Living On $97K A Year In Los Angeles | Millennial Money

Jason Y. Lee, 33, pays himself $97,000 a year as the founder and CEO of Jubilee Media. He went from earning a 6-figure salary straight out of college to zero income in pursuit of launching a start-up. His media company produces videos, shows and movies that promote empathy and bring people together. Currently, Jason lives with his wife, Melody, and Bernedoodle, Remy, in a 1-bedroom apartment in Los Angeles, California.
This is an installment of CNBC Make It's Millennial Money series, which profiles people around the world and details how they earn, spend and save their money.
Check out Jason's Instagram here: jasonylee_...
Check out Jubilee Media here: / jubileemedia
Read more about about Jason's budget breakdown here: cnb.cx/3bWiIV4
When Jason Y. Lee was a kid growing up in Kansas, he thought earning $100,000 a year would make him rich. His parents had immigrated from South Korea to the U.S. to attend grad school, and they were still students earning very little for a lot of Lee’s childhood.
So when Lee graduated from the University of Pennsylvania in 2009 and began earning six figures as a consultant at Bain & Company in New York City right after college, he wasn’t prepared for the shock of feeling immediately flush with cash.
“To make that much as a 21-year-old was a surprise,” Lee, now 33, says. Though he refers to the experience as an immense privilege, especially since his parents paid off his student loans, he also realized earning and spending that much money didn’t fulfill him the way he thought it would.
In the decade since, Lee has gone from earning six figures to leaving it all behind in 2012 to launch a nonprofit with his brother and friend, called the Jubilee Project, with zero take-home pay. When the company evolved and its founding members disbanded, Lee launched a new for-profit company called Jubilee Media in 2017.
As Lee raised capital for the new venture, he slowly drew a salary again - first $30,000, then $60,000. Now, after four years of building his start-up, the CEO pays himself $97,000 a year. As he’s gradually increased his salary, he’s taken into account how much he’s able to pay himself without negatively impacting the company’s finances.
For Lee, the nonprofit-to-start-up years helped him live and work with purpose while being realistic about using money to grow his business, invest in his future and pay it forward. Personally, it’s also put him on more financially stable footing to start a family with his wife, Melody.
Here’s how Lee manages his money as a start-up founder and newlywed in L.A.
Six figures to zero income
In 2010, Lee was settling into his high-earning career when, on his 22nd birthday, an earthquake in Haiti killed and displaced millions of people. Feeling the need to do something, Lee went to a New York subway station and recorded himself busking to raise money for charity.
Lee collected just $85 - he admits he’s not much of a singer - but after he uploaded the video to KZbin and called for additional support, he ended up raising a total of $700 for humanitarian relief.
Lee seized the opportunity to create videos for social good and, along with his older brother, Eddie, and a friend, Eric Lu, spent nights and weekends building Jubilee Project. After two years treating it as a side hustle, the trio all quit their respective jobs and school plans to focus on it full-time.
While the mission felt right, Lee says going from six figures to zero income was a huge stressor. “The truth was, there wasn’t a great business plan when we were starting Jubilee as a nonprofit,” Lee says. “There wasn’t this great investor or benefactor who was going to support us. I was lucky that I had saved a good amount during my time as a consultant.”
Still, Lee says he felt happier working on the nonprofit than he did as a consultant: “I felt like I was learning and growing every day.” Trading big paychecks for work he found meaningful “really changed the way that I thought about money and success.”
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Living On $97K A Year In Los Angeles | 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​

[@asadb1990]

how much you pay to showcase in such a video?

[@gidd]

@@asadb1990 nothing

[@asadb1990]

@@gidd so why waste the days it takes to record all this?

[@gidd]

To inspire others? to help others with their financial questions It doesn't hurt him to take a few hours off his day to film this and potentially hall someone out

[@asadb1990]

@@gidd ok to each their own. but to me to take a day or so and let someone record me and make a killing and not pay me anything is a waste of my time. im not a youtubers who needs exposure.

[@GrahamStephan]

I LOVE THIS EPISODE!

[@edb484]

Can’t wait for your review of this!!!!

[@PicturesqueFilms]

Yes yes yes yes!!! We stan Graham and his reviews!

[@xxx-ed3sk]

I was looking forward to this comment

[@TartarianTopG]

Yassssssd

[@dubbingchannel8195]

Graham Stephan I am your greatest fan I watch all your videos

[@NursesToRiches]

This guy's going places. He's got his heart in the right place by paying his employees a living wage before paying himself. That's what a real CEO looks like.

[@asadb1990]

this is all fluff, non profits pay themselves so much that no profit is left.

[@bevvy.bee9]

@@asadb1990 lol, a non for profit is an organization that doesn't exist to make profit, but some non for profits make profits and use that money to buy capital and what not. Just because you're a non for profit doesn't mean you gotta have 0 profits.

[@asadb1990]

@@bevvy.bee9 well as long as your books show net 0 for profits, you are non-profit. if your owners, make fat paycheques,it don't matter.

[@hopelife8130]

hello dear freind i realy need u to send me small coin for help my daugther for food god bless u be safe

[@consumer338]

@@hopelife8130 how much do u need?

[@trackourmoney5340]

This guy's passion is infectious. A CEO that looks after his employee and community... Hope the best for him and his company!

[@shahadathossain4594]

I like the fact his friend let him stay at his place rent-free. It is actually a big contribution. A lot of people cannot afford taking risk because of rent and bills. Good for him and his support group.

[@spicyshizz2850]

For real, just by nature of the butterfly effect if his friend didn’t let him stay rent free he would’ve most likely not have succeeded. Who knows tho. Rent is gettin too expensive now 😭

[@asadb1990]

well more than likely the friend got a stake in the company in return. it was an early investment.

[@Mrez95]

This guy is emotionally richer than the richest of billionaires. Thank you Jubilee and everything you do / stand for.

[@wolfyklip]

Not, there are millionaires that are emotionally richer AND happy and set up for the next 2-4 generations!!

[@ivand0007]

🤡

[@TheDanaYiShow]

I saw the thumbnail and was like OMG JUBILEE EDIT: he seems like such a nice and humble guy, and a great CEO

[@TheDanaYiShow]

@@suneisthebest3027 Hi!

[@hecatrice2064]

ngl, I expected him to earn more.Also the fact that he gave up a 6 figure job to pursue his passion proves he has balls of steel

[@kimberlymauro2742]

Well think about it. Hes actually makes a lot more, but reinvests everything back into his business.

[@joannekim8433]

I believe he tries to pay his employees a decent amount of money, so maybe that’s why his personal income is lower than what most would expect.

[@kimberlymauro2742]

@@joannekim8433 so true , he's the definition of a true leader.

[@DeGoya]

life is not just about money, it's also about pursuing dreams and be happy

[@petrovdm890]

@@DeGoya Without that you have literally nothing!Well said bro! 😄

[@LiahYoo]

So proud of Jason 🙌🏽

[@bryaneddy2647]

I love Jubilee’s content and I love this guy’s story and leadership! Great episode!

[@hopelife8130]

n hello dear freind i realy need u to send me small coin for help my daugther for food god bless u be safe

[@imchiragdhawan]

This guy has the most wholesome life one could dream of, pays his employees before himself, travels, donates, invests and has a good partner, everything is on point! also his general attitude towards life. He seems like someone who knows his priorities.

[@Dud-in9iu]

What an example of a great human being and CEO. This should be shown in business school and law school to show the future leaders and consultants what an honorable CEO and company looks like. We need more leaders like this guy.

[@ivand0007]

🤡🤡🤡🤡🤡

[@ivand0007]

He runs a non profit you clown

[@ninjablack4347]

I actually really like this one. My cynical side said "He probably came from wealth" nope immigrant parents were broke. "He probably got a great job that funded the entire thing" nope, his job paid well but he needed investors that took 20 rejections. He basically took a chance and it paid off. I really like that. I get tired of "self made" videos were the person's rich uncle funds the start up. Here its basically how an average person with average resources would do it

[@AJ-zp9cr]

exactly, he started from the ground up

[@sarahcoreas3147]

I almost entirely agree and I give this man props...but if you're "broke immigrant parents" both went to grad school, they weren't that broke.

[@aleemck8818]

He still got help though. His friend gave him rent free living. That is huge. There is no such thing as a self-made person. You receive help to some degree. He still works hard nonetheless.

[@vanavana593]

@@sarahcoreas3147 they probably are funded tho, there are not that many grad students back then, and if they are in STEM they probably still get paid by doing research and TA

[@Yoshi2x]

Dude had ivy league connections and a 6 fig consulting job after UPenn. Definitely not the average Joe lol

[@sarahhumaira8402]

Normalize guys saying “im proud my wife makes more money than me” 🔥🔥🔥

[@janeenjourney43]

That definitely caught my attention. I love that he exclaims that proudly without sounding threatened

[@drh1043]

Why would u be proud of that, I mean there's nothing wrong with it obviously but why would u be proud that you're spouse (Male or female) is making more than you?

[@RD-kw7mk]

@@drh1043 because you guys are in a partnership, tf?

[@anniemarrie7539]

@@drh1043 is not a competition lol

[@hopelife8130]

hello dear freind i realy need u to send me small coin for help my daugther for food god bless u be safe

[@sidehustlevikki1066]

love how they showed how he did not work and slept on his friends couch for some time before getting where he is at now. This part of the story is ALMOST ALWAYS overlooked and in my opinion that's the biggest part of a lot of businesses success. The owner sacrificing and continuing to nurture it until they see the true potential of their business.

[@ivand0007]

No it's not. Bezos, Musk, and most billionaires weren't sitting around all day like most people and then magically had an idea.....

[@jdhuh1]

I actually am a fan of Jubilee, so this was great to watch!

[@avitony35]

What’s so awesome about this guy is he had a stable job already; he risked it all to pursue something he wanted to create! Mad love. I hope he continues to succeed as this sky is the limit for this guy. Much love!

[@emmarose9466]

Transparency and authenticity indeed. The genuineness can even be felt through the sound of his voice

[@MeetKevin]

WHOA JUBILEE!!!

[@wilson8013]

WHOA GOVERNOR!!!

[@aruytpadyugf]

Kevin for Governor of California!!!

[@SincerelyDiane]

Love his attitude. Seems like a humble guy who know what he's doing. Always a plus to have a supportive partner as well!

[@jnicole.]

I’ve been watching jubilee for years and seeing this just really makes me appreciate Jason and his team even more. I wish them nothing but success.

[@Yinskiiii]

I love jubilee’s message so much, Jason is a visionary!

[@harmoniaSINGS05]

Yess! Awesome to showcase Jason from Jubilee!!! 👏🏼👏🏼👏🏼

[@CaraMarie13]

I've seen ads for it before but never clicked on them. I'll definitely be checking out the content

[@aditdamodaran]

This might be one of my favorites you’ve done! What an inspiring person, thanks for covering the non-profit sector

[@IsalandiaIsalina]

Honestly what Jason and Jubilee stand is what got me into their channel and to see how transparent he is about his work life and life in general...👏🏾👏🏾👏🏾👏🏾👏🏾

[@hopelife8130]

k hello dear freind i realy need u to send me small coin for help my daugther for food god bless u be safe

[@amy_lee]

So inspired by Jason’s story ♥️

[@chomegyo]

Such a wholesome dude and wholesome video. A reminder for a lotta people watching these finance videos that money is important but not everything. Thank you!

[@FIREPsyChat]

I love Jubilee! Keep up the great work, Jason. I can totally relate to your story. Graham better go easy on this video

[@ShenitaMoore]

I have a nonprofit in Los Angeles too and hope to take the same steps you have Jason, with making the transition to running my company full time! 🙌🏾❤️

[@gidd]

what is it?

[@ShenitaMoore]

@@gidd It’s called Children’s Clothing Giveaway, Inc. Our non-profit collects new and gently used children's clothing, toys, books et al to redistribute to those in need. 😊

[@grainofsalt2113]

This is incredible and inspiring. Love the intentionality behind building a diverse team -- and the quality product. Awesome

[@hopelife8130]

k hello dear freind i realy need u to send me small coin for help my daugther for food god bless u be safe

[@russcanhelp]

This guy's doing amazing things. I'm proud to see his successes & excited to see how far his journey takes him.

[@AliceKinamarvaliceworld]

I met Jason at KCON back in 2017. Awesome meeting you & cannot wait to see what is in store for Jubilee moving forward!

[@Joy-ut6yi]

Jubilee is my favourite channel on KZbin ! It’s everything I’ve ever wanted and needed. I’m so grateful for his sacrifices, I’m so inspired 💛

[@shivangitomar7110]

Jubilee honestly makes some of the best content on KZbin. Middle ground and spectrum is my favourite series on KZbin

[@VerStarr]

I freaking love Jubileee!!!! Nice feature man!

[@TheMichelex20]

This one warms my heart. I love his story of growing his business from humble beginnings. Seems like a kind hearted person.

[@aminat643]

I love his values! I had no idea he was the CEO of Jubilee. This is awesome

[@Tabbylover55]

What a wonderful and inspiring video! Huge respect for this gentleman and his vision, and I hope his company continues to do well. God knows the world needs more people like him.

[@hopelife8130]

j hello dear freind i realy need u to send me small coin for help my daugther for food god bless u be safe

[@ms.gsimone444]

One of my all-time favorite episodes! Thank you for the work you do Jason! May God continue to bless you, your family, and your business!!

[@EntertaningAmerica]

Don't overlook the fact that his hard work and high paying consulting job probably gave him a lot of the knowledge, experience, and networking needed to pursue/realize his dreams.

[@djetton1]

Jason is the GOAT. Looking forward to seeing how Jubilee grows. God bless.

[@chronicledbyclaire]

I LOVE Jubilee!! Great episode

[@dancinmama1986]

A person who leads with humility will be blessed! Love the vision of Jubliee and happy for your company's success!

[@Lynthie1927]

Jubilee >>>> Buzzfeed. I love their content and conversations they have.

[@Lynthie1927]

And I love that he’s not afraid to admit his wife makes more money than him.

[@Elastiboy20]

Man, this dude lives a couple of blocks from me (based on the shot of him walking his dog) next to Culver City. What an inspirational guy! The only critique I would have of his budget is that he lives in a luxury building when there are plenty of cheaper 1 bedrooms in the area, but it’s definitely a personal choice.

[@paultran888]

What an amazing Founder! I just subscribed to Jubilee's youtube channel after watching this. 👏

[@kimberly77ish]

I liked this video. It was down to earth, and very relatable.

[@cuzinkitty]

My favorite episode for sure! Very inspirational. His mindset is similar to what I'm aspiring to - make an impact.

[@thelesliewan]

I remember watching you and your brother when you guys first started making short films on Jubilee! Congrats on your success so far and wish you and Jubilee nothing but the best :)

[@bonjourerin1]

Love his values and his drive. So inspiring and motivating!

[@TheFangGirl]

I love Jubilee! What a great guy - his heart is in the right place.

[@katp.4817]

What a heart! We need more people like you! Will subscribe and support! Thank you for all that you do!

[@anyasyht]

First scene with a rice cooker - I like that haha

[@chelseagirl278]

And Kim chee!

[@Madilicious]

This one was my favorite, by far 🙌🏽👌🏽

[@dalleshaful]

This is amazing. Empathy is definitely lacking in today’s culture. I would love to learn more about this company.😊

[@drakeblessum3466]

Great video! And thank you for doing a video on a start up founder! Congratulations Jason on getting to 30 employees!

[@HockeyLax50]

Throwing some low key shade at consulting at the end lmao “I wanted to make an impact”

[@jordanbaker931]

This is so dope. Loved this episode!

[@AlexisWhidbee]

My FAVORITE episode, by far!! 👏🏾👏🏾 I love Jubilee!! Been watching since 2017 💙

[@AlexandraAnnette]

great episode and i love that channel!

[@coachresa]

Love Jason’s story! Def on the same wave length on wanting to make a difference!

[@valsvineyard]

love this , learned so much from the video !

[@michellepascual1679]

Great video. Love it. You are doing great.

[@seanmedina1414]

Such an inspirational person! I admire him for quitting a well-paying job to start a non-profit built on empathy and kindness. We need more people like him.

[@retrovixens]

Def have to invest into your company. Love this. So humble

[@aldralee]

I work in the NPO sector in Los Angeles and have never heard of Jubilee. Looking forward to checking it out, ‘cuz this dude has a solid moral compass. Impressive!

[@ckkher]

Thanks for Sharing! Around the same age and income and learning a lot from your experiences as well.

[@nihility.]

I'm not even subscribed, just popped up on my recommend. Instantly recognized the Jubilee guy (forgot your name Jason, sorry) and had to click this one.

[@briannahuynh4940]

Loved hearing the story behind one of my favorite channels!

[@ToddBaldwin]

I LOVE Jubilee's content!

[@atypicaladult8720]

Jubilee produces such thought provoking content. Thanks for giving and inside look at your finances Jason!

[@MrMexc]

I met Jason once and he left a great impression on me. Proud of him and jubilee, keep on getting it, man!

[@hannanordstrom6]

i live for these!!

[@ZoeClaire]

Jason's story is super inspiring!

[@kevinsjournal]

I saw this and was like woah a familiar face, what coincidence, small world, and inspiration!!

[@thepatioshow5981]

Great video!!

[@mercychepi]

Is no one going to talk about that picture with him and Obama?

[@ayeshadhillon3766]

Wow. Really loved this- thank you Jason for being YOU and starting a company that sounds inspiring and something so many people would want to be a part of. A company with strong morals that is set out to help people! Love it!

[@jaek8489]

Wow! I've been watching your channel grow, and it's incredibly inspiring🙌 Keep it up brother✌️

[@thomasjung4417]

Such an inspiring episode!!!

[@hernetworthjourney804]

I really like the idea of communicating about purchases over an agreed amount to make a clear and open communication about money within a relationship!

[@dianayoung6530]

Wow! Jason is very inspiring and he seems like a great guy. We need more people like him in the world. Great episode.

[@bt2598]

great episode!

[@lanesantos7498]

Love this episode. So inspiring. ❤️

[@Natt9]

Love! Great points.

[@SamuelGarcia-rf4th]

I love Jubilee and this guys attitude!

[@MrThelovechannel]

Recognized Jason from the thumbnail right away and knew I had to watch. I love Jubilee and am a loyal fan. Love your story, that you care for your employees and that you are giving back to the community! We need more of this in our society 💜

[@anthonymc8361]

Ohhh I have been a fan of Jason and Jubilee since forever.. since before it's a thing. Respect to you Jason!!!

[@pedrogranados2151]

Graham loves Jubilee videos, can’t wait to see his reaction to this one!

[@hopelife8130]

k hello dear freind i realy need u to send me small coin for help my daugther for food god bless u be safe

[@oco987]

Love it!! So impressed. So inspiring

[@myrtlebeachsocialscene]

Greetings from Myrtle Beach SC! We love your hutspa keep up your awesome good works!

[@Jebidee]

This was the best one by far. Wholesome, well rounded, and inspiring

[@todrapayne]

Hey Jason! I saw the thumbnail and thought that looked like you so I clicked. Great to see you featured and to know Jubilee is still going strong. I'm moving back to L.A at the end of the summer after being a nomad for 3 years. Hopefully, I'll see you some time. Take care.

[@Iamniko__]

Jason has always been inspirational to me. I finally saw a leader that looks like me doing content that represents my and my friends diverse experiences.

[@harveylin3548]

Wow seeking secrets is such a great show, thank you Mr. Founder!

[@aichadiagne4473]

I see Jubilee's CEO in the thumbnail, I click

[@CarissaGlow]

Best episode ever. Doing great things 😊👏🏽

[@richardottley4611]

Great job, love this story

[@noviaayupratiwi5613]

Yolhoo love to hear more from Jubilee, one of my fave channel and its awakening content that raise social awareness and people’s voices ✍🏻🗣