- A California-based millennial earning six figures says he’d need to triple his income to feel “rich.”
- High home prices, the costs of surrogacy, and student debt have made his income feel insufficient.
- He shared why he’s hesitant to leave Santa Monica despite its expensive housing market.
If Christopher Stroup’s only priority was maximizing his savings, he might not be living in the Los Angeles area.
The 33-year-old financial advisor, who’s based in Santa Monica, California, made roughly $130,000 last year, according to a document viewed by Business Insider. However, he said he’s still paying off his student debt and working toward his savings goals for a down payment on a home, starting a family, and retirement. That’s why he feels far from “rich,” he said.
“Versus the traditional arc of life, I feel behind financially,” he previously told BI via email.
To feel “rich,” Stroup estimated that he’d need an annual income of about $400,000 to $500,000 a year — more than triple his 2023 earnings. At this income level, he estimated that he’d be able to meet his savings goals, enjoy life, and have some extra money left over.
If he can’t boost his income to his desired level, Stroup said there’s another thing that might help him feel rich: moving to an area with lower housing costs.
www.businessinsider.com/millennial-cant-afford-home-parenthood-six-figure-salary-student-debt-2024-6