Out of all the salary break down videos for New York City this was best. It was detailed and transparent and actually line by line what you are spending on realistic normal things. Very helpful. Thank you. please make more videos.
Enjoy your time in NYC. I had a lot of fun in my late teens and 20s living in NYC as a single professional. I was born and raise in Manhattan and lived there until I left for graduate school in my 30s to advance my career. After I finished school, I didn’t return since my quality of life was better here, I can actually afford to buy my own place and save a lot since tax free state. My salary was lower than In NYC when I first arrived but my take home pay was more since no NY state and local taxes. It’s almost 2 decades later and no regrets about not moving back. I Just have great memories of my time there. I recently visited with a friend after the pandemic. NYC was great as a tourist 😊
Thank you! I certainly am taking advantage of my time here. I’ll definitely take home a lot more pay elsewhere, but there’s nowhere else I’d rather be in this stage of my life!
Yeah we’ve all seen the headlines that you need 6 figures to survive in NYC, but that is definitely not the case. I know people living a great life at a much lower salary.
Thank you very much for explaining everything so well, I congratulate you for how organized you are and it is clear that you are also a responsible boy. I always tell my 16 year old son to watch your channel so he can follow your example. Your mom must be very proud of you. Congratulations, keep going. 👏🏻💪🏻👍🏻
I'm a high school student who is trying to pick and choose a career. Your video really helped me out to visualize how my life would be like after undergrad. Honestly, I may sound stupid for saying this, but $300+ for drinks/month is a bit excessive. Acholholic beverages are not good for your health man! Anyways, besides that, I am truly grateful for your video. Your quality is amazing and honestly, you deserve more subscribers than the sub count actually shows.
Thanks for watching! The $500 is not all for drinks, a lot of that goes towards travel, Broadway tickets, subsidizing more expensive meals, etc. I appreciate the support for the channel!
how I survive new york? hop every chance I get, I skip lunches often, and I sleep as much as possible to prevent myself from having to spend anymore money than i have to.... WHAT A DREAM
Groceries I expense for just on the day I buy them. So days where it only shows 1 meal, I most likely ate the others at home and thus didn’t put it on the sheet since I already credited it when I bought the groceries. Good question!
Thank you so much for this video! I would love to move to New York one day but as the headlines say you need 6 figures to live there, I’m just you’re normal person and I’m from Australia, I visited New York in February 2024 and fell in love. Thank you for your transparency and allowing me to realise that my dream is not as far fetched as the headlines make it seem!
I just stumbled on your channel and found your vid really insightful! I just graduated from college and moved to NYC (coincidentally I also work in consulting, in risk/compliance) and I definitely have not been paying attention to my spending/budgeting at all. Tracking your expenses and outlining your budget on a spreadsheet is super smart!
Thanks Joseph! What a coincidence - small world! Creating a budget is definitely kind of overwhelming going into it, but once you have it in place it’s easy to follow and keep track (and also very satisfying). Glad you enjoyed the vid!
I have been subscribed to you for a while and so happy for you (maybe a bit jealous also!:P) I am in my early 30's and think your methodology to balancing saving/living best life is spot on. I think we have all fell in to the trap of wanting to save (getting those compounding gains) but also perhaps forgetting you have a life to live. Sure, there will be a time to knuckle down (e.g. saving for house etc).I think sometimes the thing that people don't take into account is the salary as you get older tends to increase (for most professionals anyway, as you climb ladder etc). One thing that has worked for me is to increase the % of my pension as I get payrises to be a bit higher (can't miss it, if you never had it!). Im from the UK so I'm assuming pension is similar to ROTH (or whatever you guys call it).
It’s a valid question but honestly haven’t changed it one bit. Trying to not allow lifestyle inflation to creep up on me haha. Also the bump in salary really isn’t too material thanks to NY / NYC taxes :/
Kudos for sharing your budget and for taking advantage of Roth IRA. By your 30s you may not even qualify for Roth IRA anymore so definitely maximize it now while your salary is within the cutoff. Also, if you're single you definitely have to budget for it since dating in NYC is not cheap. Good thing you have a girlfriend already!
I landed on your video after chatGPT mislead me with monthly budget, especially fee for gym. It said $40 per month. But when I actually went thru many gym websites, it said approx. $25 per class (1 hour). That’s when I realised I really needed a real person’s budget and not what AI says. Though your video did not say about gym fee, it helped me with real data. Thank you for your information 👍
I always hear about health care being expensive in the US but can never find it in anyone's budgets. Is this cost overrated? Does your employer cover your insurance so that you never have to pay yourself for a doctor or dentist visit?
Thanks Daniel! It’s a major factor to my overall income. The 74k base ends up being ~55k after taxes here in NYC. Brutal. But my budget (semi-monthly check) is built around that net income.
@@Galbra1thgreat video Cameron I’m about to start my first Job in NYC next week on a 75k salary . What figure will that be roughly every 2 weeks after tax? Your help would be much appreciated
Not maxing it out unfortunately. I’m contributing enough to get the max contributions from my company. I know it’s not ideal, but I have continued to max out Roth IRA. I’m at a stage in my life where I’d rather have the experiences (in a still very affordable manner) instead of having to be extremely frugal to get closer to maxing out 401k. With all this said, I’d still say I’m saving a lot more money than most people in my situation.
Great video! I don't know much about how the healthcare system in the US works but, don't you have health insurance? Where I'm currently studying having statutory health insurance is mandatory and it hurts sometimes seeing the amount being debited every month :')
Thanks for watching! You’re right, here in the U.S. we do pay for our health insurance. I am fortunately still on my parents’ plan until I turn 26. This allows me to save a bit of money each month, which is a major help!
5% is tooooooo fkn low for retirement/investing. I would move that marker to the AT LEAST 10%, but target 15-16%. 20% would be ideal, but knowing your situation, 20% is too high based off your salary. I would cut down on your food by 5-18%. you spend too much on food
I’m in a different position now where I am saving more. I am also fortunate to have a good amount in savings that will continue to compound and will most likely be in a higher salary and lower cost of living area when I make the decision to buy a home. But not in the cards for NYC right now!
Hey Cameron! Great video I thought it was super informative. I’ll be starting at EY in NYC in the coming year and budgeting is one of my main concerns right now. Could you upload a copy of the spreadsheet you made somewhere?
@@Galbra1th no biggie. I’m aggressive with saving and investing and my plan is to save upwards of 70% per year for this year and then after the years up, I figure out how to have fun. I make $1k more and of course I’m in nyc. I love watching these videos. It brings reality to me lol I’m basically watching y’all enjoy your lives 🥹
It sounds like you have convinced yourself that it's acceptable to not be able to save and invest more now. However, now, during your youth, is the time to save and invest as much as you can because of the power of compounding interest.
I understand the importance of compound interest. I have maxed out my Roth IRA and contribute to my 401k. I have decided it’s not acceptable for me to live my life now in a way that is devoid of fun and joy for the sake of having a marginal amount more of money when I’m 60. Trust me, I’ll be just fine.
Out of all the salary break down videos for New York City this was best. It was detailed and transparent and actually line by line what you are spending on realistic normal things. Very helpful. Thank you. please make more videos.
I really appreciate it!!
Enjoy your time in NYC. I had a lot of fun in my late teens and 20s living in NYC as a single professional. I was born and raise in Manhattan and lived there until I left for graduate school in my 30s to advance my career. After I finished school, I didn’t return since my quality of life was better here, I can actually afford to buy my own place and save a lot since tax free state. My salary was lower than In NYC when I first arrived but my take home pay was more since no NY state and local taxes. It’s almost 2 decades later and no regrets about not moving back. I Just have great memories of my time there. I recently visited with a friend after the pandemic. NYC was great as a tourist 😊
Thank you! I certainly am taking advantage of my time here. I’ll definitely take home a lot more pay elsewhere, but there’s nowhere else I’d rather be in this stage of my life!
Great work man. People make it seem like you cant live in the city for less than $125,000 and you’re making it work. That’s awesome man
Yeah we’ve all seen the headlines that you need 6 figures to survive in NYC, but that is definitely not the case. I know people living a great life at a much lower salary.
Thank you very much for explaining everything so well, I congratulate you for how organized you are and it is clear that you are also a responsible boy. I always tell my 16 year old son to watch your channel so he can follow your example. Your mom must be very proud of you. Congratulations, keep going. 👏🏻💪🏻👍🏻
Thank you Mary! This comment means the world to me!
I'm a high school student who is trying to pick and choose a career. Your video really helped me out to visualize how my life would be like after undergrad. Honestly, I may sound stupid for saying this, but $300+ for drinks/month is a bit excessive. Acholholic beverages are not good for your health man! Anyways, besides that, I am truly grateful for your video. Your quality is amazing and honestly, you deserve more subscribers than the sub count actually shows.
Thanks for watching! The $500 is not all for drinks, a lot of that goes towards travel, Broadway tickets, subsidizing more expensive meals, etc. I appreciate the support for the channel!
@@Galbra1th I see!
@@kayvon.Also some people like alcoholic drinks. You do you
Really appreciate the transparency (with your numbers) here!
Of course! Appreciate you watching!
how I survive new york? hop every chance I get, I skip lunches often, and I sleep as much as possible to prevent myself from having to spend anymore money than i have to.... WHAT A DREAM
This video is very eye opening for me....I am making a similar wage in the Bay Area, and our expenses are similar. I'm happy to have found this!
Where are you tracking groceries and the meals you are eating at home? A lot of the days only include 1 meal
Groceries I expense for just on the day I buy them. So days where it only shows 1 meal, I most likely ate the others at home and thus didn’t put it on the sheet since I already credited it when I bought the groceries. Good question!
Thank you so much for this video! I would love to move to New York one day but as the headlines say you need 6 figures to live there, I’m just you’re normal person and I’m from Australia, I visited New York in February 2024 and fell in love. Thank you for your transparency and allowing me to realise that my dream is not as far fetched as the headlines make it seem!
I like that day when for the whole day for your food budget, you spent 9 dollars on McDonald's hamburgers and you spent 21 dollars on wine!
Haha it’s all about priorities!
I just stumbled on your channel and found your vid really insightful! I just graduated from college and moved to NYC (coincidentally I also work in consulting, in risk/compliance) and I definitely have not been paying attention to my spending/budgeting at all. Tracking your expenses and outlining your budget on a spreadsheet is super smart!
Thanks Joseph! What a coincidence - small world! Creating a budget is definitely kind of overwhelming going into it, but once you have it in place it’s easy to follow and keep track (and also very satisfying). Glad you enjoyed the vid!
I have been subscribed to you for a while and so happy for you (maybe a bit jealous also!:P) I am in my early 30's and think your methodology to balancing saving/living best life is spot on. I think we have all fell in to the trap of wanting to save (getting those compounding gains) but also perhaps forgetting you have a life to live. Sure, there will be a time to knuckle down (e.g. saving for house etc).I think sometimes the thing that people don't take into account is the salary as you get older tends to increase (for most professionals anyway, as you climb ladder etc). One thing that has worked for me is to increase the % of my pension as I get payrises to be a bit higher (can't miss it, if you never had it!). Im from the UK so I'm assuming pension is similar to ROTH (or whatever you guys call it).
Thank you Iain! I think that’s a very wise approach to your pension. Keeps lifestyle inflation down if you save that way. Glad you liked the video!
Would be interested in an updated video showing how this has changed with the new position (and higher salary).
It’s a valid question but honestly haven’t changed it one bit. Trying to not allow lifestyle inflation to creep up on me haha. Also the bump in salary really isn’t too material thanks to NY / NYC taxes :/
Kudos for sharing your budget and for taking advantage of Roth IRA. By your 30s you may not even qualify for Roth IRA anymore so definitely maximize it now while your salary is within the cutoff. Also, if you're single you definitely have to budget for it since dating in NYC is not cheap. Good thing you have a girlfriend already!
Thanks Joseph!! And very true- dating anywhere is expensive, but especially in NYC!
im interested in consulting, will this salary increase either with raises or position change?
Yes it certainly increases as you move up the ranks!
I landed on your video after chatGPT mislead me with monthly budget, especially fee for gym. It said $40 per month. But when I actually went thru many gym websites, it said approx. $25 per class (1 hour). That’s when I realised I really needed a real person’s budget and not what AI says. Though your video did not say about gym fee, it helped me with real data. Thank you for your information 👍
Glad you got some value out of it! I have a gym in my building, so I am fortunate to not have to factor that into my budget!
Love your idealogy and that book reference!
Thank you!! Such a helpful book!
I always hear about health care being expensive in the US but can never find it in anyone's budgets. Is this cost overrated? Does your employer cover your insurance so that you never have to pay yourself for a doctor or dentist visit?
Great video. Curious on how taxes impact your budget. Is your semi monthly check already factoring that in?
Thanks Daniel! It’s a major factor to my overall income. The 74k base ends up being ~55k after taxes here in NYC. Brutal. But my budget (semi-monthly check) is built around that net income.
@@Galbra1thgreat video Cameron
I’m about to start my first Job in NYC next week on a 75k salary . What figure will that be roughly every 2 weeks after tax? Your help would be much appreciated
Amazing spreadsheet!
Thank you!
Hi, shouldn't gross salary be 40 times nyc rent??
Yes you’re right. I used my Dad as my guarantor to ensure all application documents were approved quickly.
Smart
Are you maxing out on your 401k? What are your thoughts on that based on salary and lifestyle expenses?
Not maxing it out unfortunately. I’m contributing enough to get the max contributions from my company. I know it’s not ideal, but I have continued to max out Roth IRA. I’m at a stage in my life where I’d rather have the experiences (in a still very affordable manner) instead of having to be extremely frugal to get closer to maxing out 401k. With all this said, I’d still say I’m saving a lot more money than most people in my situation.
This is very helpful, thank you.
Thanks for watching!!
Would you be willing to share your excel sheet? I am moving to New York in July and trying to budget similar to you
Happy to! DM me on IG and I’ll send a template your way!
Great video! I don't know much about how the healthcare system in the US works but, don't you have health insurance? Where I'm currently studying having statutory health insurance is mandatory and it hurts sometimes seeing the amount being debited every month :')
Thanks for watching! You’re right, here in the U.S. we do pay for our health insurance. I am fortunately still on my parents’ plan until I turn 26. This allows me to save a bit of money each month, which is a major help!
Thinking about trying to get a job out here around the same pay range! Good video bro.
Thank you! Best of luck!
Not possible to have fun without drinking? Spending more money on drinks vs 401k is nuts to me...
“Fun” is all-encompassing, so included other activities like musicals, events, etc. don’t worry, Roth IRA is maxed out each year 😉
This is great! How do you track all your expenses everyday? Do you type it on your mobile spreadsheet?
Yep. At the end of each day I add everything that I spent!
You and I share a brain, I made my own sheet years ago and it’s great to face the debt head on! 💯
Very Informative Video, keep it up bro 👍
Thanks man! Really appreciate it!
5% is tooooooo fkn low for retirement/investing. I would move that marker to the AT LEAST 10%, but target 15-16%. 20% would be ideal, but knowing your situation, 20% is too high based off your salary. I would cut down on your food by 5-18%. you spend too much on food
I’ve since updated my 401K contributions to be 20%+ so totally agree!
Yeah but how will you save fora home? Its cool if you don't even wanna own a home I guess.
I’m in a different position now where I am saving more. I am also fortunate to have a good amount in savings that will continue to compound and will most likely be in a higher salary and lower cost of living area when I make the decision to buy a home. But not in the cards for NYC right now!
Hey Cameron! Great video I thought it was super informative. I’ll be starting at EY in NYC in the coming year and budgeting is one of my main concerns right now. Could you upload a copy of the spreadsheet you made somewhere?
Hey Evan, thanks for watching! What’s your email? I can send you a sample of it. Feel free to message me on IG - @galbra1th
I second that!
Reach out on IG and I’ll send the template your way!
Pretty cool breakdown of expenses. I want to see the same salary raise a family 😂 (not in NYC)
Great video!
Thank you!!
If you get a roomate you could save about 1k
I have a roommate
You spend $11k a year on food and 2 weeks of pay on rent a month. I thought that alone needed to be reevaluated.
🤷🏻♂️. Optimizing for both fun now while still being responsible. Price you pay to be in NYC.
@@Galbra1th no biggie. I’m aggressive with saving and investing and my plan is to save upwards of 70% per year for this year and then after the years up, I figure out how to have fun. I make $1k more and of course I’m in nyc. I love watching these videos. It brings reality to me lol I’m basically watching y’all enjoy your lives 🥹
Welcome to NYC, can’t get around those costs
It sounds like you have convinced yourself that it's acceptable to not be able to save and invest more now. However, now, during your youth, is the time to save and invest as much as you can because of the power of compounding interest.
I understand the importance of compound interest. I have maxed out my Roth IRA and contribute to my 401k. I have decided it’s not acceptable for me to live my life now in a way that is devoid of fun and joy for the sake of having a marginal amount more of money when I’m 60. Trust me, I’ll be just fine.
No tips at the restaurants?
What do you mean? When I eat at restaurants that ask for tips I typically pay ~20%. That is factored in to my total food budget.
Why would he separate the tip out from his budget? Do you expect him to separate the taxes too?
This is a nice example of how to NOT handle money.
Why’s that?
Yeah, Why’s that?
Congrats on not having any student loans !
Thank you!!
Snooze fest😢
Sheesh, sorry brother