Learn from a Millennial how raising the minimum wage and offering workers paid sick days will impact his generation. Student Loans, Low Wages, and High Costs of Living mean that being a young person today is financially difficult.

1. 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.

2. Millennial Michael’s Budget
After 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.

3. Millennial Michael’s Loan Payment
My 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.

4. 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.

5. Millennial Michael’s
Grocery Cart
After grocery shopping, Michael has $4 left over from his
weekly budget – not even enough to see a movie.
GALLON OF MILK $2.60
12 LARGE GRADE A EGG $1.98
RAMEN 12 PACK $2.27
SPAGHETTI $2.42
SPAGHETTI SAUCE $1.00
GROUND BEEF $4.18
BREAD $2.98
SWEET PEAS $2.78
DELI MEAT $2.98
CHEESE $3.78
SALES TAX (8.6%) $2.32
TOTAL $29.29

6. Millennial Michael’s
Parents
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:
$1,935
Minimum Wage:
$2.10
Hours of work per week to
afford college:
18 hours
2016
Tuition, Room & Board:
$25,042
Minimum Wage:
$8.05
Hours of work per week to
afford college:
60 hours

7. Millennial Michael on
College 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

8. 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:
$55
For 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.

9. 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.