Living On $181K A Year Outside London, England | Millennial Money

Alex Symeonoglou, 34, bought his two-bedroom flat in Maidenhead, UK — just outside of London — in June 2015. He makes $181,000 a year as a strategic assistant and chief of staff for a pharmaceutical company. He considers his interest in investing almost like a second job. As a result, he has amassed over $400,000 in his investment accounts. He enjoys spending his free time playing tennis, traveling, and practicing his mixology skills.

This video has been updated. (10/13/2021)

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.

As a 10-year-old growing up in Athens, Greece, Alex Symeonoglou got hooked on a TV show about the stock market, called “Limit up, Limit down.”

“I didn’t understand anything, but I absolutely loved watching it,” he tells CNBC Make It.

By the time he was a college student in the U.K. in 2004, Symeonoglou says he was tracking stocks on a daily basis and was even getting involved in his father’s investments.

Today, he jokes that his passion for investing has become like a “second job.” And at 34, Symeonoglou has already amassed an investment pot worth $410,795. (CNBC Make It converted all the figures from GBP to USD).

“It’s actually the thing that I talk about the most with all my friends and family,” he says.

When he’s not watching the stock market, Symeonoglou works as a strategic assistant and chief of staff for a large pharmaceutical company in London and earns about $181,000 a year. That includes his base salary and bonus, as well as $9,311 from an annual company car allowance, an uncommon perk in the U.K., and money from selling some of his vacation days each year.

How he spends his money

Here’s a look at how Symeonoglou typically spends his money, as of July 2021.

Savings: $2,888 goes into his company pension plan each month, equal to 27% of his annual paycheck before taxes. His employer also adds an 8% match, since it is mandatory for employers to contribute to pension savings in the U.K.

Investments: $2,602 in total. Most ($2,396) goes into a tax efficient investment account known as an ISA, or individual savings account. He also contributes $205 of his salary before taxes into a company shares account, and his employer adds $103 on top of that amount.

Housing costs: $2,294 includes a $1,976 monthly payment to his mortgage, $201 toward a maintenance fee for his apartment building and $116 for council tax, which is a local area tax in the U.K.

Food: $733 includes $178 on groceries, $41 on bottles of alcohol for his cocktail-making parties, $438 on eating out and $75 on a Nespresso coffee pods subscription.

Car: $170 includes $60 on insurance, paid in a one-off annual fee of $726, and $110 on gas.
Fitness: $122, with $55 going toward his tennis club membership and $67 going toward his gym membership.

Discretionary: $112, including $19 spent on his Netflix subscription, $82 on ad hoc buys on Amazon or eBay and $11 on a monthly haircut.

Utilities: $105 includes $27 on Wi-Fi, $22 on heating, $22 on hot water and $34 on electricity.
Insurance: $11 contribution to a company dental plan.

Symeonoglou bought his two-bedroom apartment before it was fully built, or “off-plan,” in Maidenhead, Berkshire, in 2015. He decided to buy in Maidenhead because it’s close enough to drive into London, but he could also get more for his money by not living in the city.

He bought the apartment for $383,340, plus another $20,540 for his parking space in the building’s garage. Symeonoglou put down a deposit of $123,238 for the flat and took out a 13-year mortgage. He plans to pay it off in just nine years, since he doesn’t like to be in debt.

He doesn’t plan to live there long-term though. “If all goes well, then I will rent it out in order to have some passive income, while I transition to another flat or house, whether in the U.K. or abroad,” he says.

About CNBC Make It.: CNBC Make It. is a new section of CNBC dedicated to making you smarter about managing your business, career, and money.

Connect with CNBC Make It. Online

#CNBC
#CNBCMakeIt
#MillennialMoney

Living On $181K A Year In Maidenhead, England | Millennial Money

[MarianelaGuzman]

So nice to see someone with a good head on his shoulders. Kudos to his father for teaching him about finances.

[ryanortiz]

Finally, someone who’s not a YouTuber! He knows how to save, invest, and live life!

[sg]

dude got MBA from HEC Paris, one of the most competitive and elite business school in the world. Not surprised he's doing really good in life. Love to see someone from the UK rather than seeing all about millennials from the US. Keep up the good work!

[ChandelierLeBlair]

"Dont worry about that guy babe, he's just a friend"

That guy:

[SpanishWithNate.]

I love Alex's outlook on life. Clearly very intelligent, and he's thought through his priorities well. Love it!

[PaulHo]

If investing is his second job, monthly cocktail party planning is his third. Good for him, being able to find things you're passionate about without it becoming a costly hobby is a great place to be at.

[whitneybryan]

Love seeing someone who is responsible with his money but knows how to live his life. I feel like so often people commenting on this channel advocate penny-pinching to the point where you can't even enjoy life - what's the point?!

[zchoicez]

He looks like his has good head on his shoulders. He seems responsible, keeps himself fit, logical ( not a show off ), and discipline. 👍😀

[infini.tesimo]

The part I want to hone in on is where he mentioned that his father taught him from a very young age how to grow and create generational wealth. Most people don't achieve this mainly because their parents before them didn't know how to do it either. It's up to you break to break the cycle and keep it going.

[FIREPsyChat]

This video is proof how important financial education is to our kids. Could you imagine if every teacher and parent taught their children how to budget, save, invest and do taxes in their teenage years or younger?

[JoshIsOnAMission]

"Friends and family the most important thing in life" - this man knows whats up

[joea]

Alex is obviously well-bred! I wish I hung out with more people like Alex instead of wasting time with silly and superficial slackers when I was younger. We are who we surround ourselves with!

[kocronashi]

He needs to add this CNBC video link to his dating profile 😆

[HackeemAlves]

Why have I heard about moisturizing my skin but I never heard of moisturizing shoes.

His money management skills are A1

[oco]

He's doing really well. He's investing more than his paying in mortgage. That's huge. And he's putting alot into his company's pension. He's putting more than half of his income in investments and pension

[sailormars]

This is an example having good and successful parents to get you a good footing in life.

[MeetKevin]

This is the person's cocktail party I want to go to. Great job!

[tristanrodenhauser]

They should do a series on how to become a high income earner. He has a high income, low budget and can save 2/3 of his income.

[elliewanders]

Great episode - thank you for showing someone who also lives in the UK cnbc. Buying a flat close to London (but not actually in London) is a very good shout.

[a]

Best Millenial Money episode in a LONG time.

Not only he is a very likeable young chap who is making sensible decisions all around.

But also CNBC went back to basics and just focused on reporting the objectives. No flashy clickbait title, youtube-channel promotion or social commentary about minorities/disadvantaged millennials.

This was a great episode. More like this please.