- Khayla McCoy increased her earnings fourfold within a decade and currently rakes in more than $200,000 each year.
- Initially, she made $39,000 annually in New York City and had to stick to a tight budget.
- Her income increased significantly after she invested in education and transitioned into fields like data analysis and technology.
This essay, presented as a first-person account from an interview with Khayla McCoy—a 33-year-old business analyst who significantly increased her earnings fourfold over a decade—has been condensed and clarified for brevity.
I grew up in Madisonville, Tennessee, where many people live below the poverty line. The only conversations we had were about lacking things — having enough money for basic needs felt far-fetched.
I've always been certain about my desire to accomplish financial freedom . I graduated in 2013 with a degree in biology and landed my first job in New York City as a sessions assistant, making $39,000 a year. I was the first person in my family to make that much money.
By 2019, I was making $90,000. Now I make over $200,000 annually in total compensation. Having more money has truly made me happier.
My initial paycheck was quite strained when I lived in New York.
When I moved to New York , I shared an apartment with two roommates and needed to adhere strictly to a budget to cover all my costs, including rent which was around $1,250. student loans and everyday costs.
I could hardly make ends meet with my paycheck, yet I remained determined to find methods for managing life expenses there. I understood that my initial position would serve as a foundation for securing more substantial opportunities and better remuneration down the line.
I completed many personal-finance classes.
I signed up for a personal-finance class from Ellevest and went to events I discovered on Meetup . I learned financial discipline and started planning ahead for unforeseen expenses and developing a method for organizing my money. I set up different cash accounts for recurring bills, emergency savings , and everyday spending needs.
I hesitated to take risks with my money. At first, I deferred investing in stocks and a 401(k). Shortly after I turned 24, I finally felt like I was finding my financial footing and began allocating roughly 5 percent of my income into my 401(k) .
I began to grasp the advantages of putting money into the stock market. With an increase in my earnings, I allocated more funds to my 401(k) and various investment portfolios.
I used to be constantly worried about finances.
My relatives were very pleased with me, and I accomplished what many dreamt of: residing and having a job in New York City. However, I harbored an overwhelming dread that I might ruin my professional life and find myself penniless.
I worked as a session assistant for two years, during which time my earnings increased to $42,000. In 2015, due to a family emergency, I stepped away from my career for two years. Once I was able to return to work, I relocated to New York, chose to halt my progression in healthcare, and shifted directions.
I invested money to help me make career jumps
I enrolled in an associate degree program from the Fashion Institute of Design and Merchandising in beauty-industry merchandising and marketing, which cost $30,000. I took out more student loans for this degree.
In 2017, I landed a job in consumer packaged goods, making $50,700. After two years at that company, I decided I needed a better-paying job.
I took a data-science course at General Assembly To acquire skills in utilizing, examining, and deriving insights from data. The course fee amounted to $4,000, a sum that was reimbursed through a tuition-assistance initiative offered by my previous employer.
In 2019, I secured employment at BlackRock As a data analyst who earned twice my previous salary, I felt accomplished yet constantly worried about potentially losing both my position and income.
In 2021, I secured a position at Google , increasing my salary once more. It was then that my financial situation significantly improved—and with it, my overall happiness increased as well.
A high-paying job came with the benefit of having peace of mind
When I started at Google, my base salary was $132,000. I felt financially stable for the first time. I knew I had the money to pay for whatever was thrown my way.
When I faced a health scare this year, I had health insurance and a savings account to help me pay for those expenses without taking on medical debt. My total medical expenses were over $60,000 — I never could've covered them without my current salary and benefits.
Making six-figure income altered my approach to money management, though it wasn’t an overnight transformation.
If you grow up with fewer financial resources, you often learn to view numerous items you require as mere desires, like visiting the dentist once a year for a checkup and cleaning. I would tell myself to forego these visits, convinced that I had to make my money stretch as far as possible and see just how much ground it could cover.
It took some time to revamp my budget. By the age of 30, I felt as though I had finally grasped it since I witnessed how I transformed my situation and crafted a significantly distinct lifestyle from the one I experienced during my upbringing.
Based on what I've observed, the higher my earnings have been, the less pressure I've felt in my work.
When I earned less money, I believed I needed to excel perfectly at my role so that the company viewed me as essential. Currently, although losing my job remains undesirable, having some financial security would provide peace of mind should such an event occur.
The other reason work feels less stressful is that my mindset has become more peaceful now that I'm not always thinking about money.
I'm passionate about helping other women change their relationship with money
I became the person in my friend group everyone came to for financial advice, so I started an online community that helps women define their relationship with money. I hope to use my money lessons to help others make better financial decisions.
When people say money doesn't buy happiness, I tell them I disagree and give examples of how healthcare, safe shelter, and the ability to engage in hobbies and take healthy risks all support health and happiness. If I can't afford to make doctor's appointments or get my car fixed, those things directly impact my ability to show up in the world how I want.
I always had a voice in my head that said if you want to have a chance to live a comfortable and productive life, you'll need to make a lot of money. That's the reality of it for me.
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