Living On A $28K Annual Stipend In NYC | Millennial Money
ฝัง
- เผยแพร่เมื่อ 16 มิ.ย. 2024
- Alexandra Capellini, 26, is a medical student on a research year earning a $28,000 annual stipend in New York City. Alexandra has about $130,000 in student loans from undergrad and expects to exceed $400,000 in loans by the time she finishes med school.
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.
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
» Subscribe to CNBC Make It.: cnb.cx/2kxl2rf
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
Get the latest updates: www.cnbc.com/make-it
Find CNBC Make It. on Facebook: cnb.cx/LikeCNBCMakeIt
Find CNBC Make It. on Twitter: cnb.cx/FollowCNBCMakeIt
Find CNBC Make It. on Instagram: bit.ly/InstagramCNBCMakeIt
#CNBC
#CNBCMakeIt
#MillennialMoney
Living On A $28K Annual Stipend In NYC | Millennial Money
![บุกร้านไอศกรีม VJ วุ้นเส้น !!!! [ดูคลิปเต็มหน้าช่อง] #Short | PANG ORNHIRA](http://i.ytimg.com/vi/g549nEhKZdc/mqdefault.jpg)
![[Full Episode] MasterChef Junior Thailand มาสเตอร์เชฟ จูเนียร์ ประเทศไทย Season 3 Episode 3](http://i.ytimg.com/vi/A1XXYbV048k/mqdefault.jpg)
Imagine how ridiculous our society is to allow this kind of debt to someone who is trying to make a difference to our society. It’s depressing. She’s a cancer survivor who is now doing her best to give back.
Well stated!
Actually Doctors make so much money in the US that the debt is inconsequential in the long run. They generally have one of, if not the highest return of investment of any occupation
if it was easy, then everyone would do it.
its sad but as with all things the money to educate has to come from somewhere
She has the potential to much more in her lifetime.
Thank you for featuring a real millennial on a relatable budget.
Thanks 📥
Strongly disagree with everything you said. A "real" millennial is born from 1982-2002, which is just about everyone I've seen on this channel. And the relatable budget part, again half the group is 30+. Even assuming 6 years of post secondary, the majority of group should be making more than $28K per year. ESPECIALLY if you look at the ones living in the expensive cities like New York, she'd be an outlier.
@@TwiinStar1224 ok but shes in debt and poor, so thats like 80% of the youth in the U.S. who cares about labels anyways.
yeah the majority of people featured on this series are lowkey flexing their high incomes
@@TwiinStar1224 Not 2002💀 Millennials end in 94. After that it’s gen z.
It's a shame so many people are judging her high loans as a poor personal judgment call rather than a reflection of our flawed education system. She's a very impressive and selfless person for choosing this career. We need healthcare workers and these high loans are a huge barrier to people entering the medical field.
Word!
You can go to college much cheaper than 130k. That is definitely poor choices.
Very few doctors, unless independently wealthy and subsidized by family, come through medical school with less than 500,000 dollars in student loans nowadays. It's almost 350K, minimum, to attend med school. She is actually on the lower end of the spectrum, all things considered -- especially considering the fact that she lives in New York.
👏🏾👏🏾👏🏾👏🏾👍🏾
@@alexbernstein1450 Lol when you aren’t a doctor, it’s so easy to be ill informed 😂
Finally...someone living on a research stipend. Cheers to all the PhD students scraping by.
Horrible what they do
I mean . . . she's living on Mom and Dad's money. She's eating out on her research stipend.
just say 'finally...someone as poor as me and shares my misery'
I scraped by on $30k annual during my PhD studies, but one benefit was not accumulating student loan debt for grad school.
except rent is heavily reduced and his parent provide her with 1100$/month expenses...
Her parents are paying her rent and insurance, which comes out to an additional 13k a year in untaxed income. So really her actual income is closer to around, say, 45k. Which isn’t a lot in NYC, but is quite a step up from 28k, especially with a rent of just 650/mo. Which explains why she can spend 400 on dining out in addition to her groceries, and still be able to put some money away in savings.
True 400in eating out is crazy! I dont feel bad for her iff she can eat out for 400 i dont feel sorry for her!
@@Veronica-ew8yc A non-rent controlled version of her apartment easily costs 2k/mo, so if you don’t have rich parents or a rent controlled apartment, you’d realistically have to make at least 60k a year to be able to afford her lifestyle.
@@markb6978 yep that is so true
@@Veronica-ew8yc Jesus boomer, relax, have some empathy.
400 in eating out! I eat att home for 200 and only at home. I am Happy too se her 👩🔬Butt 400
I think its demonic and criminal for a medical student to be in so much debt when they are LITERALLY learning how to save lives. How evil the system is
Absolutely same here in India as well.
So, many people in India pursue a medical degree in countries like Ukraine where the price is about 25% of what it costs in India.
All was fine until Mr.Putin realized what we were up to😃
@Omora Gotta work for 10 years first before you start making that kind of money...
@Omora In a civilised country like Norway you can become a doctor with zero debt
@Ryan Howe You might wanna check student loan statistics dawg. Tuition prices have inflated 5 times faster than wages have increased in the past 30 years. It's pure profiteering by the banks.
Education is a public good, and should be treated as such. How many potentially amazing doctors, lawyers, scientists and engineers have been priced out of their dreams? So to answer your question, yes the US is uncivilised.
@Ryan Howe the problem is the amount people have to pay.
They need decades to pay up, the more people are bound to their debts the less they contribute to the economy.
I went to high school with Alexandra and can confirm that she's amazing!
$400k loan?
I honestly love her attitude towards life in general. I'm wishing her all the very best 💜
Thanks 📥
lol yeah, poverty is SO fun omg ^_^
She has an amazing spirit.
Even if she finishes medical school, no guarantee she will get hired as a doctor or nurse.
$450/mo on health insurance, that should be the crime
It covered a 130k knee. That’s the crime
mine is about that much i pay a little over $60 a week via my job
It's the tech in the knee prosthetic. It's much cheaper if you don't have that to worry about.
i pay more and get even less coverage. it's criminal
@@grainofsalt2113 and when you try to use that insurance you've spent months to years faithfully paying, the insurance company tries to deny payment...
I wish her luck. Not an easy road but she has right attitude and drive to success
100%
Love this story and wish her the best of luck as she finishes out her journey. Blows my mind that Medical School costs so much money
If you think med school is expensive... check out dental school
I get why her parents would be adverse to her taking out a credit card but i hope they are at least making her an authorized user in some of their cards so that her credit builds up. They don't need to give her a card for that. So when she starts working, she'll be good to go her credit history.
Agreed! This was my thought when I heard she didn’t have a credit card.
From my undersatanding authorized users dont build credit.
@@mohamedabdourahman9845 they absolutely do
It’s really not necessary at all she’ll be fine
They share the credit and at the same time build it. I did it for my mom after her bankruptcy and it really speed up her credit recovery.
I usually roll my eyes at most of these people, I find them delusional or just boring, but this girl is wow! I’m so impressed with her. She shows that I have no excuse to not do the things I want. She is really really cool. I feel like a little girl who wishes I could ask her to be my friend.
Thanks 📥
"Her parents help cover her rent and health insurance"
Ok so not living on a $28k annual stipend in NYC is what you're saying
So basically she lives off of what... $100k a year if you count what her parents help her with. Wow, so brave!
@@jackedbyjill5139 why are you so pressed?
I hope to god someone fixes this student loan situation, we have.
me too, but there's too much money being made to keep us debt. I won't hold my breath.
The only person who will fix the student loan situation is you. The politicians don't care about us.
Ppl should weight in their school choices
swear to biden
It’s legal predatory lending and banks and the government is making money hand over fist. You’ve got people going to college for careers that make $30/year with no hope of being able to repay it, and yet no one talks students out of it. No one consuls the students about the financial consequences of their college major.
People like her are so important to this world i wish her the best
utterly inspirational in so many ways. wishing this lovely lady a long, happy and fulfilling career. her gratefulness is such a beautiful quality!
Her parents pay her rent and health insurance. Most people could easily live on $28k/year if they didn't have to pay rent or mortgage. Once again, CNBC is not really showing how you can "make it."
most people can't make it, is the sad reality
You ain't lying
A cancer survivor and a humble spirit. She will definately go far in life despite her challenges. The reason I love videos like this is because it shows you no matter what, a determined and disciplined individual will usually get to where they are trying to go. This is what change looks like. This is what leaders look like. 👏🏾 ♥️
It’s so hard living on a research stipend and being in school for so long. Her story and journey are inspiring. Thanks for sharing 🤍
LOL OK.
It's unbelievable for me that in the USA you pay that much for education and health insurance... 🤯
yeah health insurance is ridiculous in the US and when you try to use it, you still have to partially pay or maybe even completely pay for a visit until you meet a deductible even though you are paying the monthly cost, and the insurance companies also try to get out of paying certain things and you have to waste your day calling and negotiating with them until they agree
Not everyone pays this much for education in the US. Most people who go to undergrad and medical school have about half as much debt as she will (~250,000). She likely went to a prestigious yet expensive college and currently goes to an expensive Medical School.
Edit: While education in the USA still isn’t cheap and is grossly expensive compared to the rest of the world she is an outlier even for here.
@@PsychedelicFern lmao like a quarter of a million dollars is any better
@@evileyez504 with interest on those loans…sheesh! it is 100% better!! But yeah I understand that being a quarter million in debt is a tough pill to swallow, however, no other physicians in the world make as much as those in the US, so at the end of the day they will come out much further ahead than their colleagues abroad in terms of financials.
@@PsychedelicFern yeah I'm not really weeping for the doctors who are going to become literal millionaires and profit off of the medical-insurance industrial complex in this country
Such an inspiration!!! Nothing will get in her way to achieve her goals!
Finally, something I can relate to ! I also live in NYC going to college full time, working part time and make about 28K a year too. Love this video
What a relatable situation!! The difficulty with tackling your goal and finances. This is great. “Trying to find a way there” exactly.
I love her why. The cost doesn’t matter with a strong why. Love it. So inspiring
I love and respect her why but cost ALWAYS matters!
OF COURSE the cost matters!! This will affect her whole life!!! By the time she finishes med school she will be HALF a million dollars in debt!!! Her 50K residence salary will not be able to pay down anything so that after residency she’s looking at AT LEAST 800k in loans. She’s smiling now, she might need to auction that leg😩
I did my MD/PhD & came out with NO loans & I have friends who joined the army in order to have their MD program fully funded. NYU Med also offers FREE tuition along with a number of other medical schools. She just did not do her homework and made some horrible financial decision.
Let’s get an update in 10 years. She is in for a RUDE awakening & that’s putting it nicely!!!
@@lorrainea.285 You are right, she is going to be a future Dave Ramsey caller she is going to be in over half a mill from debt for sure.
@@lorrainea.285 great work Lorraine. Debt free can be done. You’re obviously a genius too. Children without fully formed brains drowning themselves in debt is just horrible for everyone
I have friends that are trying to get into medical school. I am glad there are people that not only want to save lives, but also take on all that student debt because I am not one of them...
She is very inspirational, honest and amazing. It’s sad that she has to go through tough time with budgeting. Hope she continue living the life she dreamt and planned ✌🏼
She’s amazing. I wish her the best on her journey
Thats such a great story. Probably the best one of these. We need more heros like this!
Her reason and passion for medicine are amazing! It's actually match week for US Medical students and residency now, so this video seems to be released at the perfect time. I wish Alexandra the best of luck with her medicine career. She will be a great and empathetic pediatric oncologist!
Your story is truly inspiring.
Such a beautiful story ❤
It really takes a certain type of person to go into the medical field; she’ll truly be a blessing to her community
I love her calmness.
Props to her for still pursuing the medical degree even with all that debt to come. Wishing her nothing but success in her future!
Yeah running up government guaranteed loans. What a hero
She has so much kindness behind her eyes, bless you girl
You are so inspiring! Best of wishes and blessings with your future endeavors 🙏💕
What an amazing story. She's such an inspiring woman, at the same time I am flabbergasted by the cost of both tuition and healthcare in the US. Here in Belgium, I used to pay about $1,000 annually for university and healthcare is basically free compared to what I see in this video. I hope things will ever change in the 'best country in the world', so more people like Alexandra can make the world a better place!
Everything is a business here in the states. Their only goal is a return for their shareholders. That’s it. It’s disgusting.
You're amazingly inspirational!!! God bless you!!!
You are amazing!!! Working through so many obstacles and still smiling through it all.
I wish you the best success and there is no doubt you are going to make difference to so many kids with the awful disease.
I can really relate to this as I want to go into medicine due to childhood health issues. Being a sick kid makes you want to help out other sick kids. Keep up the hard work!
She definitely has great support parents. Absolutely love her dedication
Thanks 📥
Thanks for sharing your story!
How inspiring! She is going to go far in life!
She is awesome and very inspiring! I wish her all the best. 💓
This episode was amazing, she proof that nothing can stop you from achieving your goals and dreams!
she is so well-spoken, I love it!
This is actually quite sad, especially the fact that 130k came from undergrad alone. With interest she will easily have over 500k in student loans and she won't be making much of a dent on a residents salary. 250k in NYC is about 160k after taxes 😞
It depends on how she lives regarding her means. She can live off 60k and put the rest towards the debt. Also, salary is fluid at times if the career is in high demand, etc. She will be fine.
She should make somewhere in the neighborhood of 55-60K a year during her residency (3-7 years depending on her specialty and whether she pursues a fellowship or not). By the time she hits her stride in several years and becomes an independent practitioner, her earning power will allow her to pay down her loans in a timely manner.
She needs to go into surgery because her regular 200-250k regular doctor salary ain’t enough
@PeePee2000 nah she can be a surgeon and make 500k. 250k ain’t enough
If she works at a hospital in an underserved area in certain states, she can get her loans forgiven fairly quickly (less than ten years).
What an amazing woman!! Success is assured for a pure soul like this👏🏾 God Bless🙌🏾
Medical school costs are no joke! Glad that Millenial Money featured a student to shine a light on the financial distress we go through.
You can give the military or public health services 4-8 years or the debt 30 years. I never asked my doctor where they went to school.
Joy Austin that is an option but it’s pretty sad that Is what needs to be sacrificed to escape the debt
@@jacobpereramd8094 life will never be fair and some of us have to make greater sacrifices to accomplish our goals. I served 8 years and I’ll be forever grateful for the benefits. Military is like high school. It can be some of the best years of your life where you meet lifelong friends or you hate it. In other countries it’s mandatory but here it can give you an advantage that can extend to your children. She will probably be paying 2k month just to cover interest payments or every dime of her salary for 3 years.
@@jacobpereramd8094 working at any job for money is a sacrifice. Military is just another job.
I pray that you have a blessed medical career and are able to touch the lives of children. All the best!
She’s inspiring and so brave 🤗
Thanks 📥
she shouldn't wait to build credit, especially with loans in the hundreds of thousands that she wont be able to really pay off until perhaps a decade. she doesn't have to go crazy with the credit card, use it and pay it off every month
Yeah, that part of the video was hard to watch; that being said, she has a lot of student loans so she probably has a decent credit score, but it still doesn't make sense to forego all the benefits of a credit card
Agreed. Reap the benefits of credit cards, like additional purchase protection and cash back or rewards certificates to places you shop anyway. I use credit cards for every purchase for this reason. My rule is still: never put more on my card(s) than I have in cash/assets that could be liquidated.
Credit cards aren't totally bad because having extended credit "extra money" and save one's rear end if something unexpected happens.
Yeah this was the one flaw. I have noticed in the states that poeple are terrified of credit cards, but at the end of the day it comes down to self restraint. My parents opening a credit card for me during my first year of college was incredibly beneficial for my current credit and I recommend parents do the same for their kids. Obviously set boundaries if you think that's an issue.
So inspiring! She's an amazing human.
Best Millennial Money episode!
Very moving and inspiring! Wishing Alexandra the very best!
Alexandra is clearly a fighter. She will do a lot of good in the medical field when she gets there.
There is hope that a person doesn't have to go into deep debt to get their degree even in expensive fields of study. I personally know of people who have recently graduated with extremely low or no student loan debt.
One of them purposely was endeavoring to graduate in 2020 to work in Optometry. It took her 12 years. She graduated with no student loan debt. Her parents are not wealthy, were not able to help her, financially. They were emotionally supportive, very proud of her, that was the best they could do.
Another personal friend pursued her degree in Engineering. It was extra tough for her as she was not being taken seriously. She was also told that it might be difficult to get started in a career that is mostly dominated by guys. Being so pretty was also a disadvantage as so many people even came right out & said that she was probably majoring in Engineering to look for a husband. She also worked very hard to be able to graduate with no student loan debt in 2019. She was hired right after graduating from college, starting out with a five-figure income plus a very sweet benefits package.
One of my friends is still in college, is in his third year, projecting to graduate in 2023, no student loan debt, so far.
I realize how hard it is to graduate with no student loan debt, yet it is still possible.
As a physician, please look into WCI, buy his book NOW, read it, and then read it again! Get on track to eliminate that debt and live the life you want.
Wishing you the best ! I’m sure she will be a great asset to medical community 😊❤️
Wait was that $700 on food for one individual? Her cause and fight is noted and respected but what? Groceries means cooking so how is $400 spent OUTSIDE of that on eating out ....does she not eat leftovers or freeze foods she won't eat in a few days or is she just starting over month to month?
I've lived in NYC for 25 years and am a millennial too so I know what NYC expense means and this is stil wild lol
Lol I thought I was the only one who saw than lol
@@Ball.Daily11 I currently live in Seoul which is another country with relatively high living costs and am currently surviving off of $270 on food a month. I don't see how she can spend up to $750 a month on food alone. This is truly a first world problem post
Maybe her cooking is horrible and she just needs some good food once in a while
That's fair. A lot of people don't cook due to skill or time, but she has spent a portion on groceries so this means they are wasted? $350 spent on groceries for four weeks and there is still a need for $400 on eating out/ordering?
With eaiting out there are always cheaper options, especially in NYC. A restaurant could charge 18.99 for Avocado toast (which means higher tax and tip for service) and another place could charge $6.50 for it and they're getting their avocados from the same place. You're paying more for ambience. Of course steaks and certain fish can be expensive in general, but people waste their money buyiing simple dishes the most, I feel. I think the grocery budget could be cut down .
Even for a healthy eater (avoiding the bread of toast), a single person should be able to keep a food and eat out budget under $500.
Such an inspiration
So glad I picked tech over medicine. Having a 6-figure job right out of school with just a bachelor's is so liberating.
Yup. Aerospace engineer here. Hardest 5 years of my life but 400k of student loans should bea crime. And I come from a family of doctors/surgeons. Cost just keeps going up
did you have tech experience in high school? Or was ever interested in it prior to uni?
@@murrey1646 I wrote my first line of code in uni. No prior experience.
If you don’t mind answering, how difficult did you find it to find work?
@@kimberlyskits7241 Obtaining a 6-figure job as a software engineer is admittedly not easy. Getting a job at that pay grade requires a solid algorithms and data structures foundation. Networking is also very valuable, especially for getting past the resume screen.
You are a rockstar girl!!!!! A true inspiration and beautiful light in this world ❤️
Thanks 📥
Such an inspiring and beautiful person! Wishing you all the best in your endeavors! ❤️
What an inspiring young woman! So brave and smart. Wishing her the best 👍🏽
Good for her! Love that she is pursing her dream!
She's incredible for pursing this path. I don't see a reason to criticize her. We need doctors and the system is ridiculous. She's fortunate to have family support, but clearly isn't living luxuriously at the moment. This tells us a lot about who can and can't afford to become a doctor. Cool episode.
i salute her, i couldnt do residency because of the stipend [i'm from the PH] and graduated from med school but couldnt pursue bec of the additional years required for residency and the basically not earning anything for the diplomate step before consultancy, and taking out loans was and still is never in my vocabulary.
What is PH? Philippines?
Finally! Thank you for finally featuring someone who is more realistic and relatable!
One of the best episodes
God bless you Alexandra! You are a real inspiration.
the fact that medical college costs $400k is downright scary, i can't imagine how much it will be when those born today are going to college in 18yrs
healthcare system in the usa is a cartel
Wow 🔥🔥🔥🔥🔥🔥🔥👍👍👍👍 cancer survivor and studying medicine… she’s going to be a great healthcare worker
ahh i remeber alexandra from my time at johns hopkins. glad shes doing great!
I wish her good luck and success. She is a fighter 💪 ❤
So inspiring that not only did she survive cancer but she found the purpose of helping others during the process!
Very inspirational. 💯
I love this story, it made me cry to know she went through something so traumatic as a child, but it was very inspiring and humbling to see such a positive attitude and drive from her despite any obstacles.
I also want to say it is absolutely ridiculous that they pay residents so poorly. I would think that at the very minimum they would start out making a least 80k after all that studying.
IMO should open a basic credit card when you are legally able to (18 years of age) There are many great college credit cards, such as the wells fargo college credit card, 1% back (Better than nothing!) and also cell phone protection and some other little perks, low limit and geared as a first credit card. Use credit cards to your advantage to build credit history, the longer you wait to open one the longer you would have to wait to get your credit history .
Wish her all the best in her future career. She seems like a wonderful person :)
Wonderful story. I mean, don't get me wrong, I would be scared to have such a huge debt. But I think for med school, she will have her debt paid off once she gets a good job. Apart from that, she is very positive despite her challenges. I wish we all could take such a good and positive attitude as she does. Thank you for sharing the story.
Great episode, real life peeps!
I wish her the best of luck and she is going to make it. I grew up in Spanish Harlem and the South Bronx and I know how expensive it is to live in New York City. I left the city after I graduated from college and definitely get more bang for my buck now.
Finally someone I can relate to, good luck to all the hardworking Phd students out their, we are all in the same boat!
this video was deep for me, a cancer survivor watching a cancer survivor
This woman is so inspirational.
Very inspiring story, currently a medical student myself.
what an awesome person! All the best to Alexandra.
Good luck to you dear. You inspire.
This was great, all the best to her :)
She’s so amazing !
She’s going to be an amazing doctor! Good luck to her!!
I'm a PhD student at Mount Sinai and live in Aron Hall too! You're an inspiration!!
thank you, a normal working/studying person, not a youtuber/influencer just getting on the show to get more followers...
Wow she inspired me in all sorts of way.
LOVE THIS
Wow great story.
I hope you go far! And you will be a great doctor😊🙏🏾
She is awesome. I would love to see how her life will turn out!!
The USA is ridiculous when it comes to education and healthcare. An extremely rich country and it seems most people are barely staying afloat. It's not that there is no money, it's that greed has taken over. Socialize healthcare and education people, at least to some extent, it will make your life much better.
Omg.. she is so inspiring!! Loved it what she said about navigating your way through difficulties.