5 ms·

I make ~175k/year cash, and I'm able to put away about 60k/year in savings. If you add in the equity I'm receiving (currently illiquid, but company is one of th

by tmh79 8y ago

I make ~175k/year cash, and I'm able to put away about 60k/year in savings. If you add in the equity I'm receiving (currently illiquid, but company is one of the mega-corns), I'm able to save an additional 60-100k/year on top of savings from salary. I live a decent life, 2 annual international trips, own a car, lease a ski house with friends in the winter, if you make over 120k, life in the bay area is quite nice.

abritinthebay 8y ago
You're putting $5k away every month when your take home pay is ~$8k a month? I assume you must live a VERY spartan life in the Bay. Basically pay your rent (which must be shared or very cheap for the Bay) and utilities and not do much else... I mean the average Bay area rent is more than the difference between your take home and your savings... edit: I'm using ADP's calculator, don't know why SmartAsset is different but ADP is pretty legit so I'm going to continue to lean towards those numbers.
- kolpa 8y ago
  Take-home pay on $175K in CA is $10k/month, not $8k/month https://smartasset.com/taxes/california-tax-calculator#RZ3V1bp566 https://smartasset.com/taxes/california-tax-calculator#RZ3V1... Sharing an apartment isn't "spartan", it's "normal"
  - stefano 8y ago
    Earning 10k/month after taxes and still having to share an apartment is not normal.
  - d1zzy 8y ago
    If you're single I can see the advantages (beyond the obvious financial savings) of sharing an apartment. Doesn't really work as a couple/family. I was saving much less per month because as a couple we rented our own single bedroom apartment and my SO doesn't work. However, we still managed to save enough in 5 years (while still not having sold most of the vested equity) to buy a house in the Bay Area. So I agree that the pay is worth the hassle, so far at least. I'm curious how much you spend for food monthly (including restaurants)? Somewhat surprisingly this is the highest cost for us, after rent/mortgage, and we do cook a lot at home (go out maybe twice a month).
  - thirduncle 8y ago
    Sharing an apartment isn't "spartan", it's "normal" It may be "the new normal" in the Bay Area and other hyperstressed markets. But it's not a living standard most people aspire to.
  - LyndsySimon 8y ago
    > Sharing an apartment isn't "spartan", it's "normal" From my perspective, as the sole income earner of a family of four, that's a pretty shocking statement. I feel like I've built a very comfortable life for myself and my family, and I make quite a bit less than that.
- hindsightRegret 8y ago
  Take home is closer to $10k. I'm assuming he's including 401k as part of his savings as well
  - abritinthebay 8y ago
    Might be but most I find 401ks rare in the Bay due to most startups not offering them...

by tmh79 8y ago

abritinthebay 8y ago

You're putting $5k away every month when your take home pay is ~$8k a month? I assume you must live a VERY spartan life in the Bay. Basically pay your rent (which must be shared or very cheap for the Bay) and utilities and not do much else... I mean the average Bay area rent is more than the difference between your take home and your savings... edit: I'm using ADP's calculator, don't know why SmartAsset is different but ADP is pretty legit so I'm going to continue to lean towards those numbers.

kolpa 8y ago
Take-home pay on $175K in CA is $10k/month, not $8k/month https://smartasset.com/taxes/california-tax-calculator#RZ3V1bp566 https://smartasset.com/taxes/california-tax-calculator#RZ3V1... Sharing an apartment isn't "spartan", it's "normal"
- stefano 8y ago
  Earning 10k/month after taxes and still having to share an apartment is not normal.
- d1zzy 8y ago
  If you're single I can see the advantages (beyond the obvious financial savings) of sharing an apartment. Doesn't really work as a couple/family. I was saving much less per month because as a couple we rented our own single bedroom apartment and my SO doesn't work. However, we still managed to save enough in 5 years (while still not having sold most of the vested equity) to buy a house in the Bay Area. So I agree that the pay is worth the hassle, so far at least. I'm curious how much you spend for food monthly (including restaurants)? Somewhat surprisingly this is the highest cost for us, after rent/mortgage, and we do cook a lot at home (go out maybe twice a month).
- thirduncle 8y ago
  Sharing an apartment isn't "spartan", it's "normal" It may be "the new normal" in the Bay Area and other hyperstressed markets. But it's not a living standard most people aspire to.
- LyndsySimon 8y ago
  > Sharing an apartment isn't "spartan", it's "normal" From my perspective, as the sole income earner of a family of four, that's a pretty shocking statement. I feel like I've built a very comfortable life for myself and my family, and I make quite a bit less than that.
hindsightRegret 8y ago
Take home is closer to $10k. I'm assuming he's including 401k as part of his savings as well
- abritinthebay 8y ago
  Might be but most I find 401ks rare in the Bay due to most startups not offering them...