What is the max a first year analyst should spend on rent?
Incoming 1st year analyst in NYC and I really want to live a lone. I'm making $110k base, 10k sign-on bonus, and hopefully a nice year end. What is the maximum I should spend on rent?
I’d say max 40% of gross monthly income. Probably better at like 35%. Depends on how much you spend on other things. If you like going out to nice places/vacations then spend less on rent so you could splurge more on that. Remember, rent is the cost that’s impossible to cut back on if you find yourself spending too much, so it’s best to keep that as low as possible if you do spend a lot on other shit.
So my base income divided by 12 is $9166.66 a month. 35% of that is $3,208.33. So if I spend, say $2750 on a studio, I'll be okay?
No, monthly income after taxes and benefits. Will probably be like 6k after all of that. So you should try to only spend like 2,400 max. Welcome to the real world lol
This is incorrect. The "30%" rule is based on GROSS income not net. His math is actually correct for the max he "should" pay on his base. As to OP, I'd say do whatever makes you most comfortable. Your not blowing the money at the club it's where you will damn live. And WFH hybrid isn't going anywhere. Get something decent with some space (hard in NYC I know). I'd say 3k is a solid upper bound.
couple bucks
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tree fiddy?
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