3 ms·
How are they not saving anything? $160k, so your take home is roughly $110k? They're spending $9000 a month just to live in the Bay area?
by durkie 8y ago
How are they not saving anything? $160k, so your take home is roughly $110k? They're spending $9000 a month just to live in the Bay area?
- didip 8y agoSF apartment price is a special kind of crazy. $5k for a 1 bedroom apartment per month.
- mrgordon 8y agoThis is not an accurate price. A smart renter with a little patience would pay more like $2000-3000 unless they needed a brand new condo with a gym and a doorman.
- ummonk 8y agoBrand new apartments actually often offer low rents to fill all the vacancies. E.g. the artsy new apartment in the Dogpatch was going for well under 3k for studios.
- notyourwork 8y agoI have a gym and doorman and pay less than $5k. (Also not rent controlled building.)
- ummonk 8y agoEven assuming you pony up that much for a fancy apartment in a safe part of town, you should still be able to save substantial amounts of money on a $160k salary.
- mrgordon 8y agoWithout kids, this is a bit ridiculous. They probably have poor financial planning.
- owyn 8y agoAt that income, the tax rate is 28% federal, 9.3% California, 6.2% fica, plus some other stuff. For back of the napkin budgeting I assume about 40%, which is more like 95k net. Then subtract 3k for an average 1br, 1k for a new car (payment + insurance + parking). So now you’ve got 4K left over, before any other kind of savings or expenses. I’m almost being generous, it’s necessary to pay more for rent in some areas. And a startup isn’t giving you a 401k either... sure, it’s possible to save but the top line is a far distance from the reality.