Should I continue to live at my parents house in the Midwest as things start to open back up or move back to my assigned office city on the east coast? I’ve been saving a lot of money, but I don’t have any friends out here in suburbia. I’m only 25, no student loans, and kind of want to live the city life and make some friends, but I’m hesitant because this high savings rate is really nice and my project at work would be remote even without covid, so I don’t HAVE to move out anytime soon

like
Posting as :
works at
You are currently posting as works at

Savings at a young age matter the most because of the power of compounding. Given that the pandemic isn't over yet, how do you feel about hunkering down a few more months and banking the savings? Once things are truly open, you'll get more bang for your buck in terms of socializing anyway.

Edit: banking was figurative. I meant investing. :)

likesmarthelpful

I saved/invested strong in early 20’s...early 30’s now and looooovvvviiinngggggggggg ittttttttt

like

You are only young once. You have one shot at life. Do you want to look back at your 20s which should be the most fun and carefree of your life and think about how you spent it with your parents?

I spent my 20s and early 30s LIVING and experiencing life! Could I have saved more? Sure. Do I have thousands of wonderful memories and life experiences and friendships that make up for that? Absolutely! Am I still a millionaire today? Yep.

Live your life. Have balance. Invest in your 401k and don’t be a totally irresponsible nub. But, get out there and live life. You will never regret that.

like

Yeah, i haven’t even gotten my vaccine yet so definitely waiting til the fall if I do move out!

smart

One counter point here - now is a good time to get a deal on rent in a big City.

That being said can’t echo enough what others have said about the power of compounding interest.

My advice given what you have described would be to give yourself a savings goal. Example: 6 months rent emergency fund for once you move out, down payment for a condo so you can buy when you move rather than rent, etc. This will put you so far ahead of the game and It won’t feel so much like you’re “missing out” if you know you’re working towards a milestone that will be really meaningful for you in the long run.

Edit: in case it isn’t obvious - pack up and move to the City once the goal is reached!

likehelpful

This is a nice way to frame it, thanks!

like

Set a goal, add 10%, move when that is met. The opportunity cost of living alone has never been lower. Many are still social distancing. Cities are not full-bore “open” yet. No concerts or festivals. This is a great time to ensure you have a safety net. I would stay while this continues.

like

Will the extra savings I’ll have by living at home make that big of a difference in the long run?

like

Currently living in the Midwest with my parents, have been here since March 2020. Was living in NYC before and loved my life there. I can’t wait to get back, but at the same time, I am able to triple my savings by living at home. Like the above person mentioned, I decided that I’ll move out once I hit a goal savings target. I am on track to reach that by the end of the summer, so I figured I’ll move back then, plus I am hoping everything is completely open at that point. if you are wanting to just get a feel for what city life is like, you could do it an extended hotel or Airbnb stay for a couple of weeks or something. 

That being said, once everything in your city is completely open, I recommend making the move! City life is very fun and exciting, I miss it every day. You may want to move back to the suburbs in a few years, but this is really the time to live in a city.

like

I actually lived in the city for about 8 months before moving back home with my parents in March 2020, and my college campus was pretty urban. I’m more looking for the chance to spend time with friends/make new friends and sort of live my own life before moving in with my bf or getting married or any of those things. So I think maybe a year long lease might be better for that?

like

Could you go back for the summer and do a short term rental?

smart

Possibly - I was thinking about moving late summer if I did. We have some family vacations planned at the beginning of the summer

You can always make more money.. and hearing how responsible you sound, I doubt money will be much of an issue for you.

you’ll never get time back. Go live it up

like

Related Posts

What's the best airline stock to get into before the possible travel rebound next year? Do you also get in now or Q1/Q2?

like

How does everyone bill for family law matters? Do you always bill hourly or is there some flat fee, monthly or quarterly fee structure that could work, even in contested matters? I have cases that the clients end up spending $20-$40,000 on a contested divorce and this is really out of their budget. I feel that if my firm could charge a flat fee of $10-$15,000, it would still be beneficial from a client predictability and volume standpoint and would generate more referrals.

like

Slowly reflecting my way through Zaretta Hammond’s book and wanted to see what you all thought about the listed “trust generators.” Anything missing? What do you prioritize?

Post Photo
like

If my company is deducting tax on reimbursements for example relocation, flight travel, mobile usage, etc. Then how to show in tax filing? bcoz as per my understanding it should not be taxable as I am using my money and company is refunding and no extra income. It's like I have already paid once and while refunding company again deducting. Please guide on this issue.

like

What was your most recent side project? What inspired you to start it?

like

How much money do you have saved up?😳

like

Need Help.

So, I recently joined a new company. They have put me to a project which I have no knowledge, no skill there.

I'm new, project is new, no one to give KT.

What I'm a supposed to do?

like

Why are sibling relationships so complicated? We live in the same city. 23M w 21M bro in same city. We’ve always clashed, got closer in 2016-2019, then in covid started fighting and not being close. 2021 summer we got into some bad fights where he said some hurtful things that made me kind of hold a grudge until our fight in September. 2022 we’ve gotten a lot closer and only minimally clashed but still even tho we share personal things sometimes and have more mutual respect, cont

like

WFH Vs WF Office Vs Hybrid, Which one should you take?
If you are fresher, go for a WF Office setup. You will learn things beyond your work. In the initial phase of of your career, one needs to focus more on learning than on comfort. The interactions at office, meeting with collegues, conversations at the cafeteria, sense of responsibilty, the need to walk up on time to reach office etc will shape you for better.

Once you have a work experience of few year then any setup is fine. Go for WFH.

like

Does anyone have experience/knowledge regarding whether the different B4 deal analytics teams 1) work remote 2) still travel? Looking to potentially make a switch but have heard different things across the board, including seeing that most of the job postings for senior roles in these groups are tagged to offices and don’t say remote.

like

My firm’s IT (especially system saving and file locating function) is so bad 😐😞 and they keep doing updates no one asked them for just to mess with the stuff we already got a hang of without doing anything about the issues we actually need fixed. Anyone else in a similar boat? Do you bill the client for the time it takes to fix the IT issue (or IT inefficiency generally, like time taken to find a file in a convoluted system)? Or is that supposed to be our non-billable time?

like

Has anyone ever been locked out of trading on RH? Was wondering if anyone has been restricted/how long it took to get it resolved.

Post Photo
like

How to broach taking time during the day for Ramadan for myself as a junior consultant - on a COVID related engagement so I’m reluctant if it’ll be received well...
Also how much time is okay to ask for?

like

Sharing my WFH colleague who somehow always seems to be more exhausted than me after a long day 😅

Post Photo
like
like

Are my crypto profits taxed?

Well yes. Crypto is taxed like stocks & other types of property. When you sell for a profit, you are required to pay tax on the gains. It’s called capital gains tax.

like

What are ways I can spend my $200 airline credit for the Amex platinum ? I saw upgrades don’t count and I have status so already get free baggage, lounge etc.

like

Digital strategist with tons of experience soup-to-nuts. At this for more years than I care to think. Any tips on finding opportunities client side? It’s only a matter of time before layoffs start

like

How do you effectively plan for retirement?

like

More Posts

Cause of death - Waiting for the response from HR

Post Photo
funnylike

What are the in house exit opportunities?

like

Hi,
I'm currently having an offer from BlueOptima and Cohesity and am conflicted between the two.
I have offers in the SDET profile.
Cohesity Inc is providing me MTS and @BlueOptima is providing SDET-1.

Glassdoor reviews more of less place the two companies almost equally, and the package being offered by the two is almost in the same range.
My preferences include:
Learning opportunities in the role.
Company's work environment.
Company's growth prospects, are also a consideration.
YOE: 2 years

like

How often do you work with print designers and how do you find them?

What do you do when your lifelong friends get married, have kids and disappear to the burbs or wherever and you’re single, lonely and gay?

like

if you had no limitations & could work in any agency in the world, which one would it be?

Hats off to all the night shift people!

Post Photo
like

Hi fishes. Im having 4yoe in project management,scm, stakeholder, vendor management, inventory and wms in IT industry. My cctc is 5.2. How much i can ask for next switch?

like

For all the 🐠 that switched from consulting to product, which role provided you with more tangible skills? I know I’m making some broad strokes here, but thought it might open other discussions as well

like

How do I get better at product strategy? Specifically for google PM onsite questions

like

Where are all the cute lawyers 😍😛

like

What are ways to deal with high latency mricroservice in a given region. Given that it's Cpu utilization is not exhausted.. So no vertical scaling ???

like

Received an email about doing a HireVue with Deloitte for an M&A internship position. Any advice or tips on how to prepare/questions that will be asked? Any help is appreciated!

like

What are some of the coolest ways you’ve been shown appreciation? From admin, teachers, staff, students, parents?

like

When someone says they would like more work and especially challenging stuff.

Post Photo
likefunny

Tell me your craziest experience working with a TV network. Here comes mine:

I'm American, but my family is mostly Colombian. I was told my aunt and cousins would come here for 2 weeks. I discovered they were going to be paid to appear in a famous Hispanic TV show, where a "judge" receives a case, hears the plaintiffs and defendants and renders a verdict. But of course, it's all fake and payed 😂 turns out she wanted me to go there (even though I don't work for that TV network) so she's sure she'll be paid at the end of the show. Wth did I just do.

like

Hi Fishes!

I am looking for two flatmates to share a 3BhK 22k total rent unfurnished near Kundanhalli Gate. Dm or Comment if interested or share with those who are in need.

like

Heading into the EY office in Boston tomorrow, have been working out of a 2 bed room 1,200 SqFt apartment with a son (now 3.5 years old) for the last year and a half. Can’t wait!

like

Hello folks, My ctc is current at 6.2lpa and I would like to cut down my taxes. Any suggestions on where to invest for tax savings? Also is FD a best plan for investment with lock in period od 4 yrs for tax saving bills?

Additional Posts in Personal Investment Chatter

Are you a “Prodigious Accumulator of Wealth”?

N = 10% x (Your Age) x (Your Salary)

If your net worth is 0.5N or less then you are an under accumulator; around 1.0N then you average; 2.0N or greater then you are prodigious.

This is the millionaire next door formula.

likehelpfulsmartfunny

Recommendations for how to allocate 401k with Fidelity. Just switched jobs and have to move from Merrill Lynch to Fidelity

like

What are your favorite personal finance books? I just read Rich Habits and really liked it. I am also reading the Psychology of Money. Looking to read some more!

like

I am trying to justify house buying in HCOL city. The house cost is minimum 1.4m .monthly mortgage would be at least 7k(with just around 2k principal) rest goes to either int,tax. Not to mention regular house maintenance. How is it better than 3.5k rental. I understand appreciation and own house independence. But I am just trying to make numbers work.

like

Any any one here created irrevocable trust? If so what are the annual expenses of maintaining the trust? How hard is IRS paper work

like

Started my Roth IRA in 2019 and bought some funds that aren’t doing so well. I want to trade them for an index fund that the majority of my Roth IRA is in. Will I be penalized for “selling” before a certain amount of time? I don’t plan on taking the money out until retirement, just want to reallocate.

like

Recommendations for best ways to save for retirement after contributing to 401k up to match and maxing out Roth IRA?

like

Brand new to investing! Husband and I are 37, don’t have any investments other than the home we currently own. Sitting on atleast 100g worth of cash....

like

What is everyone’s outlook on crypto? I have some litecoin from awhile ago and wondering if I should indefinitely hold it. Thanks!

like

HELP!
If I sell a mutual fund (aciex) to buy an etf (splg) in my Roth IRA account, do I have to pay tax on the sale when filing next year? How does this work? TIA!

like

Anyone have experience with or recs for a good moving / shipping company? Trying to gauge typical cost, have about 5 furniture items to ship between states (7h driving distance) and would like them to load / unload. Thanks!

like

Anyone invest PREIPO via DPO?

like

At a high level, what is a better way to maximize returns?

File all 12 months in NY or
file a few months in PA and remaining months in NY (about 9)

I was in PA for a bit during the pandemic

like

Novice investor looking to invest 100K. Do I DCA into ETFs / Mutual Funds?

In what increments (eg. $1,000) and cadence (eg. Monthly) should I DCA?

How should I spread out the increment across ETFs (eg. Equal percentage in each)?

like

Looks like unemployment, businesses shutting down and COVID deaths and new way of life is priced in till November elections

like

Any thoughts of investing in gold or gold related instruments?

like

Mint users: why are my linked accounts broken every time I log into mint? Every one, every time

like

Anyone have a SEP IRA? Is it better than a solo 401k? Understand I need to complete a tax form to initiate it but where do I go to start one? Rookie question, I know.

like

Is it too late in our lives to jump into a mortgage?

So my fiancée and I are relatively late in terms of finally landing well paying jobs and being able to save money instead of living paycheck to paycheck. We’re both 36 and currently rent a 2 bedroom in NY and have a combined savings of $35,000 which she wants to use as a down payment on a condo. I kinda just wanna continue saving while renting. I also literally just started contributing to my 401K so I’m also late in the game for that too.

helpful

Real Talk: it’s time to sell our $TSLA right? No way this is sustainable...?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal