I understand that we currently have bigger issues in this country than assessing COL for a finance professional but I would like some help here. I currently work in a relatively low COL city (think similar to Charlotte, NC) and take advantage of the finance salary/bonus to save and invest. I lived relatively comfortably on ~$100k last year ($80k base/$20k bonus).
With that said, I have received an opportunity to leave ER and get into corp fin. at one of the FAANG companies. For me, this is a no brainer given the current economic situation and overall state of ER. Further, my total compensation would increase by ~$60k, maybe more.
My only issue is...
- It's still a cost of living pay cut.
- My girlfriend is a teacher that won't be getting such a pay raise ($10-$15k) if we move. All-in, I estimate we would be cutting our purchasing power by ~50%.
For those who made the move to northern California, how do you guys think about such steep increase in cost of living (SF cost of living is ~104% higher than Charlotte per nerdwallet)? How did you go about reducing costs to manage the difference (other than downsizing apartment)? Anything else I should know (outside of the canned political commentary, this doesn't factor into my predicament at all)? Some help on this would be appreciated, thank you WSO.