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.
» Subscribe to CNBC Make It.: http://cnb.cx/2kxl2rf
About CNBC Make It.: CNBC Make It. is a new section of CNBC dedicated to making you smarter about managing your business, career, and money.
Connect with CNBC Make It. Online
Get the latest updates: https://www.cnbc.com/make-it
Find CNBC Make It. on Facebook: https://cnb.cx/LikeCNBCMakeIt
Find CNBC Make It. on Twitter: https://cnb.cx/FollowCNBCMakeIt
Find CNBC Make It. on Instagram: https://bit.ly/InstagramCNBCMakeIt
Living On $280k A Year In Metro Detroit – Millennial Money