Personal Finance (Not Investing) • I feel like I cannot afford where I currently live. Should I move cities?

Just turned 36, been in NYC the past year. This is my cashflow, savings.

Monthly Income - $8025 (after all taxes, insurance, 401k)
+$7175 Salary
+$500 Stocks
+$350 HYSA

Monthly Expenses - $4766 (includes roth contribution)
-$50 phone
-$75 gym
-$65 internet
-$150 electric
-$2700 rent
-$500 food
-$640 student loan
-$583 roth

Savings
+$205,000 401k
+$14,000 Roth
+$3,000 HSA
+$58,000 HYSA
+$52,000 Brokerage

My problem is as follows - my cash savings is a mere $39k/year. That's assuming I don't exceed my food budget, I don't buy any clothes, I don't go on any vacations, and I don't spend much at all on entertainment, gadgets, etc. That doesn't include the $21,500 I put into my 401k every year and $7,000 into my roth, fyi.

If I were to do all those things, I would be lucky to save $30k/year in cash. I feel like at my age, that's simply not much money. Am I being unreasonably financially conservative, or is this actually a decent position to be in? I'm looking towards the long term and realizing that by 40, I'd be lucky to have even $250,000 liquid. I don't even own any real estate yet.

Statistics: Posted by myrongains — Thu Jul 04, 2024 3:52 pm — Replies 52 — Views 2749

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