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.

Welcome!

[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

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