How a 25-year-old first-generation immigrant making $62,000 a year in New York spends her money

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How a 25-year-old first-generation immigrant making $62,000 a year in New York spends and saves her money: (via CNBCMakeIt)

series, which details how people around the world earn, spend and save their money.

From 9 to 5, Melchor works as a paralegal case handler for the Legal Aid Society, helping low-income New Yorkers access government benefits and affordable housing. She is paid around $52,000 a year and receives generous health benefits., a community she founded in 2020 as a space for first generation immigrants, college students and young professionals to unpack "their histories with money and design healthy financial lives.

Growing up, her father, who was undocumented when he came to the U.S., took on odd jobs, working as a day laborer, in restaurants and as a carpenter. Her mother stayed home with Melchor and her siblings when they were young, before getting a job as a house cleaner."My parents are very, very hardworking. They always have been," Melchor tells CNBC Make It. "But given that my dad and my mom were undocumented for a while … we were pretty poor.

While finances were an ever-present concern in her life growing up, Melchor realized that she didn't know how to manage her money on her own. To learn, she "inundated" herself with financial information, reading books — "Get a Financial Lifeby Beth Kobliner is a favorite — listening to podcasts and watching YouTube videos. She learned the basics of saving and investing, and created her elaborate budgeting system.

She was worried that she wouldn't be able to afford her dream of attending college after years of hard work. Because she did not have a Social Security number when she first started applying to colleges , she was not eligible for More acceptances rolled in. She decided to attend Yale because it offered her the most generous need-based financial aid , which covered tuition and housing expenses. But other first-year expenses, like a laptop and books, weren't included. Melchor didn't want to ask her parents for money, so she took out a $2,500 loan to cover them.

 

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