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Come on dawg, you must be high. The place with the highest taxes and cost of living on the front end of your career? That’s just stupid. So many places that are absolutely amazing and a fraction of the cost where you can build wealth and get a massive step ahead.
And I’m from the bay, and I am not going back!
I don't think that SFO can compete with other great cities, if you are just talking about city life, food, culture, etc.
But that being said, I totally disagree with KPMG. The beginning of your career is the time when it makes the most sense.
First, the cost differential is the lowest. You are making the least so progressive income taxes take the least. You think 1 bd in an shared apt is expensive in SFO, try finding a single family home with good schools. You can economize as a single 20 something in ways you can't later.
Second, the career upside is much higher at the beginning. The bay area is one of the most innovative places in the world, attracting some of the best in the world. A chance encounter or relationship could alter your career trajectory in ways that are not possible later. Steve Ballmer started his path to CEO of Microsoft basically because he lived down the hall from Gates.
Third, you can best take advantage of the additional amenities of the city now. Young people have the time to explore and enjoy the food and culture. Once you are mid career and have a family you won't have e time to good out to dinner three times a week. You will be cursing traffic on the way to day care pick up.
If you are going to end up in Texas or Iowa when you are 35, you will be able to afford to save a down payment in a couple of years once you get serious. A few years gaining experience and potentially increasing your income trajectory will not meaningful set you back
D2 I don't think people are staying that there is a best city.
There is an debate about two models for your 20s. 1) Live in a high cost, competitive, innovate city that has the potential to accelerate your career while also getting to experience a top teir city with the tradeoff being very high costs. 2). Move to a middle tier city (or suburb or small town) with far fewer opportunities and a less vibrant experience at a far lower cost.
Realistically how much are you saving in scenario 2 if you in your early 20s? Because what really happens is if you move to SF you ditch the car, share an apartment, maybe even a room while you have your own place in the mid teir city. Very, very few people are disciplined enough in their 20s to live at the SF lifestyle in TX when all their friends have their own places, etc. So you are really talking maybe $5-$10k extra savings per year for most people in their 20s. That isn't going to result in a step change in wealth for most people in this career when they are in their 30s.
Since it isn't a step change difference in wealth, I favor people who want to experience the great cities doing it and maybe hitting it big.
Yes
^ dude stop calling it SFO
OP if you want to do it right move to NY
Seriously people? There is no objective "best" city. Live where you want to live based on your interests and activities.
How much more expensive is everything in SF outside of rent? I know food, coffee, everyday stuff is more expensive but if it’s 20% premium from somewhere like LA, Chicago, etc. it’s not really going to break you. But really I think the main thing is SF just eliminates the option of living alone.
Shout out to A1 for his/her insightful post. I wasn’t going to check out SF but I think I will now
SF is terrible. Shit and needles everywhere.
If priority #1 is saving for school, neither may make sense. How about someplace still fun but cheaper like Austin? I’m sure there are many others that the 🐟 can recommend
There are a lot of "nice" cities with a low cost of living. But they are on a different level from the truly great international cities like NYC, LA, SF, London, etc.
There is a qualitative difference between SF and Nashville or Austin. Btw, at this stage in new life, I wouldn't want to live in SF but I recognize the value of the opportunity, especially early in life.
There isn't as much of a "difference" as long as the city is of a certain size. Top 8-10 metros will have what you want, in terms of food, sports, economic size, entertainment, nightlife, etc (given that the emphasis / strengths of each is understandably different). What is NOT the same is the qualitative factors, such as way of life, population density / urban factor, climate, natural activities, etc. To each his own, is my point. SF, LA, Chicago, New York, Boston, Dallas, Houston, Seattle I would put in this categoy. Beyond this is totally subjective. I live in Seattle and would prefer to live here 100% over SF. So OP, don't assume SF is better or more anything, but if it's your dream city, then suck up the COL and move there. Live your life, it's short.
Been living in SF for a while. Saving a decent amount, but I could save much more if I lived elsewhere. I’d rather stay here for now, though. Salaries are a bit higher than elsewhere but it doesn’t make up for the much higher COL. That’s for the financial part. What matters more is whether or not you like it and feel comfortable living there
I’ve spent the six years since undergrad in mid-tier cities, and the financial benefit has been huge. My salary is on par with the SF, NY, Chicago, etc. salaries, and my cost of living is significantly lower. I have easily paid off any debt and maxed out my 401k and Roth IRA every year, and I still have plenty of money in savings to afford to travel and enjoy SF, NY, Chicago, etc. when I visit. My mid-tier city has everything I would want in a top-tier city — great food, major league sports, theater, museums, etc. — and the key is that they are accessible and affordable. I’m off to get my MBA this fall in a top-tier city, and while everyone else in my class is freaking out how to afford their MBA, my fiscally responsible decision of living in a mid-tier city has allowed me not to worry about it.
I don’t live there but wish I did!! Spent quite a bit of time in SF and always dreamed of moving there
@Associate 1 I hear you, I’m only planning on living in a big/expensive city before kids. Love the SF culture too, and I need to be somewhere that makes me happy in my early/mid 20’s and meet new people. However my main concern is saving for education in the short term, that’s the only thing holding me back.
@KPMG 1, NY is pretty much as expensive as SF (maybe a little less). Doesn’t help my grad school savings effort. But I also don’t want to move there.
@K1 I did this for six years and back then it was cheaper than it is now. Completely agree that this is a bad decision. move somewhere cheaper save your money!
Also I now live in Austin. It’s pretty nice.
SF is by far my favorite city in the US. Would be curious to hear about worthy alternatives. So far, I haven’t found a city I think I would like better
Live in texas, go to SF as alternate travel and find an SO there
Do the math. How much will you realistically save when you're living in the most expensive place in the country?