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Feb 13, 2014
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From 10 rejections to 1 dream investment banking internship
“... I believe it was the single biggest reason why I ended up with an offer...”
You moving to Daly City?
You were able to find a 1BR in SF for $1500/month?
Nice work.
No this is outside of SF but within commuting distance which works for me. I'm just worried that I'm paying too much for this place strictly based on my salary. Besides that I'm in love with the place.
I think you are fine. You get a bonus as well, right?
You should be able to make 1500 work. If you love the place then go with it.. No point in trying to save a hundred bucks if you already found a place you like.
You will be spending half your paycheck on rent alone - if you don't need a car and those costs then you can do it. Although I would heavily recommend avoiding paying 50% of your salary to rent... better to live off your base the first year or two.
Somebody doesn't math good... not 50% of salary
The poster was probably referring to post taxes and 401K/benefits. $60K/year is ~$3500/month (using random online calculators for CA, not familiar with their taxes), if you factor in $100 for health care and another $400 for 401K you are around 50% of take home pay.
Oh my bad, I forgot you can pay rent in cash off of gross salary.
WTF change your username.
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Roughly $1800 payout every two weeks on 60k, assuming you are a single male so no tax breaks. Its doable for a place you love but won't give you much leeway if you have other bills such as loans, credit cards or car notes to pay off.
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Try to live in the lower Richmond district, its in SF and you can probably get something cheaper. I lived there, its a safe neighborhood (not super upscale but fun to live in) and its VERY affordable considering its in SF. I paid around $1000 a month for a room in an apartment with 3 bedrooms. I grew up around there, housing is a total pain, I feel your struggle.
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I mean, you're back out on your own again, live a little! At some point...reign in the spending or start earning more! You're not building equity, you're just handing over money for the right to sleep indoors and it's a long term loss.
Every $100/month that you save on rent is $1200 a year. That's not a giant chunk of money, but think of it this way: what would you do if I handed you a thousand bucks...right now? Hand yourself a thousand bucks every year.
If you're passing up saving $7K, only you know if it's worth it. What is $7K invested in the market worth in 40 years? How much fun can you have with $7K? Is your long term situation improved by living closer to where you work?
I can speak for myself: being closer to work in a situation I like has done such wonders for my mental state that I am making advances far more quickly than I would have had I lived farther away. And I DID live farther away for a few years. I spend maybe a bit more than I need to but the personal development and long term growth is totally worth it. So if you really like your place, like, REALLY REALLY like your place, that good state of mind will probably make you a better employee and overall happier person. Better employees and happier people tend to get better promotions and make more money....it sounds like it's worth it.
Hope this helps?
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The general rule is a max of 30% of your gross salary. $1500/month puts you right at that so not too crazy as long as you don't have significant school or other debt. Idk who these other people are but $3600/month net with $1500/month going to rent isn't awful for a single early 20-something.
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