How easy/tough is it to manage on a single person’s earning post-marriage in bay area? Is it a good decision to take or should I consider finding a working partner? What are somethings I should really consider if I end up being the sole earner?
Age : 30
Tc : 180k
So your take-home pay would be 100k. So if your rent is 4k/month (high end), and you spend 3k/month on bills, groceries, cars, and eating out (also high end), you’re left with 16k in savings every year. Not terrible, considering the luxury lifestyle.
But let’s say you want to go frugal and get a 1-bedroom place for 2k/mo, and you can fit your bills and groceries in 1k/month (it’s doable), driving a used car, you’d be saving 68k/year.
This way, you would be able to afford a 10% down payment on a $1M house in about two years. (Or to avoid PMI, about 20% down in four years.)
But if you want me to be real with you, once you move here you should start LCing hard and get into a unicorn or FAANG, because with about 8 YOE you can be earning 400k+.
The difference is HUGE between 400k+ and 180k. Plus at a FAANG you and your wife will get great benefits and will feel a lot better and more secure.