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Wells Fargo merger news. What’s it mean?
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Just plan on not spending more than you make. It’s NYC…you walk outside and it costs money to breath, but so worth it!
NYC is not worth it
that really depends on the lifestyle you want in the city, if you want to go out a good bit to dinner or drinks that’s gonna eat a good chunk of your paycheck. Everything else like utilities, groceries, etc. is just naturally more expensive and you get taxed a good bit more. So maybe 1k a month if you’re starting out but it really depends on what firm, level, and your rent bc rent and taxes will be the biggest hits to your gross pay, so if you’re more conservative and eat in more then you could save a bit more
Depends on your age. I’m 1Y out of college, I max out my retirement savings (~25K right now) and save nothing else. I have an emergency fund and 0 liquidity beyond that.
This works for me right now because I’m single, don’t foresee any large cash purchases in the next 10 years at this point (e.g., down payment for house or car) & hopefully no big life changes (e.g., having a baby lol).
Once I have more disposable income when I get my first raise and bonus, I plan to invest in ETFs & continue maxing out my retirement savings. This will begin to give me liquidity beyond my untouchable emergency savings.
6 months of expenses
I save like 1-1.5k / mo so not much
Um M1 I save double that and several of the BAs here have houses. NYC’s a tiny bit more expensive than the rest of the country…
Realistically, the same amount you would if you lived anywhere else. If you could save more living and working somewhere else, why are you living in NYC? Especially if you’re remote. Unless you’re working for a top firm and doing it for the prestige and connections, doesn’t make much sense imo.
These answers don’t feel realistic to me. I live in a HCOL city and I’m 1 head out of college - I’d say around 10% of your paycheck after tax. Right now my breakdown of my paycheck is this: ~62% fixed costs & needed expenses (like groceries), 9% to my 401k (keep in mind this is after tax), 5% to my savings account on auto-save (and I usually deposit extra) , 5% to my auto-investing account, the rest is spending money. I recommend the book How to be rich, it gives some good guidance on this
Most money market funds now are exempt from state and local taxes. For a 3 year horizon, you can also use a short-term bond fund.