@kevinoleary Reacts: Living On $50K A Year In Brooklyn | Millennial Money

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When "Shark Tank" star Kevin O’Leary first heard that Elena Haskins lives in Brooklyn, New York on a $50,000 annual salary, he was skeptical. However, O’Leary was quickly impressed by how Haskins makes it work. She puts $880 per month into savings, including funds earmarked for travel, donations and gifts. Around $300 of her total savings goes into her SIMPLE IRA, which her employer matches.

It’s smart that she’s already taking advantage of her full company match, O’Leary says: “That is like free money coming out of a helicopter to you.”

He also applauds her for setting savings goals. She puts a certain percentage away as soon as her paycheck hits her account and forces herself to live on what’s left. “If you actually have targets … you can watch it on a weekly basis or every two weeks, since you’re probably getting paid every two weeks,” he says. “The way you end up with massive credit card debt is that you don’t stay within those guidelines.”

Haskins does a good job finding free and low-cost activities throughout the city, such as baking with her neighbors and attending free events, O’Leary says. She doesn’t let New York run her budget dry.

“New York is so freaking expensive,” O’Leary emphasizes. “Of course the city wants to suck every dime they can get out of you. But at the same time, people are hip to it and they’re doing their own things.”

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Kevin O'Leary Reacts: Living On $50K A Year In Brooklyn | Millennial Money
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Funny how he kept scoffing at how impossible 50k is in nyc. Wonder how much his lowest paid employee in nyc makes...

theawesimchannel
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She's very financially disciplined for her age. Props to her.

mgh
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Engineering, engineering, engineering. When Kevin o leary sounds like an Indian parent!

rahulpnair
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Is it just me or is she doing impressively well for 23? There are 23-year-olds that are still in school. 50k seems like a great salary.

meiq
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Kevin: "$50K in Brooklyn?! That's impossible!"
Entry level jobs in NYC: "We beg to differ"

HamptonHawkeye
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As a computer science graduate, It's sad to see that most of these financial experts push people towards STEM fields just to be able to pay back student loans. How about making school more affordable?

leonlake
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I’ve lived on 15k in Manhattan, then 32k in Brooklyn, then 40k, then finally 50k. Because that is what NYC non-profits pay someone with a Bachelors degree in NYC. This guy is out of touch. 16 k in student loans is NOTHING

the.magic.catbus
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He is completely out of touch with the reality of MANY poor people in NYC

bobbyburches
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16, 000 in school loans is absolutely nothing compared to the average 4 year graduate. She seems very disciplined with how she spends her money. If she wasn't in NYC she would be totally fine, and likely will be fine in NYC too.

GS
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the median HOUSEHOLD income is 54k in brooklyn...

rachelfoley
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Kevin - $50k? that’s impossible!
Meanwhile, she’s putting $880 a month in savings.
Who’s the real financial genius here?

michellependergrass
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I get why he said it, but let's be real here: We can't all become engineers. Not everyone can cut it in an engineering major and there are other jobs that need to be filled.

starzzzy
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As an unemployed engineering graduate, i feel personally attacked 🤣

LaurenCG
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I'm skeptical when Kevin O'Leary says that you should only go to college for engineering.... THE MAN STUDIED PHOTOGRAPHY then went into BUSINESS to make billions 😂

PeterBilzerian
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There are lots of people in Brooklyn making less than even 40k per year. Everyone acting so surprised when the minimum wage is $15. Unless everyone here is of a different demographic 👀

Jnoel
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Elena: does anything
Kevin: smart kid, I do that too

mushy
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Love this! This is definitely something a lot of millenials and GenZers could relate to! You dont need $100k annual income to start wealth-creating habits, you get to $100k annual income BECAUSE of having wealth-creating habits! More power to you, Elena!

LtotheV_
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People don't work during college to pay off loans, people work to afford to live in housing

AllyseEW
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Come on y’all lighten up, Kevin’s never been 22.

realSimoneCherie
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Successful people don't become that way overnight. What most people see at a glance wealth, a great career, purpose is the result of hard work and hustle over time. pray that anyone who reads this will be successful in life.

edwardalexander