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Life is short fam. Your 20's are no time to be wasted pinching pennies in the hopes of early retirement (still 30 years away at best). Get the apartment and LIVE!
Depending on living expenses and other factors, people are actually able to retire by 35 to 40 (assuming the don't have kids early). I guarantee there's a ton of millennials who invested in Crypto and have been boosted forward to potential early retirement (just like myself)
Also, "just live", doesn't really mean much without proper context. I think that here it would make sense to live with sis for at least a year to get a nice boost on savings because time is literally the biggest thing against you.
The most memorable experiences are usually gained through traveling and vacations which they can still do...
1500 is not that much in Manhattan
1500 for a studio in what neighborhood?! Inwood?
Enjoy life
What are you motivations for FIRE? Unless you’re dead set on the RE portion, I think it’s a good idea to enjoy the journey there. You’re more likely to stick to the plan if you enjoy it
I don’t think the extra $750 is going to kill you, and $1,500 seems like a good price (don’t know NYC market that well, though).
One thing worth considering - if price was the same I’d personally rather live with others, especially during COVID. When working long hours, it’s nice to have someone around to hang out with after work / see around the apartment during the day, without having to go out of my way to make formal “plans” with friends.
All that to say, I’d do a bit of soul searching before moving out. If you still feel like moving out is the best call, absolutely go for it. Just don’t overlook that what you have right now might be a good set up. (don’t know your situation - take with a grain of salt)
That extra $750 is best going toward a ROTH IRA.
In 20 years, you won’t think about the money you saved. But you will think about “man what if I had moved to the city” this doesn’t seem like a big financial burden for you and you’re young. I’d say make the move. Then if you end up not thinking it’s worth it after you lease period move back in with your sister or another cheaper place outside the city.
Where in NY does your sister live? LIC? Or Garden City? (Examples)
Would you be OK to bring a girl home at your sister’s place?
My question too - where is “away from Manhattan” because you could still very easily have the city life in surrounding towns with a quick train ride or Uber.
I'd say get the apartment. For 1500 per month rent, you are still clearing a great amount per month making $100k. It is worth it to be happy!
i was not expecting such wholesome responses from the FIRE bowl. thank you all
$750 a month doesn’t sound like a lot, but it really adds up. Plus a new apartment means moving costs, new furniture, etc. Big regret I made at 23 was to get rid of my roommate too early and get a single apartment.
The only thing more powerful in the cosmos than saving early to get those big compounding bucks down the line is the slow, unstoppable passage of time, the singularity of life, and the inevitability of old age and death. Go do the things you’ll find hard to do when you’re older, and have a mortgage and a family, and your body starts to fail you. Travel, eat out, party, adventure - enjoy your youth while you have it.
(Yes I’m about to turn 40, how can you tell?)
If I were you I’d look into Jersey City. I wish I had looked there earlier. 10 mins by train to Manhattan (West Village)