Living On $100K A Year In Atlanta | Millennial Money

Dr. Adrienne Colman, 30, lives in Atlanta, GA, and earns $100,000 a year as a physical therapist. Colman faces $230,000 in student loans for her undergraduate and doctoral degrees, but she doesn’t lose sleep over it. She’s only a few years into her career and already earns six figures. She expects her income will keep growing, which will help her pay off her debt down the road.

This is the latest installment of Millennial Money, which profiles people across the U.S. and details how they earn and spend their money.

In the meantime, she isn’t willing to sacrifice everything just to put more toward her loans each month. She doesn’t live extravagantly, but she does want to enjoy her life. She makes room in her budget for travel, nights out with friends and family and weekend shopping trips.

“It doesn’t make me feel great that I have that much student loan debt, but I don’t let it hinder me in the way that I live my life,” Colman tells CNBC Make It. “I’d rather live my life than throw thousands of dollars into trying to pay this debt off.”

Colman puts $453 total toward her private loans each month. Normally, she also pays $229 per month toward her federal loans, but those have been deferred through the end of the year due to Covid-19. She expects to pay off her private loans in eight years and her federal loans in 25. At that time, any remaining balance on her federal loans will be discharged, and Colman will pay taxes on the amount forgiven.

She also has around $2,600 in credit card debt, mostly from shopping for clothes and accessories, and she is paying off around $17,000 for her 2017 Mazda CX-5.

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[derekkaijie]

I think she fits the stereotypical American middle class image perfectly: looks nice on the outside, gets paid well, but drowning in debt because of financial illiteracy.

[juuvvy]

She needs to move back in with parents, drive a car paid in cash, and spend 2.5 years paying off that loan. ASAP

[mojogrip]

I love how she made sure to put Dr. first. Put some respect on it, $230, 000 worth lol. Dr. Adrienne Colman, I wish you all the success in Atlanta.

[distinctdim]

I don’t think she fully understands what “Pay yourself first” means 😂

[Fatnutz]

She needs to stop supporting her friends businesses and take care of her own financial mess. She thinks she is doing well but she is straight up broke

[LilKiss]

So she makes 100k, has $3000 to her name, gives her friends money for things she doesn't need and calls it "support", deserves a vacation every month because she chose to work 7 days a week, somehow owes $17k on a MAZDA, counts what her boyfriend pays for her (and is basically finessing him and dating for survival)--and her biggest financial regret is going to a private school? Somebody make it make sense! We all make financial mistakes but she has made a series of mistakes in a consistent manner and is in denial about how poor she really is. I hope this spotlight encourages her make drastic lifestyle and financial changes IMMEDIATELY, otherwise she will be doing backbreaking work well into her 70s!

[cookingthebooks]

Imagine earning 100k and still have to work second job 😭

[wearethejoneses]

Food for thought...just because you think you deserve it, doesn’t mean you can afford it!

[buyhouses]

Mom isn’t cheap. She is sharing wisdom.

[hifisoft]

Nobody:
Her: student loan
Everyone: ohh sh*t, hide this from Graham.






[Edited] Wow, thank you... Never imagined my comment having this much likes.
Btw if you ever need a logo or branding for your business, hit me up @hifisoftng on Instagram 👍

[johnlee]

$50, 000 in interest in two years !??!?!?!?
You have to refinance.

[cait.]

I’m confused how her boyfriend is paying for all of those things, but she is still paying the minimum on her student loans while making $100k/year. I understand wanting to enjoy her money, especially since she’s only 2 years into her career, but it comes to a point where she will need to stop lying to herself about her financial well-being.

[AMGBadger]

“Pay yourself first”

You keep using that phrase. I do not think it means what you think it means.

[ToddBaldwin]

Step 1. Pay off car note as soon as possible
Step 2. Take that $482 car payment you used to have, and now you can either beef up your IRA/401K or throw it all at your student loans
Step 3. Refi your student loans if and only if you can get a lower interest rate. You don't want to be paying on this for 20-25 years.

Congrats on getting to 6 figures by 30! That is quite an accomplishment :)

[jueneweekes]

The. Way she calls her mom cheap and she’s drowning in debt

[TheTruthHurts]

Hmm... She makes 100k per year, her boyfriend buys her everything, and she still has credit card debt and car debt? Nevermind the student loans she's paying minimum on. Can't help but judge...

[buzzlightyear]

She's misunderstood what "pay yourself first" mean.... terrible, terrible finance

[ChelseaCFP]

As a financial planner, this just gave me so much anxiety. But it reminded me why we are needed and why we do the work we do.

[nataliefontane]

What six-figure earner puts $20 per month in their Roth IRA? Does she have grand dreams of never retiring?

[gonzalezvicky]

I like her but that’s terrible advice... why not pay it off as soon as possible rather than have that debt building up interest over the years?