Living On $62K A Year In NYC | Millennial Money

Maria Melchor, 25, lives in New York, NY, and earns $62,000 a year as a paralegal case handler at the Legal Aid Society of New York. Maria also has a side hustle called FirstGenLiving where she offers money coaching services to her clients.
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.
Check out Maria's Instagram here: / firstgenliving
Ask Maria Melchor how she spends her money, and the 25-year-old pulls up an elaborate budgeting system she has fine-tuned over the past few years. Whether it’s going toward one of her many financial goals, is earmarked for rent or is slotted into the “unaccounted for” column, Melchor can account for nearly every cent she earns.
She didn’t grow up being so fastidious with her finances. But the system is one of the ways Melchor has taught herself to make sense of her money, a topic she once found difficult to navigate.
From 9 to 5, Melchor works as a paralegal case handler for the Legal Aid Society, helping low-income New Yorkers access government benefits and affordable housing. She is paid around $52,000 a year and receives generous health benefits.
On the side, she offers financial coaching for individuals and couples via FirstGenLiving, a community she founded in 2020 as a space for first generation immigrants, college students and young professionals to unpack “their histories with money and design healthy financial lives.” In the beginning of 2021, she was earning around $800 per month from her coaching sessions, and pocketing $400 of that.
Her side business was inspired by her own experience as a first generation immigrant in the United States. Melchor, who is currently a permanent resident and is applying for her citizenship, moved to the U.S. from Veracruz, Mexico, when she was 9. Her father had been working in the U.S. for years at that point, and Melchor and her mother joined him in Connecticut (she also has two siblings who were born in the U.S.).
Growing up, her father, who was undocumented when he came to the U.S., took on odd jobs, working as a day laborer, in restaurants and as a carpenter. Her mother stayed home with Melchor and her siblings when they were young, before getting a job as a house cleaner.
“My parents are very, very hardworking. They always have been,” Melchor tells CNBC Make It. “But given that my dad and my mom were undocumented for a while … we were pretty poor.” Her parents bought her new clothes just once a year, at the start of the school year, and her mother kept a strict grocery budget.
Melchor first became interested in personal finance when she started attending Yale University in 2014. Money took on a different meaning when she got to college and saw how other people outside of her immigrant community lived.
“I was naïve. I didn’t understand I was going to school with the 1%,” she says, recalling being shocked to learn that some of her classmates owned designer jackets worth thousands of dollars. “I’m like, ‘Wow, these are $1,000 jackets, and you leave them on the couch at a party.’”
Melchor earned just over $46,000 her first year out of school at the Legal Aid Society and remembers feeling “overwhelmed” by her first paycheck. Although she wasn’t making much compared to other Yale grads, it was an “incredibly high” amount for someone from her background, she says. After paying for rent and groceries, she was amazed to still have money left over each month.
While finances were an ever-present concern in her life growing up, Melchor realized that she didn’t know how to manage her money on her own. To learn, she “inundated” herself with financial information, reading books - “Get a Financial Life″ by Beth Kobliner is a favorite - listening to podcasts and watching KZbin videos. She learned the basics of saving and investing, and created her elaborate budgeting system.
She hopes sharing her story will show other first generation Americans that finances don’t have to be scary.
“I’ve learned that everyone needs a basic, minimum living wage and government benefits in order to leverage financial literacy to reach their biggest money goals,” she says. “But I believe that, above a certain income level, everyone can set up wildly easy and successful financial lives.”
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Living On $62K A Year In NYC | Millennial Money

[@CNBCMakeIt]

What's your budget breakdown? We're looking for stories from all ages, not just millennials! Share your story with us for a chance to be featured in a future installment of Millennial Money: cnb.cx/32TYZ2K

[@andieb3632]

I submitted my application. As a nonprofit worker who loves her job and doesn't mind a medium income. I would love to be on your show!

[@GD-oz7uy]

How much do you pay?

[@chiaradamore-klaiman8692]

This series is great, but these folks are Gen Z, not Millennials.

[@iamabot2667]

72k and supporting a family of 4…

[@doubledutchclutch]

Omg, Millennial Money actually featured someone I can relate to. She is making a healthy salary for someone her age, but of course is not on easy street because she is located in a high cost of living area. The amount she spends, saves, and invests on her various needs and wants also makes sense to me. She seems to have a great head on her shoulders. I wish her the best.

[@meehoww]

I’m always in awe of any under 30 making more than $40,000 a year. Didn’t get to that until pass my 30s. Congrats to anyone one who can. Love how hard working she is.

[@TheKuppy]

in New York salaries are much higher because rents are outrageous

[@arain764niara]

In NY we're barely scraping by with that salary

[@lavaboy1565]

@@Sadude13 that’s amazing! Can I ask what job u were doing during your 20s to get 6 figures? What degree did u do?

[@kingchris7519]

@@neatneat8194 7k? Where in NYC do you live?

[@ryanrodriguez4535]

@@lavaboy1565 my wife and I are averaging about 240K a year depending on her production costs. She’s a veterinarian and I’m an architect. Both of us have been working for about a year and a half combined. It’s still not enough

[@kumar01234]

Cool episode. She has an ivy league education so she can probably get a higher wage job if she wants to but chooses instead to help immigrants and low income earners and stuff. It's very admirable.

[@alanlee67]

Kumar lol she's just sowing the seeds. She'll eventually do something that makes a lot of money.

[@552mustang]

In NYC it is absolute stupidity. She needs a liveable wage before all the altruistic stuff.

[@mackeejack6731]

@@552mustang youre dense asf she clearly makes enough

[@TheHappybunny671]

@@DarkLight-hl2do not true. I went to an Ivy and have friends who were ethnic studies, urban studies, etc who work on wall street. It truly is unfair

[@Makasituation]

@@mackeejack6731 her income doesn’t even qualify her for a $2,000 a month apartment in the city (which is below average for most neighborhoods), she’s relying a lot on her and her partners combined income

[@dip5635]

She's already killing it then she said she's studying for the LSAT and she blew my mind. From a fellow Latina thank you for setting such a great example! The sky is the limit for you, well done.

[@friedrichimka1991]

Yeah of course she's also a good example to the shipwrecked individuals in the society, and also the less privileged?

[@anthonymike6929]

@@friedrichimka1991 Exactly that's why people who hold jobs are used to been told what to do. The await orders to make money without a job, a person has to to be self guiding and with a good passive income. At least have some retirement plans to get off the job and be able to leaves a good life afterwards

[@aimiliosliam2796]

You're right if not being careful with the economic crisis, and making plans I see retirement will go up to 75 next!! Because their job is their only source of income. Creating a passive income is the best action an employer should do

[@chris.k7254]

Well it pretty much has to, any way at this point who can afford to retire?

[@mustinvest8598]

@Keya Hiya Government is capable of anything- via taxes. You can retire "early" if the associated taxes will harmer you

[@espritsmith243]

Hands down my favorite episode. This young lady shows up so incredibly humble, hardworking, taking accountability for her finances. I love the way she is empowering others as well.

[@MrEnergyCzar]

Housing a quarter of her take home, no debt, Roth maxed at age 25, actually budgets. She's in a better position than most that have double her income...

[@marvinbrown1717]

This is everything! Love that CNBC continues to show folks from diverse backgrounds, not just racially, but other salient identities, like immigration status.

[@annazhang275]

She represents the REAL American dream

[@paulasalazar2093]

she really IS though

[@JoshDickens850]

Big facts

[@552mustang]

Yeah. The affirmative action dream. Got her citizenship cutting the line from immigrants who spent their life working for it, got into an ivy league under a quota. (How smart does she really sound? Smart but not Yale material, well old meritocracy Yale)

[@tekkieman]

Wow, enter the county illegally and then get need based aid at Yale. There’s just so much wrong with that.

[@annazhang275]

@@tekkieman Chil. She was 4 when she came. Like you did all the things right at 4?

[@Estrellitawilliams]

Loved this episode. Also, she and her partner seem like such a sweet couple

[@user-vi4xy1jw7e]

You're cute

[@aldralee]

The little banana bread story was so cute.

[@aldralee]

Super smart woman. Starting savings early, teaching reinforces her own good money management practices, solid career path, and doing work to help folks. Standing ovation!

[@minismalls3096]

If this girl can stretch 62k in NYC, I can definitely stretch that in Miami! Thank you, learned a lot from this video

[@joshuapinkerton]

Yeah NYC is crazy expensive I live in savammah and make 130k a year which is good for here.

[@legendaryubagel2383]

@@joshuapinkerton if you dont mind me asking what do u do for your job

[@abztraktt6403]

She splits rent so that really make things much easier for her

[@TheBlackFemaleEngineer]

This motivates me to be much tighter with my money. I’ll start today🤦🏾‍♀️

[@hughflucas7075]

What type of engineer are you

[@TheBlackFemaleEngineer]

@@hughflucas7075 I’m a commerce cloud developer!

[@hughflucas7075]

@@TheBlackFemaleEngineer cool I’m a civil engineer in Atlanta

[@ChristianRoland7]

Yeah, I spent most of my time spending my money irresponsibly and as soon as I started saving this year, my total net worth in my bank went from 3k to 16k really fast.

[@iAlwaysSpeakTheTruth]

@@ChristianRoland7 track every dollar you spend. It’s what I do. It’s so worth it

[@lordotaznik6347]

I already hear his voice: wait for it, millennial money

[@alinan4320]

Lol...yes

[@rafaelvargas4113]

Lol graham voice in all of us.

[@stan12345]

Hahaha lets get some cheap ice coffee

[@AmeliaColbert]

i feel like he’s gonna like this one

[@kellyrobinson8816]

Who’s this Graham fella that everyone talks about in the MM comments?

[@ndem658]

hats off to maria. not only is she an amazing student and great with savings. she's an amazing human being and we need more people like her. rooting for her!

[@sandra02111978]

I relate to her. Everything I am and what I do is to “repay” my parents for all they have done for me. I love how many smart decisions she’s made and continues to.

[@donjohn281]

Likewise. I just graduated 2 days ago and ngl, this piece of paper aint even for me. I just did it so my mom could see me walk the stage in May

[@Lizzy823]

I absolutely love Maria. She has great relatable content and a generous heart. So glad to see her featured on Millennial Money!!

[@aminat643]

Aww this one is so sweet! I love her personality and love her side hustling 💜🤩

[@troidberg]

23 year old aerospace engineer here. graduated in April 2021 but got hired in February and started working in May making $65K/year. I was born in Mexico and moved to Canada when I was young. I paid my whole tuition by myself by working weekend jobs, and while helping out my parents with their cleaning company 2 days a week, which I did not get paid for because it was solely to help my parents. Graduated with distinction without failing any class, no mental breakouts, no crash courses, or private tutoring. Didn't stress about school at all, had a healthy lifestyle of working out, skateboarding, and partying with friends. All this to say one thing: HARD WORK PAYS OFF and shut down that TV.

[@skyhappy]

Did you have a study schedule and how was your sleep

[@troidberg]

@@skyhappy study everyday of course since it was engineering, but during nights. I would start at 8pm until very late (midnight ish).. sleep was okay 6-7hrs, sometimes more on weekends and sometimes less during exams.

[@yosyem6956]

I absolutely loved this episode and so happy with CNBC for choosing her because I and I’m sure many others see myself in her.

[@TassiaCerqueira]

This is one of my favorite episodes! I am technically a first generation immigrant; I’m from Brazil, came to the US to study and now I’m married to an amazing Californian tree-hugger 😍 knowing that there is someone helping people figure out how to navigate the USA system is great! I’m starting to follow her work on IG and I would love to see more immigrants here talking about their story/lifestyle 💚🇧🇷

[@anoukc6928]

She’s sweet and very organized with her finances! I’m sure she will make a great lawyer. I hope she’ll move out from NYC which seems to be a very expensive city!

[@tonywasikhongo7510]

Attorneys make good money in new york. As long as you budget on an attorney salary you can live a good lifestyle.

[@MattSezer]

She wouldn’t make the same type of money if she did.

[@Makasituation]

She would probably make significantly less, dunno what she majored in but her law degree seems promising

[@odalissk]

More of this please ! I actually feel excited about Maria's law career.

[@shadorismartin]

So humble, yet confident ! I really liked this one ♥️

[@NicaNuestro]

I agree that money management is pretty simple and definitely liberating! Way to go Maria!

[@papakhalifa1955]

one of the best episodes so far from @CNBC Make It. she will go places I just know

[@ToddBaldwin]

Well done Maria! You're killing it!

[@emu9520]

This woman’s parents must be so proud....fabulous person

[@gameloser123]

She will do great in law school, hopefully she can keep getting scholarship and avoid loans!

[@mickyosully4592]

as long as u don’t work hard, you’ll get scholarships

[@acestarone]

She is on the right track

[@ninjablack4347]

i think the law school might be a mistake because there is a saturation of lawyers

[@aamaravel2493]

@@mickyosully4592 bruh

[@jasminejoseph8307]

Awww Ian is adorable! Remembering the little things keep things fresh!. Good for them!

[@alexandrasantos3928]

Something about her story just truly touched me. I wish her the very best wherever she goes in life.

[@emu9520]

She’s amazing isn’t she

[@bppresk]

This was so wholesome! Good for her, making the most out of everything she has.

[@277surfergirl]

so very proud of you Maria. Happiness and health ahead!

[@boat_shoe_bobby]

It wouldn’t be an Ivy League school if you don’t see someone throwing a 1k jacket somewhere as if it meant nothing 😹

[@taylorstep1413]

Weidan/taoboa makes amazing fakes.

[@baylorbaca2704]

Graham and Her need to do a collab vid on how she's doing and basics of investments so bailey and tuna can be friends

[@dip5635]

YES!

[@Milica7299]

Cause there's nothing for him to criticize here :D

[@caitlinwagnerthompson]

This is amazing. She is incredible, within one generation she has leveled up so highly. I’m sure she makes her parents very proud, and feel their sacrifices were really worth it.

[@LifeofKairo]

*She helps low-income families get access to government benefits* 😇😇😇

[@flawaii-pines6858]

Only problem is she is earning a very low income for NYC and after she moves out of student housing she might need to sign up for bennifits herself.

[@LovewayKid]

@@flawaii-pines6858 Not true. I pay $840 a month for rent with 2 great roommates. Many of my couple friends sharing a one-bedroom pay about $1,050 each. Her income is fine (: Of course if she wants to live a bit more luxuriously, she will need to earn more but luxury isn't of interest to everyone.

[@flawaii-pines6858]

@@LovewayKid Ummm ok... Sure if you like the ghetto and people hearing you bang. But hey some people are better with an audience.

[@LovewayKid]

​@@flawaii-pines6858 Wrong again. A nice, affordable apartment in a safe neighborhood in NYC isn't a crazy concept. Especially nowadays with the 15% price drops that were a result of the pandemic. Sounds like you're coming from a salty place because you're paying more than you have to be. Boo hoo. Check out Streeteasy once in a while lol, it's free.

[@slickrick2420]

@@LovewayKid But the rent will eventually increase again and it will get to levels that only high-income ppl can afford even with several roommates. Wages are stagnant

[@jonathanyuanyt]

Love this series. I’m glad our generation is so open to talking about money.

[@sheenanakahira7792]

This is probably my favorite Millennial Money episode. Very inspiring.

[@dsilverio3662]

I love these episodes showing people with such diverse and humble backgrounds. It really makes me feel like if they can make it then I can make it too.

[@SistersForFI]

Great job Maria! Love that she talks about her parents and how she wants to work as hard for them and because of them.

[@chenpo4294]

What a wonderful young lady with a smart and solid head on her shoulders! Giving back to her community, working hard and smart! Go Maria! Her parents must be so proud! Wishing you success all the way! A great feature on this series.

[@TinaBlaque]

This is a beautiful and inspirational story. Thank you for sharing, Maria!

[@LK_EBM]

I'm in the 2nd year of contributing to a Roth IRA. And 1st year contributing to an HSA! I hope I can continue with this momentum!

[@jenniferfernandez9370]

Love this! Please post more videos like these. You go Maria!!!

[@MissFinance]

Maria is doing amazing💃💕

[@lucychen2830]

I love this episode!! So relatable as a first-gen and on the road to law school!

[@jenb.9454]

I don't know her, and I am proud of her. I hope her legal education is fully funded, and she continues with public interest work after law school.

[@SincerelyDiane]

She's doing great with her income. Especially for New York. Nice motivation!

[@kdilli6426]

Auto transfer is one of the best ways to save!!! I highly recommend this for people who struggle with finances.

[@mayloop123]

To a separate external bank account

[@alexresendiz9201]

How does this work? And why use two bank accounts? 🤔

[@DayaDLora]

You are amazing Maria. Estamos orgullosos de ti!

[@Lianne459]

She is working harder than most American students. She is the embodiment of how stupid people are that put immigrants down and lie that they are all on welfare. She is working hard and striving for the American dream. She will succeed

[@TheDanaYiShow]

Really inspirational story and overview! Love seeing these :)

[@thirteenwolfies]

The mugs are so cute! 1:12 also, you go girl!💕 and the way your partner looks at you aww

[@robwashington-personalfina5674]

Can’t wait for Grahamn to react to this. Great episode she is doing well!

[@kevinwang7731]

Graham is the GOAT haha 🐐

[@michellepascual1679]

Thank you for this. This motivates me tremendously.

[@southerncrazydaisy1256]

Awesome video! So proud of you! Praying for you for your citizenship!

[@rrivas69]

Go Maria! Great episode and inspiring.

[@miriamO212]

As a first generation grad, I loved this video. Thank you!

[@vanavana593]

So proud of you!!!

[@BrandsofChloe]

Great episode!

[@rickyd4235]

I love CNBC for sharing this. I can relate to a lot of this. The best feeling for people like her is knowing where she comes from.

[@cherieb9002]

You go girl!! I know your family is so proud of you. I'm proud of you and don't even know you. All the best for a very bright future.

[@ciel222]

She is on a great path , she is doing GOOD for her age. I wish her all the best👏👏

[@first9299]

$2500 in debt for a yale degree. Awesome! They give very generous aid to low income students.

[@Makasituation]

Yeah most top schools give the best aid

[@NinaLon]

Loved this episode!!

[@manndesai6173]

Graham surely will love this video. 👍🏼👍🏼👍🏼 She is really good with budgeting.

[@OrangeVirago]

Banana bread split so that they eat the same breakfast was so heartwarming

[@Juliaa__T]

What a humble and smart girl

[@investinstyle-financeinves1181]

Please do more Make It videos outside of New York...people live in other places too!

[@hughflucas7075]

They do...all the tome

[@msf8297]

so submit your video?!

[@richthepup]

I thought the same honestly. They seem a bit ny heavy

[@nancydavis5857]

Could that be due to the pandemic? The last year there’s been a heavier focus which makes me think I cnbc is based out of NY? Doesn’t really matter the location if budgets vary........

[@unwoke8782]

Need one from Wyoming lol

[@Refreshing_Words]

So great and inspiring! Keep up the good work.

[@jessicarodriguez8946]

So humble and inspirational! Making Latinos proud 👍🏽👏🏻👊🏽 Kudos to you for reaching your goals but not forgetting your roots.

[@brief-partiality]

Wow - she made so many great points Inspiring!!!

[@giannalomeli2216]

I love her! Keep going, Maria 💛

[@blippy3511]

Such a good episode!!

[@chidilove8394]

Great episode! I am inspired by Maria's story.

[@tariqhussain2973]

I am glad people like you exist in this world Maria! More power to you

[@Some.real.human.]

Love that cnbc is sharing her story!

[@richardottley4611]

awesome story.. keep up the good work Maria.

[@iseejordans]

So humble and lovely, God bless her!

[@adrianoropeza2338]

Great episode. More down to earth and very relatable

[@korrabel]

Okay, queen! You're incredible! ❤🙏

[@sinduv4380]

best episode yet!

[@jjjjjjjjjjjjjjjjjjjjjjjj000]

Goodness, this is incredible! So inspired by Maria.

[@DiamondFlame45]

What a realistic and relatable video!

[@r.n.321]

Great Episode Maria!!good luck to you and your career

[@ProjectMayhemGaming]

Amazing character! Her parents raised an incredible woman.

[@LivingSwedish]

Fantastic story! 🙏🏻

[@angeldiaz2450]

I wish you a lot of success! Keep inspiring others to reach their dreams 😊

[@LA-cm9ly]

God bless her. She has a great future.

[@ollitumelius4608]

Sending good vibes to Maria! So wholesome. :) I hope you go far!

[@jasminelopez-gutierrez6909]

Very inspirational! Loved the AOC veladora 🕯

[@francisYT24]

She's crushing it! Great job!

[@veganspace]

All the best Maria!! 😘

[@GhettoHuerta]

YES! Someone to represent the hispanic community! This helps motivate me, my mother came from Acuna, Mexico so I feel I owe her part of my future success! Maria (my grandmothers name too lol) is great!

[@sarahhumaira8402]

SO INSPIRING!

[@kaylakerr6420]

her and her partner's relationship seems so sweet

[@lark3414]

This young woman has it all locked down. She is so savvy and so many can learn from her. ❤❤ kudos!

[@rosealargo]

So inspiring 👏🏽

[@jaywalkingaroundtown5879]

Great story! Maria consider other cities in the US. $62,000 is actually not a lot of money in NYC, you are smart with money! However, in other cities in the US with a lower cost of living 62,000 can make you rich. :)