Living On $280k A Year In Metro Detroit – Millennial Money – Detroit Video



Alex Pardoe earns $280,000 a year as a hairdresser and salon owner in metro Detroit. The 25-year-old isn’t afraid to splurge on big purchases like Louboutin loafers, a custom Mercedes G Wagon, or Birkin bags from Hermes.

Read more about Alex’s budget breakdown here: https://cnb.cx/30HFKHZ

This is the latest installment of Millennial Money, which profiles people across the U.S. and details how they earn and spend their money.

Alex moved to the Detroit area from Virginia to attend cosmetology school, first working in a major salon chain and earning $30k a year. After using Instagram to show off his work and offering influencers free styling services in exchange for publicity he grew his income and a roster of loyal clients.

In 2017 Pardoe opened Aesthetic Hair Co. with two partners. As a salon owner he earns around $190k from client work, $50k in tips, $30k from teaching other stylists at the salon, and $10k from his product line.

His largest monthly expense comes from leasing a Mercedes Benz G-550 for $2.2k a month and financing a BMW i8 for $1.3k a month. Pardoe also spends nearly $700 on premium gas and insurance for the cars.

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Living On $280k A Year In Metro Detroit – Millennial Money

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25 Comments - Write a Comment

  1. 1) HTF is he still renting when making that much money? Build some equity MF!

    2) Didn’t know condo can be that expensive in the Detroit area…

    Reply
  2. 190k from clients….NO WAY

    Reply
  3. Only saving 1800 on a budget of 11k this man will NEVER retire

    Reply
  4. He should really invest more and think of ways to expand the business like opening more stores, but he deserves respect for all the hard work he’s put into having a successful business. Not easy being an entrepreneur but way more fulfilling than working for someone. He deserves his success and the rewards that come with it.

    Reply
  5. If he traded the g wagon alone he could save 36k in a year…enough for a down payment on a fourplex aka a cash flowing asset. You need offense and defense to become wealthy

    Reply
  6. $50,000 in tips????? Goodness. And this is in a bad economy.

    Reply
  7. Guy has more purses than my girl.

    Reply
  8. Looking nice….Continued success…

    Reply
  9. Shouldn't he have a SEP ira?

    Reply
  10. We need more videos like this.

    Reply
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  14. He doesn't need car payments he can afford to buy a car outright it would save him a lot of money.

    Reply
  15. He dresses like someone trying to play catch-up to Instagram influencers. You live in Michigan girl. Nobody cares about your Berkins and you look goofy trying to flex with them in your apartment across from Rite Aid.

    Reply
  16. You can retire at 30 on that! Just dont buy car insurance

    Reply
  17. Congrats on doing so well! I don’t understand why millennials complain about the costly housing market they’ve inherited but waste money on rent and luxury goods and cars. These things depreciate!

    Reply
  18. Fun fact was that in the 1960s Detroit (proper) was the wealthiest per capita in the US. Another fun fact is that Michigan auto insurance rate costs $2,600 on average annually. Currently there is a proposed bill for auto insurance reform, hopefully it works out.

    Reply
  19. 2:59 – Why you gotta walk like that? You look like you just had leg day.

    Reply
  20. Making 280k/year in detroit is like making $1,000,000 per year in San Francisco.

    Reply
  21. Why do they always have criminally bad taste. All that money, and his clothes look like illegal eBay bootlegs

    Reply
  22. The way he denied Detroit’s impoverished population by indicating that his county was doing just fine rubbed me the wrong way…

    Reply
  23. It's hard to imagine myself in that kind of financial position. But if I was I would take care of debt first, retirement, savings, and then use the rest for fun. I only need 1 car that is paid in full, if I made 300K a year I would probably get really good insurance coverage vs bare minimum that I have now. I'd find a place that is very nice but under $2k a month to rent in a safe area close to grocery, stores, restaurants. Retirement…if I didn't have a 401k I would definitely put in the current allowed annual max each yr (currently $6k). I'd aim to save 25-30% of my income. Then the rest I would use for therapy, vacations, activities, clothing, etc.

    Reply

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