trying to save up on a 20% downpayment atm. I don't drive or eat out much. I am also single... and prefer it that way.
@@blixx87 I doubt his parents have that much. Most Asian families usually help their kids get a house/ condo. If his parents had money his house would be at least a million.
Victor: 0:56 "I don't usually spend money unless it's an expense that I feel is necessary" Camera: Pans to the freezer with Snickers and drumsticks. Amen brotha...when you've got to treat yourself, you do it right. Impressive how you manage your expenses, hope many learn from you
Real take away lesson: We should learn to be parents like Victor's. Instead of blowing all of our savings for leisure, we should use it to help our children buying a house.
Great profile of a wise & wonderful young man who is a proud civil servant! Definitely need more CNBC profiles like this featuring incomes closer to the $40K-$80K range to balance things out. Best wishes in your journey.
no way he could have afforded that house on a 45k salary, let alone a down payment in DC. He is very lucky to have family gave him the $140k as down payment. Good for him for saving for retirement.
Overall, the guy is awesome. However, in reality, you cannot buy a $350k dwelling making $45k per year. The parents must have given him at least 200k downpayment. I was making 125k per year in the DC area and purchased a $300k house in 2001.
When your single you can make it anywhere, it’s when you put the family equation in the mix where it starts to spiral out of control. A cat or a dog would throw your budget out of whack and going to the vet can bankrupt you now a days.
I have watched every make it I can get my hands on and this guys makes me smile. The city he lives in is so expensive and for this man to be so grounded just amazes me. Good luck to you Sir.
I live in Washington D.C. and it brings me so much joy that he's able to own a home on a modest salary. This city has become incredibly unaffordable for anyone with an average income.
I struggle with barely 24k a year. Shoot I don’t think I even make that anymore. Teachers are so under appreciated. Teachers who are actually about their work should be paid doubled than what we earn, because we play multiple roles for children’s development every day. Also, we play essentially replicate the duties of other professions such as being a counselor, nurse, parent, mentor, etc for children. I’m also a young student seeking for my bachelors and and eventually masters... hopefully my JD, too. . . stressful. Kudos to you my man Victor! 👏♥️
Any good parents would try to help their kids if they can. However that depends on how much they are sacrificing for them and to what extent. Leave culture out of this
His mortgage is $1,400. He has no car so no payments or insurance to worry about. It is very manageable if you are smart about expenses. I did the same thing on a $50k salary. My folks did not help me purchase my condo is the difference. I was able to buy a pre-construction build when the market was in the tank a few years back during the financial crisis. I would not be able to afford my place now. If you are a little frugal and focus anything can be accomplish.
theis such a kind and passionate soul. I had no idea that people who work for congress can't make more money because the bill is voted down every year. It's really disappointing to know that people who love public service may not be able to stay in it due to financial reasons. This has got to be one of my favourite Millennial Money videos. Hope he does well in life, he deserves it!
Dexter Schray I think you’re misinterpreting the original comment, they just meant that there is a new Millennial Money video out (Graham Stephen does reaction videos to Millennial Money). They’re not saying the man in the video is “New Money”
@@eggegg8181 fair enough, thanks for explaining that - it makes much more sense now, as I was thinking "new money." I was able to find grahm Stephens review on this video as well, I have watched Grahms videos in the past, but don't necessarily follow him.
The amount he saves on a 45k salary is absolutely amazing. This guy has no nonsense spending. Just simple expenditures. More people need to be like him.
I live in DC area and bought a 650k dollar house in Fairfax, Va. our family income is 130k per year. Our annual expenses are 60k per year including mortgage, 30k per year not including mortgage. America has a spending and budgeting problem, not an income problem. We’re a family of three.
It's not dumb. It costs taxpayers money.... i don't want to pay more taxes. Gov bureaucrats are public servants, it should be a volunteer position without pay
I live in DC, worked in the Senate, and lived off less without assistance over 20 years ago. If you’re good with money and built a foundation like he has done, you won’t starve and can maintain your quality of life. I’ve done it after that time frame and never had to downgrade my lifestyle. As a young staffer, he’s building to become a rainmaker, putting in the work, and has time. However after leaving the Hill, I wouldn’t accept a 45K job. I can make that and more on my own and still have my freedom. I’m not 20 something either 😉 but when I was I left earning way more. Great feature and discipline! He’ll cash out and continue to do well.
The fact that his parents bought him the house changes the entire context of this video, ain't no way he is living his current lifestyle with his salary without it.
@@alecgalbraith5604 I'm confused. Why is he paying a mortgage? I'm pretty sure you can't own an apartment unit. I thought apartments are only available for rental.
What’s your budget breakdown? Share your story with us for a chance to be featured in a future installment. cnb.cx/32TYZ2K
What about Suburbs around Philly, Bucks County Area
How about Chicago?
I never knew 45 is a lot thats like rent money
-$157k
I live near Philly and spend $8000 a year on music festivals
Been with this man in elementary school in Lexington, MA. He’s always been kind and just a happy man. Good to see him come so far. Much Love Victor
moved to four corners near lexington/woburn and stumbled across this series this month very strange
I live in Malden. Glad to know people from our area are doing big things.
@@jeanp.5929 i'm loving to see some Boston area people here :)
@@misterman6691 yussssss - i'm from that region. so happy to hear some nearby Boston people :)
omg! so happy to see another Mass (especially near Boston person!) - Lexington!!!!!!
Accolades to this man for being a first gen Asian American that is working in the Government sector! That is not common and should be talked about more especially within the Asian American community! Thanks for the representation!!!
Taylor Ma technically second gen, right?
@@LaidbackLuc9 his parents are immigrants so that makes him first generation American/Asian-American
@@illiniwu false. He is 2nd gen... His parents are 1st generation American citizens. The video is wrong.
@@emotionscomeandgo No, he's a first generation American. He was the first generation of his family to be born American and grow up here. Second generation Americans are people whose grandparents immigrated here.
Representation matters. Glad this guy is doing things in DC. Along the lines of politics, Andrew Yang is the only POC in the top 5 dem presidential candidates. He's impressed me with his 150+ policies and intelligence towards solving the nation's problems.
I liked this one the most. Relatable and more down to earth compared to “I’m 20 years old and make 200k a year!” 😂
I liked that consultant guy. He is the most relatable to me as a 23 year old software engineer who makes over 200k
He’s not relatable because he makes 2 times more than what my parents make combined a year
Libra_bitchy $600 on food??????
My family of 5 only spends 200-300 dollars on food each month.
@@kurtoshi38 that's nobody's fault though...
mustarsic hopefully I can get there too 🙏
$45K isn’t much in DC at all! He was very blessed with his parents ability to help him buy a home because rent prices there would be almost $2K alone. & also, they need to pay these ppl more for the work he does. stay until 10pm with probably no OT. insanity.
Thank God for people like Victor because it couldn’t be me.
No OT is bs.. he is a fed employee he gets his OT
Jimmy Sivongsay Who says his parents bought him his apartment? They just *helped* with the initial down payment, but he’s responsible for paying $1400+ per month in mortgage. If the parents aren’t selfish idiots and have an extra couple thousand dollars laying around, what’s wrong with helping their own son with a down payment?
Iris Kea Rent over here is way higher than 2k in most places, especially around NW and NE.
johnnyXXX It’s not that he can’t afford the mortgage, he has a decent job. But if you want happiness, get it on your own. If you wanna look successful, then by all means take advantage of those that want to help you. You carry a difference sense of confidence with self-invested ownership.
Thank you all for the LOVE. Wanted to share my story to encourage more Asian Americans to consider a career in government and to illustrate the low pay that Congressional staffers receive. Trying to do my part in making the world a better place!
Thank you so much for participating in this! I want to work in DC and was trying to figure out what a budget would look like and the types of salaries I should aim for. Gives me courage to do something I want for lower salary seeing you succeed and sacrifice as a Legislative Assistant
@@Kelly-mn8fd Glad that this video was encouraging, hope that you are able to make it out to DC and let me know if I can ever be of help!
Good stuff! Glad I stumbled across this video
Good luck dude.
As a guy, I just have to say that you rocked that red attire!
Finally, a realistic episode of someone not making $100k+
Oh gee! I thought everybody makes a $100,000 a year 😂😂!
That said, he owns a house that his parents bought him. So idk how realistic that is
@@danm1063 right, that was the gotcha moment.
I know
Making 100k & barely making it just doesn't add up anyway. 100k pays for everything almost, & then be able to save a substantial amount as well
Ok y'all did him wrong though cutting to ice cream snickers right after "I don't usually spend money unless it's an expense I really feel like is necessary 💀😂
ok but here me out, it's cheaper to eat ice cream snickers than it is to get a scoop outside :D
Snickers ice cream IS a necessity
He said food is a necessity.
just honesty- lol
I’m rooting for him. He’s going to be someone very important one day.
YANG GANG
@@MihadAlzayat lol I got Yanged!
Agreed
Alexandra Kirk
R
For some reason, he reminds me of Obama
"My parents helped me buy my house because they thought that it was important to be financially stable ..." Generational wealth - still the number one determinant.
Always and forever.
A R facts
No doubt. Become the legacy changer for your family
I think it has more to do with generational intelligence. Sure his parents gave him a hand up - but he ran with it instead of squandering on Starbucks and a liberal arts degree.
Most of America is terrible with money to the point they can't give their kid any advantage. Unfortunately for those kids, even when they do receive a golden ticket - they waste it.
Why do you think most lottery winners and athletes are broke once the money stops rolling in..
It's your responsibility to change your life for the better, don't be like your parents who couldn't help even if they wanted to.
@@dexter131 Exactly. This is truth. Stupid does breed Stupid but it will take the sacrifice of one within the generation to turn it around for the better.
Politicians don’t pay their staff enough....what a surprise
Angel Ramirez Scientists get paid sh-t too.
Correction: YOU don’t pay them enough (taxpayer)
Elin Winblad shut up
@@ElinWinblad I pay enough in taxes, thanks commie.
FaintAura lol I’m not a commie and I think they shouldn’t get paid more. I just like to remind ppl that WE are the government it’s not some magical money fairy.
" Money is a tool. Not something it should be idolized" omg thank you sir!
What he said @ the end was spot on. DC is really not the place to make money even if you are a lawyer. People move there to make a difference.
poor people mentality, ive been there and made those excuses
@AmarNathan seems like a sad life
@AmarNathan just that there's something more to life than money.
It is *very* important, but there's so much more to life than that.
The sooner you realize it, the less you'll regret on your death bed
More tools are better.
Crap he’s so proper and well adjusted like just everything is correct
It means something is very incorrect!
Welcome to D.C.
sv 93 yeah just hope nothing happens to him or else everything is going to come crashing down pretty quickly. Money wise he explains things pretty good.
Dante Alighieri LoL. Exactly! Such a dork. Does he have any edge to him? Sounds like he’s at a job interview.
Dope God like what he has to be a drug attic or smoke and drink all the time like literally almost everyone?
He got that politician smile down!
🤣🤣🤣
He's as fake as any politician. He reminds me of an Asian Adam Schiff. You can see the fakeness coming out of him.
@@emotionscomeandgo you should see Trump's 🤣🤣
@@DezNutzBich Trump isn't a politician. That's his problem.... Trump is Trump. He's too transparent.
emotionscomeandgo you mean Trumsparent
"Public transportation because it reduces my carbon footprint." I love this man
Actually walking would be better
When you calculate your trip in d.c. using metro they tell you how much carbon you are not producing in pounds.
@@user-td7xf3gz4l but then he'd be sweaty.
DC also has the 3rd biggest metro in the United States and its very efficient and fast.
@@cee-lopreen6754 I don't know about either of these two looool
My favorite so far, people like victor have the right priorities. Service to country and not forgetting where you and your family come from.
I love his perspective on money and how eloquently he speaks about his neighborhood and his job! Such a positive guy with nothing but a good attitude on his lifestyle. Go Victor!
that shoerack got hella screentime
😂😂😂😂
lmao
Lol!
Gotta flex
V random it really did 😂😂
That’s a LOW ammount of money for living in a big city
johnnie g It’s definitely not the most comfortable haha especially not in DC!
I make a little more than him and I'm struggling here in DC. I'm so amazed that he's able to make it work
@Evral Tatum-Mcfield I've lived in DC my whole life. But any other person looking to move here making only $45K with no help wouldn't be able to purchase a home let alone afford a one bedroom apartment for over $2000 a month plus other bills. I live on Capitol Hill as well, so tell me more about being able to afford new outfits every week cause I'd like to be able to lol
I moved to the DC area 15 years ago making about $45k. It was pretty hard and I would never recommend it to anyone at that salary without help.
Especially in Washington, D.C.
I'm also in DC and I make a about 48k. it is not that easy. Props to him for making it work.
He’s planning to run for office
This whole video sounds like free election ad!
I’ll vote for him 😂
Run for office in China after the pandemic
yuuup!
2020 Andrew Yang
2040 Victor Yang
Yang gang is real lol
My brain is screaming "why is he not renting his other bedroom!" Even the most basic room rental goes for $800 in DC!
Solar T. Tauri maybe he doesn’t want strangers in his home thinking about safety 😬🤷🏽♀️
$45k/YR IN DC!! Wow! Congrats my man on the ability to live a minimalist life style to be able to save and live like that. Great video! Thx for sharing!
Yeah right, Minimalist lifestyle! He spends $600 of the month on food
Susan Miron since when is eating food not minimalist?
$20 per day on food? That’s pretty reasonable, and I don’t think part of minimalism is not spending much money on food.
Come on now, it's not that hard when your Parents boost you $150k on the downpayment. He ain't slick.
@@susanmiron5002 such bs lol you're correct
I loved this video. I completely agree that most people who go to DC don't do it for money.
Lol yes the hell they do. Why in the world else would you live in DC? The crappy whether? The worst traffic? The high cost of living?
@@SinSeared They wanna work in the nations capital maybe?
We absolutely do! The job market is solid in DC, MD and Northern VA. WE come for the money honey! Hehe!
@@kristinrodriguezrealtordmv3434 😂🤣😄
Krittie In the City facts!!!! DC is here for the money, but maybe Capitol Hill staffers are not. A lot of the Capitol Hill staffers don’t get paid much at all,but often find lucrative positions once they leave the Hill.
Ladies and Gentlemen....Your President of the united states in 2044
He can run in 9 years in 2028 when he's 35
Jian-Lin Li Unlike Donald Trump he only received a small loan of $150,000 for the down payment of his apartment.
Ha! How many Asians voted for Obana? Just wanting bragging rights that's all. It's not an Asian country and they dint have to vote for you
Who knows!
May be he doest not want to be President! It is not for everyone.... And not everyone who is working in the capitol wants to become the next President!!
Proud of this guy!
My only comments: get a roomate, that will help with mortgage costs and put some extra money in your pocket. Also maybe get a fun second job on the side for extra spending money: tutor, write, etc.
Also, funny how he bought Apt 4. It sounds like death in the language - its a superstitious culture.
Lucky your parents supported you with the down payment. I wish my parents did that for me.
Why didn't they?
@@user-td7xf3gz4l no money. Also, limited thinking. But coming from 100 percent responsibility. My parents and the world do not owe me squat.
Yeah that no4 apartment was surprising. Also surprised for him to find a place that doesn't seem to have high HoA costs that comes with living in DC (looking at mortgage)
Them voting against the cost of living adjustment is trash.
king_Jab27 the Congress members make $$$ other ways so they don’t care. So many are already millionaires or do so while on the hill
Wrong.... i want lower taxes king...
He’s a 26 year old government employee. His income is reasonable. And he could earn more on the side. But I reside in the DMV area. $189,700/yr is required to enter the top 10% of income earners. $117,000/yr is average!
And you make which? ;)
Luckily he has his parents to help because you're not gone live that comfortable off 45k in DC! This video made it seem easy!
jlovetjat A lot of folks, missed that part. His house was 350k, and his mortgage is 1,450 per month. They said his parents helped him. His parents gave him 200k for his house.
Exactly!!!!
84 TRANSPORT my house is 315k I’m paying over 2000 a month
@@emartinez2809 I pray for your soul. 🙍
He's not living comfortable one of his whole check go to his mortgage. I'm sure he need the second check for assistance.. 45k is not a lot money to live on and be comfortable.. you needs some overtime
This is one of your most relatable income stories. Now try to get a person making 32k- which is around the average pay of an American.
So handsome and disciplined guy 😍
Habon Hajira he’s adorable
Thank his Parents for the $150k boost on his home downpayment.
he's asian, his parents are 1st gen immigrants. So it's high likely they're intensely frugal and hardworking-that 150k dp didn't came from nothing 😉
@@bighou2359 - Most Asians come to the U.S. with nothing. But they very work hard , save money for rainy day and be frugal. They don't go around buying stupid material things!
Was waiting to see if someone noticed he was very handsome
I honestly adore Victor! His priorities are in order. Yes, this may not be a lot of money right now but I’m sure this is a stepping stone position. We all have to start somewhere!
This guy used to go to church with me, and we're family friends, although he is much much older than me. I can't believe he is on youtube!
As an Asian American who’s is 24 this is one of my favorite Millennial Money videos. Not only was it more realistic to what I make, it was inspiring to see someone I can relate to. Also, Victor did an amazing job at giving perspective on salaries for our government workers as well as a general idea of what it’s like and why he does his job.
Great Channel, $45k a year is not enough in DC. I also live in Washington, Seattle and I do earn $12k weekly and I still feel it’s not enough, that’s why I always try to increase my investing power in other to generate as much income as possible.
Wow! $12k weekly how do you earn so much ?
Vegard I do earn that off my stock investment. I invest in stock with the help of a financial executive expert. Mr Wilson McEntee. He handles all my investment on my behalf generating high profits.
Kevin Brocklesby, How can I connect to Mr Wilson McEntee, I have been seeing few recommendations about him! I want to start investing myself.
Ok, ICO SPEAKS, you can communicate to Mr Wilson through his e-mail at📌
Wilsonmcentee@gmail•com
I actually once met him at a conference meeting I went to few weeks ago. His speech and knowledge about the market will give you insights that he had great knowledge about the market.
Next video, "Living on $150k A Year In Dallas Texas | Millennial Money " (;
Are u from Dallas?
he is so calm and generate positive vibes. i wish i can be like him one day and stop worrying too much about money!
where tf did this guy buy a house in DC on 45k/year
Parents maybe?
if you actually watch and listen to the video, he mentioned that his parents helped him out.
$45,000 isn’t a lot of money to live in D.C..
@@rodrigomelo6691 his parents. DC also has programs for first time homebuyers its just a very lengthy process
His parents bro. Asian parents actually help their kids out unlike American “families”
Very Scandinavian the way he thinks about money. Usa needs politicians like him to raise the living standards of the middle and lower class.
Without his parents’ help, there is no way he could have lived like that with that salary in DC, where a 1B +1B costs $2000/a month or more
He seems like such a down to earth guy.
Monthly income is $3140 and his housing is 1600/month (0:50). housing is more than 50% of his income.... he's living well beyond his means
He doesn't pay anything for transportation.
Favorite video. So relatable in many ways. He’s also very intelligent and humble!
He is truly blessed but he has no student loans and is one of very few that can find a reasonably priced home in the city
Dude his parents helped him buy his place....cmon now this still isn’t real for most ppl
Jay White it’s actually quite common with Asian/south/middle eastern house holds
@@sarahjuma7563 Yes. It is common, but I think what Jay was pointing out is that with a $45K a year salary home ownership in the Washington DC area is nearly impossible. Here is a pull of data for 2019 in the WDC area:
The median price for a detached single-family home grew 10.9 percent, to $809,500, while that for a townhouse grew 11.9 percent, to $752,300. The median price for a condo or co-op unit also rose 0.6 percent, to $483,000. Salary needed to buy a median home is about $95K with 20 percent down or $109K with 10 percent down. The math just doesn't even out if you are at $45k gross.
@@cobramanphil Oh, boy... Let me explain what is impossible. A flat in my area in Lviv (the city in Western Ukraine) costs $50000 for a one room apartment (kitchen, one room, WC and bathroom). And an average salary here is $250/mon.
Your description above sounds just like a dream for a Ukrainian, like me 🙄
@@cobramanphil I was thinking the same. I live in the DC area and pretty much impossible to find a house at that price. Also when you get a chance, download my app @stowaway app. It's a peer to peer shipping platform and is available on android and ios and would appreciate any feedback
@@8000860 For my direct area median price for a home is $2,628,200 even though it has declined 10.9% in the last year. You can validate through the various online and standard calculator/mortgage apps, but a household income of approximately $400k would be needed assuming a 20% down (pretty much impossible to own a home unless you are making close to half a million a year). What I have observed though and it seems the norm is that there are a few that do make that kind of salary, but many use the resources earned from home sales (1 or 2 homes) to pay outright the single home worth $2.6 million. There are many ways to skin a cat as the term goes, but you cannot buy a home outright in the neighborhood unless you have a couple of homes owned already:).
There are not many studios/apartments/flats in the city, but the few existing are in upwards of $550k..
This guy is so genuine and likeable.
I learned he has a good head on his shoulders and a 150k down payments on his condo from his parents.
If he had to save the kind of down payment on his salary he would buy a house when he’s about 55
I don’t know how he survive living on such small amount in DC. It is very expensive to live in DC
It's BS. Nobody is gonna donate $50/month making 45k/yr living in DC. $15/month phone bill... Bruh...
@@alexandriab4171 He probably has Cricket or something. Lol
His parents gave 140k
The country just doesn’t want to give back to civil servants.
I like this guy. He could have gone down a route where he makes a lot more money but sees public service as more important. I also love how he puts himself out there and meets people in his neighbourhood. I want to be more like him.
600 per month on food is crazy. I’m spending about 160 CAD a month on food
Dc food prices are expensive
@Hugh 2:25 he said it himself that his parent help him bought his house, soooo???? Is he paying the mortgage or is it payoff?
@@fromLAWRENCEKANSAS yea if you dont cook! Food ain that expensive here in DC....I spend 200 a month on groceries and meal prep!
@@MEvans-tt1ri exactly, I narrow my food bill down to 120 here in DC...
L C
160 a month!!! What do you eat beans and rice
Very intelligent and humble guy, I became a home owner at 24, 26 now. 100% recommend it if you can do it!
I'm strongly considering this. Thanks
When ur parents have money it’s easy as getting a house when ur 18
edit name I got my house a lil later (30) but I was earning 34k and bought a house.
Most houses here are $700-800k on average in my province. Should I buy a $200,000 condo if my take home is $3100 monthly? I am a minimalist. I am trying to save up on a 20% downpayment atm. I don't drive or eat out much. I am also single... and prefer it that way.
@@blixx87 I doubt his parents have that much. Most Asian families usually help their kids get a house/ condo. If his parents had money his house would be at least a million.
Victor: 0:56 "I don't usually spend money unless it's an expense that I feel is necessary"
Camera: Pans to the freezer with Snickers and drumsticks. Amen brotha...when you've got to treat yourself, you do it right. Impressive how you manage your expenses, hope many learn from you
The free food comment made me laugh because my cousin who lives in the DC area does the same thing. She goes to events to eat. Lol.
I really enjoyed this episode. It was relatable and he's only one year younger than me.
i like that he puts himself out there in his community
Real take away lesson:
We should learn to be parents like Victor's.
Instead of blowing all of our savings for leisure, we should use it to help our children buying a house.
Great profile of a wise & wonderful young man who is a proud civil servant! Definitely need more CNBC profiles like this featuring incomes closer to the $40K-$80K range to balance things out. Best wishes in your journey.
no way he could have afforded that house on a 45k salary, let alone a down payment in DC. He is very lucky to have family gave him the $140k as down payment. Good for him for saving for retirement.
600$ a month on food.Graham is not going to be happy.Just buy ramen noodles and make 20cent iced coffee at home
who the f cares
The iced coffee was even less than 20 cents!
I was surprised at that too especially when he said he goes to a lot of events where the food is free lol
@@zebrameat6855 i care when i have to keep paying higher taxes to fund these government bureaucrats
One problem. Parent's helped buy his house. Really adds to that $45k..
They helped with down payment, he still has a mortgage. He probably barely getting by
Wow i didn’t m kw people like him still exist. What a good soul
He is exactly like anyone from Scandinavia or Finland :D
Respect to this man. He doesn't let money define or control him. He has what he needs to get by and seems very hard-working.
Overall, the guy is awesome. However, in reality, you cannot buy a $350k dwelling making $45k per year. The parents must have given him at least 200k downpayment. I was making 125k per year in the DC area and purchased a $300k house in 2001.
My Asian brothers know how to save money. Fist bump homies
So down to earth, such a positive attitude on life and on money, and so handsome. Love this guy!
This was me a decade ago, during the recession.
God bless this kid, hope he gets his break and starts making those shekels
Holy cow... I make $140k in D.C. and feel like I’m barely scraping by. Props to this dude!
When your single you can make it anywhere, it’s when you put the family equation in the mix where it starts to spiral out of control. A cat or a dog would throw your budget out of whack and going to the vet can bankrupt you now a days.
here I am making $48000 a year and still thinking it's not enough..... lots of respect for this man.
I make $52k in DC and pay $1450 for housing expenses. His expenses gave me a heart attack
I live here too and he's definitely lying lol
Brynn per month or year
Brynn McDonnell Same
Move to Baltimore and commute for two years to save money.
Its his house so yeah
I have watched every make it I can get my hands on and this guys makes me smile. The city he lives in is so expensive and for this man to be so grounded just amazes me. Good luck to you Sir.
Yes, finally someone with a realistic normal income.
The best CNBC Millennial Money episode by far.
I like this one CNBC! very relatable to those of us in public service and not driven by money!
I live in Washington D.C. and it brings me so much joy that he's able to own a home on a modest salary. This city has become incredibly unaffordable for anyone with an average income.
I struggle with barely 24k a year. Shoot I don’t think I even make that anymore. Teachers are so under appreciated. Teachers who are actually about their work should be paid doubled than what we earn, because we play multiple roles for children’s development every day. Also, we play essentially replicate the duties of other professions such as being a counselor, nurse, parent, mentor, etc for children.
I’m also a young student seeking for my bachelors and and eventually masters... hopefully my JD, too. . . stressful.
Kudos to you my man Victor! 👏♥️
Finally! This channel is showing money what most people earn.
His parents helped him buy his house (down payment). Explains it all. He's not disadvantaged or low income. His parents clearly gifted him 20-40k
Stop criticizing the fact he got help with the house. His mortgage is 1600 which around what an apartment would cost, except he is owning it.
This is BS. 45K in DC is POVERTY level. This guy is getting a TON of help
Yeah, 1600 a month on rent making 45k is crazy, I don’t see how he could do that. I make 80k and it already sucks to pay 1200 a month.
Yes , his parents helped him buy a home, very common in the asian/Indian community
Any good parents would try to help their kids if they can. However that depends on how much they are sacrificing for them and to what extent. Leave culture out of this
@@chevon1920 where did you get $1600? I thought it was a little over $1400?
His mortgage is $1,400. He has no car so no payments or insurance to worry about. It is very manageable if you are smart about expenses. I did the same thing on a $50k salary. My folks did not help me purchase my condo is the difference. I was able to buy a pre-construction build when the market was in the tank a few years back during the financial crisis. I would not be able to afford my place now. If you are a little frugal and focus anything can be accomplish.
theis such a kind and passionate soul. I had no idea that people who work for congress can't make more money because the bill is voted down every year. It's really disappointing to know that people who love public service may not be able to stay in it due to financial reasons. This has got to be one of my favourite Millennial Money videos. Hope he does well in life, he deserves it!
"I play basketball at the basketball court"
*Oh fr, i thought it was for tennis*
This man is so humble, involved with the community & uses his money wisely. Amazing!
He should rent the second room he can make an extra 10k a year easy!
This is definitely one of the best I have seen.
Someone wake up Graham Stephan and let him know there’s a new millennial money out
NOSLEEP TV exactly what I thought haha. This guy is doing things so well though
45k a year is not even close to being considered "new money"
I don't even know if elites would consider you new money with 45k in the bank..
Dexter Schray I think you’re misinterpreting the original comment, they just meant that there is a new Millennial Money video out (Graham Stephen does reaction videos to Millennial Money). They’re not saying the man in the video is “New Money”
@@eggegg8181 fair enough, thanks for explaining that - it makes much more sense now, as I was thinking "new money." I was able to find grahm Stephens review on this video as well, I have watched Grahms videos in the past, but don't necessarily follow him.
I really enjoyed this one!
Please continue to show more people with relatable salaries.
Kudos to you Victor, you are an exceptional young man.
Seems like a nice guy the numbers don't add up.
He's a China spy lol
Agreed with all of these numbers don't really add up.
Yeah I agree because I made 45k a year in Los Angeles and my monthly take home was around 2000
Mike W he doesn't pay regular taxes
His take home is probably 45k. I live in the DMV so its definitely after taxes.
By far the most relatable episode so far.
The amount he saves on a 45k salary is absolutely amazing. This guy has no nonsense spending. Just simple expenditures. More people need to be like him.
I live in DC area and bought a 650k dollar house in Fairfax, Va. our family income is 130k per year. Our annual expenses are 60k per year including mortgage, 30k per year not including mortgage. America has a spending and budgeting problem, not an income problem. We’re a family of three.
Leroy Spencer People don’t know how to live below their means
So dumb how Congress won't pass laws to increase staffers pay to match cost of living smh. But he seems pretty smart with his money.
Yasin M. Feel free to send them extra check when you get paid as you are the one paying them. They won’t refuse more free money.
It's not dumb. It costs taxpayers money.... i don't want to pay more taxes. Gov bureaucrats are public servants, it should be a volunteer position without pay
This is so relatable. I can see great success in his future
1400 monthly mortgage is kind of expensive and you need at least 65k a yr to survive in DC is very expensive there.
No
JJ you don’t live alone then you probably live roommates. It’s not easy to live on your own.
great story, enjoying the Channel!
I live in DC, worked in the Senate, and lived off less without assistance over 20 years ago. If you’re good with money and built a foundation like he has done, you won’t starve and can maintain your quality of life. I’ve done it after that time frame and never had to downgrade my lifestyle. As a young staffer, he’s building to become a rainmaker, putting in the work, and has time. However after leaving the Hill, I wouldn’t accept a 45K job. I can make that and more on my own and still have my freedom. I’m not 20 something either 😉 but when I was I left earning way more. Great feature and discipline! He’ll cash out and continue to do well.
This guy is so humble and nice
The fact that his parents bought him the house changes the entire context of this video, ain't no way he is living his current lifestyle with his salary without it.
He’s still paying a mortgage, so it seems like all his parents did was make the down payment.
Down payment decrease payment a lot
@@alecgalbraith5604 I'm confused. Why is he paying a mortgage? I'm pretty sure you can't own an apartment unit. I thought apartments are only available for rental.