Living On $25K A Year Just Outside NYC | Millennial Money
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- เผยแพร่เมื่อ 16 ธ.ค. 2022
- Hector Carvajal, 26, owns Don Carvajal Cafe, a Dominican-inspired coffee roasting company based in the Bronx, New York. In 2022, his business brought in roughly $190,000 in sales and from that, he lives off a $25,000 salary.
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.
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Living On $25K A Year Just Outside NYC | Millennial Money
Thank you, everyone, and CNBC for all of the support!
Hector, I love the video! Keep up the great work and I hope to have some of your coffee soon. I was just wondering how your budget will change when you have to pay rent? I would assume your salary would increase by $1500/mo.
@@emilybroxup6102 I have bigger clients that I am onboarding, it’ll be easier to increase my salary. On top of that, an income stream that was not mentioned is brand partnerships and influencer marketing deals that happen spontaneously throughout the year. I get booked for speaking engagements as well, one engagement can a month’s worth of expenses.
Hector, thanks to YOU for sharing your story with us!
@hectorcastillocarvajal2551 where can I order your coffee from online?!?
Hey man I'm down in Virginia and I'm a coffee lover where can I get some of this coffee?
I love these type of videos. I’m tired of seeing a bunch of early 20 somethings with a net worth of $1M for being a “content creator”. I want to see people with REAL jobs making a normal amount of money
envy
@@felipefernandes.1 it's called reality
@kman a Jamaican would call the bad mind a coffee businesses need a content creator to make more money if hire a content creator he can make a way more money you just don't know how the internet work
@@felipefernandes.1 exactly he just dont know how internet work content creators help many billionaires
You also gotta see that It says he pays himself 25k his business made 190k. He's pretty much using the "system" to his advantage. Most of the expenses are absorbed by the "business expense". He's paying himself 25k which allows him to get free healthcare on tax payers expense. technically he's making poverty level income but the business it not which he owns and he has access to. Loopholes upon loopholes....
My god this guy is incredibly likeable. He seems like a humble, down to earth guy putting the work in on his passion and reaping profits while enjoying a modest non frivolous lifestyle. Not distracted by shiny things but just happy to be alive and content with the clothes on his back and roof over his head. He's really living. Much respect to him.
Tʜᴀɴᴋs Fᴏʀ Wᴀᴛᴄʜɪɴɢ,
Sᴇɴᴅ ᴀ Tᴇxᴛ Oɴ WʜᴀᴛsAᴘᴘ Wɪᴛʜ Tʜᴇ
Nᴜᴍʙᴇʀ Aʙᴏᴠᴇ
Thank you so much! Truly appreciate you, fam 🙏🏾
I very much agree and was glad to see the strength of his aims and character.
Yeah I love this guy already.
It's good to see, actually exciting that more and more people are recognizing that modest living has the capability of being a beautiful and worthwhile life.
People look at me in awe when I say I don't care about or really like a whole lot of possessions and such. I don't really care about money as long as my family is doing good.
I really wish I had a larger friend and family support system.
Everything else I can come up with, but friends and family... Not as easy to create and nurture genuine relationships.
We need more realistic episodes like this. Someone who highlights the value and meaning of work and truly reflects society. This is LONGEVITY
Yes Longevity is the perfect way to describe this business. He is not spending all the money he earns and is making sure that his business grows first. Wish to see more videos like this because his way of doing business is more stable and is sure to last during any recessions or downturns in the economy.
Very proud of that dude putting his education to work and remembering his roots and staying humble. I hope God blesses him immensely if he stays on this path
Thank you so much!
Right? That's what I thought! Sadly, very few people who study business actually run businesses... They end up in jobs working for someone else.
I respect him so much for actually taking a risk and running a real business.
@@alphabetagamma4142 🤎
These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $89k now to put in the market.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. I know someone who made over $350k in this recession influenced market, but to the best of my knowledge, it was through a financial advisor.
Yeah, financial advisors could make a lot of difference, particularly in a market such as this. Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look. I have been using an FA since 2019, and I return at least $21k ROI, and this does not include capital gain.
@@EllenAbrex Is there any chance you could recommend who you work with? I've wanted to make this switch for a very long time now, but I've been very hesitant about. I'll appreciate any recommendation.
@@duane_29 I really don't like making such recommendations, because everybody's situation is unique. But there are many freelance wealth managers you could check out. I have been working with CHRISTINE JANE MCLEAN for about four years now, and she's really, really good. If she meets your discretion, then you could go ahead with her. I endorse her.
@@EllenAbrex I’m delighted to engage in this opportunity, I just found the professional’s web page and have already written her.
this is awesome the sacrifices he’s making today will pay off in the long run
🙏🏾
Thank you Sir. You gettit bro.
Yes
Just so everybody understands. He doesn't make 25k a year, he makes whatever net income the business generates. He just pays himself a salary of 25k for tax purposes. I would be extremely surprised if he wasnt taking more distributions from his business to live on.
Thank you.
@@pineyforkpress your welcome
No he makes 25k a year that's what the video says it's common sense!
He even said it himself I make 25k a year you can't be that stupid
@@blacklyfe5543 Thank you
This guy is inspirational. So disciplined and humble
Once you find a path in life you really believe in. You stop trying to impress people and over time people become impressed by you. That's how real winners shine
Thank you! 🙏🏾
As someone who’s from the Bx and half Dominican I’m definitely gonna support and spread the word because this is something I can see in every bodega! I wish you the best of luck!
Yerrrr! Thank you 🙏🏾 BX up!
The budget slide is misleading. You say he spends roughly $2k a month but don’t include rent. Then the next section he talks about his rent which his half is $1500 a month with utilities. Making his total monthly budget $3500. This would put him at spending $42k a year and significantly put himself under water if he is “making” $25k a year.
Thanks for watching 👆
Send a msg to my trader Michael Novogratz tell him I referred you he will introduce you to an investment with big profits if you are interested
My monthly expenses including rent, utilities, and other homes expenses equal $1,500 a month. My car is used 90% of the time for work, therefore, it’s a business expense. That includes my phone bill as well. I typically work 7 days a week.
Business expenses, tax write-offs, etc.
He's smart for concealing what he really makes.
A lot of his expenses are business expenses which don't come from his salary. Most of his salary is going to rent but many other monthly expenses are shared with the business
Even it he is making 42k a year that is still the average salary for many people and he is making sure his business grows before taking majority of the profit. That is why so many young millionaires turn broke in a few years. They took all the profits but the business started to decline because of it. He also comes from an average family and didn't come from the billionaire class.
He's putting his all in to make his dreams happen! Love to see videos likes these of real people trying to make it out here.
You know! You understand how the game works 🙏🏾🚀
I met this man on a subway and he was carrying a collapsible table and his coffee to bring to a food tasting event. He was very polite and seemed ambitious.
Hi! It was a pleasure. Hope you’re well.
Thanks for watching 👆
Send a msg to my Michael Novogratz tell him I referred you he will introduce you to an investment with big profits if you are interested
He’s doing really well and seams like a great guy but I don’t think 25K is the accurate amount he actually earns a year going off this video.
Agree!. He makes more but separates his business profit from the w2 salary he pays himself. He can do that since he can use alot of his personal expenses under his business name..Also his profit to investing he is not counting as income..I think that is one way he's doing it..he pays less tax to by doing that
@@JF-rz3rh I simply leave the money in the company. Hire more employees. Buy more equipment, and invest in new opportunities to keep on growing. I have a fixed salary like any regular employee.
@@JF-rz3rh plus he qualifies for state's health plan. Very strategic!
@@liyubi Yes and at 25k a year he would qualify for food stamps too!
Technically Jeff Bezos makes only 85k annually as CEO of Amazon.
And, remember as there is gross and net salary, there is also gross and net worth.
And both can be manipulated as needed to ones benefit and detriment.
That last shot with his head on mom’s shoulder and her caressing his face is EVERYTHING 💜
Best wishes, brother!
She’s the biggest blessing for me. I love her. She have me the opportunity so I ran with it in a positive light 🙏🏾🤎
@@hectorcastillocarvajal2551 May her years be long and her health excellent.
@@larabraver 🙏🏾
He’s really gaming the system claiming that his income is only 25k
Homie, I can’t afford to pay myself more 🤣
Most entrepreneurs in this phase of business do this. I wouldn’t say it’s gaming the system.
little misrepresentative to say that he makes $25k but that salary is just what he doles himself out from his business' sales, no? I don't think this situation applies to most people who make $25k.
not only that but he's clearly leaving some things out. have a feeling much more of his personal expenses are covered through his business' profits than alluded to.
@@candicewatson5508 his revenue is like $150k a year thats literally nothing if his profit margin is like 30% or less and he pays himself 25k
@@realzubidooyes but having a business means you can expense a lot of basic needs, not only that but he can also be getting grants and tax reimbursements and tax refunds for his small business
To be clear, business sales does not equal business profits. At the ending of the day, it costs to run the business and most startups like mine don’t see real profit until being around for many years once the foundation is built.
@@saraeissa4954 Correct! I’ve gotten very helpful grants because of what I do.
Absolutely love this video. This young man represents the Dominican people to a T, hard working, humble, caring. We need more videos like this
I respect the grind keep killing it. Next time when I'm in NY I am trying his brand of coffee for sure.
Appreciate you, fam!
This man is so inspiring!!!!! The world needs more entrepreneurs with this determined yet kind spirit.
Tʜᴀɴᴋs Fᴏʀ Wᴀᴛᴄʜɪɴɢ,
Sᴇɴᴅ ᴀ Tᴇxᴛ Oɴ WʜᴀᴛsAᴘᴘ Wɪᴛʜ Tʜᴇ
Nᴜᴍʙᴇʀ Aʙᴏᴠᴇ
Thank you! 🙏🏾
His mom did an awesome job raising him with very little resources. You could tell she lives in the projects but still able to raise a son who went into University. Will support his dominican coffee!
I love how down to earth Hector is!
Finessing the system at its finest. Salute 🫡
What a heartwarming video! Sending so much love to his mama as well❤❤❤
This is awesome! Definitely supporting.
I really wish CNBC would bring him back to the show after five years. I bet that at that time, he would be able to tell us how he has been spending his $2.5 million instead of the $25,000 he has today.
Dude is maximizing every aspect of his entire life and that right there is the definition of the American dream. It's not about what you can splurge or waste, it's about doing whatever it takes to grow and make it happen!
I ❤ that he’s an entrepreneur, that he used his education and was inspired by his family, heritage and culture to start a business that’s important to him. He’s sensible about the salary he pays himself - not living above his means to become successful. I don’t even drink coffee or live in the states but I want to support his business. I wish him all the best.
This is a gold content! Not some digital creators that hit the jackpot. This is real grinding!
The hustle is real, fam 🙏🏾💪🏾
was using the word "grinding" intentional? lol
Haha! Literally and figuratively
I just LOVE these CNBC Make It Stories! Keep 'em coming!
I went to school with this guy in Rochester, happy to say he's just as genuine in real life.
🙌🏿🙌🏿 I HAVE BEEN FOLLOWING HIM FOR A WHILE SINCE HE APPEARED ON TELEMUNDO OR UNIVISION. He is always killing it 🙌🏿
Thank you 🙏🏾
MORE videos like these, please! This is inspirational.
These series are absolutely inspirational. I’ve had 3 businesses in my life that could have made me extremely wealthy, but I never took them as serious as I should. After watching these videos, I’m inspired to go back to the drawing board to become dedicated to my craft. Remember everyone, life is what you make it. If you want something bad enough, you’ll do whatever it takes to get it. Stay focused, make sacrifices where needed and trust the process. We can all have success. Good luck to you all!
Genuinely interesting. I wish Hector loads of luck with his business
I enjoyed this video. Best of luck to Hector with the continued growth of his business.
Very misleading the whole 25k thing. Pretty sure he making a lot of purchases under his llc and paying him self 25k on paper for tax benfit, otherwh use that 1500k in rent don’t make sense
Tʜᴀɴᴋs Fᴏʀ Wᴀᴛᴄʜɪɴɢ,
Sᴇɴᴅ ᴀ Tᴇxᴛ Oɴ WʜᴀᴛsAᴘᴘ Wɪᴛʜ Tʜᴇ
Nᴜᴍʙᴇʀ Aʙᴏᴠᴇ
Wages kept low so he can flow-through on a K1 the rest of it. That way, escapes self-employment taxes. Also sounds like he is admitting to expensing things that really shouldn't be. Tax man will eventually audit this guy and he'll come crashing down in fines.
great story! we need more like these
Good for you!! Keep up
This amazing work and the work ethic and resilience
As a fellow Dominican, I feel an immense swell of pride. Well done!! Will be buying a bag this morning.
i loved this, thank you for sharing!!
Finally someone that represents Dominican Coffee! Can't wait to try a cup of it! Representa la Patria! 🇩🇴
De lo mío 🇩🇴
Just ordered a bag of Don Carvajal. I love that he is trying to showcase the coffee of the DR and of his childhood. I support this kind of grind.
Thank you 🙏🏾
Love this video. So amazing to see inspirational videos for everyone out there even during todays market.
Love this video!! I’m a Puerto Rican girl from the Bronx trying to make it too!!! (Some of my relatives are Dominican) God bless you and your passion! Your Mom is so special! She did an amazing job raising you!! I know the hard work in trying to make it happen! Wishing you all the best luck in the world! You deserve it!!!
This young man will become a millionaire real soon. I see nothing but blessings and great accomplishments ahead for him and his business. God bless his hands, bless his heart for desiring to take care of his Mother. Hector you sacrificing now will pay off. Keep grinding literally and figuratively. Many blessings to you. I love it!!
Tʜᴀɴᴋs Fᴏʀ Wᴀᴛᴄʜɪɴɢ,
Sᴇɴᴅ ᴀ Tᴇxᴛ Oɴ WʜᴀᴛsAᴘᴘ Wɪᴛʜ Tʜᴇ
Nᴜᴍʙᴇʀ Aʙᴏᴠᴇ
Let’s get it! 🙏🏾🚀 Thank you so much
I love this episode. I think a lot of people have great ideas but never DO IT (myself included. Minus the great idea part.) Really impressed by his drive and determination!! I will be ordering this coffee!!
Can’t help but mention though- his rent is not included in his monthly breakdown. The description said he has a free month of rent but WHY would you highlight THAT month?? Moving forward he’s going to spend 1500 out of 2097 in rent. So if all these expenses are included he’s going to be in the negative.
Thank you 🙏🏾
Im From The Bronx & I Love This Keep Going 🔥🔥🔥!!
Wholesome & So smart. You're doing great things man
! - 🙏🏾
the love of moms . this the type of videos we like to see
So inspiring. Grind on brother!
🙌🏼 wow respect for the hustle and grind. Hope you and your business keeps growing 👍🏼
Thanks for watching 👆
Send a msg to my Michael Novogratz tell him I referred you he will introduce you to an investment with big profits if you are interested
3:22 OK I get it that he didn’t have to pay rent in November, but then why show us that month’s spending as an example? If he’s netting $2,100/mo and they split rent and utilities 50/50 (as he says later in the video), that leaves him with $600/month to cover food, transportation, clothing, gifts, entertainment, and the dog. That ain’t squat
i feel like some things are being left out. like more of his personal expenses are being covered by his business profits outside of his "salary".
i really feel like if he could only count on 25K flat out he wouldn't have moved into an apartment that costs 2500 a month.
@@candicewatson5508 Agreed 💯
And how is he paying 1500 in rent with a 25k income he paying himself. He definitely paying himself more then that
This is a step in the right direction. I am still wondering when you will make a series on GenX who are raising kids and helping aging parents at the same time!
Big ups to you and your family. Blessings 🙏🏽
This is one of my favorite features. I love coffee. Keep doing what you are doing sir. Blessings.
Congrats, king! Keep up the good work!
Love this story! Humble beginnings are always the best stories that inspire me. God bless that man. Humble people rule the world
Amén 🙏🏾
Great video. I’ll be supporting 🇩🇴
God!! This is so inspiring!!! Thank you so much!!! And keep it up!!
Keep rising to the top!!!!🙏🏽
this is raw and i appreciate it
Awesome, hope to see the business flourish.
keep up the great work bro.. Happy Holidays to you and yours and a prosperous 2023 for your coffee business 💯😄
This is the best one yet
My favorite part was when he hugged his momma. Beautiful
Thank you CNBC for featuring Hispanic business owners!! More Hispanic business feature stories! 🙏🙌❤
🙌🏾
Refreshing video and I’m gonna order some of his coffee!
I love this. I moved out of NYC into New York state. Can't believe how cheap it is outside the city. I love the big house I got for cheap.
So, he's underpaying his salary so he can qualify for low income programs like Medicaid while still living in a luxury apartment. He's also bartering company property for personal expenses and very likely not reporting these transactions. If you're going to cheat on your taxes, maybe don't publicize it this brazenly.
Nope. I’ve lived in poverty my whole life. I’ve always been eligible.
I will be trying this coffee it looks and sounds great and what this young man is doing and taking care of his mama for me is most important ❤
Smart, humble, young man. Many blessings to you.
Tʜᴀɴᴋs Fᴏʀ Wᴀᴛᴄʜɪɴɢ,
Sᴇɴᴅ ᴀ Tᴇxᴛ Oɴ WʜᴀᴛsAᴘᴘ Wɪᴛʜ Tʜᴇ
Nᴜᴍʙᴇʀ Aʙᴏᴠᴇ
This dude is SUPER DUPER smart. Here for it!
Pulling for you, Hector. Going to try to find a way to order online and support. 🙏🏾
How to live on 25k a year
-rent free with mom
-write off expenses as company expense.
Thanks for watching 👆
Send a msg to my Michael Novogratz tell him I referred you he will introduce you to an investment with big profits if you are interested
Unfortunately that's the only way in NY right now
Hector, you are inspiring! Thank you, CNBC!
Well done Hector 👌 Your hard work, determination and ambitions are so admirable 🙂👏
The sky is the limit for this guy! 💯
Love the ny hustle. This man has great things coming to him.
Awesome stuff. I wish him luck. So nice to see people doing positive things.
Keep grinding brother. I’m gonna look you up and make a purchase!
I love this guy. Such a awesome person.
Ooh Hector.. you have succeeded long time ago. You are raised in the right way.
Orgullo Dominicano 💪🏾 keep doing your thing brida. Hustle hard, dream big, anythings possible
He seems like he's taking steps to simplify his life and make things happen. Wish him the best.
I love his passion for what he does. Thank you!!!!
Tʜᴀɴᴋs Fᴏʀ Wᴀᴛᴄʜɪɴɢ,
Sᴇɴᴅ ᴀ Tᴇxᴛ Oɴ WʜᴀᴛsAᴘᴘ Wɪᴛʜ Tʜᴇ
Nᴜᴍʙᴇʀ Aʙᴏᴠᴇ
bravo! this is a good man right here doing great things. Smart, humble and level headed. Young peeps, pay attention
I love his story. I connect with it a lot cause I also started a beverage company called Soba Hibiscus. Keep going bro! You're story is inspirational.
🙏🏾
I visited the DR for the first time in July of this year. Yes the beaches are beautiful but the people are what make you want to go back. They’re very proud of their country, extremely friendly, generous, humble, and hard working. Hector IS the Dominican Republic. I wish him much success!
Title is kind of clickbait.
Some of his biggest expenses like his car are filtered to his company. Also, assuming he owns 100% of the business, any money that his company makes is effectively his own income as well.
So yeah, it's not really "living on $25k a year."
Exactly he really makes like $190,000 a year.
@Trolololololololololololololololololololololol although its clickbait it says he makes $190,000 in sales not profit. I think he in the 6 figures but i dont think its 190k
He’s making us so proud! My family are also coffee farmers in the Dominican Republic. We have incredible coffee 🇩🇴
FINALLY a realistic millennial money video. So tired of seeing people make 300k+ a year..
Much success with your business Hector! 🙌🏾
I just ordered a few bags as Christmas gifts.
Much respect! And now I want to buy his coffee!
What an inspiration. Wishing him continued success
I love this. Real people, real grind, real story.
A lot of women wouldn't even give this guy a second look. Yet these are the guys that become billionaires.
It's so great to see a Dominican man who is working hard to make a living and grow his own business. I emphasize a lot with him having also immigrated from the Dominican Republic with my mother at a young age and living in the Bronx ever since. I don't drink coffee lol. I did when I still lived in the Dominican Republic so I drank that good Dominican coffee from around age 4 to nine. I don't know why parents do that to themselves but i was always off the walls 😂. That's some good coffee. Am glad he identified that it's not represented in NYCs coffee culture. There is a lot of room for growth and happy to see that he knows the path forward.
Mil gracias!
That hug with mom at the end❤❤❤❤
Love to see someone representing la bandera 🇩🇴🇩🇴!!! Much success on your business de lo mío!!!!!!