Living On $615K A Year In Seattle | Millennial Millionaire

Living On $615K A Year In Seattle | Millennial Millionaire

My name is Todd Baldwin. I’m 27 years old. I live in Seattle, Washington, and
I make $615,000 per year. Money by itself really
won’t make you happy. All it is, is a tool
to get you what you need. It’s security and you know, it can
provide you a great life, but it doesn’t buy you happiness. Like people think it does. Out of the $615,000 we bring in, we
invest almost all of that just back into the business, back into more
real estate or into different brokerage accounts. So we don’t actually see a
lot of that because it’s all invested out. But yes, it’s a very comfortable
lifestyle and it helps that we’re incredibly frugal. All for free. I earned the bulk of my
money through real estate investing. We’re bringing about $460,000 per year
doing that, and about $150,000 is profit and that is after living completely
for free and all expenses are paid. We bought our first
house at age 23. We are now 27 and we have $4.4 million dollars worth of real estate. So some people think that the hardest
thing about real estate will be either insurance or taxes. Luckily, I work in insurance and my wife
is a CPA working in tax, so my wife and I live completely for free
by house hacking and having roommates. So we live in a brand new duplex and
we have the other half of that duplex on Airbnb and we live
in the main half. We also converted one of the
garages into a studio apartment. We have that on Airbnb as well. And in our main unit, the half that
we live in, we have roommates, so we rent out one bedroom for $1,200
and another bedroom for $850. After living in our duplex completely for
free by renting out the other half, the downstairs garage, and the
bedrooms on our side, we live completely for free. Plus we
make $1,850 in profit. I was raised by a single mom and
I watched her struggle working four jobs to try to feed three kids, and she
was worried all the time about money. And I saw it and I could feel it. And it wasn’t a good feeling. And from a very early age, about 12
years old, I told myself that that’s not something that I wanted in my
later years, that’s not something that I wanted for my family, and I had
to make a change and do something different. I got my first job literally
shoveling manure for $3 an hour. And I came home one day and I
think I counted up six dollars worth of quarters. And at the time it was
more money than I personally had ever seen. And ever since that moment, I was
like, all right, I’ve got to make millions of dollars. I’ve
got to be successful. I’ve got to get my money right. And I’ve been on that track ever
since I started making money online when I was 15. And then I started
investing at age 19. But I really just, through reading
books, listening to podcasts and watching YouTube videos, I really just kind
of had to figure it out and learn as I go. When I
first got into the commercial insurance business, I had a salary of $50,000
and I was making 9% commission on sales. After my first month with that
firm, I actually broke a record for the most amount of appointments
set via cold call. After about nine months with that firm
and doing really well there, my base salary went up by about $4,100
per month and my commissions went from 9% to 40%. When I was 12 years old, I had
the goal that I wanted to become a millionaire by the age of 30 and
after working like crazy and investing and acquiring properties, our net worth crossed $1.2 million when we were 25 years old. Some other things I refuse to spend
money on will probably be eating out and movie theaters, but only because I
know how to get paid for that. I’m so frugal that I can’t
fathom spending money on that stuff. So in my mind, it makes sense to get
it for free and get paid to do it. They will hire mystery shopping firms
to find independent contractors like me to basically go pose at their
establishment as a regular customer, buy their product or service, and then report
on that product or service when you get home on an online platform,
and when you do that, you get reimbursed for whatever you bought. Plus, typically some profit
on the top. We have a punchcard, so our free coffee
is adding up to an additional free coffee. So it’s like compound interest
basically just on free stuff, which is mind blowing. When I was in college, I was
completely broke and my wife now but girlfriend at the time, I wanted to take
her out, but I didn’t have any money. It took me two months of saving
just to take her out on our first date. And two weeks later, I
got a check in the mail. And ever since then, we’ve been
going to different restaurants and hotels, resorts, casinos, getting paid for all
of that and getting reimbursed for what we spent life to date. We’ve made just over
$30,000 by secret shopping. The best part is it’s
stuff we would otherwise do. I grew up in Washington State. I met my wife in college. Although our net worth is seven figures, we
don’t do a lot of the typical things that most people
envision millionaires doing. We share one car, which
is a 2009 Ford Focus. We are super frugal and you know you’re
a real estate guy when you have $4.5 million dollars of cash-flowing rental
properties, but you spent $12 on your wedding ring made
completely out of rubber. I am not a showy or flashy guy,
but I do want the Tesla Roadster. I don’t want it to go floss
on Instagram or for anything like that. I want to because it’s the
fastest car in the world. I’ve got a lot of places to
be and zero time to waste. Personally, I would be OK flying first
class and doing stuff like that. My wife won’t let us or she doesn’t
let us fly first class even though we could very easily. So we’re just, we’re very frugal. We’re not cheap, but we would just
rather spend money on things that also make us money. We don’t really
like spending money on expenses. We could probably actually retire
now if we wanted to. But our goals are so
much loftier than that. I want my 6,000 apartments by the age of
60, so I don’t know if I’m ever the type of person to truly
retire in the traditional sense. If anything, I want to spend a little
bit more money on my wife to surprise her or do something special for her,
but she is so frugal that it usually doesn’t go over well. So I ended up taking it
back and doing something else entirely. So this is going to freak
a lot of you out. And Dave Ramsey, if you’re watching,
don’t have a heart attack. I have 13 credit cards and
I actually collect credit cards. Now, I don’t carry balances
on any of them. I use a strategy called credit
card churning, which is basically opening up a new credit card, taking advantage
of that new account bonus, paying it off completely and then rinse
and repeat with the next card. When we were converting our garage apartment
into the Airbnb, I knew that there was gonna be
some expenses with that. So I opened up a new credit card
where if you spend $1,000 in the first three months, you get $200 cash back. Now, I’m not telling anyone to go out
of the way to spend $1,000 to make $200. Otherwise that’s an $800 loss. We would have spent that $1,000 anyway,
so we might as well take advantage of the $200 and we can get cash back. I used to box in high school,
I was a boxer for two years. Now my wife won’t allow me to compete,
but I still do training when I can. My MMA gym is $100 per month and
although that’s a little bit more, it’s still well worth it for
the training that I’m getting. Our L.A. fitness gym membership is $30 per
month and that is well worth it because your health is your wealth. It doesn’t make sense to be
the richest man in the graveyard. So we’ve got to keep going to the
gym and taking care of our bodies in the next couple of years. My wife and I do want to start a
family of our own and being in that position of just knowing that we can
pay for their college wherever they go and we can go on the family
vacations, and the biggest thing is being able to be there and
be a present father. I think is huge. It’s a huge blessing that we’ve been
able to accomplish everything that we have so far.

100 thoughts on “Living On $615K A Year In Seattle | Millennial Millionaire

  1. What’s your budget breakdown? Share your story with us at [email protected] for a chance to be featured in a future installment. We are especially interested in hearing from first-time homebuyers in Denver and Toronto.

  2. Umm how the heck do you spend $25/on food? I see more than $25 worth of food in that fridge. $6 a mo is a lie with the credit card fees unless they deducted the benefits from the fee. The Alaska credit card alone costs $75/year and he has 12 more credit cards!

  3. The risk is obviously facing big recession. A lot of people went bankrupt doing what he does back in the subprime mortgage crisis. The next recession wont be as big but who knows.

  4. Renting a bedroom for 1200 dollars, sorry but sound very crooked, he is lieing. Some top hotels don't even pay that much. He made the money another way but don't want to say cause it probably was illegal. Just keeping it real.

  5. The name of the game. It's called capitalism for a reason. The goal is to amass capital & assets faster than everyone else. The thing you don't mention is that the majority loses 😉

  6. If I saved a dollar each time he said "frugal" I would have a higher net worth than him – but seriously, he's doing awesome!

  7. This guy won the lottery, his wife is a miser/saver…Otherwise he'd be broke right now if he married a thot, no offence

  8. Too frugal. And single mum but you don’t live with her or take care of her?? But have roommates. Stop chasing numbers. Life isn’t about spending money. It’s about spending time with loved ones.

  9. CNBC: New Millennial Money/Millionaire video is out!
    *00.06 seconds later
    Graham Stephan: Ight, I'm finna roast this persons finances.

  10. How are you frugal when you have all that money coming in,enjoy your life and spend money on WHAT YOU WANT. This doesn’t mean you shouldn’t save and invest;but what’s the point you f making all that money if you can’t enjoy it ?

  11. Millennial millionaire always exaggerating their actual personal income. His personal net income would actually be around $300k after business expenses aka his rental mortgage, insurance, taxes etc.
    They are including all business operations revenue as his income. Which is not true.. Should look at his NET personal income. It's 300k.

  12. This is a bit extreme. Putting a lot of money towards brokerage accounts? Remember 2008? Look what's happening right now to the market. Trillions gone.

  13. I asked for someone who didn't start on 3rd base after the last video and you delivered. Thank you @cnbcmakeit. These two are hustlers!!

  14. I believe it because Seattle's real estate prices jacked up when Amazon started gaining momentum and also 2009 crash has made a lot of people millionaires who've invested in real estate at the time. Also, since Seattle is a liberal capital where everyone bikes to work, eats overpriced vegetables, and quite hip on being healthy, this guy has invested in a lot of right things to be rich in Seattle. For me, I hate how Seattle has become so expensive but I guess I am the loser in this case.

  15. This is wack. Lol u make all that money and u rent a room in ur own place. Man. Enjoy ur money. He would still have enough $ if he didn’t rent one room. Seems cheap to me even tho he said he’s not cheap. 😐

  16. They are smart however I want my privacy I don’t want to live in the same building with strangers from Airbnb. Sometimes privacy is more worth it then taking money from strangers living in same place as you and avoiding headaches if they trash the Airbnb

  17. Sorry but i think he's super cheap. Whats the point of accumulating all that money and not even be able to buy a reasonable wedding ring, or live without roommates. Can someone explain this mindset to me? I am 24 years old and have managed to save over 100k and invest in a few properties but best believe that i take care of myself, i buy clothes(no designer) and i travel leisurely a lot. I also go out to eat a few times a month at my fav restaurants and i dont feel bad about it

  18. Wait he makes 150k base salary… then they make 12.5k a month through real estate… 12.5k * 12 months = another 150k… so 300k (net) without expenses… not 600k and then they just double it because there are 2 of em or what? the math is super non-transparent….

  19. I hope this guy learns to actually enjoy his money one day, you get one shot at this life and you can't take it with you when you die anyways.

  20. Hey Peeps! This is Todd, the guy in the video. First, thank you all for watching! This has been a very humbling experience! I have had a ton of people DM me asking for more information on Secret Shopping, and I figured it would be easier to just make a comment. Secret shopping is really fun, and it is actually pretty easy to sign up. That being said, secret shopping by itself is not what makes people wealthy. It is a great way to get a bunch of free stuff, and an incredible way to save, but it works really well as a supplement to to those who already save and invest. I just launched a YouTube channel the other day, and I'll be posting content about secret shopping, house hacking, and a bunch of other stuff related to personal finance. I believe you can find my channel just by clicking on my photo that is attached to this comment. In the meantime, my top three secret shopping companies are Reality Check Secret Shopping, Market Force Mystery Shopping, and Merc Systems Secret Shopping. Hope that helps!

  21. Thanks for this video as I'm getting into real estate myself. Also, How did you get into secret shopping? Is there like a website you sign up for it?

  22. That’s pretty decent for a 27 year old. That’s about where I was then. But then you need to get it $10m by 35 and $20m by 40 to keep going. Now with cheap debt, I’ve bought up a lot of industrial.

  23. "Money doesn't buy you happiness". Only people with a lot of money and disconnected from reality say this. Being rich buys comfort. Being comfortable in life buys happiness. And there you go, just bought happiness.

  24. This is not Seattle… Burien is a way cheaper suburb. Stop trying to make videos where people live in a inexpensive suburb and saying it’s the big city. I live in SLU and my rent in over 3k (aka not cheap)

  25. I want somebody to come on here with $50,000 a month worth of expenses on stuff that makes no sense so people can lose their minds:
    Like, "Hi my name is Gold Filbert. I'm a cryptocurrency investor. I bring in about $960,000/y($80,000/m). Monthly expenses:
    Health insurance- $400
    Phone bill- $100
    Utilities- $200
    Eating out- $3,000
    Special Spanish Wine Delivery Every Week- $5,000
    Special Car Service that allows me to switch cars every two weeks- $10,000
    The special room I keep on standby at a local 5star hotel so I can wash my feet- $3,000
    Martha, who comes every Tuesday to clean my toilets with a brand new toiletbrush- 1,750
    My deluxe delivery of blessed holy water from the Dalai Lama every week- $6,000
    My gulf-stream jet timeshare- $8,000…."
    …… I give up lol 😄 Even being ridiculous I cant think of things to spend that much money on. I only got to $37,450… even spending all $50,000 this guy would still be saving $30,000/m. It's hard to even wrap your head around what happens once you start making a substantial amount of money….

    Good for this guy in the video though he's clearly in his element 👍🏾

  26. This is is all fake, they bumped up the numbers for the views. He makes 130k a year. His clothes and car a red flag. Classic Cinderella Story of figures.

  27. All the episodes that are doing everything right are really boring. I didn’t even finish this one. Not worth my time. Come on cnbc🙁

  28. I find it funny that he says money wont guy to happiness than say it will give you a great life if life's great you will be happy these stories are few and far between lets see how much money he makes when his renters get covid and cant pay

  29. I think it's a good idea for people to know what they would actually spend without worrying about money. If you can afford not budgeting for like a month or two. See what happens. That way you'll know what your relaxed spending habits are so you won't feel like you have to up your spending if you start making money. I'm spending about $3700/m
    ~1000 rent
    ~1500 food
    ~100 gas
    ~300 car payment
    ~350 car insurance
    ~250 medical bills
    ~100 subscriptions
    ~50 phone.
    I've lived at different incomes in my life this being the most ive spent in a month. When I start making more money I'll know if I spend more than $4,000 a month I am REALLY pushing it. Because I want for nothing…

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