Current Events > I make $18 pre-tax and save roughly $18k per year living in NYC.

(+) Yeah! (+)

Should I be enjoying life more?
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Spend that 18k on a place to live instead of being homeless
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No. Keep saving that 18k a year.
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I don't get it, $18 what?
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Pre-tax? Do they even tax you at all if that's all you make
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REMercsChamp posted...

Pre-tax? Do they even tax you at all if that's all you make

If he's saving 18k a year he's clearly doing much better than 90% of Americans
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REMercsChamp posted...

Pre-tax? Do they even tax you at all if that's all you make

? Lol, yes.
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So you live at home or rent a room in a shithole somewhere? Cause youre not paying legit rent and saving that much yearly. Either way bank it as long as you can. Put some into retirement funds then get a nice down payment on a house.

JustMyOpinion posted...

How does one save $18k a year on what comes to $37k a year pretax? No taxes and zero on living expenses?

My take home is about 28k a year. I have no car and pay 600 a month rent. Bills and food take up the rest of my spendings. I don't spend money on hanging out.
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SaltyWet posted...

JustMyOpinion posted...

How does one save $18k a year on what comes to $37k a year pretax? No taxes and zero on living expenses?

My take home is about 28k a year. I have no car and pay 600 a month rent. Bills and food take up the rest of my spendings. I don't spend money on hanging out.

Clothes?
Entertainment?
Hobbies?
Medical/Dental expenses?
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so basically you just don't go outside at all and walk to work?
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Akagami_Shanks posted...

so basically you just don't go outside at all and walk to work?

I have a commuter metrocard. There are lots of free things to do here.
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18 an hour and you save 18k a year in new york city?

its kind of cheating to not include the fact that you're mooching off of your parents/sugar mommy's accommodation

FluttershyPony posted...

18 an hour and you save 18k a year in new york city?

its kind of cheating to not include the fact that you're mooching off of your parents/sugar mommy's accommodation

I'm paying rent.
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It's funny that people are mad at TC. He's making less money than the average millennial networking major who makes about 50k/Year but somehow had 20x what they have in their bank accounts

It's a sign that if y'all stop spending money on 8$ drinks and 10$ sandwiches your life and future won't be such shit
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SaltyWet posted...

JustMyOpinion posted...

How does one save $18k a year on what comes to $37k a year pretax? No taxes and zero on living expenses?

My take home is about 28k a year. I have no car and pay 600 a month rent. Bills and food take up the rest of my spendings. I don't spend money on hanging out.

Net income: 28K
Less rent -- 600 x 12 = 7200
Income after rent: 20,800

Bills
No car or car insurance
Cell phone: $50-100/month = 600-1200/year
Internet: $30-70/month = 360-840/year
Utilities: $100-200/month (assuming small apt) = 1,200 - 2,400 year

Bills total -- 2,160 - 4,440
Income after rent and bills: $18,640 - 16,360
This does not include any food expenses.

Taking TC at his word that he save 18k/year leaves $600 for food for the year, at best. This does not include anything else, which he has already admitted isn't the case, because of the metro card. No cable tv/netflix or any other form of media is included which probably isn't the case. He is on Gamefaqs which suggests he has an interest in gaming but doesn't include any kind of gaming/PC expenses.

TL;DR: You can't save 18k living on 28k income in NYC. TC either lives at home where his parents subsidize his rent, pay his bills and food OR its a made up story. Either case suggests that its impossible to do what TC says he does.
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whitelytning posted...

SaltyWet posted...

JustMyOpinion posted...

How does one save $18k a year on what comes to $37k a year pretax? No taxes and zero on living expenses?

My take home is about 28k a year. I have no car and pay 600 a month rent. Bills and food take up the rest of my spendings. I don't spend money on hanging out.

Net income: 28K
Less rent -- 600 x 12 = 7200
Income after rent: 20,800

Bills
No car or car insurance
Cell phone: $50-100/month = 600-1200/year
Internet: $30-70/month = 360-840/year
Utilities: $100-200/month (assuming small apt) = 1,200 - 2,400 year

Bills total -- 2,160 - 4,440
Income after rent and bills: $18,640 - 16,360
This does not include any food expenses.

Taking TC at his word that he save 18k/year leaves $600 for food for the year, at best. This does not include anything else, which he has already admitted isn't the case, because of the metro card. No cable tv/netflix or any other form of media is included which probably isn't the case. He is on Gamefaqs which suggests he has an interest in gaming but doesn't include any kind of gaming/PC expenses.

TL;DR: You can't save 18k living on 28k income in NYC. TC either lives at home where his parents subsidize his rent, pay his bills and food OR its a made up story. Either case suggests that its impossible to do what TC says he does.

Thanks for working this out so I didnt have to. Even with low rent, thats impossible
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why does it matter how he's doing it u guys are jealous

New York City is a big place. Living in Midtown is going to cost a fortune while sharing a place in some parts of Queens can be relatively cheap living.
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Food is a negligible expense when you dive in and out of dumpsters.
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CharlesBronson posted...

why does it matter how he's doing it u guys are jealous

I'm not quite certain anyone is jealous of somebody making all of 20% above minimum wage.
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Fuparulez posted...

CharlesBronson posted...

why does it matter how he's doing it u guys are jealous

I'm not quite certain anyone is jealous of somebody making all of 20% above minimum wage.

What an ignorant statement. If you are able to invest 18k a year you can become a millionaire in a short period of time why does it matter what his hourly wage is? Have fun working til ur 70.

EnragedSlith posted...

whitelytning posted...

SaltyWet posted...

JustMyOpinion posted...

How does one save $18k a year on what comes to $37k a year pretax? No taxes and zero on living expenses?

My take home is about 28k a year. I have no car and pay 600 a month rent. Bills and food take up the rest of my spendings. I don't spend money on hanging out.

Net income: 28K
Less rent -- 600 x 12 = 7200
Income after rent: 20,800

Bills
No car or car insurance
Cell phone: $50-100/month = 600-1200/year
Internet: $30-70/month = 360-840/year
Utilities: $100-200/month (assuming small apt) = 1,200 - 2,400 year

Bills total -- 2,160 - 4,440
Income after rent and bills: $18,640 - 16,360
This does not include any food expenses.

Taking TC at his word that he save 18k/year leaves $600 for food for the year, at best. This does not include anything else, which he has already admitted isn't the case, because of the metro card. No cable tv/netflix or any other form of media is included which probably isn't the case. He is on Gamefaqs which suggests he has an interest in gaming but doesn't include any kind of gaming/PC expenses.

TL;DR: You can't save 18k living on 28k income in NYC. TC either lives at home where his parents subsidize his rent, pay his bills and food OR its a made up story. Either case suggests that its impossible to do what TC says he does.

Thanks for working this out so I didnt have to. Even with low rent, thats impossible

My rent is $7200 a year
I am on a family plan for my phone so my contribution is $30 a month, $360 a year
My internet is $60 a month, $720 a year.
Utilities are included in my rent.
I am not insured whatsoever.
Last month I spent about $500 on food, which caused me to re evaluate my spending. I only cook my meals this month and spend an average $3 a meal. I only eat twice a day.
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I should also mention that my metrocard is tax deductible so that gets taken out before I see it in my take home pay.
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@SaltyWet

NYC as well.

I was saving about that amount too. I started working in a March and had about $18,000 saved up by the following year April. Then I ruined everything.
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why would someone saving 18k a year not buy health insurance? one medical bill and your savings is gone

what kind of place can you live in nyc that is only 600 a month?
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I work 2 jobs and save almost the same but I'm paying rent and utilities. If my rent wasn't so much I'd be putting away over 20k a year
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I make pretty good money, and I save alot.

But, what's the point of saving money and living bare bones/squalor? You could spend a little more money and have insurance, or go out, or something. Thrift is one thing, but all virtues are vices in the extreme.

You may die tomorrow. That doesn't mean blow your money, but come on. Three meals a day isn't a waste of money.
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JustMyOpinion posted...

andel posted...

what kind of place can you live in nyc that is only 600 a month?

His parent's place or somewhere with a bunch a roommates.

Let's just say my landlord is very generous. I live with one other person.
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SaltyWet posted...

JustMyOpinion posted...

andel posted...

what kind of place can you live in nyc that is only 600 a month?

His parent's place or somewhere with a bunch a roommates.

Let's just say my landlord is very generous. I live with one other person.

he's renting a room with the landlord giving him a better deal on rent.
though i'm probably wrong.
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The math is actually wrong because the TC makes 35k/Year with his wage and after taxes it's probably 30k
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Perascamin posted...

The math is actually wrong because the TC makes 35k/Year with his wage and after taxes it's probably 30k

Yeah if you assume 1000 hours is about half a year, then he's saying he literally saves half a year's worth of wage assuming he pays no tax.

That's really sad or really impressive, or he's just lying

DeadSite posted...

Perascamin posted...

The math is actually wrong because the TC makes 35k/Year with his wage and after taxes it's probably 30k

Yeah if you assume 1000 hours is about half a year, then he's saying he literally saves half a year's worth of wage assuming he pays no tax.

That's really sad or really impressive, or he's just lying

what's sad about it? the only thing sad is people like you who think "i have to work til i'm 70 therefore you should too"

My pre-tax income is roughly $37k. Due to NYC's outrageous tax rates, plus my metrocard deductible, I take home about 75% of that, or $28080.
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my pre tax income is 38k and according to some websites that have my job listing, its 31k after taxes and I'm in NJ
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CharlesBronson posted...

DeadSite posted...

Perascamin posted...

The math is actually wrong because the TC makes 35k/Year with his wage and after taxes it's probably 30k

Yeah if you assume 1000 hours is about half a year, then he's saying he literally saves half a year's worth of wage assuming he pays no tax.

That's really sad or really impressive, or he's just lying

what's sad about it? the only thing sad is people like you who think "i have to work til i'm 70 therefore you should too"

I'm hoping to die by 40 lol. Kids who just save money to never actually do anything with it are sad

Akagami_Shanks posted...

my pre tax income is 38k and according to some websites that have my job listing, its 31k after taxes and I'm in NJ

In that case I should talk with my boss about how much he's withholding.
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this is also from the 2015 income table, who knows what it is after the tax cut, plus my refund will be around 1500-2000, since when I made 28k pre tax it was $1000 with some fancy number budgeting to get the highest refund possible
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Akagami_Shanks posted...

my pre tax income is 38k and according to some websites that have my job listing, its 31k after taxes and I'm in NJ

Oh you're in NJ which makes sense. NYC has their own city tax.
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furb posted...

I make pretty good money, and I save alot.

But, what's the point of saving money and living bare bones/squalor? You could spend a little more money and have insurance, or go out, or something. Thrift is one thing, but all virtues are vices in the extreme.

You may die tomorrow. That doesn't mean blow your money, but come on. Three meals a day isn't a waste of money.

This is a good post - might want to think about this TC
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