Thomas Minter is a 33 year old millennial DINK (Double Income, No Kids), living in an expensive city. My Fiancée and I work hard, and earn a solid living. He started his blog, The City for Millennials, as a platform for urban-dwelling, up-and-comers to discuss ways to DO MORE, MAKE MORE, and SPEND LESS in cities.
[4:12] When you finished school you had $80,000 of student loan debt that you paid off in 3 years. To give people perspective the first job you had you were earning $40,000- what are some strategies you used to tackle such a large amount of debt?
● Had to increase income streams
● Shocked at first bill that came in, Thomas decided to get serious and pay it back quickly
● Ask questions at work how to increase your salary, any opportunity for overtime or travel
● Traveling for work really helped, sublet his apartment out
● If you work overseas you can exclude a ton of your salary
[12:3] What’s the number 1 thing you see millennials spending (or wasting) their money on and what are ways to cut back on it?
● Housing is the biggest expense, try live in cheaper housing
● Transportation can also be a big expense, don’t buy too much car for what you need.
● Live like you were at College to save up some money
[15:18] You had an awesome list of City specific side hustles- what are your favorite side hustles?
● New electric scooters! Check out Bird & Lime Scooters
[19:00] What do you think the price of housing is going to do for millennials?
● Millennials are definitely in a different position to older generations
● Need to consider whether it’s worth it
[24:26] Do you think the relative price in cities is going up faster than incomes are? In other words, is mild deflation happening for young people?
● City specific, the general costs is increasing faster than salary increases
● Older millennials entered the workplace at a bad time, start of the great depression
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[29:28] What is your saving or retirement plan?
● Currently on the FI journey, trying to save 50% of income, max 401ks
● Looking at alternative ways to invest money
● Real estate
● Crowd Funded real estate
[32:46] Do you have any other books or podcasts you can recommend?
● Financial Freedom Podcast
● Chain of Wealth
● Silent Spring
[34:59] Favorite Quote?
● It isn’t about what others think of you it’s about what you think of others
[36:12] Parting piece of advice?
● It’s about the journey