Where do you live & what's your monthly saving %
Posted 09-23-2019 at 07:06 PM by UntilTheNDofTimE
Quote:
Originally Posted by mysticaltyger
That's ok. You're doing great for your income, which proves being in a good financial position can be done on a modest income in a relatively high cost area like yours. I believe you're under 30, right? I did something similar when I was your age until I was 35. But if I got to 50% it was just barely...and then I just had to upgrade housing. So you're still several years ahead of where I was. I think you started earlier without student loan debt (smart!).
I'll admit you probably should look into earning more. But even if you don't, if you just keep up what you're doing for a few more years, you can do a lifestyle upgrade and throttle back on the savings while letting your investments work for you. That's still a solid place to be.
Or maybe you decide to do geo-arbitrage and move somewhere like Thailand. It wouldn't be for me, but you're younger. Or maybe you move to a lower cost area of the U.S. and become barista-FIRE.
In any case, you're setting yourself up with options.
I'll admit you probably should look into earning more. But even if you don't, if you just keep up what you're doing for a few more years, you can do a lifestyle upgrade and throttle back on the savings while letting your investments work for you. That's still a solid place to be.
Or maybe you decide to do geo-arbitrage and move somewhere like Thailand. It wouldn't be for me, but you're younger. Or maybe you move to a lower cost area of the U.S. and become barista-FIRE.
In any case, you're setting yourself up with options.
Yea I should be earning a bit more. The last time we spoke I quit my state government job of 6 years and moved to a private employer. This was about 2 years ago. I became a 1st level supervisor six months ago and I make 57k a year plus an end of year bonus in the 5-10k range depending on how the company does. It's a lot more responsibility than my former role at same company and with the additional hours it's nearly a pay cut from my $23/hr role plus OT. I did it for the experience (my 1st supervisory role) and to hopefully move up. The next level is an operations manager and it would be around 90k to start. However the next level isn't easily obtained.
I left my state job because I was miserable but man should I have stayed. I was a 1st level analyst looking for a 2nd level position when I left. I would of easily got it but I hated working for the state and was happier and still do absolutely love my private employment. Anyways, had I stayed I would be halfway to a guaranteed 77k top salary after 5 years. I would of already put in 2 years so 3 to go towards that top pay. I try not to think about it because I hated the job(s) I had while employed for 3 different state departments. All 3 of my jobs were promotions so it's not like I jumped around as a bad employee. I still get texts all the time from former managers saying they have an open position. I'm going to a retirement party for one of our former deputy directors and the main attendees will be executive level government workers and I'm sure I'll get many "when do you want to come back offers". But I'm happy where I am.
I'll eventually get my income up there but maybe not as fast as things get more expensive.
I believe you said you were from the Bay Area? I'm in Sacramento. Prices here are nothing like Bay Area but you still can't buy for under 350k. Most of my friends are paying $400k but they have two incomes.
How is everything going for you in your journey to FI?
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