Dennis Kim remembers the exact moment he fell in love with magic.
He was around 10 years old, laying in his bedroom in Long Island, New York, when his older brother Thomas burst in with a couple of $1 bills. As Kim watched, his brother let go of the bills; instead of floating to the ground, they remained suspended in mid-air.
"I remember as a kid, distinctly, it was a feeling I had never felt before," Kim tells CNBC Make It. "Of being fooled and really fascinated, astonished that something like that could happen in front of my eyes… It instantly became the hobby that took most of my time."
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He's been hooked>A mother's support
Kim didn't initially pursue magic because he wanted to make his mother proud, and he also didn't want to upset her. His father left the family when he was around 12; he had a gambling addiction, according to Kim. Seeing her son pick up a deck of playing cards worried Kim's mother that he'd follow in his father's footsteps.
But like any other supportive mother, she also wanted to see her son happy, and Kim did all he could to reassure her that he would be OK. It was after seeing>How he budgets his money
Here's a look at how Kim budgeted and spent his money in January 2022.
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- Investments: $1,450 ($500 in a Roth IRA; $500 toward an indexed universal life insurance policy; $450 in cryptocurrency via Coinbase)
- Rent: $1,150
- Savings: $1,000
- Business expenses: $540 (Rough estimate for business software, home office supplies, magic supplies and props, etc.)
- Transportation: $450 ($280 for gas; $155 for insurance; $15 for public transportation)
- Discretionary: $356 (Rough estimate for entertainment, gifts, shopping, skincare, travel, etc.)
- Food: $255 ($190 for groceries; $65 for dining out)
- Utilities: $185 ($57 for electricity; $59 for his Wi-Fi; $69 for his mom's Wi-Fi)
- Subscriptions: $43 ($11 for Amazon Prime; $8 for credit card fees; $10 for Spotify; $12 for website hosting; $1 for Apple iCloud storage; $1 for Bear Notes)
Because Kim's earnings can vary so much month to month, his savings and investments also fluctuate. The figures above reflect the monthly average of those lump sums from 2021.
Additionally, part of Kim's savings goes toward tax payments, as he is technically a freelancer. Taxes, too, can be difficult to estimate, so he tries to save as much as he can to cover them each quarter.
Kim moved out of his mother's apartment in October 2020. Now, he lives with another magician in a three-bedroom apartment a few blocks away from her in Queens. He pays for her Wi-Fi, and tries to help out at the deli whenever he can.
Dennis Kim filming a magic trick.Courtesy of Dennis Kim
Other than that, Kim doesn't need much: His car is paid off and he doesn't have any debt. He tracks his expenses each month and prioritizes investing and saving. He doesn't eat out often, and is currently learning how to make his favorite Korean dishes at home.
His frugality comes from his mother, he says, who sent three kids to college>Looking forward
Aside from magic, Kim is interested in nutrition and physical fitness. He has also played the piano and the violin for most of his life, and enjoys practicing still.
But magic is his focus. His goal is to keep building his income every year as a magician, and he hopes to hit six figures in the next two to three years.
Dennis Kim performing in New York City.Courtesy of Dennis Kim
"I think that my income is directly correlated with how well I'm doing my job … how good my art and craft in magic is," he says. "If I'm making $100,000 and up, I must be doing something right, right?"
Money and career success go hand-in-hand in his mind. If he gets bigger and bigger gigs, then he makes more money. But he doesn't have the future all planned out: He believes opportunities he hasn't imagined yet will present themselves when he's ready for them, if he keeps working at his craft.
Dennis Kim and his mother.Courtesy of Dennis Kim
What he does know is that he wants to earn enough to ensure his mom is comfortable in the years to come. The deli took a financial hit through Covid, and inflation hurts her income, too, he says. The more money he earns, the more confident he feels in his ability to help his mom retire.
"It's been pretty difficult in the past few years, and she's worried about money," he says. "I want to make sure that I can make enough to tell her, 'Don't worry, I got you.'"
