26 at $42k NW - looking for advice. I am moving to NYC in July, my rent will be the same cost as it is now ($1.1k). Moving cost at most $5k total. I will keep my job with a potential COL adjustment ($90-100k salary). I usually dump my ESPP every 6 months into my ROTH IRA ($4k). Ik I can pull my HSA expenses ($3.5k) or Roth contributions in a crunch even if it’s not ideal. TIA!

Should I take a break from investing and fuel more into my cash savings for my move? How much should I have saved?

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Don’t worry about the small details, they won’t make much difference.

Focus on advancing in your career. What do you need to do to get 2 promotions so you are earning $200k+ within five years?
At that point if are still only spending ~$75k then you’re saving ~$75k+ and you’re well on your way towards FIRE

And stop asking “how much should I have saved” it’s a waste of time.

likefunny

If you're disciplined, feel secured at your job, and have access to cash in a bind, I'd open an interest free card (18-21 months). Keep investing.

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That’s a good idea! Especially for moving costs

Nice! You’re doing great. I think you should have your moving expenses, including deposit and first month’s rent, ready to go. Then you should work towards 6 months’ living expenses in cash. Then manage expenses while living in NY as it can get very expensive very quickly. I saved almost nothing my first 5 years in NY. It wasn’t until I got 2 promotions (like VP1 said), finished paying my student loans, and got to really saving and investing that my net worth accelerated.

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Not sure it’s relevant as I’m over 20 years into my career, and comp has changed significantly in my industry (consulting). If it’s helpful reference, my comp approximately doubled every 5 years.

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To answer the question to how much you should have saved, it depends on your own retirement goal. So figure out that number and work backwards. That number is different for everyone, so no need to compare. Do what’s right for you.

Moving cost is a one time payment up front or pay on a credit card and pay it off slowly so you can still dollar cost average into the market or in your HYSA. Again, your preference.

But overall, if you have no debt, you seem like you’re in a good spot. Just keep being consistent and you’ll see more gains in no time.

I have a rough estimate of my FIRE number, this is more so a question about balancing savings goals and if I should be more cash focused since I have a big move coming up. Thank you! I only started saving a little under 2 years ago so I am amazed how much I have grown in such a short amount of time.

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