Do u think $50k/year is enough to make it in San Diego? (student loan, how much) - California (CA) - Page 2 - City-Data Forum

MovingAloha · 10-21-2011, 03:21 PM

Quote:

Originally Posted by earlyretirement

Definitely it can be done. The hardest battle for many people is finding a job here. If you already have a job offer you're way way ahead of the game vs. most others.

That's enough money to live here if you're not going crazy and don't have many bad habits and especially if you don't have kids yet.... Of course you will have to evaluate when you start to settle down and have kids if it's enough to survive. But you can cross that bridge when it comes.

If you don't have any savings, you're going to be behind the 8 ball from the start but that would apply to any new city you live in. Just don't underestimate the start up costs to move to a new city plus all the furniture/stuff you need to buy.

Congrats!

^what he said!
Again Congratulations on the job. Since you currently do not have savings, just keep in mind your start ups, as ER stated. You will have to get to SD then get into a place. My son is going through this right now. He's got the job in Los Angeles, but not much savings - and I'm not willing to foot his move, so he is having to figure out what to do. Luckily he has friends who will put him up till he truly gets on his feet; but I'm watching how stressful it has been for him.
Again Congrats and Good Luck to you.

jwblue · 10-21-2011, 03:24 PM

Quote:

Originally Posted by earlyretirement

The best way is to make a spreadsheet of all your actual expenses. It will be the only way to see if you can afford it. Personally I think you could afford it if you're single and don't have kids. That's the big difference with kids or supporting someone else.

Like he said.

Take the time to do it. It may take a while, but it is necessary to do this.

oddstray · 10-21-2011, 03:37 PM

And if the job is one of the for-profit, private universities, start saving as soon as you can to build up a monetary safety net. I have a feeling many of that type of university are not gonna' be around for long.

OptimusPrime69 · 10-21-2011, 04:12 PM

Quote:

Originally Posted by MovingAloha

^what he said!
Again Congratulations on the job. Since you currently do not have savings, just keep in mind your start ups, as ER stated. You will have to get to SD then get into a place. My son is going through this right now. He's got the job in Los Angeles, but not much savings - and I'm not willing to foot his move, so he is having to figure out what to do. Luckily he has friends who will put him up till he truly gets on his feet; but I'm watching how stressful it has been for him.
Again Congrats and Good Luck to you.

Thank u!!! yeah my parents arent exactly willing to put up much money, however they
mentioned if i got desperate, they would "help me"

Quote:

Originally Posted by jwblue

Like he said.

Take the time to do it. It may take a while, but it is necessary to do this.

I think I know what my friday night will consist of this weekend

Quote:

Originally Posted by oddstray

And if the job is one of the for-profit, private universities, start saving as soon as you can to build up a monetary safety net. I have a feeling many of that type of university are not gonna' be around for long.

I agree, those for-profits are a scam.
and no its not a "for-profit" school.

I'm proud to say i'll be a triton!!! woot woot, such a cool school, I'm totally stoked to be a part of it.

OptimusPrime69 · 10-21-2011, 04:15 PM

Quote:

Originally Posted by earlyretirement

Definitely it can be done. The hardest battle for many people is finding a job here. If you already have a job offer you're way way ahead of the game vs. most others.

That's enough money to live here if you're not going crazy and don't have many bad habits and especially if you don't have kids yet.... Of course you will have to evaluate when you start to settle down and have kids if it's enough to survive. But you can cross that bridge when it comes.

If you don't have any savings, you're going to be behind the 8 ball from the start but that would apply to any new city you live in. Just don't underestimate the start up costs to move to a new city plus all the furniture/stuff you need to buy.

Congrats!

Thank u for the advice, much appreciated

yeah, not much savings, im hoping to get at least enough to put a payment down on a place to rent in the beginning, maybe like 2 grand or something. .

the rest of just gonna have to wing it.

earlyretirement · 10-21-2011, 04:55 PM

OptimusPrime,

Definitely I think it's a no brainer to take the job. Right now there are many people graduating from college with NO job prospects at all waiting for them. The best thing waiting for them is living at home and moving back in with mom and dad. So you're in a good position.

And besides making the spreadsheet. I'd also highly recommend you go out and buy the program Quicken and from a young age, make budgets and stick with them. Also, track all of your spending. It takes time and can be a pain but it will be really great and you can really see where your money is going. To this day, I track every penny that I spend and it's great to see at the end of the year and compare it to previous years. It's not just important to track how much you make but equally or more important to see where it all goes each month.

This was probably the single best advice I was given upon graduating college. The reports are really helpful in Quicken and also you can actually see what you're spending.

Also, take advantage of the power of compound interest. I know interest rates are super low now but it won't stay that way forever. They should be low until 2013 but will start going up after that. Sock away as much money as you can each year. You'd be surprised that you build up a significant net worth and still be fairly young and at the very least be prepared for retirement. I know the last thing you want to think about is being prepared for when you're older but that is probably the best bit of advice I can give you. Start today and you'll be prepared for tomorrow.

Good luck and let us know how the move goes!

earlyretirement · 10-22-2011, 12:25 PM

Optimus,

Another idea is maybe to do what I suggested to one of my clients last year. His son was in a similar situation and has had the butterfly syndrome of moving around a few times. He got a job offer but didn't have any savings and his dad didn't really want to loan him more money.

I suggested that his son agree to have his salary direct deposited into a joint savings account that they set up. Not a checking account where he could potentially write checks he couldn't afford to but a savings account where his father could withdraw a certain portion of the loan each pay check. So far it's worked beautifully. And it's been a win/win situation.

You might want to suggest that idea to your parents to show them that you are really committed to paying them back and you want to do all you can do to make this move a success. It will also prevent you from having to use really expensive financing like credit cards or other high interest debt. It should show your parents that you had the initiative to really think this out. Heck, maybe even offer to pay interest. Most parents will refuse the interest but I'm sure the thought will count with them.

Then you can set up direct deposit from your paycheck into this joint savings account and set an agreement with your folks how much you agree to pay back for a set period of time. I think if you have no savings, this is the best route to take. Otherwise it sounds like you might have to get yourself in trouble from the get go with credit cards.

Ragnar · 10-22-2011, 01:05 PM

Quote:

Originally Posted by earlyretirement

And besides making the spreadsheet. I'd also highly recommend you go out and buy the program Quicken and from a young age, make budgets and stick with them. Also, track all of your spending. It takes time and can be a pain but it will be really great and you can really see where your money is going. To this day, I track every penny that I spend and it's great to see at the end of the year and compare it to previous years. It's not just important to track how much you make but equally or more important to see where it all goes each month.

This is great advice. There are other similar programs out there as well, but when I got married 6 years ago we started to use Quicken together and it has really helped us track where all of the money goes each month. Quicken can even help provide spending totals for your taxes at the end of the year too - for stuff like rent totals, business expenses, charitable contributions, etc. It can take some discipline to set it up and then do the accounting regularly, but soon it becomes part of the routine. Spending a few minutes on it each week has helped us tremendously. I totally wish I had used it earlier!

Also, to the OP(timus) if the University offers any sort of retirement plan you can voluntarily contribute to, take advantage of it as soon as you are eligible, even if you only put in a small amount to start. You can usualy put in money pre-tax, which is additional savings right off the bat. I wasn't making very much at my first job out of college but a retirement plan was offered and I just put in $25 per paycheck to start. However, after three years I was amazed at how it really added up.

OP, nice name btw. I'm a HUGE Transformers fan. I take it you have at least a passing interest in them.

One of the things I need to do before moving to a place like San Diego is to significantly thin out my Transformers toy collection. It would make my wife exceedingly happy too.

Clevelandgal · 10-22-2011, 08:04 PM

Quote:

Originally Posted by OptimusPrime69

well, I was hired by a university there just yesterday.

annnnd I wanna accept the offer, however I dont have much in the way of savings..... so im like "can i really do this?"

If you have not accepted, just DO IT. you'll be just fine! live simply (rent a place under your budget now...and in the future for that matter) and participate in all the great programs of your new job (hint -deferred comp)

Clevelandgal · 10-22-2011, 08:19 PM

Quote:

Originally Posted by MovingAloha

^what he said!
My son is going through this right now. ... but I'm watching how stressful it has been for him.
Again Congrats and Good Luck to you.

kudos to not doing a full on bail out to the off spring. I have 2 intelligent step daughters that we have watched and waited through their struggles and they persevere. We have heavily helped with college, but other things are on there own. We could have drained our savings and retirement if we provided for every whim. If they fail so be it-although I doubt they will since they are smart and driven. Still, both have fancier smart phones, computers, newer cars and other bits of tech, spend more on clothes and so on than we do-but when they make those choices, they are theirs. Us? I would rather drink wine and eat tapas in Barcelona and prepare for retirement than have the fanciest new gadgets and cars