Making $75k in tech support but was paying $2200 for a one bedroom downtown. After doing the math, I realized I was basically working just to pay for an apartment I barely used since I'm at the office or gym most of the time.
Decided to try shared housing instead. Found a furnished room with padsplit for $850/month including all utilities and internet. Yeah I share a kitchen and common areas but honestly it's fine. The other people living there are all working professionals too so it's quiet and clean.
Now I'm maxing out my 401k, IRA, and still putting $1500 into my brokerage account every month. My coworkers think I'm crazy but I'll be able to buy a house cash in a few years while they're still renting luxury apartments. Sometimes you gotta sacrifice a little comfort now for financial freedom later.
Cut my housing costs by 60% and increased my savings rate to 45%
byu/NoPressure__ inpersonalfinance
Posted by NoPressure__
2 Comments
Nice work! Put that money away early and never think about it! I was saving 50% of my income for many years (before I got divorced) and am now a “401k millionaire” on basically the same salary as you.
Impressive. So 23.5k to 401k, 7k to IRA, 18k to brokerage, and 10.2k to rent annually? That’s like 58.9k which I guess is almost all your take home?