I recently got a return offer from John Deere(graduating with BS this December) and the TC is around 107k. I’d be working remote from the Midwest, but I wanted to see what my salary would equal in New York and California. When I look at NerdWallet and BankRate COL Calculators, they are saying my salary is equivalent to 260k in Manhattan, and 200k in San Fransisco. Is this even accurate? If, living in the Midwest, especially Minneapolis, seems like a cheat code unless you care about city life and all that.
If you compare house prices, it’s more then accurate
So I’d be saving more than someone who makes like 200k in Manhattan with the same lifestyle? That sounds crazy.
In my experience, outside of housing; many things about cities are way cheaper. Utilities, food, mass transit etc. all makes it much easier to not spend money. But then you DO have the housing cost and also living in the city has so many temptations. Easy to eat out all the time and hit bars etc.
It’s accurate if you have a family or plan to start one, then the cost of single family houses and child care adds up significantly. Otherwise the major difference is going to be taxes and rent. The latter might easily be around 2k extra per month for the same property type. I’d estimate your 107 be worth ~140 in HCOL unless you’re staying there for good
Makes sense. I’ll probably be living in my parents basement anyway to save money, so I’ll never find a girlfriend anyway, so I don’t have to worry about family and kids.
Sounds about right. If you make $100K in SF you’re still poor.
I just wanted to say I spent 2 hours yesterday trying to connect the PTO shaft on my rotary tiller to my new 1025r and finally gave up. So fuck you.
Go to a dealership and spend your life savings, how do you think Deere makes money?
Holy Moley I finally got it To be fair it was more a function of the garbage spring-loaded collar on the Frontier rotary tiller Long JD To answer your question in my experience remote with high TC / geoarbitrage has been the biggest opportunity to spring ahead in the past 5-10 years. It’s hilarious how much of the Midwest is overlooked because a lot of it is beautiful and a great place to live. The current RTO push is really annoying and hopefully won’t derail things. gl
One problem is that they are just multiplying by a factor that assumes you are spending all your money in that location on the basket of goods. Once you make a lot of money, so that you are saving maybe 50% of your earnings, that 50% is way way more in SF than LCOL. You get much richer, quicker if you are not living paycheck to paycheck. And then, yes, housing is a huge expense, but it's also a huge leveraged investment. If your tiny single family home price doubled in CA over the decade, you made 1M$. In LCOl you made 300k. LCOL is good if you can't break into FAANG, or to retire.
Makes sense, i unfortunately couldn’t break into FAANG right out of college, but i how to witching a couple years.
As someone from the Midwest and moved to the Bay Area, those calculators aren’t accurate. It’s all based on whether you rent or buy. As a renter, my monthly expenses is about $2k more. That’s only like $30k more a year rounding up. My salary is tripled and I’m saving much more money than I was in the Midwest. Now if I buy a home, then the calculation will be all different
Makes sense, and if you buy a house you’re gaining equity so you’re not really losing money.
Yep, but I can easily afford a house on a single salary on the Midwest. There’s no chance I can do that in the Bay Area.
Can i get a referral for john deere?
You wanna move from VMWare to John Deere?
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The weather is also terrible in Minneapolis but yes that’s fairly accurate.
Only in winter. Summer is amazing
Winter doesn’t mean terrible. I’d rather be in Minnesota that NYC in the winter just because of how disgusting it gets.