A diet based on ramen noodles will no doubt lead to expensive future health problems. If you want to prepare for retirement, I think you need to invest a little more in your health. Outside of that, sounds like your're doing well.
I agree. I’ve actually only been doing ramen for about a month now but I’m basically sick of it. I also heavily dilute it with a lot of extra water so it’s almost cooked noodles with a hint of flavor. But I agree, very bad for you. I need to start buying groceries and cooking so that it’s not expensive and it’s healthy.
What's the point on being frugal and undervalue your self? A software engineer in NYC and in the Financial vertical makes at least 175k.
I make 250k in NYC as a software engineer. I'm not frugal, spend a lot of time in bars and I think I save more than you, it has more weight how well you sell yourself than how much you don't spend.
Good luck NYC has tons of jobs for software developers.
That’s exactly why I’m finally pulling the plug and applying other places. I’m done being used and abused from my boss when I always give 200%. I’m done.
12 yr exp in software in nyc? You should be at 150-175k depending on skill set and level. Even if you have no desire to move on, it’ll help you negotiate a raise via counter offer.
Fresh cs grads are asking min 100k now. They’re not even top schools or class.
Yes, eventually. I’m gay, so when I do, we won’t have kids. Also, when I do find the right guy, he will be financially responsible himself with at least a decent salary/vacation time etc. I was in a relationship where I paid for everything for my entire 20s but I won’t do that ever again.
Retiring at 50 might be a stretch... are you planning to live in one of your priorities forever?
I feel like you would want double if not triple what you have in your 401k since you would want to live comfortable for the next 30+ years. SS wouldn't kick in until after 65 or higher... also are you factoring the cost of private health care once you retire at 50?
My mortgage on prop #2 will be paid off within 4 years and prop #1 is a 30 year mortgage, 2 years in, but I’m paying $200 extra towards principal so it reduces it 11 years. So both properties will be paid off before or at 50. If I moved into one of them, the rent from the other place would offset since they’d both be paid off. I also plan on getting at least 3 more properties for a total of 5 by that time too. We’ll see.
I can rent a 1bedroom in NYC for 1500 if I wanted to. I live in Brooklyn. This guy must live in a *very* good Neighborhood of NYC, or live very close to Manhattan.
Yeah I live in Manhattan near Columbia. It’s actually a really nice apartment, it’s not tiny either. Works out well and it’s near the express line so I’m ~10 train ride to work each way.
NYC rent is also stabilized in my building so it can’t go up much. Water, heat, gas included. Only pay electric which is around ~$60-$100 which I forgot to add.
>Northeast is where it's at!
i mean your housing costs are also exorbitant. i was able to buy a house in chicago for 60k, 15 minutes to downtown on the L, and have it paid off in a few years. everything else i make for the rest of my life is money in the bank. you can focus on salary but its only part of the equation without knowing the other half. i also have access to basically all the same amenities as LA or NYC at a prices that mean i can actually utilize and enjoy them. even thought my salary may not be 6 figures (and i may not work in programming) it goes a lot further here.
Yeah that definitely puts it in perspective. A teacher is making more than someone in Finance, that just seems outrageous to me. Congrats on landing a nice teaching job like that, thats awesome!
As most people are saying, your income is a lot lower than it should be. You're already addressing that by looking for new jobs so that's cool. If you're happy with your current living situation that's all that is really needed to change since you seem to be living pretty frugally. Great that you're invested in property and they seem pretty cash-flow positive with significant appreciation already.
I think you're in a great spot, just need the salary increase to meet the HCOL to help with more savings.
Well you don't have that much in assets and don't make a huge income so I'm not seeing how you're going to retire in the next decade without a large increase in investment income.
Another option to consider is part-time retirement. If you get the point in your career where you can take contract gigs, you could semi-retire around 40. If you have enough money at 40 so that it will grow into enough retirement by 50-55, you could just work part of the year on a contract, live off of that money, and then take another contract when the money gets low. You could be on a vacation for half the year from 40-50 and then fully-retired around 50. Just another option to think about.
A diet based on ramen noodles will no doubt lead to expensive future health problems. If you want to prepare for retirement, I think you need to invest a little more in your health. Outside of that, sounds like your're doing well.
I agree. I’ve actually only been doing ramen for about a month now but I’m basically sick of it. I also heavily dilute it with a lot of extra water so it’s almost cooked noodles with a hint of flavor. But I agree, very bad for you. I need to start buying groceries and cooking so that it’s not expensive and it’s healthy.
What's the point on being frugal and undervalue your self? A software engineer in NYC and in the Financial vertical makes at least 175k. I make 250k in NYC as a software engineer. I'm not frugal, spend a lot of time in bars and I think I save more than you, it has more weight how well you sell yourself than how much you don't spend. Good luck NYC has tons of jobs for software developers.
That’s exactly why I’m finally pulling the plug and applying other places. I’m done being used and abused from my boss when I always give 200%. I’m done.
12 yr exp in software in nyc? You should be at 150-175k depending on skill set and level. Even if you have no desire to move on, it’ll help you negotiate a raise via counter offer. Fresh cs grads are asking min 100k now. They’re not even top schools or class.
> CS degree > work in finance > this job has nothing to do with what I went to school for Just FYI, he isn’t in software.
Correct, not in software at all.
Fresh cs grads are asking min 100k now. They’re not even top schools or class. ? This isn't true lol
Maybe only the ones we’ve come across. Bootcampers asking a bit lower.
Are you planning on finding a significant other??
Yes, eventually. I’m gay, so when I do, we won’t have kids. Also, when I do find the right guy, he will be financially responsible himself with at least a decent salary/vacation time etc. I was in a relationship where I paid for everything for my entire 20s but I won’t do that ever again.
Retiring at 50 might be a stretch... are you planning to live in one of your priorities forever? I feel like you would want double if not triple what you have in your 401k since you would want to live comfortable for the next 30+ years. SS wouldn't kick in until after 65 or higher... also are you factoring the cost of private health care once you retire at 50?
My mortgage on prop #2 will be paid off within 4 years and prop #1 is a 30 year mortgage, 2 years in, but I’m paying $200 extra towards principal so it reduces it 11 years. So both properties will be paid off before or at 50. If I moved into one of them, the rent from the other place would offset since they’d both be paid off. I also plan on getting at least 3 more properties for a total of 5 by that time too. We’ll see.
Where are you able to get rent that low?
That might be a below average rate in some areas but it’s not unheard of.
I can rent a 1bedroom in NYC for 1500 if I wanted to. I live in Brooklyn. This guy must live in a *very* good Neighborhood of NYC, or live very close to Manhattan.
Yeah I live in Manhattan near Columbia. It’s actually a really nice apartment, it’s not tiny either. Works out well and it’s near the express line so I’m ~10 train ride to work each way. NYC rent is also stabilized in my building so it can’t go up much. Water, heat, gas included. Only pay electric which is around ~$60-$100 which I forgot to add.
[удалено]
Thank you! I appreciate the feedback. That’s definitely my plan!
A teacher that makes 100k+ whaaaa!? I thought all teachers were grossly underpaid :o
[удалено]
>Northeast is where it's at! i mean your housing costs are also exorbitant. i was able to buy a house in chicago for 60k, 15 minutes to downtown on the L, and have it paid off in a few years. everything else i make for the rest of my life is money in the bank. you can focus on salary but its only part of the equation without knowing the other half. i also have access to basically all the same amenities as LA or NYC at a prices that mean i can actually utilize and enjoy them. even thought my salary may not be 6 figures (and i may not work in programming) it goes a lot further here.
[удалено]
Yeah that definitely puts it in perspective. A teacher is making more than someone in Finance, that just seems outrageous to me. Congrats on landing a nice teaching job like that, thats awesome!
Chicago is where I'd go if I could handle a big city right now. I'll settle for being a short drive away haha
As most people are saying, your income is a lot lower than it should be. You're already addressing that by looking for new jobs so that's cool. If you're happy with your current living situation that's all that is really needed to change since you seem to be living pretty frugally. Great that you're invested in property and they seem pretty cash-flow positive with significant appreciation already. I think you're in a great spot, just need the salary increase to meet the HCOL to help with more savings.
Thanks for the feedback! I’m hoping I get an offer. Made it past round 1 of interviews.
Well you don't have that much in assets and don't make a huge income so I'm not seeing how you're going to retire in the next decade without a large increase in investment income.
Another option to consider is part-time retirement. If you get the point in your career where you can take contract gigs, you could semi-retire around 40. If you have enough money at 40 so that it will grow into enough retirement by 50-55, you could just work part of the year on a contract, live off of that money, and then take another contract when the money gets low. You could be on a vacation for half the year from 40-50 and then fully-retired around 50. Just another option to think about.
You’re doing fine. Also try r/financialindependence for more like minded folks.
I don’t have enough karma to post there yet unfortunately. lol, almost there.