millennial michael

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Post on 24-Jan-2017

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Get to Know Millennial MichaelGraduated from Arizona State University in the Spring of 2016.

$26,700 in student loan debt.

Works at a minimum wage job - $8.05 / hour.

Lives in a studio apartment in Phoenix.

22 years old.

Millennial Michaels BudgetAfter a long day working at his minimum wage job, Michael sat down to look at his budget

Monthly Wages (after tax)$1,099.79Rent-$500.00Student Loan Payment-$307.26Utilities (20% of rent)-$100.00Money Left $202.53

Michael has $50 a week to spend on groceries, transportation, and entertainment.

Millennial Michaels Loan Payment

My total Student Loan Balance is $26,700 The average for students graduating from a public college.

My monthly Student Loan Payment is $307.26 for a loan term of 10 years.

It takes me 45 hours of work, more than a weeks pay, to earn my student loan payment.

Millennial Michaels Transportation

Michael doesnt have a car because he cant afford the payments and insurance that come with owning a car. Instead he takes the light rail to work:Money Left after necessities$202.5331 Day Transit Pass-$64.00Money Left $138.53

After transportation costs, Michael now has $34.00 a week to spend on food and entertainment.

Millennial MichaelsGrocery Cart

After grocery shopping, Michael has $4 left over from his weekly budget not even enough to see a movie.

GALLON OF MILK$2.6012 LARGE GRADE A EGG$1.98RAMEN 12 PACK$2.27SPAGHETTI$2.42SPAGHETTI SAUCE$1.00GROUND BEEF$4.18BREAD$2.98SWEET PEAS$2.78DELI MEAT$2.98CHEESE$3.78SALES TAX (8.6%)$2.32TOTAL$29.29

Millennial MichaelsParents

Michael is at his parents house for dinner. His parents tell Michael that they worked their way through college, so Michael should have too instead of taking out loans.1979 Tuition, Room & Board:$1,935Minimum Wage: $2.10Hours of work per week to afford college: 18 hours

2016Tuition, Room & Board:$25,042Minimum Wage: $8.05Hours of work per week to afford college: 60 hours

Millennial Michael onCollege as an Investment

Some of Michael's friends who didn't go to college are making more than he is. They tell him he made a bad decision by getting a degree. I made a good decision by going to college. My lifetime earning potential is far greater because of the investment.

Source: Federal Reserve Bank of St. Louis

Millennial Michael During Flu Season

Michael works for an employer that does not provide earned paid sick days. This means that if he takes a day off to recover from his illness, he loses: $55For Michael, thats the same as 1 weeks of food. That means that he often chooses to go into work sick to avoid losing that income.

Millennial Michael on Prop 206Graduated from Arizona State University in the Spring of 2016.

$26,700 in student loan debt.

Works at a minimum wage job - $8.05 / hour.

Lives in a studio apartment in Phoenix.

22 years old.

So many college graduates are in the same boat as I am. We just graduated with large student loans and are working minimum wage jobs.

Im supporting Prop 206 because I believe that the minimum wage should be a living wage. People shouldnt have to live paycheck-to-paycheck , nor should they have to lose pay if they need to take a day off of work to recover from illness.