Suze Orman, left, reacts to the spending and saving habits of Millennial Money’s Wendy Gonzalez
Personal finance expert Suze Orman wants Wendy Gonzalez to think bigger when it comes to her money goals. The Los Angeles-based millennial earns $80,000 a year working as a logistics supervisor for an auto tech company and eventually wants to make $95,000.
"Why limit yourself to $95,000 a year?" Orman asks, reacting to CNBC Make It's Millennial Money episode that features Gonzalez.
Orman, who hosts the "Women and Money" podcast, also wishes the millennial hadn't splurged on a BMW, which sets her back $720 a month. In addition to the car payment, Gonzalez spends about $90 on gas, putting her monthly transportation costs at $810. "What you deserve is a life of financial independence, not some car," Orman says.
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There is good news: "She's saving money, she's working ... and she's making coffee at home," says Orman, who thinks that buying coffee is like "peeing $1 million down the drain." Gonzalez sets aside about $1,000 a month. She saves in a Roth IRA, high-yield savings account and a brokerage account. Gonzalez has around $25,000 saved in a high-yield savings account, which she has earmarked for a down payment one day.
Watch Orman's full reaction to Gonzalez's spending and savings habits.
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