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.
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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
