In New York and San Francisco, a $250,000 salary has the purchasing power of only about $83,000 after accounting for taxes and adjusting the remaining amount for the local cost of living, per Bloomberg.
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So imagine making a quarter of a million dollars a year but still to be considered broke. Now this is according to Bloomberg Let me go ahead and share my screen with you guys so you guys can see exactly what it is that I'm looking at. but in the state of New York City of New York and San Francisco a 250 000 salary has a purchasing power of only 83 000 after accounting for taxes and adjusting for the remaining amount for the local cost of living. and this kind of really took me back to the basics.
And by that I mean how and why did I move from the state of Southern California to Arizona and at least I'm able to speak from my experience. First off, I wanted to break down those numbers for you because they said out of a quarter of a million dollars which is 250 000 dollars if you actually look into the statistic that is the top five percent of the US the top five percent. imagine me the top five percent based off of income in the US and to not really be able to enjoy the fruits of your labor I mean that's absolutely insane to me I went ahead and I did some you know additional research I Wanted to make sure that I understood what goes into that cost 250 000. Nearly half of that goes into just taxes I Think that's absolutely insane, but unfortunately, that's what they have going on in San Francisco On top of that, even in the most basic way as a single individual, right? let's say that you just have a studio.
A studio. Which means like an open floor plan Where it's not necessarily that you have a bedroom. it's just an open layout, right? A Studio Apartment 2 900 Nearly Three thousand dollars. If you have a one bedroom apartment, Thirty Five hundred dollars If you have a two bedroom apartment.
Five Thousand dollars. And that was the part that was insane to me. It's that most likely you know you have a partner, right? and if you have an office or whatever it is that you might have at home five thousand dollars, Sixty thousand dollars a year just in rent. and I even did some further research and I asked what the cost based off of the local place of living is and in the city of San Francisco It's anywhere from around fifteen hundred dollars for an individual not including rent and up to five thousand dollars for a family of four.
So imagine being a family of four, an individual that makes two hundred fifty thousand dollars. Let's say, on the traditional side, your wife stays home with the kids, right? Two hundred Fifty thousand Dollars. Half of that goes nearly to all to taxes. On top of that, five thousand dollars of that for a two bedroom apartment is five thousand dollars on average.
And then on top of that, the cost of living is again an additional five thousand dollars. I mean just the cost of living with the rent And the cost of living based off of you know, I'm sure just food and groceries and Necessities is another five thousand. You're talking about a hundred and twenty thousand dollars a year just to live in that City And this brings me back to the overall: Basics At What point does it become counter productive based off of the area that you live in that your quality of life is actually affected right? I Grew up in Southern California I've never been a huge outdoorsy kind of guy. I mean I would go surfing and I sometimes did enjoy. Uh, you know, snowboarding in like Mount High or big bear or something like that but ultimately it wasn't the reason. I mean I grew up there right? So I was kind of spoiled by it I moved over to Arizona and I've acclimated just fine, right? And the crazy part about that to me was I didn't realize how much the local cost of living affects someone's quality of life so I wanted to ask you are you in a pickle right now where you're beginning to make a little bit more money but because of the local cost of living based off of either your rent or your mortgage or just how expensive it is to live in the city that you actually live that you do well for yourself. But because of the local cost of living, it takes away from your overall quality of life and potentially being able to invest into a better future right? and I just like many other people out there, took a very simple approach and I asked chat GPT hey what places are both the best cities but also most affordable places to live in in the US and this is of course just as a joke. but according to chat GPT they said Pittsburgh Pennsylvania Omaha Nebraska we have Indianapolis Indiana we have Kansas City Missouri Nashville Nashville Tennessee Austin Texas North Carolina Utah Boise Idaho and Iowa I don't know about you guys Arizona's not on that list in my opinion.
I think Arizona is quite affordable but also not a bad area to live in if during the summer months. of course you can accommodate the heat. I know that one of the best investments I ever made. unknowingly I'm not going to pretend like I knew exactly what I was doing I wanted to go to ASU right? I was in California I knew that the cost of living was less and my goal was to buy a house at a very early age and I reached my goal at age 20 I think 11 days right before I actually turned 21 I bought my first house in Gilbert Arizona for 176 thousand dollars Uh, that house is now worth over half a million dollars and I have it set up as an Airbnb I Didn't realize how much the local cost of living and being able to separate myself from other people and other distractions can really positively influence my life.
So I thought I'd share this video with you because I found it to be a very interesting topic I Know a lot of you guys are beginning to do very well and or have a goal of doing very well but I also wanted to remind you how the local or local House of living but also the area that you live in does affect your overall quality of life. And at the end of the day, why work so hard if you're just going to end up giving it back based off of the expense in the city that you live in? Something to take into consideration right at what point are you living to work instead of actually enjoying your life and working to live? Let me know in the comment section what you guys think about this video: I Love making videos like this I Know it's a little bit different, but I hope that you enjoyed it. and if you did, please consider dropping a thumbs up and subscribing if you feel like we earned it. And friendly reminder if you have any questions about what we talked about today I'm always one direct message away, feel free to send me a direct message via Instagram and that's going to be the third link in the description down below. Also, again, I'm going to see you guys at Market Open for our live trading session. And if you've ever wanted to see what it's like to watch someone trade live, that's that second link in the description down below and I'll see you on Monday at Market Open for our live trading session. Like always, let's make sure that we're in the year on a green now. take it easy team!.
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I've lived in 3 states: Missouri, Florida and Washington. Born and raised in MO. Moved to FL in 2019 and Washington in 2022. I chose to come back to MO. The cost of living is great and I'm near my family. My money goes farther here. I'm in the Saint Louis metro area (not in the city). 1600 bucks for rent for my 1125 sq ft 2/2 here.
Maybe in New York or California
Great video and topic!
This is what I’ve been saying. Buying power is down over the past 6 years inflation up over 20% so your buying power is down!
Loved the video. I'm curious as to how much of that rental property in San Francisco is actually owned by someone living outside the US. Like is rent going up because of foreign investors?
Your right, I moved here from Cali and was able to lose 20k+ learning to trade would never have been able to do that in CA 😂
Great Video, keep making more videos like this.
Well said. Oh and you came to snowboard here in Colorado a few years back and I suggested winter park idk if you remember haha
People also don’t think about lifestyle inflation most people tend to spend more as they earn more. Living off of a 30k yearly income it blows my mind seeing all the crazy flex expenses people take on. All I need is a home that fits my family a car that gets us point A to point B reliably and for us to be healthy anything else is just extra in my opinion
When will the GTR winner be announced?
and that is why I moved from nyc …an absolute shit hole
Yeah in Australian we are feeling it, due to interest rates, I have no other debt but my home but the mortgage is taking half my pay. I’m an engineer 😅
Just remember, if you decide to leave somewhere because of the cost of living, do everyone a favor and don't vote for same policies that made your previous place of residence impossible to afford.
How can people not see this is on purpose? They want people to stop movong to those state's duh. Those hubs are too prevalent right now 😂😂😂
That's what's wrong with people…..they're concerned with what people think about them!!!! If I had a $250K, all my bills paid, and 0 debt….you can consider me lower class all day. I know my worth….and it doesn't include a price tag!!!
Arizona isnt affordable anymore… and im in Missouri now and can tell you from experience KC MO isnt a good place to be…there are good towns here but stay away from KC St louis and Springfield…the crime rate and income to COL is just not good
Lets start getting rid of the Federal Reserve, and printing a new currency, backed by something finite, and interest free. Then we dont have to worry about this.
People want to move out of CA but many industries & companies located in CA, so they have to folllow the jobs they have…
If they can be youtubers like Ricky & becoming self-employed , of course they prefer to live out of CA…
I have a respect for you based on what I know about you through LPP and life in general. I live in California now and lived in the San Francisco area while I was working 20 years ago. My job required me to be in San Francisco once a month mainly because my home office was there. Believe me, I know what I'm talking about when I say (and you say) that one needs to evaluate their own situation. I moved from San Francisco to the central valley of California to lessen the burden on my family. I've been happier now than I've been in my life, however it's not because I made a "brilliant" decision, it's because I was obedient to God's calling in my life. I pray that you will also marry the one who you call "your girl" or Rachael and live according to God's mandate for husbands. This will prove that you are living according to God's will. I'm certainly not a "hater" , Just someone who sees value in your future which will be only enhanced by obedience to God.
Wow that's smart that you kept your first house. Good for you👍👍👍
And thats what you call. Inflation. I made $17.99 an Hour in 1974. In a steel mill. People would kill for $17.00 an hour today. And it still wont be enough. I brought ny first car for $1,400.00. My rent was $50 a month. Dude. A.I. GONNA KILL THE MIDDEL CLASS. WHY I LIVE IN A TRAILER PARK. YOU HAVE NO IDEAL WHATS COMING. IM FROM PITTSBURG.
Now we are getting to the true nature of wealth… how does your income compare to your expenses… making only 100k while spending only 60k will put you in a better position than earning 250k and having to pay 225k.. this varies per country, county
Questions so whats the average return for a trader should aim for per year is it 20% return or 10%
Our net income is around 350k. 5 kids in private school, very nice home & Lexus for me/ Range Rover for my wife. At the end of the day, if we didn't invest we wouldn't have anything left. In FORT WAYNE INDIANA
Honestly this is how I feel about college lol, why get a job that pays 120K when in reality that 50% of that is more than likely expenses to net you less than that.
That's why people who are not part of the 5% are leaving Taxfornia
Big cities are SO different than towns. You can get a nice house for $250,000 in WV. But that's also why I can't understand how people can afford cars that are 50k+.
50k per year is a decent salary in WV for an individual
Good job man. I bought my first house whit pool for 42k cash when i was 25 years old. And still live in it. I would never ever rent only have my own
love this man
This aside, right now investing in various sources of income that are independent of the government is genuinely on everyone's mind right now. especially in light of the global economic crisis at the moment. I have six zeros sitting in savings searching for the best method to enter these markets. This is still an excellent moment to invest in equities, gold, silver, and digital currencies.
I haven't received notification from your videos for a long time. I has to look you up because I thought you stopped making videos. YouTube sucks,
I couldn't make it in NYC or San Francisco. I'd be below the poverty line, possibly in the homeless class….
ricky my story is so similar. my parents moved from San dingo to here in 2012 and bought a house for 178k and are selling it for 630k right now. However i feel like Arizona is starting to become more of a high cost of living location where now I am moving to Henderson Nevada to buy a house there for cheaper than here.
Also.. San Fran is a dead city people.. it will just get worst.. and unfortunately thats the truth.. the city officials have given up their city to the homelessness and drug pandemic.. the only way to solve this is a new government steps in and total renovation..
You could inflation or deflation or recession.. if you dont know how to manage your money and expenses.. yes… you are going to live paycheck to paycheck even if you make alot of money.. thats the mentality of genZ… im a millennium but i feel like a gen X know