Living On $280K A Year In Metro Detroit | Millennial Money

Alex Pardoe earns $280,000 a year as a hairdresser and salon owner in metro Detroit. The 25-year-old isn't afraid to splurge on big purchases like Louboutin loafers, a custom Mercedes G Wagon, or Birkin bags from Hermes.

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

Alex moved to the Detroit area from Virginia to attend cosmetology school, first working in a major salon chain and earning $30k a year. After using Instagram to show off his work and offering influencers free styling services in exchange for publicity he grew his income and a roster of loyal clients.

In 2017 Pardoe opened Aesthetic Hair Co. with two partners. As a salon owner he earns around $190k from client work, $50k in tips, $30k from teaching other stylists at the salon, and $10k from his product line.

His largest monthly expense comes from leasing a Mercedes Benz G-550 for $2.2k a month and financing a BMW i8 for $1.3k a month. Pardoe also spends nearly $700 on premium gas and insurance for the cars.

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Living On $280k A Year In Metro Detroit | Millennial Money

[juliav]

retire at 50?? Boi you could retire in 5 years if you wanted to. Just gotta learn how to cook and ditch the cars

[carlkrikorianck]

Should be titled “how to blow 280K a year”

[Skillseboy]

Who spends 2500 USD a month on food? I couldn't spend that much on food if I tried.

[watchfalcon]

Saves $36k/yr on $280, 000 income and thinks that is aggressive lol. You do you dude...

[sabrinatatalias]

Bad spending habits...but i gotta say he's very successful for a hair dresser/ business owner

[nataliemorze]

He’s not wealthy enough to be spending so much. He’s putting a very small percentage of his income into savings.

[igodi]

He thinks like a poor person. Rich people invest consistently to increase wealth.

[leeliu]

if I made that much money in Detroit I'd buy an empire of properties

[catherinebenton]

he makes 280K but still rents. Boy buy your house

[MechPaul]

He's making the assumption that the gravy train will never end. It's going to crash and burn for him if he keeps up that level of spending without more saving.

[AshleyRey]

Would love to see an update on his life during COVID-19...

[dangeles]

Wastes his money on liabilities and no assets. 🤦‍♂️

[najmussaqib]

50000 in tips. Let that sink in for a moment. 😐😐

[Someone-hvzz]

Lottery winners spend uncontrollably, crash, then burn, and this guy is doing the same with his lottery in life.

[Hunter-lrug]

This guy spends more on car leases than he is putting away in retirement funds/investments and he thinks he will retire at 50? Good luck man. If you are burning money that fast, you need to be saving much more.

[Threeanimalshow]

Dude, 1/4 of your whole budget on car payments. Not saying you can't drive nice cars but maybe just a nice beamer. You make 280 but you spend like you make 2.8

[kieki]

$4k in cars?! Damn this guy will be broke by 35

[dekelogan]

This guy will be exhausted and broke at 50, and there are MAJOR MATH ERRORS in his calculations. He is totally overspending on his lifestyle

[MrAndMrDanceFitness]

I can't judge him, he sounds happy with his life. I would do things differently with that bidget but he can live his life however he wants to.

[DrCliffAuD]

At this rate, he will work until he dies. You can't spend significantly more than you save and still retire early.