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I'm the kind of person who prefers to save and invest my money to achieve financial independence rather than live paycheck to paycheck.
So, I was wondering if you'd be willing share your personal experiences with this living in NYC. Do you find that living and working in the city makes it easier or more difficult to save for the future? Does the COL tend to eat up most of your income?
it all depends on your lifestyle and the amount of money you earn. It is very possible to live within your means and save, however how much you can save goes back to earnings.
I'm the kind of person who prefers to save and invest my money to achieve financial independence rather than live paycheck to paycheck.
So, I was wondering if you'd be willing share your personal experiences with this living in NYC. Do you find that living and working in the city makes it easier or more difficult to save for the future? Does the COL tend to eat up most of your income?
Of course the higher cost of living eats up your ability to save--- it is basic economics--- if your expenses
are higher with the same income then your savings must be by definition lower---
Can it be done-- I guess but only with great sacrifice.
I would say it is more difficult in NYC if you value a nice lifestyle and nice living conditions. That is b/c what you get for your money does not go very far at all, in terms of housing / apartments, etc. Can you save money? Of course, if you are willing to make the sacrifices.
For instance, I am making about 2.5 times what I made when I graduated college about 8 years ago. However, I still do not save nearly what I would like to. Why is that? B/c rent accounts for such a huge portion of your budget in NYC b/c of housing costs. When I started my career making x, I said 'man, if I can only make x+20k, I'd be able to save all that money.' Well, when I did....I decided I didn't want to have a room that was smaller than a prison cell, so my income increase largely went to higher rent to just live a little bit better. Play that scenario over several times til today
Now could I have saved more? Sure, I could have moved to the boroughs, or kept living with roommates at 30 years old. But at 30, I wanted my own place, and wouldn't move out of manhattan (except maybe to Hoboken), so a large portion of my income increases also goes to trying to not live like an animal.
I would say it is more difficult in NYC if you value a nice lifestyle and nice living conditions. That is b/c what you get for your money does not go very far at all, in terms of housing / apartments, etc. Can you save money? Of course, if you are willing to make the sacrifices.
For instance, I am making about 2.5 times what I made when I graduated college about 8 years ago. However, I still do not save nearly what I would like to. Why is that? B/c rent accounts for such a huge portion of your budget in NYC b/c of housing costs. When I started my career making x, I said 'man, if I can only make x+20k, I'd be able to save all that money.' Well, when I did....I decided I didn't want to have a room that was smaller than a prison cell, so my income increase largely went to higher rent to just live a little bit better. Play that scenario over several times til today
Now could I have saved more? Sure, I could have moved to the boroughs, or kept living with roommates at 30 years old. But at 30, I wanted my own place, and wouldn't move out of manhattan (except maybe to Hoboken), so a large portion of my income increases also goes to trying to not live like an animal.
Right on. Very accurate statements. I am in the same boat.
Very difficult to save when living in the 5 boroughs. Think about it, we are not only paying federal and state taxes, but the NY City tax too! Sure, overall the average salaries here are higher than in lesser taxed area's, but still the cost of living here is amongst the highest in the nation.
The key is to spend less than you make, so you have some extra to save, but it is very hard to do without making sacrifices and cutbacks.
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