This story is a part of CNBC Make It’s Millennial Money collection, which particulars how folks world wide earn, spend and save their cash.In late 2018, Brian Jung, then 21, determined to drop out of faculty to pursue entrepreneurship full-time. His South Korean immigrant dad and mom had been greatly surprised: Jung had some part-time e-commerce facet hustles that earned about $200 a day, however they did not supply the long-term monetary safety of a school diploma. Jung additionally had a YouTube channel, which was extra of a passion than a full-fledged enterprise. But he was assured in his choice: “I needed to inform my dad and mom, ‘I do know you’ve got labored actually arduous and I understand how scary that is going to be, however I’m not going to complete faculty,'” Jung tells CNBC Make It.He was decided to make issues work, regardless of the uncertainty. And he did.Brian Jung in his condominium constructing.CNBC Make ItNow 25, Jung has pivoted to YouTube full-time. He earned round $3.7 million within the last year, largely from his private finance-focused channel, which has greater than 1 million subscribers.Looking again, he says the choice to drop out of faculty to turn into an entrepreneur was a “pivotal second” in his life: It allowed him to place extra time into the channel and develop it right into a enterprise.How Jung spends his cashHere’s how Jung budgeted his cash in March 2022.Elham Ataeiazar / CNBC Make ItInvestments: $50,000Rent: $3,745 Discretionary: $3,350 for buying, items, donations and laundryFood: $2,534, with $1,645 spent on meals at restaurantsSupport for his dad and mom: $2,478Subscriptions: $223 spent on health club memberships, Disney+Renters insurance coverage: $176Gas: $92While the majority of his earnings go towards working prices and taxes for the enterprise, Jung places roughly $50,000 into numerous investments every month, together with cryptocurrencies, NFTs, collectible objects and angel investor ventures.Jung says his crypto property are long-term investments, and that he does not plan to alter his investing technique regardless of the latest downturn in crypto markets. He does say he needs to proceed diversifying his portfolio by investing in additional cash-producing companies.Aside from investments, Jung pays himself $400,000 a year, or about $33,000 monthly, to cowl residing bills, taxes and items.Jung’s largest residing expense is a three-bedroom condominium in Rockville, Maryland, which doubles as his workplace house. His enterprise covers the utility bills. He additionally put a $145,000 down fee on a house price $1.8 million, which he plans to maneuver into in 2023. It’s a brand new improvement that is at present being constructed.Jung drives an Audi RS7, which he purchased together with his YouTube income. He additionally owns a 2019 Toyota Tacoma, which he just lately gave to his dad and mom. He nonetheless covers the $600 month-to-month funds for the truck, in addition to his dad and mom’ $1,878 month-to-month mortgage funds.Recently, Jung bought a 2021 Lamborghini Huracan for $290,000. He put $100,000 down on the automotive and can finance the remaining.In addition to splurging on meals out, Jung will get glass bottles of premium spring water delivered for $249 monthly. It’s price it, he says: “It makes me really feel higher, lets me really feel extra clear in my head.” Jung has memberships at a health club and a rock-climbing facility. Beyond that, most of his subscriptions — together with entry to Netflix, Spotify and Amazon Prime — are lined by perks from his 14 bank cards.Growing up when cash was tightRaised in Silver Spring, Maryland, Jung grew up in a low-income family. His mom minimize hair in a salon and his father labored lengthy hours as a contractor putting in hardwood flooring. Sometimes, they struggled to make ends meet.Mottos about saving cash had been the norm: “Don’t spend lots. Don’t eat out that a lot. Don’t drive too quick otherwise you’ll burn up extra gasoline. Maximize each coupon potential, each low cost potential — that is what I grew up with,” says Jung.Brian Jung together with his dad and mom and sister.CNBC Make ItJung says he did not really feel disadvantaged. He had mates, loved fishing together with his father on weekends and was into gaming and vehicles. But as one of many few Korean-Americans at his center faculty, he additionally felt like he did not slot in. He grew to become a self-described “troublemaker,” commonly disrupting class and stepping into fights.In tenth grade, Jung obtained kicked out of college. He joined an academic program that recommended that recommended misbehaving college students — a turning level in his life. “I used to have this sufferer mentality,” he says. “I used to complain on a regular basis.” But when he noticed that model of himself in different college students in this system, he determined the trail he was on was a dead-end.”I advised myself, ‘I’m not going to stay my life this manner,'” Jung says.He began to deal with self-improvement: working more durable, figuring out and doing higher in class. After six months, he had a 4.0 GPA and was allowed to return to his highschool, the place he excelled at rugby.Brian Jung, in highschool, taking part in rugby.Courtesy of Brian JungDiscovering success on YouTubeJung began posted movies to YouTube in 2013. As an adolescent, he made content material about video video games and fishing. He began his channel about private finance and entrepreneurship throughout school in 2018.That identical year, he earned a normal research affiliate’s diploma at Montgomery College, a prerequisite for a profession in legislation enforcement. From there, the plan was to switch to the University of Maryland for a bachelor’s diploma in criminology.Instead, Jung determined to pursue his companies full-time.”In the start, YouTube didn’t pay me something. But I noticed the downfalls of [the e-commerce] companies and noticed the benefits of YouTube,” he says. “I did not must depend on purchasers. I did not must work with different folks. I did not must scale and purchase an workplace and get lots of of workers.”By December 2019, Jung was absolutely targeted on YouTube. His most profitable movies had been bank card opinions. At that time, the channel had about 6,000 subscribers and was making $200 to $300 a day, he says.Brian Jung poses together with his YouTube Creator Awards.In 2021, amid the retail investor craze and cryptocurrency’s bull run, the channel actually took off. “It took me years to get my first 100,000 subscribers, however in lower than one year I gained 900,000 subscribers,” Jung says.Between internet affiliate marketing, Patreon subscribers, advertisements and sponsorships, Jung’s enterprise brings in simply over $300,000 monthly. He now has 4 full-time workers serving to him produce movies.Combined with a just lately bought stake in a Japanese barbecue restaurant that brings in one other $5,500 monthly, Jung made nearly $3.7 million last year.Looking forwardJung says he hopes to continue to grow the variety of subscribers to his YouTube channel, pursue funding alternatives and construct up extra wealth to make sure his monetary independence.Brian Jung in entrance of his 2021 Lamborghini Huracan.CNBC Make It
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