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They are not too bad near the ocean. My plan is to buy rather than rent, but not just one bedroom apartment. I plan to leverage my holdings in Florida to buy two apartments at once. One 3 or more bedroom apartment preferably in midtown , and one 2 bedroom apartment in lower cost area, not low…lower. The way I see it with current rental rates I can competitively price and rent out the larger apartment while living in the smaller. The rent on the larger apartment will cannibalize its mortgage, and likely provide a small to respectable subsidy payment for the smaller apartment.
Ce la Vie. Great info here!!!! I was born and raised in Detroit proper and have lived in some very bad neighborhoods. So my question is what areas are the ones to stay completely away from? I like diversity and was living in Rogers Park Chicago so a little grit is cool as long as I can catch taxi or train to nightlife and shopping. Oh and I would like to have my car…thanks! I think a more interesting experiment for you to try would be working two minimum wage jobs with no benefits and finding an apartment and entertaining yourself for a month on that salary.
Then you could compare that life with the , a year life and see which is better. That definitely will be hard. And then even worse is getting three minimum wage jobs in India and see how far you can last. But can anybody survive comfortably? I love laying out the monthly budget to put things in perspective, but I disagree with your statement that your friend is frugal.
My building is zero frills, so I walk one block to do laundry, walk up 3 flights of stairs to my apartment. I have a projector and 7 foot screen setup in my living room and host movie nights with friends.
His bathroom was probably the size of my bedroom, he had high end renovations, a doorman, etc…basically a bunch of stuff that to me adds no value to life. Or as others pointed out, move to New Jersey. If you want all 3 you will pay. I give up luxury and a little bit of space, but have an awesome location. I have a car that I park on the street yes, a pain, but need it for work and is nice for road trips. So, K is definitely not needed. I live pretty large and have plenty of savings to show for it.
Just wanted to give yet another perspective! That is really good to hear. Great post. I would have liked to see you account for someone who has student loan debt but other than that a terrific post. I plan to tone that back a bit. Also, I enjoy travelling quite a lot, domestically and internationally which also cuts into savings.
I would try and up your k as much as possible until it is to the max. Your future self will adapt and thank you! We live in NYC. We live on his salary and save mine. We both enjoy reading a lot and cooking. We also like to travel and plan to do it more in the near future. We make most of our own meals. Saturday night is often Netflix, wine and a new recipe. I rarely buy anything in a deli and I never buy anything prepared.
We do buy organic food. We go to the library. All my gym clothes are from Nike or Lululemon. I sometimes find really nice stuff at NYC consignment shops I wear what I have and try hard not to buy more than I need. My husband paid for 4 years of college on his credit card with no help from his family. The older I get the less value I find in things. Spending consistently less than I make for well over a decade investing the rest in good Vanguard funds, not having kids, cooking my own food, not shopping for entertainment, these things have all had a huge impact on my finances.
Once your money starts making money it gets exciting. The power of compounding interest is truly life changing. And all the grass I can smoke. I live in a community about 15 miles from Colorado springs. City life is claustrophobic and expensive, I was thinking of possibly moving to Denver for the thrills but this made me change my mind and probably saved me money so thank you.
I just graduated from massage school, and 40, a year would be the beez kneez for me. I live off less than 10, a year currently. And all in NYC, to boot? How can anyone complain when they can afford three meals a day and eating out thirty times in a single month, while also paying into their k and attending broadway shows?
Thanks for sharing your story. Can you share with us more about your income, Family size, occupation, and aspirations? I love this post. I have full health care with a prescription plan through my job. I still have to dish out on co-pays on visits and prescriptions.
I have a very tiny apartment in Brooklyn, I mean tiny. I pay 1, a month. Its a cute place in a nice neighborhood. I have to pay for electricity and gas that comes out to about a month. I only eat one large meal a day like the Romans. I do tons of homemade facial and hair masks — Have to look good! This one is difficult to calculate. I stock up on clothes once a year on Black Friday and tend to go with the basics.
If you have a nice figure and your hair and makeup is perfect, then you can really get away with wearing form fitting black slacks and 5 different shirts a week. The key is to maintain the same weight I know, so unrealistic -but not when you eat one meal a day and good quality clothes will last years. And what do I do with it? I save my tax return money too. You, Nadia, are awesome! I appreciate this side to the conversation.
I make the same salary and am totally content with my lifestyle as well. City living can get me down because I grew up outside of Chicago, but my career demands it. Happiness has little to do with money. After being pushed to Queens and still not being able to live comfortably. Not sure how others do it. The media industry in NYC is a racket of fresh faces. You just have to have connections and they do pay more now and you have to make it known.
Know your worth and do your research of the position that you are in and negotiate accordingly. Thanks for your valuable insight here.
It is actually helping me out a ton as I figure out my immediate future. Because of her commute to NJ, we will have to live near in midtown west, and neighborhoods such as Chelsea, and west village.
My salary is about k, and hers, k. I keep seeing different calculators for how much individuals should be able to afford for rent. What would be your take on this? We are pretty active and social and would probably prefer to live a little cheaper in order to have more left over for other activities…. Great blog. I admire how forthright it is as well as your ability to deal with the naysayers. I do sometimes feel myself siding with them, but I also understand the value of money, and more importantly, of saving well.
Pull in about 76k. Moved here from another major city only making 60ish, but I had a second job in the nightlife industry that paid cash all my fellow bartenders, waiters etc know the value of cash amirite?! I got a small bump when I moved here but decided to only work my day job for the first time in my life.
I worked 2 jobs and never had time to go out anyway. Bought a decent condo which is finally building equity. My first year in NY, I wanted the Manhattan experience. So I lived in an awesome doorman building in Murray Hill, one that is literally known for housing a bunch of spoiled rich kids who live off their parents featured in the WSJ haha.
Just too large a portion of my income basically half. I live right off the water in Williamsburg yes, hipster central , and it is beautiful, relatively safe, and full of amazing options food and bar wise. To your larger point, I do agree that comfort boils down to individual taste and choice.
An interesting thing happened that first year in Manhattan. Everyone seems to have really figured out how to balance their budgets and lives once they found their life partner. Splitting rent, food etc is just half of it. Being single was pretty awesome in my 20s and its become a bit of a drag in my 30s lol. Such is life! I love your comment.
Thanks for your perspective! All I really want is to hear from others on how they make it happen. Hope you subscribe to my site email , or RSS and keep in touch! I saw a complain post there, soo so out of context. I am from Panama, central america, and here my wife is every year asking to claim my US pasaport to find a job in NYC and go there for a while, and thats how I got to find this website, I kind of know how much money is burn and how not too much fun.
I can imagine how fun can NYC be with the amounth requiere but less than , is really difficult and consider that with kids, Here in Panama my salary and the cost of the new Panama is pretty close to the same feeling how the money is burn.
So until I find my way to earn , or more. NYC can wait :. If you need that much money to feel like you can enjoy your life, I feel pity for you becuase you will always be trapped in a place of unhappiness. And as far as getting laid, I hope your fucking yourself when you are 45 becuase the 25 year old women you are used banging will have found more attractive and younger men than you.
Shame on your disgusting, greedy, wallstreet lifestyle. Step out and take a look at the real world where perfectly itelligent and hardworking people have good lives with little money. I feel pity for you. Faucet water seems so dirty. If you truly feel pity for me and others here, I welcome any donations you have.
Lots of greedy rich people are donating so much to charity on top of the taxes they pay. We must fight the evil empire! Thousands of scientists and professors have gratifying lives? Your elitist opinion minimizes the plight of the working poor which people below k in NYC functionally are in painting them as happy saints.
I know researchers, scientists and professors. Asides from work, money is the 1 concern for many grants and living expenses. There are very few academic saints who are happy with their low salary.
I know many who are constantly trying to maximize their income in other ways. For many, to get that low 6 figures means deferring years of pay for education. Then of course, getting jobs that require crazy long work hours. Then finally, having the luxury of having taxes eat a large chunk of your income. If you are really lucky, you get to earn six figures while living in a high cost-of-living area.
Most of us are incredibly frugal and trying to make up for the years of little to no pay. Thanks for the nice post! I have been working in nyc since but never lived in manhattan.
I lived in jersey city which is a very easy commute from manhattan and rents are less and you get more space. For e. Commute is very good. Groceries are cheap here too and you save on NYC city tax which is roughly about 2. Is it just snobbery by the Manhattanites that give Jersey a not so great name? Looking at the possibility of moving to NY, and stumbled upon this post.
Most of the comments are on individual expenses, but does anyone have insight into living with a family? So schooling, Insurance, activity classes etc. Depending on where you are coming from adjust your expectations. I owed a co-op in Bayside Queens. I am a brand new reader working in a less-than-lucrative industry who is still committed to saving money and eventually building wealth.
I aim to put half of into savings. I am still quite content with my current standard of living, and have been able to make it work even in this ridiculous city. One major area where I save is rent: I live in Brooklyn and share a relatively cheap apartment with roommates, making a 35 minute commute to work by train. I take weeks worth of vacation a year. And, I love my shopping! I may need to change career paths for a better income. Hopefully, I can continue a pattern of both saving and living comfortably.
I love your attitude and your commitment to save. What happens as we get older is that we get sick of living a certain lifestyle after a while.
My desire for a nicer life started around the age of after four years of work. I agree with this post percent. Additionally, this post took into account the expense for a single person. Imagine being a family with an income of k. We have one child and easily our grocery bill a month is upwards of Daily lunches included. Without rehashing each item on the budget, I personally believe that living on anything less than in a city like DC is nearly impossible if you want to live fiscally sound and not rack of debt.
Sadly most employers are still benefiting off the tight economy and are continuing the trend of paying their people less than what is needed to really LIVE in the city the employer is located. The only option for a family like ours in DC is to live in the far suburbs where we have to commute upwards of two hours into work each day back and forth. My solution is telecommuting where families can live in other states or less expensive towns while making the city salary.
Thanks for your reply, Financial Samurai. Good post you linked to… I can relate to alot of it! While I was living in Copenhagen I lived 20min outside the centre, and I got laid like 6 times in , although I had a girlfriend the first 3 months…. Money was my 1 pririoty, 2 gym, and then 3 girls…. A very significant effect… so had I lived in centrally located apartment I would have gotten attractive women instead of 6….
Even in Brazil it seems…. Alternatively I could get a 2nd sales job from home, and try to make I burned out after 13 years. I thought I was going to be able to work on Wall Street until 40, but called it quits at Sam, You are NOT joking at all when you wrote this! I live now in a 6 bedroom house on the lake in Michigan. My brother has been telling me for 7 years how great it is in NYC. I went to see… and he is right. I loved every second of NYC while I was there and fell in love hook line and sinker.
However, even selling this house here in Michigan its appraised at k will get me nowhere in NYC. I have been racking my brain on what on earth I would have to do to actually buy something in the city. This article you wrote was very enlightening to me. One option I have been seeing a lot of is co op buying.
It was a little confusing to me, but it was an option. After I checked it out you are not buying the property, but shares in the company that owns the property.
WTHeck that even means. So yeah, Move to NJ and commute in and get killed with tolls and traffic or bite the bullet and just get by to live in the greatest city ever. Great post! I only work hours a day. My husband makes about k including his yearly bonus. I make about 30k. We are in our early forties. We live in Jersy City. I know a couple ,a wife makes k and a husband, 60k. I know two women whose husbands make 7 figures and they leave off of it.
Are they particularly intelligent or pretty? Not really. They were at the right place at the right time.. A: Because the light at the end of the tunnel is New Jersey!
My neighbor living on the pent house of my apt is very well known big shot in media. I think the NJ image is tainted because of this general perception of how NJ being sort of an arm pit state including this Jersey shore people without class but what about Harlem and some remote parts of Brooklyn? There are ghettos everywhere within NY. For the year that I worked, I made a little under 50k a year, and managed to save nearly 10k.
No one knows how to cook anymore! The idea of cooking something terrifies so many friends of mine and their parents have utterly failed them without teaching them how to make a few simple meals that can literally save them thousands of dollars a year instead of eating out all the time. Oh it takes too long to cook? I went out to eat probably once a week, ordered in from time to time, and I cooked extremely elaborate meals for groups of people but I never EVER spent more than dollars a month on food.
Now if you like to drink even just once or twice a week, yes I can see spending that dollars a month on yourself.
Furthermore, 3, dollars a month for a one bedroom is retarded. Are you kidding me? I live in a 2 bedroom 2 bathroom apartment in Long Island City that is 3k a month! We are in a doorman building with a gym, rooftop patio, and have an amazing view of the city from a high floor.
It is MORE than possible to find an acceptable 1 bedroom apartment in Manhattan for dollars a month! Where does this guy save for healthcare? Insurance is freaking expensive! This article does have validity that you need to make a lot of money to be comfortable in NYC but some of the expenses are unnecessarily high. Not sure if that really makes a difference. What is your net worth now?
If love to hear your perspective after you graduate from med school and start working post residency. I actually lived in San Francisco right out of college. My best friend and I moved out there and split the rent. None the less, they do have a flourishing arts district, so I suppose people are surviving there. I imagine it mostly takes cramming 8 people in a two bedroom apartment and living off Ramen noodles, but who know. Granted, I never reach your maxing out the k plan, but I have been managing to max out my IRA and I always contribute to my k up to the match.
Surely not Manhattan right? I use citibike to save on metro cards now so my transit expenses are less than ever. The hardest thing about new york for me is the temptation to go out. I guess at what age does one decide roomies is no longer an option. These budgets are completely real almost everyone I know lives like that and completely crazy.
Feeling that you deserve to eat out all the time, live without roommates, and take cabs everywhere is self defeating when you have nothing in the bank. Most people respect it and wish they had the discipline to do it themselves.
Do your roommates know you make so much? Hey Sam, yes I sure do :- I have deffinitly lived it up after college.
I do have plans to move out of state so that I can have a big house and little ones running around in the back yard. I will be able to make the same if not more as a starting salary in a new state because of my experience here. So the plan is to get more bang for my buck in one of the southern states originally from the south , at the expense of missing all the great things NYC has to offer.
Agreed Financial Samurai. I work in health care not a nurse or Dr. Jobs out of the city in other states are also very hard to come by. Hoping for a miracle. Thanks for the article by the way. Ahhh, NYC is only for front-office traders, lawyers and doctors.. Good luck finding those k jobs in finance now. The chief benefit of renting is when you are not looking for long term commitment to the city and might have to leave the city in the future.
On the flip side, the running cost would make a huge portion of your earnings plus you cannot consider it as an investment for future gains. The book suggests that if you have a net worth of over a million dollars. You are eligible to purchase a million-dollar home. However, you have to arrange a mortgage for your home loan. Therein, certain factors come into play that strengthens or weakens your pursuit such as down payment. The rule of thumb is if you pay a larger down payment.
You will need a lower monthly income to afford a million-dollar home. The higher you go the easier it is for you to seal the deal. In addition to it, the credit score carries equal importance in your equation. For the conventional scorers, the average credit score is above For big loans, you might need a better score. However, if you can balance your credit score with the down payment, some lenders might accept an average credit score.
Sometimes, lenders ask you to show emergency reserves. They mean to make sure that you have enough liquid assets to pay the mortgage for 6 months. Find this number by subtracting your monthly savings and your fixed and nonmonthly costs like gifts or haircuts from your take-home pay. Divide the result by 4. United States. Type keyword s to search.
Today's Top Stories. The New Power Dressing. Getty Images. She can live without an elevator, dishwasher, doorman, or central AC but wants laundry in the building and does not want roommates.
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