How I Afford NYC Living On $17K A Year | Millennial Money

You may wonder how Max Gallo, 28, manages to get by on such a small income in one of the most expensive cities in the world. The truth is, he's not too stressed about it yet.

This is an installment of CNBC Make It's Millennial Money series, which profiles people across the globe and details how they earn, spend and save their money.

Produced by: Valentina Duarte
Managing Producer: Beatriz Bajuelos
Camera: Mickey Todiwala
Editor: Marisa Forziati
Animator: Elham Ataeiazar
Reporter: Kamaron McNair
Senior Production Manager: Kathryn Mavrikakis
Additional Footage: Maxwell Gallo

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How I Afford NYC Living On $17K A Year | Millennial Money

[beaniemac]

Cliff notes: he's living off his savings primarily

[seasong]

If you're using your savings you're not "affording" to live there

[romanceray]

If you are planning for retirement Here are some key pointers. Firstly, kick-start your savings early to benefit from compounding. The longer your money has to grow, the better. Secondly, make the most of retirement accounts like 401(k)s and IRAs, especially if your employer offers a matching contribution – it's essentially free money. Thirdly, diversify your investments across different assets to mitigate risk. Think stocks, bonds, and real estate.

[perfectbreakfast]

He is spending his savings, I feel like they click-bated us on this one. He is great but the video title is clickbait

[jujubees]

Misleading headline. He's not living in New York for $17, 000 a year. He's living off that and his savings. He spent almost $2800 in January. If he averages that throughout the year, then he's living in NYC for around $33, 600 per year. Which is $16, 600 over $17, 000. Because guess what? You can't live here in NYC for $1700 a year.
He makes money as an actor and he maintains luxury cars for the rich and he gets paid $20 an hour. Unbelievable. This is exactly why people can't make a liveable wage.

[marvinbrown]

Technically Max is using savings to sustain his life, BUT I still love this episode. He had the opportunity to do the 9 to 5, it wasn't for him and he took the risk of doing something else. I say KUDOS and wish him well. Personally, I didn't have anyone else to fall back on, so stability was more of a priority when selecting a career.

[danielp]

He embodies an entire NYC sub-population: the hopeless creative, sustaining themselves through a finite savings account (or parents), trying not to let the dream of "making it in NYC" die. Hope he's one of the lucky ones.

[forretresss]

Analyzing his scenario, if he likes acting, why not be a youtuber? He could easily be a car review guy because of his knowledge with working with cars. Start small and expand your team. Youtube/Tiktok has been a new frontier for people to make money in front of the screen.

[gaborone]

The immigrant in me cannot comprehend these choices…

[kortyEdna]

More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

[bluckamey]

I hope his dreams of being a successful actor comes true.

[ThriftyCHNR]

People shouldn't criticize. He is a starving artist by choice. I'm sure if he runs low on funds he will have to adapt with a different strategy. It's great that CNBC is featuring people at different economic levels of living.

[Arasaka-ywem]

Bro isn’t affording to live. He’s dipping in to his savings which is down to $10k. His average monthly spend is $2, 796. He’s only got about 3.5 months with that, and even if he has an average of $17k or $25k in his bank account, it won’t be enough for a whole year. Unstable gigs and part time jobs can only sustain him for a few months. The cycle will just repeat itself. Video shows he looks upbeat and energized, but inside I think this dude is struggling. I hope CNBC compensated him a decent amount to make this video.

[tahirisaid]

Relying solely on social security isn't advisable. I've learned that the most efficient path to wealth, both in acquiring a million and sustaining billionaire status, is through wise investment strategies.

[Chrissieb.rackett]

It makes me stressed how not stressed he is about his financial situation. That being said- love how he’s living his life the way he wants!! Good for you baby boy

[userabc]

It feels like a promo vid for the actor

[mariiafilatova]

I want to wish the best of luck to Max, it's extremely hard to chase your dreams, but it's worth it!

[DJ-vjvi]

Plus, he has the privilege of having supportive parents, friends, and family members. Not everyone is blessed to have those things.

[roachtoasties]

So the title of this video is a lie to get clickbait: "How I Afford NYC Living On $17K A Year." He earned $17, 000 acting in 2023, in which his income was reduced by the actors' strike. He did have other income, savings and other jobs to meet his expenses. That is not living on $17K a year in New York City. CNBC has now lost all credibility with me.

[AoCabo]

Turns out the way you afford living in NYC is by paying for things (with your savings). What a secret!