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Living On $1 Million A Year In Silicon Valley | Millennial Money
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- čas přidán 25. 08. 2024
- For Jen and Steve Chou, the best part of running their own businesses isn’t the combined $1 million annual income - it’s the ability to spend as much time as they want with their 13-year-old daughter and 12-year-old son.
Fourteen years ago, Jen, now 45, and Steve, now 46, began the process of leaving their 9-to-5 jobs.
Jen started Bumblebee Linens in 2007, which produces custom-designed handkerchiefs, aprons and towels. She co-founded it with Steve, who also found success documenting Jen’s business journey on his blog, My Wife Quit Her Job. Since 2009, the blog has grown to feature ebooks, a podcast and in-person conferences.
The flexibility of being their own bosses gives both parents time to be more involved in their kids’ lives, including volunteering at their schools and driving them to various extracurriculars.
Follow them on CZcams: / mywifequitherjob
Follow them on Instagram: / mywifequit
Follow them on TikTok: / mywifequitherjob
This story is part of CNBC Make It’s Millennial Money series, which details how people around the world earn, spend and save their money.
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Living On $1 Million A Year In Silicon Valley | Millennial Money
Hey Everyone, I'll be in the comments throughout the day to answer anyone's questions. Hope you enjoyed the episode!
How did you grow your CZcams channel?
I do the same thing as you I want to make it full time. Lol
Hi Steve What a great segment! Congratulations!
@@AlieshiaTV Just being consistent and producing videos on a weekly schedule
@@letsmakeit6984 Thank you!
Also love seeing a story of folks who made a major career shift well into their 30’s with kids. Very inspiring.
Wow making money online has always been my motive and desire,,,this method discussed here in this video is just amazing...thank you for sharing.. i can wait to start but Instant profit❤org is also a bonus
I absolutely loved this video!!! Awesome ppl! Did he says he invented you tube???
Love to see families like this. It’s so encouraging!
I love that the dad works 20hrs / week and the mom works 20-30hrs. That is a great work life balance.
20 hours doing blogs, yt, tiktok and online classes? Nah. That's more than 40 hours in a week.
ALSO love that they admitted to not budgeting. Some people really just have a natural inner guide that keeps their spending around the same.
Well if you make 1 million a year, you don't really need a budget.
@@saulgoodman2018 lmao thisss!
@A H even if you do buy designer every day… what matters is dollars and cent. Does it fit within what you can afford or not. I think that’s what matters
Some just have a frugal approach on life (different than being cheap), agree that budgeting is not a do or die situation for some people. But I think doing budgeting earlier on in your life helps you to understand the small unnecessary purchases you make, after that, it usually comes naturally.
yeah your budget would be like, should i spend this 300K a year nor not
I’m lucky enough to know Steve, Jen, and the kids “IRL” and they are just as sweet and kind as they are on camera. So proud of you two.
Thx Mike!
I don’t think sweet and kind people make $1M and complain about the wage difference between CA and NV for literally 2 employees. Seems pretty greedy
@@mikenobles2918 it's not about wages. It's about state income tax
@@mywifequitherjob your wife at 6:50 literally said employees would be cheaper in another state. She literally complained about the couple dollar difference in hourly wages between states when you make $1M a year
@@mikenobles2918 This is also an artifact of the California State government. We always pay our workers significantly higher than minimum wage. Right now the minimum wage where I live is $17. In Las Vegas, the minimum wage is $8.75
Loved this episode! Online businesses are such a great way to make a living
For sure. It's perfect for families
or a youtuber
can* there are tons of caveats and people shouldn't believe it'll solve their financial problems
It’s honestly the directions lot of people are going in. If it makes moneys and offers time flexibility it makes sense. Not for everybody but there is a lot of interest in this area.
If you look up their company they received $12,500 as a PPP loan that was forgiven not paid back. Even though they have 20 years of savings. No wonder this country is screwed.
This is the real American Dream! Plus they know the importance of work/life balance and not that "we work 120 hours a week " crap that will burn you out and destroy your family. Best wishes!!!
Well said!
@@mywifequitherjob Hi, this is such an inspirational video. Thank you for sharing! Do you and your wife wish that you went into starting your business /the entrepreneurial route first? Or do you think it was better that you worked in the corporate world first?
As a recent graduate seeing things like the great resignation etc... I see a lot of discussion around lots of people wanting to work for themselves full time rather than being employed in a job.
It would be great to hear your insight. (I know it's possible to have a job & 'side hustles' too!) Thank you in advance 😄
@@bee3828 That is a great question. I think I learned a lot working a full time job regarding organization and people skills. I'd still probably work for several years.
@@mywifequitherjob I understand, thanks!
You probably does not have any idea about "work/life" balance if you are running a business.
They are NOT Millennials -- 46 and 45 imply that they were born in the 70's. 1981 is the earliest year someone has to be born under to be considered a Millennial.
Ok and ? It’s still inspirational
They are centennials 😂😂😂😂
This is my ultimate goal in life. I also grew up first generation in the US and my parents were almost never home because of how much they worked to provide for us. Their lack of presence growing up did affect me & I want to change that for my daughters.
This is one of the better millenial money episodes. Such a nice family
Thank you!
The thing is they are Generation X’ers not millennials, clearly born in the mid 1970s.
@@bruintoo lots of the “millennial money” people showcased now are gen z as the youngest millennials are in their late 20’s
Wow making money online has always been my motive and desire,,,this method discussed here in this video is just amazing...thank you for sharing.. i can wait to start but Instant profit❤org is also a bonus
@@Naomi-xu4hq millennials can still be in their mid 20s. No younger than 25, that's the cut off.
Happy for them, and so glad to see how active they are in their child’s lives.
Just trying to make sure they turn out to be good citizens:)
The kind of citizens who complain about the cost of wages for 2 employees? Give me a break, I hope your spoiled kids blow all that money and end up in prison
@@mikenobles2918 hater
@@ahamed4152 Ahamed poor peasant wishing he was rich, totally in denial about his life
@@mikenobles2918 not sure who hurt you but I wish you the best
Steve and Jen are absolute inspiration. I started following the blog in 2012 and launched my own ecommerce store in 2015 after following Steve’s course. It’s changed my life.
*Details Man Give Us Details, How Much Were You Making, What Were You Selling, And What Are The Exact Steps You Folllowed?*
@@BeyondTheInternet you have to pay to play
Transitioning to owning your business is one of the tried and true methods to breaking it through the upper income levels. That said, what's unsaid in this video is that it's also higher risk with a large portion of the ventures failing. Best to take the plunge when you have a stable primary source of income that you can fall back on.
the GOLDEN RULE.
the cutest most non-toxic relationship business partnership.
I met Steve at his Sellers Summit conference. He’s a great guy and I’m so happy for him and his wife’s success. The American Dream is still alive!
Thank you!
The greatest thing a man could do is invest and gain it back in many folds.
This video really hits home. My wife and I currently work so many hours a week and it's difficult with this work schedule and balancing the schedules of our 4 children. We recently loss our mother and in retrospect realize many hours and days were lost not being able to visit loved ones until it's too late. Thank you for sharing as you are a true inspiration for wanting a better life for ourselves and our children.
Their story is amazing. They both managed to escape the rat race to make more time for their family.
Thank you
Meanwhile they keep their two CA employees deep in the rat race and gaslight them about wages being too high. Pretty greedy imo
@@mikenobles2918 Dude, you're under a lot of comments saying the same thing lol. We get it, you don't like them and think they're greedy.
@@mikenobles2918 your jealous mentality will keep you poor.
These people have integrity and worked hard for their success with no hand outs. We love to see it!
This was extremely inspiring. I’ll just add that I hope all of the employees are paid a thriving wage and benefits for where they reside. Keep killing it!
I've been in e-commerce since 2012. Make a good living out of it.
But for those of you who are yearning to start a business need to plan carefully.
Don't just quit the job until you can replace that income like she did.
Start small and get ready to fail because you will fail a lot. But once you make it you can comfortably make a living out of it. :)
I always imagine e-commerce would be oversaturated.
Lmao I love how his wife described his taste in handkerchiefs as “butt ugly”
Ha!
As a black man, I wish we would follow the example of the Asians, which is
1. Strong family consisting of a mother and father.
2. Kids/parents committed to education
3. Hard workers
4. Good attitude
Unfortunately the majority of us black folks possess none of these attributes.
Well the beginning of the problem starts, as you said, with family. We have to be more selective with partners and not have children until strong unions are made. Next problem is education, black women outnumber black men in undergraduate and graduate levels of education. Lots of people meet their spouses while in school ad a lot of us end up at PWIs. So you’ll end up in an area with way too many women to men in ratio, men can typically have their choice, and black men will date out of their race more.
Educated black women then move on to dating others out of their race or will wait for an eligible black man to their standard (not a lot in supply) or settle for one who is below their standard because they refuse to date out.
You’ll only get highly educated and ambitious children when both the parents are also on the same page of being highly educated and motivated
@@alohaazzie8462 you do realize every race outnumber their men in education. As a black men in college, college was never a fit for men especially black men. We need to focus more on teaching our men about trade schools
@@Thatbul college was literally an institution created by men, 😂😅 what you mean, women outnumbering men in some cases is a very recent development
You two seem like wonderful parents! Great job!!
THanks Todd!
Loved it, make a million but spend a fraction. That’s key of all millionaires. No mansion, no pool in the backyard and focus on kids and opportunities for them. That’s the new American Dream.
Agree 100%
@@mywifequitherjob well that's your choice and definitely a good decision. However, doesn't mean that people with pools and mansions aren't as smart
@@Nardib What does being smart have to do with pools and mansions? No one is talking about intelligence here...
@@mywifequitherjob well maybe my poor choice of words but my reply was referring more to Shamil's comment saying: "That’s key of all millionaires". Which kinda suggests in my opinion all true millionaires have to have this lifestyle and the others splurging on pools, mansions are "doing it wrong". And I just wanted to say that's not true. But anyway maybe that was just how I took it
@@Nardib don’t worry, I completely understood what you meant !
This is my favourite millennial money video of all time! So inspiring and you can just see the amount of love in the family!
This is a great episode and they’re very down to earth and genuine people. I have an idea of a business I want to start and this will push me to make a move.
Thank you!
Love how this episode is family oriented and even it talks about a million dollar business, all I learned is how to run a sweet family together.
This was a great video and I love how family oriented they are. I love this family! Thanks for sharing.
I love this episode because they broke things down so well and I love how they are family oriented!! I am an analyst and hoping I can venture into a business that will help me succeed too
I agree I believe this was the best episode yet ☺️
A very inspiring story of a couple willing to work hard and make their goals reality!! More stories like this please
Beautiful, humble family! This is really cool to see
Awesome episode! Covered all aspect of living - family, business, work hours, ecommerce, cost of living, taxes! Humble, creative, respecful couple!
ur so right!
The way she flamed her husband’s taste 😂
They totally cut out my come back line, "Bad taste in women!"
@@mywifequitherjob Where do you plan to move your business to from Silicon Valley? Las Vegas?
Wonderful to see your childhood photos. Beautiful families of origin
Thanks!
A lot of people don’t realize how many people make 7 figures and if you don’t grind to get there.
That’s a beautiful family. I love their story. I don’t blame them for wanting to leave California. The taxes are ridiculous.
I just filled up my gas tank for $5.49 a gallon
@@mywifequitherjob Good lord, where the eff do you live in CA???? I'm in the Central Valley and filled my tank last night for $4.17/gal (87 Octane)
Left overpriced California for Pittsburgh, PA suburbs and bought a house for $20k!😁
@@ilovegoodsax If you're in the South Bay/Peninsula, you can expect prices in the mid $5 range. Los Angeles is no better with prices as high as $6.50.
@@mchsiung1Pre-pandemic, I'd travel to the Bay Area quite often and can make a round trip from SF to home in Fresno on a tank of gas. I've always made sure my tank is full before I leave home.
Everyone: I want an income like that
Me: I want a family like that
You can make similar with Instant Profit
Starting a business is the way to go. That’s the way this country is structured.
That is 100% accurate
You’re everywhere bro!
It shouldn’t be that way though
@@TWN321 everywhere with absolute nonsense
Bro is focused on his business acumen
Steve and Jen are wonderful people. Their Sellers Summit is one of the best events I look forward to each year. Feels like a family of best friends.
Thanks Mike. You're the best!
How do you find out more about Steve’s business and his Sellers Summit series? We just moved to Washington state from Alaska this spring. Is the event in California? Thanks.
@@The_Bronze_Spoon_Investor google my wife quit her job
100% agree on Sellers Summit. I left the last live event (pre-covid) and penned a note to the organizers that the knowledge and insights I had left with were going to 'change the trajectory of my life' - and it has !! An amazing group of people who are candid, supportive, transparent, and accessible.
Their peak net income is probably $1 million. Like other online "successful" people, they probably bring in much of their revenue from selling books, ads, and talk series.
What a wonderful family and episode! They're killing it and it's amazing to see them so active and present in their kids lives!
Thank you!
Pretty easy when their two workers do most of the work, but these owners are not thankful at all and simply complain about how they could find cheaper labor elsewhere. Time to tax these greedy rich people
@@mikenobles2918 true but not everyone can be them, some people just need to work. They’re keeping those individuals employed and that’s a lot more most people can say.
Love that the main thrust of building their businesses starts and ends with family. Both my wife and I are entrepreneurs and our aim is to do the same - time for family and our health. thanks for sharing your story ! It’s an inspiration. #couplegoals
Thank you!
🔥 Same here. Hope it goes well for you brother.
Inspiring episode. I love how they set and respected their business boundaries
I'm really happy for this couple they are for sure go getters.
Great to see them really being their for their kids. Good families are a staple of a healthy community. I try to be there for my kids the same. Online business is definitely the way. I started my own CZcams channel recently. There are so many other platforms too. If it makes money it makes sense. Glad to see a family like this making it work and succeeding. We need more of this.
Tell me how to buy an island.
this was a great story but I guess I wish it was longer to learn more about their actual spending, savings, investing, etc. This just seemed like more of a case-study on their business, not a millennial money.
We filmed 2 days worth of footage but it had to be compressed down to 8 minutes. I'm happy to answer any of your questions
I have to agree, but it's clear that it was an editing choice they made once it was made clear that the couple didn't actually need to specifically allocate much of their income to expenditures and savings. Probably was the right choice to focus on their streams in the end.
PS. Great family, love their vibe on this video.
$5,200 a month in children education. What’s your philosophy on private v public ?
@@jboayes exactly. what kind of education do your children get for $5k a month? im curious
@@jboayes they probably have other factors than just a private school, but in this age education is very important
I'm jealous. I need some guidance please. Lately I've been considering buying dividends stocks for retirement, I have set asides $400k but somewhere along the line, I get cold feet maybe because I'm a rookie and have no idea what I'm doing.
You've saved for yourself some good bucks. Get a professional, my sincere advise.
@@kellyhoang1483 That sounds good. But how do i get a reliable one considering the heavy presence of scams in our social media space today?
@@berwickperu7683 “””Its a great concern to us all, but names like Faith Sofia Heeg has stood out to be exceptional, just check her out to find more info about her.
@@kellyhoang1483 Just researched her accreditation on line and qualifications on FINRA and SEC, she seems really solid and i have sent her a mail already hopefully she replies soon enough.
U can have real estates and take them for renting, u will have income each month for renting and the increasing in price of the real estates
"I don't know how parents do it, they have to hire help" no they struggle lol.
It’s funny when people are out of touch with reality when they have money. For this couple it was so innocent also.
I’m not in the position to tell people how they should spend, but living in valley running e-commerce companies is insane.
Love Steve and his advice on his CZcams channel. Definitely need to get started on e commerce in 2022.
Thank you!
What an amazing story!! Great team! They understand that family time is the most important thing. Money comes and goes, that time with your family, you can never get back. So make the most of it!
Very inspiring. Having immigrant parents and having them work extensive hours is something I can relate to.
This show makes Steve real and credible! Honestly I never trusted those "experts" who claim they make "$20,000 per month passive income from drop shipping" or something like that. But Steve is different. One remark about his e course - it 's really expensive - pls consider making it more accessible to new entrepreneurs especially that you claim you are doing it "for fun"!
Such a nice family, they deserve all the success
Thank you!
Living below they're means is the gem of the story. 1M in CA, especially Silicon Valley is necessary to live a decent life. So happy they've created a life suitable & flexible for them. Inspired!
You can live a decent life in Silicon Valley with much less than 1 mil/year
I hate to be the one to point it out, but they aren't millennials and this is Millennial Money. That being said, their story is very inspiring.
I love it that you both have your priorities in order. Time for family is one of the hardest things to have and the hardest thing to give up. It is also the most valuable asset a person has. You use your time wisely. Great video, Steve and Jen!
Thank you Cork!
Curious as to what age they were when they branched off their 9-5’s and jumped full time into business of their own.
My wife quit in 2008. I quit in 2016. So my wife was 32 and I was 41
@@mywifequitherjob lol can’t believe u answered so quickly
@@keysersoze5032 I only answer quickly to fans of the Usual Suspects
So they aren’t millennials??
@@mywifequitherjob Would you mind if I asked this question? Do you guys make $25k a month after taxes? Or is that just the money that you guys take from the business after taxes for personal use
Incredible video! So encouraging to see a successful family business split between Steve handling commercial needs & Jen handling product. I'm sure it's stressful but I'd gladly take that lifestyle when I'm in my 40s so I can actually spend time with my family. Thanks for making this!
Thank you!
I'm so glad people like this are making it.
Nice to see good/encouraging comments about this couple who are enjoying their lives, anyone who has bad things to say is envious, my only saying is “go out and try yourself”. You’ll never get far hating.
That's sweet 💙 love this couple.. humble and have what they need while saving money. They're smart! 😉 but traveling is also one way to enjoy your money! The perfect duo.
Love everything about this episode !!! Definitely checking out his course materials!!!
Thank you!
You could tell the sadness in her voice. Great episode ! Very inspiring
LOL steves face when she trashes his taste
Haha. That happens all the time:) They cut out my come back reply which I thought was pretty good.
It might seem odd they're waiting till the kids graduate to move, but it makes sense. The schools in Silicone Valley are a great way to get your kids to a great college. With their income and commitment to family, it's a must.
There are many good school districts outside of silicon Valley. They are just here because this is where they started work and the family. Change is hard.
They make $1 million dollars, but it sounds like they are already wealthy with their family life.
I've been subscribed to Steve's youtube channel for a few years now. Good to see him here. Discovered him while trying to learn about Amazon FBA
Did you ever end up seeing that route through? If so, how was it?
This is great. The only problem I have is they want to move partially so they can hire cheaper employees. We just heard the lady say she relies heavily on her employees, but we want to go pay them less somewhere else just because of location? I'm not hating it's just a concern I want to address. Employees are not an expense they are a business asset.
such a nice humble and down to earth family!
As a Chinese, I am so proud. You are inspiring! This is the real financial freedom.
Thank you!
They’re the type of parents you get jealous of,just because they play monopoly with them
Hey bud, I find myself in a fix right now and I need proper advise. I have a lump sum of around $400k, an inheritance sitting in a savings account right now doing absolutely nothing at all. I wanna get something started with it but I need guidance on where and how. You seem to be doing excellent for yourself. I could use some help here.
yes, i actually kept BTC in Binance and it really messed up my mind. So for me, it is the better choice to trade daily and take your profit with you. I've been trading with Mrs Vivian Klaine Morgan's help, the profit is incredible I will also recommend her💖💞🌹
Her strategy has been helping a lot of traders/newbies out there, with her help, i was able to recover my losses from the crash so swiftly
I'm no longer waiting for the EDIL GRANT LOAN because I earn $26,700 every 7 days recently, all thanks to you your madam😊Vivian Klaine Morgan
Investing in Crypto is lucrative and a big chance to money online
Send me 200K Valerie and I'll double it within a week.
Successful people don't become that way overnight. What most people see at a glance wealth, a great career, purpose is the result of hard work and hustle over time. I pray that anyone who reads this will be Successful in life
You are right, to be a successful person in life require him or her of hard work and time
The thing about been successful is working toward it and not going the other way round
You're right. Been thinking of going into gold and cryptocurrency
It's obvious everyone is going into investing cryptocurrency especially BTC
Investment is the key to achieving success with the current pandemic slowing down so many businesses
Makes $1m a year. Pays employees minimum wage. Pull up those boostraps PPL.
Great episode. No glitz and glam. Just straight business narrative. Loved it
"Employees would be cheaper"?... How hard is it to pay *three* people off of your $80K a *month* ? For someone that was looking to just make $5K a *month* , we sure have gotten disgustingly greedy *and* selfish now that we're *rolling* in the dough, *haven't* *we* ? Now, *three* people are a *burden* ?... They're keeping you *broke* ?
Awesome video you guys! Loved hearing your backgrounds and stories. Wonderful success. True entrepreneurs! Starting with small goals and growing over time. That’s the path to “Building wealth the blue collar way” Great work ☺️💸🔥
Thank you!
I love their son's smile! Also, their story is so inspiring. I happen to be an avid hankerchief user due to my nose irritation with standard tissues. I will definitely check them out!
Nice! Really enjoyed this family and this episode! Thanks, CNBC!
What a great episode! Very well deserved; their success!
i absolutely love this & their story should motivate others. i already know their kids are about to know so much about the business world because of their parents. teach them young! great parents.
Thanks. Our kids actually have their own business too:)
@@mywifequitherjob really?! that’s amazing!
CRUDE OIL WILL RISE AGAIN TO 100$.HYDROGEN IS ALSO NOT GREEN ENERGY.CRUDE OIL WILL SAVE LIVES IN THIS WINTER....
SELL GOLD BUY PLATINUM PRICE IS LOW NOW....
THEY ARE KILLING IT!👍🏾
It's so sweet the way he looks at his wife. You can see that he admires and adores her
How much are they paying the employees who are doing the bulk of the work by their comments
Well done ... Long may your success continue !
Thank you John!
Maybe pay their workers a fair wage first? To make a $1M and complain about two employees’ wages is pretty disgusting
This is great. I appreciate this as an entrepreneur. Thank you both
Thanks Lauren
Great story Steve!
Omg what a beautiful family...this is wild.
Thank you Kathy!
I agree with you Kathy!
Starting a business especially something online is definitely the way to go since it costs way less to start and is more flexible. Unfortunately many people still believe the office 9-5 job is the way to go.
I agree 100%
9-5 is the backup when you hit rock bottom. A university degree & a few soft skills are always a back-up.
Anyone can start a business, even without having any money( Affiliate Marketing). But it would only thrive if lady luck wants it to.
Starting business with debt is also an option, but delayed repayment or inconsistent repayment due to poor sales can have drastic impact.
Hence, doing a 9-5 while growing a side hustle is the best options.
One can fuel the other,
the other can fuel the both later.
You also realize many online businesses don’t replace a 9-5 and many fail also right? O yea health insurance is tied to our 9-5s also.
Always, very nice to see a loving family supporting each other.
That's where all the money is actually from, his $2,000 course that has no business being that expensive
Yeah, how many college credits does $2000 buy you. As Elon musk say. "An 18 year old can't barrow $10k to start a business, but they will happily lend him $100k for college " something really wrong there.
@@randomsh-t917 Both college and his course do not guarantee success and should be cheaper. That's my point
@@MegaMijit maybe we can do as they do in Europe. College is free to people who earn the spots due to their grades. College is a waste of resources if we let people who don't have the intelligence or effort to make it payoff. C students have no place in higher education.
I love this, they are such a wholesome family.
I had a very similar business as them for many years. But I left California years ago and ran the business from Thailand while enjoying life and tax savings. If i was them, I would move ASAP, the kids can go to another school and make new friends.
Think about traveling to Albania, Kosovo, Montenegro, or Macedonia next.
I would love for my home land to be featured on your channel 🤎🤍🤎
He makes millions and still works for Uber, I respect that
when you can be critical about your spouse on TV without blinking you know you have a stable marriage
Great Story! Beautiful Family.
Thank you!