If my TC is 142k, would it be a terrible idea to get my dream apartment thats 3300 a month? Single, no kids, no debt, no car, no crazy expenses.
Wouldn’t be the worst but that will affect how much you can afford to pay on eating out, going out, etc.
If it makes you happy, and will continue to make you happy, go for it. Realize that you are spending money for your enjoyment, and be ok with that.
That’s wayyy too much! I wouldn’t even split that with a roommate...you can find nice, brand new one bedrooms for <2k...
You'll regret it later once you see how quickly everything else adds up. Don't lock yourself into being house poor for the first year of your post-grad life just cuz it's at your means. Put the extra 15+ grand elsewhere.
Prioritize what's important to you and budget appropriately. If you prefer the comfort of your own, nice place then go for it. Just realize you may not be able to afford leisure elsewhere such as travel, events, frequent dining. All of which is fine. Rules of thumb are good baselines but they are too general. Spend money on what's important to you and makes you happy and cut back on other things.
Too much for that salary. Really too much to pay in rent for any apt in seattle no matter what you earn.....unless you know you will only be in this city for a short period of time.
Good point. I’m definitely deciding against it, just not finding any apartments I’m too happy with
Does this Dream apartment have "tactical utility"? =p I would say it is a bad idea. A better idea is to get the $3300 apartment, then put 4 bunk beds in it and call it a "Dev Hostel" and charge everyone $700 a month
i would rather be happy. what makes it such a dream btw?
Corner apartment in a luxury high rise with floor to ceiling windows. 900 sqft. Perfect floor plan, great reviews
I have the same TC in Portland , and I wouldn’t spend anything over $1600 on rent. 3300 is too much.
Updated my TC.. I wrote just my base pay originally. But you’re right
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Yes. Your take home will probably be 3-5k if you’re contributing to your retirement accounts properly.
How much should I be contributing?
IRS max on your 401k, max on your IRA, max on HSA. There’s other ways, but this would be a good place to start None of this is strictly required, but warren buffet said you can expect tax advantaged accounts to save you about 20-25% by the time you withdraw. That means if you were to invest it in your own stocks or ETFs, you would have to make at least 20% back just to break even with contributing to tax advantaged accounts. This is all assuming no outstanding debts, and no immediate goals that require you to need a lot of cash on hand such as a house within the next year