This story is part of CNBC Make It Millennial money series, detailing how people around the world earn, spend and save their money.
When Lauren Simmons introduces herself to new people, she often says she works in finance.
But really, the 27-year-old is an author, producer, podcaster and TV presenter, angel investor and board member of several financial companies.
It is a lot for one person, but Simmons is used to taking control of her career. She’s made history over and over again: In 2017, at the age of 22, Simmons became Youngest full-time female trader on Wall Street, and second African-American woman trader in the 229-year history of the New York Stock Exchange.
But while at the NYSE, Simmons learned she was only being paid $12,000 while male colleagues with the same jobs and degrees were making $120,000. From that point on, she made a commitment to herself that she would never make less than $120,000 a year.
Lauren Simmons, 27, is a financier on track to make $1 million this year.
Tristan Pelletier | CNBC Make It
Simmons left the exchange in 2018 and established an LLC to manage all of her projects.
In the last few years, she’s secured deals for books, movies, TV shows, and two podcasts. Her most stable income is from speaking activities (on average she gets two per month) and she can earn up to six figures from brand deals.
No two days are alike. Simmons works long hours and on weekends, attends meetings as early as 3 a.m. and as late as 11 p.m. because she works with people around the world. Her most recent project was as a presenter with the streaming series “Going Public,” which entailed filming herself and traveling to promote.
In 2021, Simmons moved to LA and earned $650,000. In 2022, she’s on track to make $1 million.
Extreme savings
Simmons grew up in Marietta, Georgia, with her mother, twin brother, and sister. She credits her mother’s strict budgeting for the way she learned it save 85% of her income, which she started making only $12,000 in New York City. Just enough to pay for travel while she lives with her family in nearby New Jersey, and she doesn’t spend money on outings.
In 2017, at the age of 22, Lauren Simmons became the youngest full-time female trader on Wall Street and the second African-American female trader in the history of the New York Stock Exchange.
Courtesy of Lauren Simmons
Simmons admits her savings strategy these days isn’t the most traditional, but it works for her.
She puts all of her earnings into a savings account and barely touches it. She also waits as long as possible to deposit her hard-earned money. Simmons closed a few engagement deals in January but will ask her business manager to hold the checks until they expire, so she won’t really see that earnings until March. .
“I want my money to have no vision, no mind so I’m not going to spend it,” she said.
Sometimes, she’ll transfer money into a separate checking account, which she keeps at $2,000 for daily spending. She will give herself a little more for birthdays and holidays, but never allows herself to spend more than 15% of her earnings each month.
No two days are alike for Lauren Simmons, who meets as early as 3am and as late as 11pm. She also travels a lot for work.
Tristan Pelletier | CNBC Make It
Despite making a name for himself in the financial world, Simmons didn’t always feel like an expert. She only started investing in the stock market during the 2020 recession. She keeps all of her emergency funds, savings, and retirement money in one bank account. And she has no regrets about the Bath & Body Works candles: “Anytime they have a sale, I’m there.”
As for managing her own money, “I think there are days when I do it pretty well,” says Simmons, but “I know there’s a lot to learn every time I step into a new phase. other in life.”
How she spends her money
Here’s how Simmons spends her money regularly, as of January 2022.
Elham Ataeiazar | CNBC Make It
- To rent: $3,850, one year upfront and includes Wi-Fi, water, and parking
- Carriage: $195 for car insurance and about $20 to charge her Tesla, which she leases under her LLC
- Pet: $200 for dog food and grooming
- Optional: $182 includes shopping, entertainment, and household goods
- Food: $165 for groceries and dining out
- Health Insurance: $100, one year upfront
- Utilities: $43 for heat and electricity
- Registration: $24 for the meditation app Hay House, Hulu, and The New York Times
Simmons’ income fluctuates wildly between $12,000 and $150,000 a month, so she’s planned for big expenses in advance. For example, she paid one year’s rent in advance when she moved in. She pays for health insurance once a year and car insurance every six months.
Another big chunk of her budget is her 7-year-old Maltese son, Kasper. She spends about $200 on him every month between grooming and pet food. “He lived a very lavish lifestyle,” said Simmons.
Otherwise, Simmons keeps her budget pretty tight. In January, she spent $182 on shopping and entertainment, $165 on food (mostly groceries from Whole Foods), and $24 on a few subscriptions. She shares streaming service logins with her family and contributes Hulu to the pot.
With her busy schedule, making time for health and wellness is non-negotiable. Simmons enjoys hiking, yoga, and exercising outdoors – which is the main reason she moved to LA. She meditates every morning, anywhere from 15 minutes to two hours, to stay grounded and focused.
With her busy schedule, Lauren Simmons meditates daily.
Tristan Pelletier | CNBC Make It
Simmons believes there’s no need to be expensive to take care of yourself. “I don’t want to turn into someone who’s spending thousands of dollars on healthcare, because I think you can do it for free at home,” she says.
That said, she prides herself on being “once in the blue moon”: Recently, she treated herself and her mother to a seven-day tour at a wellness retreat as a gift.
Become a millionaire
This year, Simmons is expected to earn $1 million from brand deals, partnerships, speaking engagements, and returns on investments in companies.
But even for someone who likes to talk about money, it still feels awkward to say so.
Simmons knows all too well that when young women succeed at work, “we don’t get as popular as our male counterparts.” But those reminders only make her want to talk about her achievements and pay even more.
Lauren Simmons earns money through presentations, co-branding, project deals, and most recently, hosting gigs with her “Going Public” streaming video series.
Publicly allowed
“That’s why we’re trying to go against social norms and have these open conversations and change people’s minds,” she said. She wants to remove the stereotype that “young, successful women who earn a lot of money are bragging”.
The million-dollar milestone is also very personal: “I was the first in my family to graduate from college,” she says. “My family and I have come a long way, and I am incredibly grateful.”
Look forward
Simmons couldn’t have predicted how her life would change from the first day she stepped onto the NYSE. But she still has big plans ahead of her to negotiate new projects for herself and invest in more startups.
Lauren Simmons wants to help democratize the worlds of business and finance, and invests in women- and minority-owned startups.
Tristan Pelletier | CNBC Make It
With the turning points in her career so far, it’s hard for her to say what she expects her life to be like in the next 5 to 10 years. But she hopes to have an investment property in Florida and possibly a home of her own somewhere else.
“About that, I don’t know anything, but I’m happy to watch this video 5 to 10 years from now and to know where I stand – possibly running for president.”
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