What a TikTok star earning $120,000 a year spends in a month
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This story was part of CNBC Make It’s Millennial Money series, which details how people around the world earn, spend and save their money.
Jay Wey has many talents. Jay Wey, 31, is not just a former point guard that played in professional basketball in Taiwan but also an entrepreneur who worked to establish his U.S. company.
The majority of people know him, though, because he moonlights as an accountant. content creator on TikTok — a hobby that has built him a loyal audience of more than 1.7 million followers in just over a year.
Wey is an entrepreneur at heart, but his success on social media pays the bills. His brand partnerships have earned him around $120,000 annually, while his wife Sharon (who appears in the videos) is a few of his most lucrative.
After he set up a TikTok account, Wey’s TikTok account was wildly popular last year. series of videosHe enjoys making fun of himself and his lackluster spending habits. It’s a common insult to him and he has adopted the badge as an honor.
CNBC Make It told him that “cheap” is surrounded by negativity. He said, “But cheap to me has always been about [being]Spend your money wisely and don’t buy unnecessary things.
For me “cheap” has always meant [being]Be smart about your spending and avoid buying unnecessary items.
“I have never purchased name-brand items. He adds that whatever works is what it does. I’m not prepared to pay a premium just for a logo.
Wey does not receive any salary from the company. Instead, Wey receives equity as compensation. His start-up covers his healthcare and Tesla payments, so he has been able and able to reduce their costs.
From start-up founder to professional basketball
Wey set his sights on becoming a different star as he was growing up.
Wey was twelve when he began to play basketball competitively. In fact, he played for his school’s nationally-ranked team. As a sophomore and freshman at the University of San Diego in Division II, Wey transferred to San Francisco where he continued his college career as a Division I player.
Wey graduated from college in 2012. He wasn’t quite ready to “enter the real world” so he signed an agreement to play professional basketball in Taiwan. He says that the experience wasn’t as exciting as he expected.
Wey was a rookie and earned $2,000 to $3,000 per month, which is a far cry from the NBA where multimillion-dollar salaries are common. The low wages and exhausting practices eventually made Wey feel worn down and, in 2016, he retired.
Wey decided to launch a business, which was something that was on his mind since he was a child growing up in Silicon Valley. He founded a company in 2016 with his partner. wireless technology start-upTaiwan.
Wey and his cofounders wanted to take the business to other countries by 2020. However, they felt American salaries were too high for them to be hired there. They decided to instead send Wey, the business development leader, to the U.S.
This is how Wey moved back home with his mother in 2020.
“We’re extremely blessed that my mum allows me to stay here rent-free,” says he. She’s an excellent landlord.”
Wey enjoys sharing a home with his mom, and unlike some 31-year-olds that may want to escape their parents, Wey doesn’t.
Wey explains that it is very common in Asian cultures for children to stay with their dads or moms.
He says, “It is not about… mooching them off.” “We are committed to taking care of our parents. “If I do ever upgrade to the next home, I will still take my mom.
Inadvertent fame via social media
As a self-proclaimed social media skeptic — he says he hasn’t used Facebook in over a decade — Wey would never even have created an account on TikTok had it not been for a road trip he took with his now-wife in the summer of 2020.
Sharon suggested to Wey that she and her husband document their journey on TikTok. Wey initially hesitated, but Sharon convinced him that no one would ever see the videos.
TikTok’s algorithm was not as simple.
Wey claims that they started making funny videos. Then, the following day or day thereafter, people began to view them. I was confused. It was clear that you didn’t think people would be watching this..’“
Wey was greeted with positive feedback and decided to make more funny videos. He also fulfilled his childhood dream of being an actor. His account reached 5,000 followers by December.
The video gained more attention when he made a humorous series about cheap hacks that his character used to save money. He picked up hitchhikers to pick up his gas tank so that he can push.
He began to receive offers from companies looking for ways to make money off his content. A night vision camera manufacturer offered him $600 for a sponsored video. He says, “We were in shock.” “Like, wow! People actually paid us money in order to create creative videos!”
Wey is now more popular than ever on TikTok, with over 1.7million followers in less than a year. His reach has grown to InstagramHere, he boasts nearly 600,000. SnapchatHe has over 89,000 fans on Twitter. Sharon appears in many Wey video clips, while her husband edits and writes.
Wey’s TikTok success has led to deals with major companies like Ford and eBay. Wey is averse to taking on projects on an individual basis and has turned down numerous requests from major brands to make series. According to Wey, “the million-dollar concept is often only relevant once.”
Wey remarks that because we work full-time and have a very simple lifestyle, it is possible to pick and choose the people we would like to work for. We don’t feel pressured to create content just for the sake, nor do we have to make brand deals.
Jay and Sharon began their TikTok channel summer 2020. They received offers within months to create advertisements for other brands.
Thomas Toroes
Wey takes only three to four brand deals per month, though there may be offers for many more. The offers from several agents and agencies have also been rejected by Wey. His view is that it’s not worth losing 10-30% of an agent’s payment for negotiating a contract.
He earns an average of $10,000 per month, depending on the number of jobs he takes on.
Wey views making videos as a side business, despite having many followers on social media. His focus on his business is all-encompassing from Monday through Friday. He starts his day early and ends at night due to the difference in time with Taiwan.
His words: “Being at the start-up is exhausting. So I keep this kind of social media stuff for the weekends.”
All Wey Spends In A Month
Below is How Wey Budgeted His Money in October 2021.
- CryptocurrencyBitcoin and Ethereum worth $5,000
- You can save money: $2,000
- Restaurants: $900
- Car insurance: $266
- Groceries: $250
- Utilities$233 per household for electricity and internet
- Telephone bill$120 each for the phones of his and his wife
- Subscribe to our NewsletterSpotify and Wey gym memberships: £70
Wey pays all living costs for his spouse and himself. Sharon is a salaried employee and receives most of her income from family back home.
Wey is able to live rent-free since his mom owns the house since he was in highschool. Wey also has very little expenses. He takes care of the utility payments at his house — his mom already paid off the mortgage — and spends around $250 a month on shared groceries as well.
The man says he doesn’t “remember” when he last bought clothes and he mostly wears team-branded clothing that he got as a college student. After spotting him online, the USF basketball team manager reached out to him and offered him additional shirts.
Jay Wey claims he can’t recall the last time that he purchased clothing. His time playing basketball has taught him to wear team gear.
Thomas Toroes
Wey could still charge his Tesla from home but he decided to drive to a charging station one mile away to top up his batteries. It can be time-consuming. as long as 12 hoursTo put his scooter into the trunk, and to ride home afterwards.
Wey keeps an updated chart of local electricity rates in his garage, refrigerator and dryer. This helps everyone know when they should avoid charging devices or using high-energy appliances.
He is happy to spend around $900 per month on food and delivery. While some meals can be as cheap as a trip to In-N-Out for $15 with Sharon, he will occasionally spend $60 on a more luxurious dinner.
He says, “We don’t eat out too often.” We just get out whenever we feel like trying a new restaurant or a different place.
Wey maintains a spreadsheet of the electricity usage rate on his fridge.
Thomas Toroes
Wey believes in cryptocurrency and has chosen to invest most of his income into ether and bitcoin instead of traditional investments. Each month, he buys approximately $5,000 in crypto and then puts $2,000 more into his normal savings account.
Experts in financial services recommend diversifying investments and limiting your exposure to crypto.
He says that he doesn’t believe in traditional or conservative investments because he believes he has been brainwashed in Silicon Valley. “I believe I am under the influence by these friends of mine who think crypto will take off. It has seen some positive returns so it’s not all bad.
According to him, he’s in crypto “long-term” and intends to “leave the place there for 10 year.”
Look forward
While Wey won’t be quitting his job anytime soon, he isn’t denying that he’s thinking about his career in entertainment. He is currently building his YouTube channel, and hopes eventually to expand into long-form comedy.
He says, “I believe the main goal that we are trying to achieve is to keep true to our sense of humor” and to provide content that people enjoy. We don’t feel too trapped in our quest to improve. It doesn’t matter how organically it happens, because the results are great.
The first half 2022 will bring a new challenge to Wey: Fatherhood. While Wey doesn’t know how welcoming another baby to the family will change his “cheap” lifestyles, he is able to approach this next stage in his life using his unique sense of humor.
He jokes that “we decided to have this child because we wanted an original character in our content.” He joked that the best way to save money was to create your baby.
Which budget are you working with? Share your story with us for a chance to be featured in a future installment.
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