Related Posts
I joined KGS in feb 2022, we recently got a mail regarding timeline of appraisal and bonus payout from the partner. My reporting manager hasn't yet reached out to me regarding goal setting, not sure if that happens here. Can you pls help me to know what all things we need to do from our end for the appraisal cycle and bonus payout? Since I'm new to this company KPMG KPMG India
Shifted more options profits into 250 NOK shares
Received bonus letter.
More Posts
Community Builder
Visual Storyteller
How are hours at Simpson Thacher LA?
Additional Posts in New York City
Pro
Conversation Starter
Conversation Starter
Thoughts on living in Newport/waterfront JC?
Conversation Starter
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
40X is the rule that landlords require, not the rule most financial educators say you should spend.
No the 40x calculation is a maximum, not a guideline.
Even if you know you don’t want kids or a partner in the future, you never know if something else will come up - a major medical event, parents needing money, a disability preventing you from working, or even a fun trip you want to take. I suggest saving money when you can.
Pro
😂 Like M1 said - 40x is the max, not the target 🤣
For everyone else asking - the 40x rule is a guideline that most buildings have where they won't rent to you unless your annual income is 40x the monthly rent of the unit you are looking to live in.
Rising Star
And some buildings require 45x!
Quality of life is relevant in some cases, noise, amenities, location ect = rent
What is the 40X rule?
Chief
Congrats on your career progression so far. Hard to save in NYC, even with that salary.
Me personally, I hated the fact I’m making someone else rich by paying rent.
My focus was more on wealth creation and wealth building, rather than spending on things that won’t generate a return.
To each it’s own!
Honestly i would try to keep your rent under $4k if it’s just you living there, and maybe even consider roomates if you really want to save. I lived in luxury apartments for a decade in Manhattan and never spent more than like $2k (split with roomates and then significant other).
Echoing others here in saying, just because you can, doesn't mean you should. Often times when you earn more, you live above your means which keeps you from saving wisely. It all depends on your financial goals and what you're willing to compromise on. Living outside Manhattan in one of the Boroughs in a studio or one bedroom or living with roommates can significantly help with saving. Re-evaluate your lifestyle and cut back on discretionary spending if you want to save more.
Ya, that's only something you can determine based on your saving goals. I'm in Forest Hills, Queens and pay $2K to live alone in a pre-war building. I could've lived closer in a renovated building but wasn't willing to pay more than that for a smaller apartment.
How is your retirement fund looking?
What's the 40x rule?
30% I think is general guidelines but the least that makes you happy is prob a good start.
Pro
I am not sure what you expect here.
You are essentially putting quality of life on one side of the scale and rent $ on the other side. That is an entirely personal decision and no one can answer this except you.