Living On $615K A Year In Seattle | Millennial Millionaire

Living On $615K A Year In Seattle | Millennial Millionaire

My name is Todd Baldwin. I’m 27 years old. I live in Seattle, Washington, and
I make $615,000 per year. Money by itself really
won’t make you happy. All it is, is a tool
to get you what you need. It’s security and you know, it can
provide you a great life, but it doesn’t buy you happiness. Like people think it does. Out of the $615,000 we bring in, we
invest almost all of that just back into the business, back into more
real estate or into different brokerage accounts. So we don’t actually see a
lot of that because it’s all invested out. But yes, it’s a very comfortable
lifestyle and it helps that we’re incredibly frugal. All for free. I earned the bulk of my
money through real estate investing. We’re bringing about $460,000 per year
doing that, and about $150,000 is profit and that is after living completely
for free and all expenses are paid. We bought our first
house at age 23. We are now 27 and we have $4.4 million dollars worth of real estate. So some people think that the hardest
thing about real estate will be either insurance or taxes. Luckily, I work in insurance and my wife
is a CPA working in tax, so my wife and I live completely for free
by house hacking and having roommates. So we live in a brand new duplex and
we have the other half of that duplex on Airbnb and we live
in the main half. We also converted one of the
garages into a studio apartment. We have that on Airbnb as well. And in our main unit, the half that
we live in, we have roommates, so we rent out one bedroom for $1,200
and another bedroom for $850. After living in our duplex completely for
free by renting out the other half, the downstairs garage, and the
bedrooms on our side, we live completely for free. Plus we
make $1,850 in profit. I was raised by a single mom and
I watched her struggle working four jobs to try to feed three kids, and she
was worried all the time about money. And I saw it and I could feel it. And it wasn’t a good feeling. And from a very early age, about 12
years old, I told myself that that’s not something that I wanted in my
later years, that’s not something that I wanted for my family, and I had
to make a change and do something different. I got my first job literally
shoveling manure for $3 an hour. And I came home one day and I
think I counted up six dollars worth of quarters. And at the time it was
more money than I personally had ever seen. And ever since that moment, I was
like, all right, I’ve got to make millions of dollars. I’ve
got to be successful. I’ve got to get my money right. And I’ve been on that track ever
since I started making money online when I was 15. And then I started
investing at age 19. But I really just, through reading
books, listening to podcasts and watching YouTube videos, I really just kind
of had to figure it out and learn as I go. When I
first got into the commercial insurance business, I had a salary of $50,000
and I was making 9% commission on sales. After my first month with that
firm, I actually broke a record for the most amount of appointments
set via cold call. After about nine months with that firm
and doing really well there, my base salary went up by about $4,100
per month and my commissions went from 9% to 40%. When I was 12 years old, I had
the goal that I wanted to become a millionaire by the age of 30 and
after working like crazy and investing and acquiring properties, our net worth crossed $1.2 million when we were 25 years old. Some other things I refuse to spend
money on will probably be eating out and movie theaters, but only because I
know how to get paid for that. I’m so frugal that I can’t
fathom spending money on that stuff. So in my mind, it makes sense to get
it for free and get paid to do it. They will hire mystery shopping firms
to find independent contractors like me to basically go pose at their
establishment as a regular customer, buy their product or service, and then report
on that product or service when you get home on an online platform,
and when you do that, you get reimbursed for whatever you bought. Plus, typically some profit
on the top. We have a punchcard, so our free coffee
is adding up to an additional free coffee. So it’s like compound interest
basically just on free stuff, which is mind blowing. When I was in college, I was
completely broke and my wife now but girlfriend at the time, I wanted to take
her out, but I didn’t have any money. It took me two months of saving
just to take her out on our first date. And two weeks later, I
got a check in the mail. And ever since then, we’ve been
going to different restaurants and hotels, resorts, casinos, getting paid for all
of that and getting reimbursed for what we spent life to date. We’ve made just over
$30,000 by secret shopping. The best part is it’s
stuff we would otherwise do. I grew up in Washington State. I met my wife in college. Although our net worth is seven figures, we
don’t do a lot of the typical things that most people
envision millionaires doing. We share one car, which
is a 2009 Ford Focus. We are super frugal and you know you’re
a real estate guy when you have $4.5 million dollars of cash-flowing rental
properties, but you spent $12 on your wedding ring made
completely out of rubber. I am not a showy or flashy guy,
but I do want the Tesla Roadster. I don’t want it to go floss
on Instagram or for anything like that. I want to because it’s the
fastest car in the world. I’ve got a lot of places to
be and zero time to waste. Personally, I would be OK flying first
class and doing stuff like that. My wife won’t let us or she doesn’t
let us fly first class even though we could very easily. So we’re just, we’re very frugal. We’re not cheap, but we would just
rather spend money on things that also make us money. We don’t really
like spending money on expenses. We could probably actually retire
now if we wanted to. But our goals are so
much loftier than that. I want my 6,000 apartments by the age of
60, so I don’t know if I’m ever the type of person to truly
retire in the traditional sense. If anything, I want to spend a little
bit more money on my wife to surprise her or do something special for her,
but she is so frugal that it usually doesn’t go over well. So I ended up taking it
back and doing something else entirely. So this is going to freak
a lot of you out. And Dave Ramsey, if you’re watching,
don’t have a heart attack. I have 13 credit cards and
I actually collect credit cards. Now, I don’t carry balances
on any of them. I use a strategy called credit
card churning, which is basically opening up a new credit card, taking advantage
of that new account bonus, paying it off completely and then rinse
and repeat with the next card. When we were converting our garage apartment
into the Airbnb, I knew that there was gonna be
some expenses with that. So I opened up a new credit card
where if you spend $1,000 in the first three months, you get $200 cash back. Now, I’m not telling anyone to go out
of the way to spend $1,000 to make $200. Otherwise that’s an $800 loss. We would have spent that $1,000 anyway,
so we might as well take advantage of the $200 and we can get cash back. I used to box in high school,
I was a boxer for two years. Now my wife won’t allow me to compete,
but I still do training when I can. My MMA gym is $100 per month and
although that’s a little bit more, it’s still well worth it for
the training that I’m getting. Our L.A. fitness gym membership is $30 per
month and that is well worth it because your health is your wealth. It doesn’t make sense to be
the richest man in the graveyard. So we’ve got to keep going to the
gym and taking care of our bodies in the next couple of years. My wife and I do want to start a
family of our own and being in that position of just knowing that we can
pay for their college wherever they go and we can go on the family
vacations, and the biggest thing is being able to be there and
be a present father. I think is huge. It’s a huge blessing that we’ve been
able to accomplish everything that we have so far.

About the Author: Michael Flood


  1. What’s your budget breakdown? Share your story with us at [email protected] for a chance to be featured in a future installment. We are especially interested in hearing from first-time homebuyers in Denver and Toronto.

  2. that look she gave him at the coffee shop for sitting down before her…possibly not even pulling the chair out.

  3. I feel Bad for the kids he doesn’t have yet. Will be the Cheapest dad in the world. But I guess the numbers never lie so good for him having all that real estate being so young.

  4. This should be call "The Cheapest Millionaire Couple". Married with roommates, and have a $12 wedding ring.

  5. 25 a month on food seems ridiculously low I can’t even get out of the grocerie store for a weeks supply in NYC area for 70

  6. These numbers don’t add up. How did he acquire 4.5 million in real estate in 4 years assuming a 30 year fixed mortgage that cash flows 12.5k even assuming a GRM of 1% assuming these houses must be around 750k each with appreciation since 2016. That’s not a good cash flow if the 4.5 million of real estate assets is correct. I think he isn’t counting his outstanding debt , he’s just counting his ARV which is ridiculous as it ignores all the pay down expense he’s responsible for

  7. Giving your younger age you should live a little. You've already setup up a solid foundation. At your level being "super frugal" doesn't really equal an exciting lifestyle, or maybe you guys are planning to go sky diving by the time you're in your late 50's. Live a little brother! And don't forget to help out others. Congrats!

  8. I hope I get there someday
    Working on growing my youtube for now then getting real estate
    Wish me luck and subscribe if you wanna support!

  9. It’s a means of mortgage payment and has nothing to do with income. No matter how high your income is mortgages and taxes will essentially take all your income unless you live way below your means. Most people with his income (without the properties) in his location could buy homes in the 1 million range easily, I can’t imagine paying 60 thousand minimum a year of my hard earned money on properties let alone 6X that for each property. Which is why he is able to then purchase the properties after smart thinking in the first place. Also, it’s a lot of financial responsibility owning multiple homes and you never know when it can all come crashing down if you’re not careful.

  10. wtf kind of a person buys rubber wedding rings when you are a millionaire, I understand frugality but that is beyond absurd. AND 3 roommates? that sounds like punishment

  11. beep beep beep thats my gaydar going off. kind of feel sad for the lady. pretty sure hes blowing the roommate on the side.

  12. So so sooooooo impressive! But the only thing that made me cringe is the lack of privacy. I’d take that $1800 hit to live alone 🙂

  13. There's something called saving and being smart and there's something called being cheap and taking life for granted.

  14. You’re posting too many people that make a lot of money and are making very good financial choices. This doesn’t teach me to be like this person, it’s too far off. But I can certainly relate to someone makes $60k a year and maybe over spends in some area. Because it’s easier for me to see the faults in someone else, and seeing how their bad habits are the same as mine. Thus allowing me to see my problems and better correct them.

  15. If thats what makes them happy!!!
    For me,it would be better to spend on yourself,family and constant charity.
    But then again,when one start seeing wealth,they get too attach to it.

  16. after watching this video, i never thought i would scroll down and see so many HATERS OMG. how can you guys act like this man doesnt live a great life just because he is frugal???

  17. The breakdown doesn't seem accurate….. they should breakdown the total income after mortgages, tax, insurance, etc. He does not make 615k a year as his wife is also included within that breakdown.

  18. Frugal is the key to building wealth. As crazy as it may seem, living below your means is something not many can do.

  19. this is pointless lol, why bother working and stressing all day if you're going to live like a cheap bum? Just move to alaska or south america and retire rofl

  20. Kind of sick of the trend or obsession of cheap millionaires. There is a fine line and beyond that is pointless- save and make money just for the sake of it. What truly matters is how you SPEND your money- what you are giving to the world with the resource you accumulated.

  21. Contrary to most people who are calling this couple "rich cheapskates". These are actually rich type of people I really like. Humble, not flashy, dress like your average person communicate with everyday people who aren't rich. They understand that money is not an extension of themselves its just there for financial security. America should learn from this couple.

  22. People fall into this trap all the time: become addicted to making money, but have no clue how to enjoy it. What even is the point of work if not to play a little?

  23. His mother left such a negative impression on him about lack of money when he was a child that as an adult he end up marrying a woman exactly like mom dukes. But if he’s happy then I’m ecstatic for them!

  24. I don’t know why, but I always find it disrespectful when a rich fella says money doesn’t buy happiness. Just my opinion.

  25. in kenya if you make that much at that age everyine aassumes you are a government thief, a online scammer, a spiritualist or a financed by parents…. and if you do you gotta pay out criminal cronnies for being that rich… heheheh

  26. They are married, make $600k and live with a roommate.. Renting the other duplex makes sense, but that is pretty cringeworthy to not have any privacy as a married couple. Part of financial freedom is… well freedom, and not having to live like a college freshman

  27. I’m not sure this guy enjoys the fruits of his labor. This doesn’t have to be done is excess, but this was almost uncomfortable to watch.

  28. I loved the shout out to dave ramsey because he is so anti credit cards. Wanted to say how this couple is a great example of how living debt free is all about ( you can live a good life on the low, its all about mentality). Also how they both are frugal and have the same money values.

  29. Not trying to be a hater, but try to apply for 600k Loan as a 25 years with student debt, in an expensive city and not a solid job history…something sounds odd here

  30. Wow, $615k and living in a duplex Burien – the ghetto right near the airport, and epicenter of gun and gang violence in King County. This is also with AirBnB roomies through the wall, well who is gonna pick the cheap AirBnB in the ghetto near the airport? They really are living off like ~$60k a year and keep claiming everything is "free". It is not free when you pay for it via income and lifestyle sacrifices. He wears a $12 rubber wedding ring… The average programmer in the area lives like a king compared to this guy.

  31. The longer I watch the video, fhe more i feel they are cheap and stingy. You rent your rooms in your house ?

  32. This man was broke and had a fear of ever being broke again and now he’s a millionaire and still live like he’s broke 😂😂

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