Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Kennie Bukky, co-founder of The Pivot Place
Courtesy of Kennie Bukky
One millennial managed to save enough money to buy her own property at the age of 25, despite the gloomy economic landscape facing young people.
Kennie Bukky, a UK-based professional who is under 30, is a compliance officer who has worked at firms including KPMG and Visa.
At 25, he managed to save £50,000 (about $63,000) and received a mortgage on his first home. Their savings and mortgage were checked by CNBC Make It.
Bukky explained that he had no financial help from his parents and instead had to be extremely financially savvy as inflation, the high cost of living and skyrocketing house prices continued. disadvantage the under 30 years.
In fact, only 36.5% of adults say they feel better off financially than their parents, while 42.8% say they are worse off, according to CNBC’s International. Your Money Financial Security Survey in April 2024.
And as many young people feel priced out of adulthood, some are more so cost of conviction to cope with stress because they don’t believe they will ever be able to own a house or start a family.
Bukky said that after graduating in 2017, these concerns were at the top of his mind.
“I came from a background where we had to be careful about money and money was not always in abundance. There was always a scarcity mindset around money and my education,” said Bukky in an interview with CNBC Make It .
“I never really had money lessons or anything from my parents… I hated the idea of being restricted because of money and I started learning from an early age that if you save money, you have the freedom to do what you want you want. with that money.”
Here’s how Bukky, who chose to keep his legal name and age private for privacy reasons, managed to save five figures in his 20s.
“I was obsessed with saving”
Bukky felt his degree in forensic science didn’t have enough earning potential – so he pivoted into the finance industry, starting out as a boarding analyst at banking firm RBS earning £28,000. She was busy saving money, even then.
One way Bukky has managed to survive despite the high cost of living is to continue living with his parents for as long as possible – a way more and more. common trend in recent years as the cost of rent has increased.
It meant she had a two-hour commute to and from the office most days, but she said the savings were worth it.
“I was obsessed with saving at least 50% of my salary,” Bukky said. “So I could have easily moved out, but I prioritized saving that money so I could invest and build towards financial freedom and financial independence. I lived at home for as long as I could, even if it wasn’t the best setup “.
He added that saving money when a lower salary created a savings habit that he kept even now. And this caused his savings to snowball, as he was able to put aside even more money.
Once Bukky saved his first £50,000, he used around half as a deposit on his first home in 2022 and invested the rest in the stock market.
Live frugally
Bukky paired saving money with frugal living, including only buying clothes during sales.
However, growing up in the age of social media means it’s easy for young people to fall into the culture of comparison and feel pressured to live beyond their means.
“I just understood the final goal for myself. I knew the kind of future I wanted for myself. I don’t want a future where I struggle for money or limited by money. It was much more important than any luxurious life.” Bukky said.
However, she said she still managed to have fun and budgeted for cheap holidays with her friends and went out for dinner.
She also admits to being carried away when she started earning around £40,000 – and buying a BMW.
“I fell into that trap temporarily and then I looked at it and thought: actually, this is not all that it is cracked up to be. I need to focus on my goal. So I had the BMW for a few months and then I just sold it because I thought, actually, that’s not all I’ve tried now, let me go back to my Ford or something.
The savvy millennial now makes over £100,000 a year. He has invested over £30,000 in the stock market, turned his first home into a buy-to-let property, and is on track to buy a second property.
Despite this, Bukky said that minimalism still appeals to her.
“There are certain things I’m not going to do right now, for example, I just don’t think it’s time for me to buy a luxury car, even though I can totally afford it,” he said.
“I need the assets to be paid for that, not out of my pocket, because, in my opinion, that’s how you get stuck in the rat race, just acquiring all these luxurious things, because then it’s linked to your income. To me, which is a form of slavery, linked to these liabilities.”
