So I just landed my first full-time job in NYC (I live in NJ). I have always wanted to move out, not because home is bad by any means but because I want to actual learn how to be an adult/have some of that freedom. The job I just landed pays $48,808 pre tax.
Now, my parents are against me moving out for a few reasons. There is obviously the empty nester syndrome since I just graduated college and I'm the youngest and only kid at home right now. My mom is very emotionally attached. On the other hand my dad is excited about this job offer because it's in a local city rather than Chicago or Philadelphia so it allows me to commute from home and save money. I live in a town close to a train station that makes my commute ~1.5 hours each way. My dad did it for years so I'm willing to do it but I would like to move out at some point if I can somehow get my parents on board emotionally/logistically.
For the logistical aspect, how can I make it work in NYC with that salary. My dad keeps telling me you cannot find a good place in the city with that money ontop of the fact that the income tax there is higher than in NJ. As far as my research shows I'll be taking home ~36k in NY if I wanted to move and ~38k if I wanted to stay in NJ. My job also offers a tax deductible to account for commuters. I have no student loans and as far as I know no car payments.
I don't want to jump straight into moving out because this is my very first job and I don't want to knock living at home because I know my parents miss me and it will be nice to ease into the job first and then think of my options, although I think my parents wont be on board for a while. So my current plan is to work for three months, get used to the job flow. Then at three months I'll reflect on the commute and think about moving out/flesh out a plan and execute it if I feel it's time. If not, I'll wait till the 6 month mark. I would like to move out by then and if I really am getting backlash from my parents (these are indian parents lol) or if I really don't mind living at home by then, then I'll think about it in a year.
I know that this post may seem a little too early given my plan outline above but I just wanted to get some initial advice to get my mind thinking straight since this will be my first actual interaction with money. And also getting advice from this group may also help convince my parents down the line since they are pretty convinced I can't live comfortably in NYC with this salary, or even Jersey City for that matter (which is also an option). I am very open to roommates. I've lived alone and didn't like it.
So I just kind of want advice on how I should look at this salary in terms of the lifestyle it can entail me down the line when I consider moving out. How helpful is it to live at home and save if I have no student loans? how much should I be saving each month? What kind of rents should I be looking at down the line? Is it better to stay at home and save up for 6 months and then move? I feel like the answer to that is yes but I am very new to all this so I just would love to hear any advice!
Submitted July 19, 2017 at 01:06AM by throwthrowthrowfuck http://ift.tt/2vh2uiw
