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Get to Know Millennial Michael Graduated from Arizona State University in the Spring of 2016. $26,700 in student loan debt. Works at a minimum wage job - $8.05 / hour. Lives in a studio apartment in Phoenix. 22 years old.

Millennial michael

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Page 1: Millennial michael

Get to Know Millennial Michael

Graduated from Arizona State University in the Spring of 2016.

$26,700 in student loan debt. Works at a minimum wage job -

$8.05 / hour. Lives in a studio apartment in

Phoenix. 22 years old.

Page 2: Millennial michael

Millennial Michael’s BudgetAfter a long day working at his minimum wage job,

Michael sat down to look at his budget…

Monthly Wages (after tax) $1,099.79

Rent -$500.00

Student Loan Payment -$307.26

Utilities (20% of rent) -$100.00

Money Left $202.53

Michael has $50 a week to spend on groceries, transportation, and entertainment.

Page 3: Millennial michael

Millennial Michael’s Loan PaymentMy total Student Loan Balance is $26,700 – The average for students graduating from a public college.My monthly Student Loan Payment is $307.26 for a loan term of 10 years.It takes me 45 hours of work, more than a weeks pay, to earn my student loan payment.

Page 4: Millennial michael

Millennial Michael’s Transportation

Michael doesn’t have a car because he can’t afford the payments and insurance that come with owning a car. Instead he takes the light rail to work:

Money Left after necessities $202.53

31 Day Transit Pass -$64.00

Money Left $138.53

After transportation costs, Michael now has $34.00 a week to spend on food and entertainment.

Page 5: Millennial michael

Millennial Michael’sGrocery Cart

After grocery shopping, Michael has $4 left over from his weekly budget – not even enough to see a movie.

GALLON OF MILK $2.6012 LARGE GRADE A EGG $1.98RAMEN 12 PACK $2.27SPAGHETTI $2.42SPAGHETTI SAUCE $1.00GROUND BEEF $4.18BREAD $2.98SWEET PEAS $2.78DELI MEAT $2.98CHEESE $3.78

SALES TAX (8.6%) $2.32TOTAL $29.29

Page 6: Millennial michael

Millennial Michael’sParents

Michael is at his parents’ house for dinner. His parents tell Michael that they worked their way through college, so Michael should have too instead of taking out loans.

1979 Tuition, Room & Board:

$1,935Minimum Wage:

$2.10Hours of work per week

to afford college: 18 hours

2016Tuition, Room & Board:

$25,042Minimum Wage:

$8.05Hours of work per week

to afford college: 60 hours

Page 7: Millennial michael

Millennial Michael onCollege as an Investment

Some of Michael's friends who didn't go to college are making more than he is. They tell him he made a bad decision by getting a degree.

I made a good decision by going

to college. My lifetime earning potential is far

greater because of the

investment.

Source: Federal Reserve Bank of St. Louis

Page 8: Millennial michael

Millennial Michael During Flu Season

Michael works for an employer that does not provide earned paid sick days. This means that if he takes a day off to recover from his illness, he loses:

$55For Michael, that’s the same as 1 ½ weeks of food. That means that he often chooses to go into work sick to avoid losing that income.

Page 9: Millennial michael

Millennial Michael on Prop 206

Graduated from Arizona State University in the Spring of 2016.

$26,700 in student loan debt. Works at a minimum wage job -

$8.05 / hour. Lives in a studio apartment in

Phoenix. 22 years old.

So many college graduates are in the same boat as I am. We just graduated with large student loans and are working minimum

wage jobs.

I’m supporting Prop 206 because I believe that the minimum wage should be a living

wage. People shouldn’t have to live paycheck-to-paycheck , nor should they

have to lose pay if they need to take a day off of work to recover from illness.