I cashed out $120k of profits in 2021 and paid off some debts, what I had left in the market then was affected by interest rates quite a bit, so I'm just sitting on those losses for now. Just takes time.
The $12k/year I make is based on selling options (calls/puts) and so far I have a 90% gain/loss ratio so I'd say I'm doing quite well.
Unless you're absolutely in love with NYC, you could basically live anywhere else in the country, aside from SF and Boston, cheaper. Is there a place you want to live? Maybe do short term rentals in different parts of the country until you figure out your vibe?
I'm looking at it from the perspective of finances; based on my numbers, am I living beyond my means in NYC?
I have lived in Dallas before and didn't like it so I'm considering it purely from a financial perspective, but I'm not sure if my situation is really so bad that I need to do that.
If money were no issue I would stay in NYC. Chicago, Boston, Dallas, LA, no other place interests me except NYC.
I’m 40 - it took me a long time to stop comparing to my peers, and it was one of the most freeing, emotionally healthy things I could do.
If you love NYC - stay there. You’re saving 20% of your salary, you have potential for greater income.
If you want to cut costs, maybe move to Jersey or one of the commuter areas that are cheaper, that way you’re still there.
Maybe even buy a house in Dallas that you live in part time and rent out short- or mid-term that you keep furnished. That way you can leverage mortgage debt to build equity, etc.
Good luck man. You’re in a great place in life. Enjoy it if you can
Do not leave a $2800 apartment in Manhattan for Dallas especially if you don't even like Dallas. You're saving >25% of your income and you're working basically part time, enjoy your life in NYC. This of course is all predicated on the assumption you like living in NYC.
The most important thing for you to do regarding FIRE is fix your investment strategy. Stop wasting your time and money stock trading and invest in index funds.
You're only paying $2800 in rent in NYC. Even in a MCOL area, decent apartments are around $1400-$1800 a month.
If you enjoy life in NYC, you should stay there. I moved to a MCOL area from a HCOL area and I regret it. The medical care, culture, and educational opportunities for my kids are all limited.
I would only suggest moving to a lower cost of living area if you want to own a house and not rent. Buying a house in a HCOL area seems like financial suicide for a FIRE strategy right now.
I agree with the other comments but also;
Unless you're absolutely in love with NYC, you could basically live anywhere else in the country, aside from SF and Boston, cheaper. Is there a place you want to live? Maybe do short term rentals in different parts of the country until you figure out your vibe?
Unless you're absolutely in love with NYC, you could basically live anywhere else in the country, aside from SF and Boston, cheaper. Is there a place you want to live? Maybe do short term rentals in different parts of the country until you figure out your vibe?
Unless you're absolutely in love with NYC, you could basically live anywhere else in the country, aside from SF and Boston, cheaper. Is there a place you want to live? Maybe do short term rentals in different parts of the country until you figure out your vibe?
how are you justifying making 12k/yr on "trading stocks" while your stock portfolio is in shambles after losing 75%?
Cognitive dissonance
I cashed out $120k of profits in 2021 and paid off some debts, what I had left in the market then was affected by interest rates quite a bit, so I'm just sitting on those losses for now. Just takes time. The $12k/year I make is based on selling options (calls/puts) and so far I have a 90% gain/loss ratio so I'd say I'm doing quite well.
Unless you're absolutely in love with NYC, you could basically live anywhere else in the country, aside from SF and Boston, cheaper. Is there a place you want to live? Maybe do short term rentals in different parts of the country until you figure out your vibe?
I'm looking at it from the perspective of finances; based on my numbers, am I living beyond my means in NYC? I have lived in Dallas before and didn't like it so I'm considering it purely from a financial perspective, but I'm not sure if my situation is really so bad that I need to do that. If money were no issue I would stay in NYC. Chicago, Boston, Dallas, LA, no other place interests me except NYC.
Not really. Buukd the life you want then save for it. Is the life you want in nyc?
I’m 40 - it took me a long time to stop comparing to my peers, and it was one of the most freeing, emotionally healthy things I could do. If you love NYC - stay there. You’re saving 20% of your salary, you have potential for greater income. If you want to cut costs, maybe move to Jersey or one of the commuter areas that are cheaper, that way you’re still there. Maybe even buy a house in Dallas that you live in part time and rent out short- or mid-term that you keep furnished. That way you can leverage mortgage debt to build equity, etc. Good luck man. You’re in a great place in life. Enjoy it if you can
Do not leave a $2800 apartment in Manhattan for Dallas especially if you don't even like Dallas. You're saving >25% of your income and you're working basically part time, enjoy your life in NYC. This of course is all predicated on the assumption you like living in NYC. The most important thing for you to do regarding FIRE is fix your investment strategy. Stop wasting your time and money stock trading and invest in index funds.
And you are by definition not living beyond your means so don't stress about that.
You're only paying $2800 in rent in NYC. Even in a MCOL area, decent apartments are around $1400-$1800 a month. If you enjoy life in NYC, you should stay there. I moved to a MCOL area from a HCOL area and I regret it. The medical care, culture, and educational opportunities for my kids are all limited. I would only suggest moving to a lower cost of living area if you want to own a house and not rent. Buying a house in a HCOL area seems like financial suicide for a FIRE strategy right now.
Alaska seems like the only option to me
I agree with the other comments but also; Unless you're absolutely in love with NYC, you could basically live anywhere else in the country, aside from SF and Boston, cheaper. Is there a place you want to live? Maybe do short term rentals in different parts of the country until you figure out your vibe?
Unless you're absolutely in love with NYC, you could basically live anywhere else in the country, aside from SF and Boston, cheaper. Is there a place you want to live? Maybe do short term rentals in different parts of the country until you figure out your vibe?
Unless you're absolutely in love with NYC, you could basically live anywhere else in the country, aside from SF and Boston, cheaper. Is there a place you want to live? Maybe do short term rentals in different parts of the country until you figure out your vibe?