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Are we all fucked?
A little humor sprinkled in a resume. Yay? Nay?
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Who has $20k in savings working in advertising and living in NYC?? Jeeeeez
😑 20k is not insane at all. Come on people. What are you spending your money on?
By 30, your student loans are probably finally paid off. The easiest way to save is to have 10-16% of your gross automatically sent to an account that you can’t access with your Checking or Venmo account. Banks will de-couple accounts, and/or your employer will usually direct deposit to more than one account and institution. Fidelity is a good option, no minimum Max out at LEAST what your employer matches in your 401K first. Pay off credit card debit second. Then start with 10%. After a month you’ll be able to tell if it’s too much or can do more.
I know it sounds crazy! But making a hundred small smart spending choices add up. And then don’t spend what you don’t have. If this is all obvious, apologies, I wish someone had laid it out for me.
I live in the East Village, pay all my own bills, rent, transportation, etc. I take 1-2 “big trips” a year. No parental support since the moment I graduated college. I pay my credit cards in full and have saved enough to survive up to a year if need be.
I also meal prep, almost never take cabs, don’t drink tons while out, go to a decent but cheaper gym (not equinox), don’t buy a daily coffee, walk nearly everywhere I can, and shop sales.
These changes enabled me to splurge when I want, but also be healthier in my lifestyle and save for my future. It was just a decision I made for myself. Small things make a big difference.
Have at least a nice 20k savings. That will give u a nice cushion just in case
I am in NYC, live alone (pay all bills on my own), paid off my student loans, eat good things, travel, pay off my credit cards in full every month, and still put 20% aside and saved that in less than 2 years (and made less than 100k at the time). Nobody helped me with anything.
I've heard 1-2x your salary
@SAD1 The cost of transportation to/from work, groceries so I can eat, gas & electric to heat my apartment in the winter, & high rent to live in NYC. Where do you live? Who else contributes to your cost of living? $20K can be unattainable for people who live in a city with a high cost of living, have dependents, have student loan debts, etc.
I’d love to hear to answer to this question from people who actually live in NYC & pay bills, rent, food expenses on their own.
@freelance 1 “by 30, your student loans are probably finally paid off.” LOLOLOL
Regardless of salary or age, work on being debt free first, then have 3-6 months expenses in the bank. I finally got my shit together once I followed Dave Ramsey’s baby steps. The big key was for me to stop believing I could live my big convenient pampered urban lifestyle AND pay off debt AND stop using the cc AND save cash and retirement. You can only do one thing at a time but eventually it’s so liberating and you can do whatever the f you want.
Whatever it would take to support yourself for 6 months without a job.
@GAD1 agreed. Idk where the other comments are coming from but theyre unrealistic for an ad professional in nyc or sf lol
I keep 20k in my checking account, put the rest in a brokerage for savings. Totally obtainable. I live in NYC, moved to a neighborhood where my rent is low. I feel like a broken record because I’m always saying this in these bowls, but look up the Mr Money Mustache blog
AS1 - I live in NY and I did this. Had massive student loan debt (which I finally paid off in my late 30s). But I never use credit - only buy things I could afford to pay off in full every month. I cooked my own food, did my own laundry and house cleaning, and saved every bonus. Like someone mentioned above it is a lot of small decisions that add up. I wasn’t using the gym enough to justify the price - so I quit and started running instead. Rents are definitely higher than when i started, but I managed to save close to $100k by 35 outside of 401k, etc.
Also save 20% not 10%.
I had 100k by 33
@ACD1, I’m sorry you’re still stuck with student loan debt. The interest rate being charged on student loans makes me insane. Why should a car loan be at 3% and a student loan 9%? A car depreciates, a student appreciates. Humans are a much bet.
*Humans are a much better bet.
What do you guys do with the money?
ACD2, was that on salary alone or are you including investments?