"How Millennials Should Spend Their Money" articles are something everyone is familiar with at this point. They make a concerted effort to make it seem like any money problems are simply a result of unwise spending, and not of an utter lack of sufficient income. Avocado toast, anyone?
Along this same vein, CNBC posted the following infographic to twitter, from their Millennial Money:
The budget breakdown of a 25-year-old who makes $100,000 a year and is excellent with money. via @CNBCMakeIt… https://t.co/T3oCBGFxva— CNBC (@CNBC)1545414828.0
The very idea that $100k per year is an average salary is laughable (or cry-able, if you're one of the many earning significantly less than that). Reading the linked article, which features 25-year-old Trevor Klee, just makes things worse.
You are greeted with the following video caption upon opening the article:
If you look back at the infographic, you'll see that he is paying only $825 in rent. In Boston.
Reading further reveals that he has 4 roommates, so some expenses are split 5-ways. His ability to have surplus income is beginning to make sense.
When discussing starting out working for himself as a test-prep tutor in Cambridge, he says, "I had no money. I had savings, but I had no income, so I desperately needed to find people."
Given many people's inability to earn enough to pay bills, let alone have savings, the idea that having savings means having "no money" is ludicrous to many.
CNBC even goes so far as to quote Trevor calling himself a "terrible employee", adding further insult to injury.
Twitter had a field day with CNBC's post.
@CNBC @CNBCMakeIt Everyone relax. I figured it out. This article is actually about a 25-year-old Unicorn.— Konstantine Autism-Acceptance Anthony (@Konstantine Autism-Acceptance Anthony)1545520641.0
@CNBC @CNBCMakeIt LOL https://t.co/4VkRp42628— John Pikowski (@John Pikowski)1545526217.0
@karen5735 @CNBC @CNBCMakeIt Not just 25 year olds. I’ve been teaching for 15 years and I don’t make $100,000, nor… https://t.co/RF42f3iV4y— Alison McMillan (@Alison McMillan)1545579088.0
Many also expressed varying levels of anger and disbelief.
@CNBC @CNBCMakeIt The longer I look at this graph the more infuriated I become. What planet is this coming from?— Micah Grant (@Micah Grant)1545539289.0
@CNBC @CNBCMakeIt These numbers don’t make any sense to anyone who is actually paid bills. Who gets internet for $20?— R.P. McLaughlin (@R.P. McLaughlin)1545521446.0
@CNBC @CNBCMakeIt Pretty easy to be excellent with money when you make $100,000 of it every year. Congratulations t… https://t.co/YqbAvDaRbv— $amantha (@$amantha)1545525688.0
@CNBC @CNBCMakeIt Wait, what 25 year-old makes $100K/year?— Stephanie Pennell (@Stephanie Pennell)1545516328.0
Given that Klee is a Princeton grad, the lack of student loan payments are especially surprising. Ivy League schools are not known for being affordable.
@John_Fogliano @CNBC @CNBCMakeIt He might not have any. A comment above said his parents are rich which should tell… https://t.co/V7nvPiynBs— Beatrix Kiddo (@Beatrix Kiddo)1545532887.0
Even members of older generations showed up to call CNBC out.
@CNBC @CNBCMakeIt 🤣🤣🤣🤣🤣🤣🤣🤣 What a crock this chart is! When I retired in 2016 after 35 years of teaching(with Maste… https://t.co/M96G8bdp3y— Jay T (@Jay T)1545525558.0
All-in-all, this share from CNBC only serves to show how out of touch they are with the financial reality facing many young Americans.