Especially if you are single with no kids !! Throughout my professional 25 year working career, more than 1/2 my check went toward Uncle Sam and welfare recipients !!!
Not accurate but average right. I was low key waiting to hear she pays too much for rent but she pays 2k. thats ok..kinda low. But you won't find much room in your apartment for that price.
@@rainbowskies5796 taxes have never been above 40% at the highest marginal rate in this century. It would’ve been impossible for you to pay “over half your income” in taxes. I make $180k and pay less than 34% aggregate taxes-10% of which goes to local and state level taxes (living in NYC). The effective federal tax rate for $180k is 19%… WAY lower than any other country or any whining fool like you would have people believe. In my opinion it is criminally low-that is why NYC and the New York government must have their own separate income taxes. Our federal government takes in far less revenue as a percent of GDP than our OECD peers.
She basically maxed out 401K & IRA, paid 5K health insurance and was taxed at 40%. 180K - 20k 401k, 6k IRA, 5k health = 149K. x 40% tax = 75K / 12 months = 7,500. Minus 4k rent & loan = 3500. So you are basically paying back debt, putting 26k/year away and still cash flowing 36k/year for food, clothing and entertainment.... She is forgetting to tell you about retirement accounts....
Exactly, it's very misleading to exclude that information. She should have said "I expected my take home to be $XXX, but it's actually $XXX because I chose these specific things (insurance, retirement contributions, etc)." Instead she's just making it seem like the government took everything.
I’m going to put this out here. If you’re fresh out of college and you’ve managed to get a 6 figure job in the most expensive city in the US, pay for all of your expenses and still have disposable income. You’re fine. Within a couple of years she’ll be able to get a promotion, which will allow her to pay off her debts a lot faster. Eventually she’ll find a partner and the two of them can share expenses together. If she’s even mildly disciplined with her money she can put even an indiscernible amount of money into investing of any kind and will get good returns. I do get it, NYC is stressful and expensive, but she’s still living very well. Before she even turns 30 she’s going to be doing better than the average American.
That is a deal. The cheapest studio apartment to rent in my neighborhood is $3000 a month. That is a nice but not luxury building. The luxury studios are around $5000 a month.
@@elsa_nyc which part of Manhattan? (I’m guessing Manhattan at those prices) I pay $2900 for a brand new luxury studio in Brooklyn but it becomes $2400 net rent after the free months. Why is nyc so expensive 😭
NYC taxes are insane. You have to pay federal, state, *and* city taxes. I totally believed you when you stated your take-home pay before you showed those direct deposit amounts. Thanks for the transparency!
When I see things like this it actually blows my mind how my father was able to sustain me and my family for 5 years in Brooklyn with a salary of just 35k a year…
I see a lot of snark in these comments. The point of the video is that out of $180k, her living expenses are only $3k a month. That reflects poorly on New York, not her. Living in New York is exceedingly expensive and 3k for expenses is not great. 3k might be amazing in rural parts of the country but is not a lot in New York. This folks, is called cost of living.
I lived in NYC for 4 years, in Manhattan, making 25K a year. So, if she's single and no kids or family to support, 3K of disposable income is still more than I had to live off entirely.
“Rural parts” you sound really out of touch. 3k of play money would serve well in literally every other part of the country. Including New York unless you’re extremely frivolous
Yeah, it’s all depends on where you live! If you groceries total 700 a month cause your city is expensive, 3000 suddenly doesn’t seem a lot of disposable income
Don’t forget about federal taxes. As someone who worked for the IRS, the tax brackets hurt the middle class more than anything. I bet a huge chunk of her money is going to federal taxes
This is why finances should be taught more in schools. Everyone thinks if they can make the big numbers it’s plain sailing when the reality is different.
Having the knowledge about finance is one thing; having the discipline to utilize that knowledge and control your spending is quite another. I used to work in a finance industry, where everyone in my division had, at least, a finance and/or other business-related degrees; and more than half of us had MBA. So, we all knew about finance/money. The median income (salary + bonus) of everyone in the division was about $400,000/year, but a few of us were still living paycheck to paycheck. If you spent more money than you earned, then you will eventually be broke, regardless of how much money you make.
As a tax professional, I really appreciate this. So many people in professions that one would think are super lucrative end up with as much disposable income (if not less) than other professionals after loan payments and miscellaneous expenditures associated with the profession.
Nonsense. She's taking over 10K per month home. How she chooses to spend it is a different matter, but virtually none of that is work-related. She knew she was going to have loans for LS.
True, its their choice to be strapped in my opinion. I personally would like for higher education to be highly incentivized….my son has student debt he will be paying on for years to come….he can afford to live though..and has a good job now because of his education AND PERSONALITY. I think the personality was the best part but by going to a big college it opened his eyes to ideas and meeting different people and that is what was most important and helpful! Get out of your small towns people…and small town beliefs…there is a big world out there and it will change your whole mindset
@@traviskam1332 she lives in an expensive city and is describing why money doesn’t go as far there - what is ungrateful about that? Someone making more money than you doesn’t make them ungrateful. Someone talking about the differences in cost of living in different locations doesn’t make them ungrateful. Someone talking about the value of money relative to location of residence doesn’t make them ungrateful. It sounds like you just don’t like other people having the AUDACITY to talk about their finances when they aren’t broke 🤷🏻♀️ I’ve been on both sides of the income spectrum. I’ve been completely broke and nearly homeless if not for the love of my family and now I am comfortable and make a good living. Never once in EITHER situation did I get upset at someone else for what they have or choose to call people ungrateful for talking about how people in a different situation lived if that’s all they were doing. If she was complaining relentlessly about how she’s “so poor” or how they ran out of $10 milk and now she has to buy “poor person milk”? Sure. That’s being ungrateful. Talking about how a dollar isn’t the same value in a big city like New York? Not ungrateful. I spent way too long on this stupid comment in the hopes that *maybe* you would think about things differently and see another side to the story, but odds are that won’t happen 🤷🏻♀️ This is more than likely a wasted 20 mins - so because of that, I won’t be replying anymore to a stupid CZcams short lol. Live your life how you want - I need to get back to work :)
Christ I mean 3000 DISPOSABLE income every month???????? After rent/bills?!?!?!? Even in New York, that’s amazing. “The occasional vacation” -_- I haven’t been on a vacation since I was a kid
Its the way she ended this saying it’s not that she has little disposable income, it’s just that of the 180k she’s making, she’s taking a lot less home than she thought, yet people still call her ungrateful and out of touch lol. It’s a very good breakdown for a lot of people who need to think about what to invest in their future. Many people think they become rich just after becoming a doctor or lawyer, and while yes down the line it will be true for most, there is still a long time til you can relax. Is it worth it to go through extra schooling, not making money like your peers for it? Or should you settle for something else less paying, but you can start making money sooner? When one job offers you 100k in SF/NYC vs 70k in a southern state, what does this income ACTUALLY look like? Jfc some of y’all are so stuck up into your own problems that you can’t realize you are not the center of other peoples’ worlds 🤦🏻♀️
She is ungrateful and out of touch though. Once she's finished paying off her loans in a few years and gets a few promotions, she'll literally be a millionaire and she's complaining about being able to blow $3k every month on whatever she wants in Manhattan, NYC of all places in the world
@@fark69 She was telling her story for law schools students to manage their expectations. A lot of students think that after you get hired you're now a big shot with a ton of money. Yes, you'll get a lot of money but you'll be paying your huge student loans first and pay a lot more in rent now. So, you'll need to manage your expectations and plan accordingly. She's not even complaining. You sound bitter.
@@fark69 hmmm my uncle is a lawyer and he definitely is not a millionaire. Sounds like you may be out of touch a bit. Have you ever stopped to think that some people don’t want to wait a “”””few”””” years to reap the benefits? If you count her years post-bacc in law school+the “few” years to pay off her loans, thats at least 7+ years of hard work. Some people would be flat out miserable those 7+ years, enough to absolutely hate their career and be miserable for life. Those people would rather go to normal 9-5p, making probably less but manageable money, without having to grind for the extra years. And again, you don’t know her life. You don’t know if she has to stay in NYC for family or loved ones, or if her job offer there is the best option of what she has. Again, you are NOT the center of anyone else’s world.
Everyone needs an extra cash flow apart from a daily job, anything that can help get a little extra dough each month is important to beat the tide. For a comfort vacation in mind, you should mainly be focused in channeling funds into investments that yield returns without constant intervention.
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While the market has infinite complexities, put in the simplest terms to help guide your financial growth, the research that goes into it is quite actively remunerative.
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FINALLY someone just stating the facts of their life. She’s not complaining about a $6000 watch, she’s not being ungrateful. Just a realistic breakdown of what her situation is like and what I may look like for other people.
I mean, not really. Like I seriously doubt her taxes are over 50% of her income. Like 7k after savings, retiement, and medical sure, completely different from what she tryin to paint herself as
I make less than half you make, but I live in another state and my take home salary is just a little less than yours. My rent is also significantly lower and I'm debt free
@@GreatValueBleach who says that’s a luxury?? Getting mugged and raped in the subways, walking through rat and homeless infested streets?? Murders and stabbings happening on a daily basis? Yeah, sounds real luxurious 😂
Something to consider is the federal taxes of everyone are distributed differently. Some states with lower state taxes are effectively subsidized by everyone across the country.
3k after rent and loans, that's still great as a single person with no kids. It also helps to live outside of Manhattan. There are cheaper apartments outside the borough if one doesn't mind commuting longer.
@@samanthamichelle2094 This. I used to commute an hour or more each way (so 2+ hours/day on subways) because I had an unheard-of deal on an apartment in the area where I lived due to a family connection. (And I definitely wasn't making 180k). I hated commuting and never want to live that way again. Other than at lunch break I never saw the sun. So glad I'm self-employed now.
This is so deceptive. She DOES in fact net around 10k a month post-tax but for some reason pretends like the over 2k that she puts away for retirement don't count or something. She's keeping it all that money, it's just being put in bunch of retirement accounts. Also 3k a month of straight up disposable income is fantastic. I mean I live in new york and I understand the frustration of it being expensive but complaining about affordability on 180k a year as a single adult is pretty funny and out of touch. Let's say she spends half of that 3k disposable income, then she can put away 1.5k to retirement + the other 2k that is automatically going to retirement from her paycheck so 3.5k saved every single month. She's putting away most people's annual income to savings / retirement every year.
Once you get over 100 grand, they take almost 50% out in taxes. It's no wonder people stay at lower paying jobs and rely on the government to help them. If you're under 40 grand, you can get subsidized housing, free food, and pay less taxes.
@@megceleste that is NOT how taxes work... I'm going to list how it works for a single person. Federal tax is $0 and $9950 is at 10% $9,951-40,525 is at 12% $40,526-$86,375 is 22% $86,376-164,925 is 24% And so on... So for federal the first ~10k you make is always taxed at 10% even if you make $100k. Of course you have to add state and other taxes if necessary. whoever does your taxes for you to explain it to you...
I felt the same way after I went back to school and got a $12 increase in pay. Was shocked when my new pay of 80k turns out to be 50k after taxes. It’s bonkers
I’m looking at the tax bracket for income in NYC and a job that is a higher bracket requires a masters degree and after taxes goes to about 46,000 dollars for the take home pay.
Yes, I used to live in California, and roughly 25 to 30 percent of your salary is gone cause of taxes and deductions. You better hope you get that tax refund.
It's crazy because as a a non American I thought that 180k was like a millionaires purse almost until I realise the amount in taxes, rents, student debts and medical bills all mount up to. Especially if you're in a country that has to pay for healthcare.
lol it still is. her take home is less because she maxed out her 401k contribution for retirement. and she said medical co pay (meaning its not high deductible) which usually means doctor visits is ~25-35 bucks.
I live in Canada but I work for a US company and its awesome. My take home is better than hers but I have no health care costs. Thankfully I bought a home before the housing crisis really kicked in so I save a ton of money every month
@@paullim1933 wrong. Most people pay for their healthcare plans offered by employers. If its 100% no cost then your company is probably calculated in with lower salary or by working you harder. Nothing is free my friend...
I did some quick math, based on your income and location your monthly take home pay should be approximately $9,700. This doesn't add up, unless your contributing a huge amount to your retirement accounts.
She has to. Maybe she can move to a lower cost of living in the future if such exists. She likely had it taken out with automatic contributions. We live much longer than before. She needs a yearly income that can survive what happens.
Yeah either she's totally futzing her tax deductions and getting a massive tax refund every year, or just contributing the maximum to her employer matched 401k/IRA and/or paying for an employer provided healthcare plan out of her paychecks. It's disingenuous to say you only take home 7k a month when she likely takes home 10k+ and just invests 3k of it.
This is totally ridiculous. Any adult who has paid into pre-tax investments/retirement accounts and health insurance understands she is totally omitting that money... Which is still pay she is receiving and has access to. And $180,000 income for an individual is still in the top 5% or so of earners FOR NYC. Couples raise children on 80-90k in NYC... As in 4 people surviving on half as much. She has no idea what she's talking about.
I am disabled, and live off $800 a month. My rent is $425 a month. My phone and utilities are about $200 a month. The rest I spend on food and house hold products, shampoo, laundry etc. No transportation, no savings. No employer keeps me on because I miss due to appointments, numerous surgeries that makes me miss too many days to be valuable. I volunteer to give back to the community when I can.
People forget that if your health isn't good you generally can only aspire to have anything near the amounts she's talking about, in NY or anywhere else.
@@ajpristine4809 I feel you. I'm self-employed working part-time at the moment, which allows a bit more flexibility when my health 'decides' to crap out on me lol. I just decided to go back and finish a master's degree so that I can hopefully get more stable and better paying part-time work. I'm just not 100% sure if I'll be successful and ever make enough money to support myself. Thank goodness I have an amazing mom to help support me or else I'd be in serious trouble. I hope that you have some good people that you can rely on in times of need, wether that be for financial or emotional support. Anyways, best of luck to you!
federal, state, and city taxes, and i wildly underestimated contributions to retirement, health insurance, and commuting (a monthly subway card is $127). food, rent, and gym/fitness are also more expensive, but i kinda expected that
@@CeceXie you prob don't have to start paying for retirement this early. many ppl start contributing more retirement fund when they are closer to retirement age. you are young, use the $$ for investments, it will pay off a lot more than the amnt you put in retirement fund in the long run. you want to enjoy the $$ now, not after you turn 65 when you can't travel/play much.
If you're married to someone who has no income or less income than you , and you have children, you'll have more tax deductions. The reason you only net $7000 despite your $180K salary is because you're single with no dependents. If you work for yourself, you can also deduct more.
EXACTLY. Holy crap the people arguing here don't understand basic definitions. Either you include or exclude all bills. Talk either net or discretionary, not picking and choosing
I think that might be a piece of information she left out when she was talking about her take home. Based off the number she showed that would mean she's only bringing home about 48% of her income.
@@carmellabrown3335 definitely believe she left it out because HSA and 401k is pretax meaning it'd be taken out before the direct deposits. Even transportation benefits are pretax so I'm willing to be her net is much higher, she's only including the money that her bank account not all the other accounts prior to.
I grew up in a 6-person household with 40k a year, barely scraping by, and I don't think this video is out of touch. It's so useful to understand how salaries break down and manage expectations. When I end up getting a good salary, content like this prepares me not to overspend on luxuries if I want to sustain financial health. Honestly I think she is pointing out how insane NYC life is that you need to make that much to not be living paycheck to paycheck
Net take home on 180k in NYC is about $9450. What you're doing is is maxing out a 401k and probably a Roth IRA... maybe even an FSA/HSA... which are all tax deductible saving/investment accounts... and your passing that off as if they're expenses; which is grossly intellectually disingenuous. But as a lawyer I guess lying comes natural.
She went to years of school, made the ideal choices, probably moved away from her family, and by the end of it. $3k a month isn't enough. Imagine raising a successful family on $3k/mo? Better to get an average job in that case
@@jackblack7573 her salary doesn’t necessarily tell you anything about the value of her work. She could be doing spreadsheet all day every day. There are much more important jobs that pay way less and require more education.
If you're contributing to your retirement accounts that should be included in your net take home, even if that money doesn't hit your checking account.
@@karinalumen9722 silver is under 30 dollars an ounce retail and can be bought in your average coin shop by the gram (2 dollars a gram) its never too late or too small of an amount to invest. Im buying 3 ounces a week and an ounce a month for my kid brother. And im by no means wealthy...
Thank you for this video, it’s important for young people to understand this because so many want to flock to NYC or LA to make the big $$$ and don’t factor these things in. A lot of people would be better off financially taking jobs with a smaller salary in a lower expense area, especially if it means not going into debt.
bro i thought i was going insane I also had a pretty high paying job working in mortgage finance. I thought i did everything right like going to college, getting good grades, and networking but after all was said and done i felt like i was like 1-2 checks from losing everything. Eventually i quit that job, took a pay cut and moved and figured out that its actually just the city. It's something in the water, gotta be.
@@barbieblue3336 She doesn't have to pay her student loans though. Student loans have been paused without accruing interest for the past 2 years... She could accumulate money, put it in any kind of investment and take it out 3 years later and have another little chunk of income in addition to her salary...
very poor financial decision, yes. Based off 2k monthly loans and I recall something like 6% for unsubsidized loans her rate is probably same or worse which means she has/had something like 200k in student loans...
Depends on how much your total loan is, minimum monthly payment, and years to pay off. My friend owes $120k, minimum is either $400 or $700 for more than 10 years, but he pays $2k so he can pay it off sooner.
@@craftyrouze No. the government gives everyone free money for student loans payment this year and pauses interest on student loans for the last 3 years, so it's really a good idea to go to college in US. government will always bail students and banks out
@@craftyrouze that is a hard question to answer - the system is so complicated in that yes tuition is very high but it is like a concierge service for the 4 years compared to what school was like in the past - I also feel that university in the USA has to make up for substandard primary education. In Italy we go to school for 13 years before university and have to pass national state exams each year. I'm not saying that the system is perfect but US secondary education varies widely in terms of material and quality.
I pay $450 a month in the south but nyc is a wonderful place in the world all walks of life and you don’t have to drive everywhere you can take the train or subway which is faster and cheaper also the business opportunities in the city are booming hot dog stands make more than factory workers where I live
$180k in Texas as a nurse practitioner. 3 homes with 2 as rentals before hitting 40 years old and the primary a high rise condo and working on a 4th as beach front bnb. I can retire now but the job is too easy for the money being paid.
@Don’t come for me unless I send for you 🤷 she must be having another source of income to be honest. I don’t think the nurse job alone would generate that much income
My Husband makes close to 100k and it’s honestly not enough to live here in Massachusetts. Taxes take a huge chunk of it and rent over here is 2,000-3,000 for a decent 2 bedroom apartment. It’s crazy over here!
I know some people are salty. But she makes a good point. Our parents making 180k and us making 180k are not the same. Our money simply doesnt go as far. And if your factor in utitlities, transportation costs, insurance, food, and any medical costs. 3000$ becomes more like $1500 disposable, and hopefully she saves something outside of retirment lets say 500 a month. Thats 1000$ of truly “disposable” income. Now is that something to appreciate and be proud of? Absolutely. Do people make do on SIGNIFICANTLY less, absolutely they do. But I think the overall point is how we go to school thinking 100k a year is like a shit ton of money, when in reality it doesnt hit quite like that
People ought to stop commenting that she’s out of touch. Different places have different, almost, ‘microeconomies’ and her even pulling her bank information up and breaking it down is super useful for anyone looking to move to NYC etc anyway. Love from Britain 🫧
Meanwhile I'm a long haul trucker. I make around 110k or 8400ish a month. My total expenses per month: 60 dollars on unlimited phone and internet in my truck. No student loans, no rent, I can go on vacation anywhere I want in north America without having to pay for transportation to get there.
A friend is doing the samething he loves it and enjoys the drives and trips cause he gets to fuck around with different people all the time lol. Even more now that we messed around together and now hes exploring his bi side. (Lucky boys are getting him statewide haha) no rent only minimal bills. Usually crashes at friends or fbuddys pads if not the truck. Hes pumping out all that road stress and staying young haha
“Occasional vacation” lmao as I weep over my masters degree making 45k a year in nys (45k before taxes - so about 2500 a month take home, minus my 1300 mortgage - 1200 for food, medical, utilities, toiletries, etc.)
I as well have a Masters Degree and barely make $50k. Everyone thinks it's super easy to find $80k-100k/yr jobs. I'm 45 years old and can't find a decent job that pays well. It's very discouraging to know you have so much to offer a potential employer but just can't seem to land interviews or find the jobs that offer a decent salary.
The 10k/mo assumption already accounts for taxes. $7,000/mo is $84k/year. You're not paying almost 40k to retirement unless you're putting 30k in a roth backdoor or something. In which case this is just misleading because you're still earning the money, it's just going directly to savings. They probably earn bonuses that aren't paid through monthly salary.
I feel you! Once that taxes hits the money just goes down from there. Not to mention medical insurance, retirement, etc once that’s deducted from your check it becomes half of what you gross. It’s so depressing 😟
There has to be something else coming out of her checks because $180,000 per year taxed at 32% (based on her income) will net you roughly $10,200.00 per month. That’s based on the current tax rates for 22’ based on her income.
@@edwink1467 depends on what you practice. If it’s corporate law you can work for a corporation and come in good. Your net would end up being more at least.
@@nightterrors6262 Very few (if any...) big corporations are headquartered in small towns. So you end up having to work in big cities again. The point here isn't about which area of law pays the most, but rather the location of practice. You can practice anything anywhere and make bank if you are good at it or have a lot experience, but this doesn't apply to fresh graduates who are mostly looking for entry level roles.
@@edwink1467I have a 150K dollar per year salary here in Indiana, alot of big cooperations are headquartered in suburbs of medium sized cities, I work at sales near keystone and sell luxury cars and get to drive bentleys, Lamborghinis for a living etc, and I live in a 3500 sq ft house, it costs nothing to live here, In chicago with 150K, over 40% will go to taxes mostly property tax, while here in Indiana it’s only 31% with all taxes including fica etc.
I live in Houston Tx. And 180k will go 10x farther here bc of lower cost of living and lower taxes. Let’s just say my husband and I bought our 3 bedroom 2.5 bathroom house for 140k and it’s our forever home. That same thing would cost 7x more in NYC…. In 10 years Manhattan will be just the playground for the filthy rich!!!
At some point in Q3, you’ll hit the threshold on social security and you’ll get like a 7% bump. So there’s that. But the larger point still holds… a lifetime of achievement to hit a supposed pinnacle and it amounts to this… still gotta save, still gotta be thrifty in some ways, and nothing changes except a few more small luxuries… doesn’t feel like all it’s cracked up to be. Even at 300K it’s only marginally better but it makes you wonder about all the times you stopped yourself from “living life” to work that much harder. I know some people who’ve gotten depressed when faced with the reality of this. Bonuses help though…
Yall she said rent was a little bit more than $2,000 so she is living conservatively and when I looked up rentals in New York City they basically started around 3500 and that's on the low end
No doubt she lives near work as she probably puts in VERY LONG HOURS or works when she is at home. If you shared an apartment you could pay 1600 or 1700 as well! It's all about choices.
Wow! Thanks for this video! I was just talking to my friend the other day about this.... as to how people so often tend to focus on money that is coming in RATHER than the money that is going out! Theoretically, a person working at Wal-mart could have more money in their pocket at the end of the month than someone in a position like yourself...
It isn’t hard I usually have about 6-7k extra a month after expenses it’s all about living below your means and being smarter than everyone else and having a amazing work ethic and family support. Which is all in your control
@@katiebwheeler I don’t want to be an asshole but she worked hard for her career, you get what your work for. If you’re not happy with 40k a year, go to school, find a career that pays better also shouldn’t of had kids you can’t afford…
And then that tax money gets used on shit like increasing police and military funding when it can be used on education, food, or healthcare for the public… wtf
@@kelsonplanning4298 her rent was $2100, she accounted for that when talking about her take home. After taxes, insurance and retirement her take home came to $7k. When you account for rent ($2100) and student loans ($2000) what's left is the $3000.
In Canada you would pay significantly less tax, have free healthcare, pay approximately 15k/year for your legal education at a very good law school (before scholarships and bursaries - my legal education was free)…and you would make as much or more money. I honestly had no idea NYC was like this.
I live on $1700 which includes online business cost, utilities, and rent in central California 😅. I get basically free food by making content online for a grocery company. Thank gosh I paid back my student loans a long time ago and have no debt. I don’t have much in my retirement though…
Thank you for being so honest about your pay. Also people shouldn't be envious or even curious about what you make. It's your money that was earned to spend.
Turn to God. At least being a follower I have 0 feelings to have things I really don’t need to impress others. Contentment is great gain according to the Bible. It’s called being at peace in low times and high.
I’ll share mine. RN from NYC (10 years at the same place so my income is a bit higher than others at part time) I make $78,000 part time biweekly checks $4000 yearly for health insurance for the entire family $250 biweekly for 403b $21 biweekly for fsa $1.81 for extra disability insurance Net income is about $2000 biweekly
When my husband and I get paid we accept that some of that money is already not ours.. budgeting and acceptance of this fact will get you far financially
Or do what did. I had bad credit n decided to stop going in the negative red. I simply stayed in the plus n like you said save like I’m paying my future bills off. Car, exspenses or whatever.
A large part of her salary is spent maxing her 401k contribution and doing other payroll deductions that don’t show up in the direct deposit. I bet she is also paying over the min loan payment each month to pay it off early. Her point that money doesn’t go as far as you’d think is still generally true though. Hard to raise a family in NYC for under 200k household.
have to say unless you REALLY love law practice, going to law school, sleeping 3 hours a day, just to be in a 'dream label', your life is gonna be eaten... many ppl out there who are not in legal field believe lawyer is their dream job, because they have no clue what a lawyer do and the cost of being one...
@@RMatt2016 Sure, but they pay significantly less starting salary. So that’s a trade off you must be willing to make in exchange for better work-life balance and perhaps more fulfilling/interesting work. A lot of people go into big law because they have to in order to pay off their student loans.
I work with 2k a month and that has to cover rent, car payment, insurance and essentials. So having take home of 3k AFTER rent is paid is pretty amazing. I wish I could pay my debts. I literally have no wiggle room.
New york native here! The job I'm studying for has a starting annual salary of 70k since it's not exactly a very sought after job and even with that I'm gonna have to live with my parents or with roommates for a while if I wanna get my own place Why is living so expensive and hard :(
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180k in nyc is like 70k in most cities. So the 3k in leftover is accurate.
Especially if you are single with no kids !! Throughout my professional 25 year working career, more than 1/2 my check went toward Uncle Sam and welfare recipients !!!
Not accurate but average right. I was low key waiting to hear she pays too much for rent but she pays 2k. thats ok..kinda low. But you won't find much room in your apartment for that price.
No tf it’s not
Is NewYork not city? (I am joking)
@@rainbowskies5796 taxes have never been above 40% at the highest marginal rate in this century. It would’ve been impossible for you to pay “over half your income” in taxes. I make $180k and pay less than 34% aggregate taxes-10% of which goes to local and state level taxes (living in NYC).
The effective federal tax rate for $180k is 19%… WAY lower than any other country or any whining fool like you would have people believe. In my opinion it is criminally low-that is why NYC and the New York government must have their own separate income taxes. Our federal government takes in far less revenue as a percent of GDP than our OECD peers.
You're honestly doing better than 90% of New York 💀
The world
Completely!!
Seriously, you can party every weekend on that budget
No way
deadass💪🏽😂
She basically maxed out 401K & IRA, paid 5K health insurance and was taxed at 40%. 180K - 20k 401k, 6k IRA, 5k health = 149K. x 40% tax = 75K / 12 months = 7,500. Minus 4k rent & loan = 3500. So you are basically paying back debt, putting 26k/year away and still cash flowing 36k/year for food, clothing and entertainment.... She is forgetting to tell you about retirement accounts....
Exactly, it's very misleading to exclude that information. She should have said "I expected my take home to be $XXX, but it's actually $XXX because I chose these specific things (insurance, retirement contributions, etc)."
Instead she's just making it seem like the government took everything.
pretty much. i was shocked b/c i take home 8.5 on a 160. there is no way she takes home 7 on a 180 unless she did all the above
na she didnt forget just wanna get views
Glad someone pointed this out. Why mislead people
I’m going to put this out here. If you’re fresh out of college and you’ve managed to get a 6 figure job in the most expensive city in the US, pay for all of your expenses and still have disposable income. You’re fine.
Within a couple of years she’ll be able to get a promotion, which will allow her to pay off her debts a lot faster. Eventually she’ll find a partner and the two of them can share expenses together. If she’s even mildly disciplined with her money she can put even an indiscernible amount of money into investing of any kind and will get good returns.
I do get it, NYC is stressful and expensive, but she’s still living very well. Before she even turns 30 she’s going to be doing better than the average American.
Only $2000 a month in rent in NYC? That's amazing.
That is a deal. The cheapest studio apartment to rent in my neighborhood is $3000 a month. That is a nice but not luxury building. The luxury studios are around $5000 a month.
@@elsa_nyc which part of Manhattan? (I’m guessing Manhattan at those prices) I pay $2900 for a brand new luxury studio in Brooklyn but it becomes $2400 net rent after the free months. Why is nyc so expensive 😭
@@LunaVioletta7 it is battery park city-tribeca. Why so $$$ nyc = money. That is all it values. Sadly, There are always people who will pay it.
@@elsa_nyc 😭😭😭 it’s a great area but yeah that’s insane. So $3000 for a studio in a NON luxury building right? (Aka a walk up?)
@@LunaVioletta7 not a walk up. It is a very nice building with great amenities, but isn't brand new.
NYC taxes are insane. You have to pay federal, state, *and* city taxes. I totally believed you when you stated your take-home pay before you showed those direct deposit amounts. Thanks for the transparency!
Is that weird? I live in Ohio and I’ve always paid federal state and city
She is telling the truth. I work as a RN in Manhattan and I always get 65% of my gross check.
@Amanda word. Fellow friend from the North here too
I was thinking the tax was pretty reasonable
@@ZovaBe in new york someone like her gets taxed over half of her wage it’s a shitty state
When I see things like this it actually blows my mind how my father was able to sustain me and my family for 5 years in Brooklyn with a salary of just 35k a year…
He silt a little crack and hustled on the side, show your dad you appreciate all his efforts
Sold*
@@jujubeenz9468 😭😭😭
You should be proud of your dad.
I would assume Brooklyn is cheaper than other parts though?
That’s why i left NY. The taxes absolutely KILL your paychecks. Then on top of that the cost of living is sky high!
Not all of it is taxes. She didn’t include HSA and retirement contributions that are taken out pre-tax…
@@naya4607 it’s never all taxes; but taxes in NY are significant. Especially when everywhere you go you have to pay tolls and parking on top of that.
I see a lot of snark in these comments. The point of the video is that out of $180k, her living expenses are only $3k a month. That reflects poorly on New York, not her. Living in New York is exceedingly expensive and 3k for expenses is not great. 3k might be amazing in rural parts of the country but is not a lot in New York. This folks, is called cost of living.
Yep
I lived in NYC for 4 years, in Manhattan, making 25K a year. So, if she's single and no kids or family to support, 3K of disposable income is still more than I had to live off entirely.
Sounds to me like alot of Politicians need to be kicked out of office for allowing this to become the beast that it is .
Its 3k after rent and student loans.. she good.
“Rural parts” you sound really out of touch. 3k of play money would serve well in literally every other part of the country. Including New York unless you’re extremely frivolous
Anyway you can break down your finances even more. These are very informative and why so many people still feel broke when making 100k
Yeah, it’s all depends on where you live! If you groceries total 700 a month cause your city is expensive, 3000 suddenly doesn’t seem a lot of disposable income
Don’t forget about federal taxes. As someone who worked for the IRS, the tax brackets hurt the middle class more than anything. I bet a huge chunk of her money is going to federal taxes
Coz of her student loan. $2000 a month that’s like another mortgage and for how long? Most student loans are like 10 years to pay
P
@@annbern1480 she’s paying that much to pay it off quicker. I highly doubt the minimum is that
This is why finances should be taught more in schools. Everyone thinks if they can make the big numbers it’s plain sailing when the reality is different.
Having the knowledge about finance is one thing; having the discipline to utilize that knowledge and control your spending is quite another.
I used to work in a finance industry, where everyone in my division had, at least, a finance and/or other business-related degrees; and more than half of us had MBA. So, we all knew about finance/money.
The median income (salary + bonus) of everyone in the division was about $400,000/year, but a few of us were still living paycheck to paycheck.
If you spent more money than you earned, then you will eventually be broke, regardless of how much money you make.
All grade school care about is pushing students to go to college/universities; regardless if that person is actually capable or suitable.
As a tax professional, I really appreciate this. So many people in professions that one would think are super lucrative end up with as much disposable income (if not less) than other professionals after loan payments and miscellaneous expenditures associated with the profession.
Nonsense. She's taking over 10K per month home. How she chooses to spend it is a different matter, but virtually none of that is work-related. She knew she was going to have loans for LS.
Adp salary calculator
@@ljss6805literally. She’s not budgeting well.
True, its their choice to be strapped in my opinion. I personally would like for higher education to be highly incentivized….my son has student debt he will be paying on for years to come….he can afford to live though..and has a good job now because of his education AND PERSONALITY. I think the personality was the best part but by going to a big college it opened his eyes to ideas and meeting different people and that is what was most important and helpful! Get out of your small towns people…and small town beliefs…there is a big world out there and it will change your whole mindset
Jesus, I feel sorry for all the people that go to you for tax advice if you can't see all the bullshit she's spewing.
These comments are a good example of why you NEVER tell people exact numbers. No matter what number you say people will call you ungrateful 🙄
She’s not ungrateful. She’s out of touch.
She is ungrateful. There are sooo many people making far less money than her..
@@traviskam1332 she lives in an expensive city and is describing why money doesn’t go as far there - what is ungrateful about that? Someone making more money than you doesn’t make them ungrateful. Someone talking about the differences in cost of living in different locations doesn’t make them ungrateful. Someone talking about the value of money relative to location of residence doesn’t make them ungrateful.
It sounds like you just don’t like other people having the AUDACITY to talk about their finances when they aren’t broke 🤷🏻♀️
I’ve been on both sides of the income spectrum. I’ve been completely broke and nearly homeless if not for the love of my family and now I am comfortable and make a good living. Never once in EITHER situation did I get upset at someone else for what they have or choose to call people ungrateful for talking about how people in a different situation lived if that’s all they were doing.
If she was complaining relentlessly about how she’s “so poor” or how they ran out of $10 milk and now she has to buy “poor person milk”? Sure. That’s being ungrateful. Talking about how a dollar isn’t the same value in a big city like New York? Not ungrateful.
I spent way too long on this stupid comment in the hopes that *maybe* you would think about things differently and see another side to the story, but odds are that won’t happen 🤷🏻♀️ This is more than likely a wasted 20 mins - so because of that, I won’t be replying anymore to a stupid CZcams short lol. Live your life how you want - I need to get back to work :)
@@traviskam1332 so what? You can study hard like her and take out loan to get that too but no most people are lazy AF or want things handed to them.
Christ I mean 3000 DISPOSABLE income every month???????? After rent/bills?!?!?!? Even in New York, that’s amazing. “The occasional vacation” -_- I haven’t been on a vacation since I was a kid
Its the way she ended this saying it’s not that she has little disposable income, it’s just that of the 180k she’s making, she’s taking a lot less home than she thought, yet people still call her ungrateful and out of touch lol. It’s a very good breakdown for a lot of people who need to think about what to invest in their future. Many people think they become rich just after becoming a doctor or lawyer, and while yes down the line it will be true for most, there is still a long time til you can relax. Is it worth it to go through extra schooling, not making money like your peers for it? Or should you settle for something else less paying, but you can start making money sooner? When one job offers you 100k in SF/NYC vs 70k in a southern state, what does this income ACTUALLY look like? Jfc some of y’all are so stuck up into your own problems that you can’t realize you are not the center of other peoples’ worlds 🤦🏻♀️
She left out her 401k contributions so what is left is closer to 5k. My base is less than that and my take home is more. Something doesn't add up
She is ungrateful and out of touch though. Once she's finished paying off her loans in a few years and gets a few promotions, she'll literally be a millionaire and she's complaining about being able to blow $3k every month on whatever she wants in Manhattan, NYC of all places in the world
3k in disposable income some families who live in nyc dont get that in a month.
@@fark69 She was telling her story for law schools students to manage their expectations.
A lot of students think that after you get hired you're now a big shot with a ton of money.
Yes, you'll get a lot of money but you'll be paying your huge student loans first and pay a lot more in rent now. So, you'll need to manage your expectations and plan accordingly.
She's not even complaining.
You sound bitter.
@@fark69 hmmm my uncle is a lawyer and he definitely is not a millionaire. Sounds like you may be out of touch a bit. Have you ever stopped to think that some people don’t want to wait a “”””few”””” years to reap the benefits? If you count her years post-bacc in law school+the “few” years to pay off her loans, thats at least 7+ years of hard work. Some people would be flat out miserable those 7+ years, enough to absolutely hate their career and be miserable for life. Those people would rather go to normal 9-5p, making probably less but manageable money, without having to grind for the extra years. And again, you don’t know her life. You don’t know if she has to stay in NYC for family or loved ones, or if her job offer there is the best option of what she has. Again, you are NOT the center of anyone else’s world.
Everyone needs an extra cash flow apart from a daily job, anything that can help get a little extra dough each month is important to beat the tide. For a comfort vacation in mind, you should mainly be focused in channeling funds into investments that yield returns without constant intervention.
Gregg I'm exceptionally well positioned for what's to come because my portfolio is solid enough to withstand and outperform irrespective of the market trends, through this system I have managed my financial resources and travels to most countries with family.
While the market has infinite complexities, put in the simplest terms to help guide your financial growth, the research that goes into it is quite actively remunerative.
Debbie, that’s the best financial steps ma’am, you could also take advantage of some growth stocks at the moment, every crypto trader is currently bagging some dips, but you gotta be careful because not all coin recovers from a dip. Luckily for me my trader and coach Frost Hilda has been using every opportunity to ensure I benefit from each turn the market takes.
At a certain point though, we have to know when things are too expensive and unsustainable.
FINALLY someone just stating the facts of their life. She’s not complaining about a $6000 watch, she’s not being ungrateful. Just a realistic breakdown of what her situation is like and what I may look like for other people.
I mean, not really. Like I seriously doubt her taxes are over 50% of her income. Like 7k after savings, retiement, and medical sure, completely different from what she tryin to paint herself as
She's not being completely transparent. I suspect she maxxing out her 401k, HSA, etc. monthly - along with health insurance, etc.
I make less than half you make, but I live in another state and my take home salary is just a little less than yours. My rent is also significantly lower and I'm debt free
That’s what a lot of people don’t understand. This right here.
But you don’t have the luxury of living in NYC
@@GreatValueBleach who says that’s a luxury?? Getting mugged and raped in the subways, walking through rat and homeless infested streets?? Murders and stabbings happening on a daily basis? Yeah, sounds real luxurious 😂
Something to consider is the federal taxes of everyone are distributed differently. Some states with lower state taxes are effectively subsidized by everyone across the country.
Where is that
3k after rent and loans, that's still great as a single person with no kids. It also helps to live outside of Manhattan. There are cheaper apartments outside the borough if one doesn't mind commuting longer.
Time is money
@@samanthamichelle2094 This. I used to commute an hour or more each way (so 2+ hours/day on subways) because I had an unheard-of deal on an apartment in the area where I lived due to a family connection. (And I definitely wasn't making 180k). I hated commuting and never want to live that way again. Other than at lunch break I never saw the sun. So glad I'm self-employed now.
Look at her statement, she made $180k in the year 2017… that’s equivalent to $227k today, according to CPI inflation calculator
This is so deceptive. She DOES in fact net around 10k a month post-tax but for some reason pretends like the over 2k that she puts away for retirement don't count or something. She's keeping it all that money, it's just being put in bunch of retirement accounts. Also 3k a month of straight up disposable income is fantastic. I mean I live in new york and I understand the frustration of it being expensive but complaining about affordability on 180k a year as a single adult is pretty funny and out of touch.
Let's say she spends half of that 3k disposable income, then she can put away 1.5k to retirement + the other 2k that is automatically going to retirement from her paycheck so 3.5k saved every single month. She's putting away most people's annual income to savings / retirement every year.
Yup! It was a rude awakening when I got to 100k...net barely moved from my previous 60k salary.
Just contribute more of it to retirement/trust fund
I went from 37 to 42k£ and for some reason I'm almost making the same? I don't know what tax fuck up has occured lol I think I entered a new bracket 😫
Once you get over 100 grand, they take almost 50% out in taxes. It's no wonder people stay at lower paying jobs and rely on the government to help them. If you're under 40 grand, you can get subsidized housing, free food, and pay less taxes.
@@megceleste that is NOT how taxes work... I'm going to list how it works for a single person. Federal tax is
$0 and $9950 is at 10%
$9,951-40,525 is at 12%
$40,526-$86,375 is 22%
$86,376-164,925 is 24%
And so on...
So for federal the first ~10k you make is always taxed at 10% even if you make $100k. Of course you have to add state and other taxes if necessary.
whoever does your taxes for you to explain it to you...
@@QargZer oh then I must've read an old article or something.
I felt the same way after I went back to school and got a $12 increase in pay. Was shocked when my new pay of 80k turns out to be 50k after taxes. It’s bonkers
I’m looking at the tax bracket for income in NYC and a job that is a higher bracket requires a masters degree and after taxes goes to about 46,000 dollars for the take home pay.
Yes, I used to live in California, and roughly 25 to 30 percent of your salary is gone cause of taxes and deductions. You better hope you get that tax refund.
She is probably a great lawyer to be able to mislead so many people with a straight face . I would hire
No she's a woman lol
The numbers clearly do NOT add up. $2000 for rent in NYC..lol.
Then if you are making $180k a year and renting...that is suspicious.
@@QueenLucifer777 that's probably with a roommate.
@@kimthomas3874 Did she say that? Even stil, if I made $180k, I would not need a roomate or would even be renting.🤣
@@QueenLucifer777💯
The student loans is what’s bringing down the excitement.
It's crazy because as a a non American I thought that 180k was like a millionaires purse almost until I realise the amount in taxes, rents, student debts and medical bills all mount up to. Especially if you're in a country that has to pay for healthcare.
lol it still is. her take home is less because she maxed out her 401k contribution for retirement. and she said medical co pay (meaning its not high deductible) which usually means doctor visits is ~25-35 bucks.
You pay for your healthcare too, nothing is free. Gasoline here is 83 cents/liter.
I live in Canada but I work for a US company and its awesome. My take home is better than hers but I have no health care costs. Thankfully I bought a home before the housing crisis really kicked in so I save a ton of money every month
she doesn't have to pay for healthcare. the employer pays.
@@paullim1933 wrong. Most people pay for their healthcare plans offered by employers. If its 100% no cost then your company is probably calculated in with lower salary or by working you harder. Nothing is free my friend...
I did some quick math, based on your income and location your monthly take home pay should be approximately $9,700. This doesn't add up, unless your contributing a huge amount to your retirement accounts.
She has to. Maybe she can move to a lower cost of living in the future if such exists. She likely had it taken out with automatic contributions. We live much longer than before. She needs a yearly income that can survive what happens.
Yeah either she's totally futzing her tax deductions and getting a massive tax refund every year, or just contributing the maximum to her employer matched 401k/IRA and/or paying for an employer provided healthcare plan out of her paychecks. It's disingenuous to say you only take home 7k a month when she likely takes home 10k+ and just invests 3k of it.
@@final3119 She can't contribute to IRA, her salary is too high for that.
@@tlanimass952 you have no idea what you are talking about
@@final3119 he’s semi-right you have to make less than 140k for a Roth IRA. Not sure about a traditional IRA
This is totally ridiculous. Any adult who has paid into pre-tax investments/retirement accounts and health insurance understands she is totally omitting that money... Which is still pay she is receiving and has access to.
And $180,000 income for an individual is still in the top 5% or so of earners FOR NYC. Couples raise children on 80-90k in NYC... As in 4 people surviving on half as much.
She has no idea what she's talking about.
💯💯
The associates where I worked in NYC would typically receive a $15k - $25k annual bonus and were allowed to order restraunt takeout.
I am disabled, and live off $800 a month. My rent is $425 a month. My phone and utilities are about $200 a month. The rest I spend on food and house hold products, shampoo, laundry etc. No transportation, no savings. No employer keeps me on because I miss due to appointments, numerous surgeries that makes me miss too many days to be valuable. I volunteer to give back to the community when I can.
God bless you for giving back even if you don't have to
People forget that if your health isn't good you generally can only aspire to have anything near the amounts she's talking about, in NY or anywhere else.
@@ajpristine4809 I feel you. I'm self-employed working part-time at the moment, which allows a bit more flexibility when my health 'decides' to crap out on me lol. I just decided to go back and finish a master's degree so that I can hopefully get more stable and better paying part-time work. I'm just not 100% sure if I'll be successful and ever make enough money to support myself. Thank goodness I have an amazing mom to help support me or else I'd be in serious trouble. I hope that you have some good people that you can rely on in times of need, wether that be for financial or emotional support. Anyways, best of luck to you!
Can you do a video on the unexpected costs of living in NYC that decreased your anticipated take-home salary?
federal, state, and city taxes, and i wildly underestimated contributions to retirement, health insurance, and commuting (a monthly subway card is $127). food, rent, and gym/fitness are also more expensive, but i kinda expected that
@@CeceXie how much do law school cost in total?
nowadays? could be up to $300k
@@CeceXie Thanks
@@CeceXie you prob don't have to start paying for retirement this early. many ppl start contributing more retirement fund when they are closer to retirement age. you are young, use the $$ for investments, it will pay off a lot more than the amnt you put in retirement fund in the long run. you want to enjoy the $$ now, not after you turn 65 when you can't travel/play much.
If you're married to someone who has no income or less income than you , and you have children, you'll have more tax deductions. The reason you only net $7000 despite your $180K salary is because you're single with no dependents. If you work for yourself, you can also deduct more.
“Disposable income” then subtracts more bills 😂
EXACTLY. Holy crap the people arguing here don't understand basic definitions. Either you include or exclude all bills. Talk either net or discretionary, not picking and choosing
Don't forget, 401k, Roth IRA, HSA lol and Transportation since you are in NYC.
I think that might be a piece of information she left out when she was talking about her take home. Based off the number she showed that would mean she's only bringing home about 48% of her income.
@@carmellabrown3335 definitely believe she left it out because HSA and 401k is pretax meaning it'd be taken out before the direct deposits. Even transportation benefits are pretax so I'm willing to be her net is much higher, she's only including the money that her bank account not all the other accounts prior to.
@@carmellabrown3335yeah that math didn't sound right to me... that's over 50% gone from taxes
She included the affects of those but didn’t mention it
I grew up in a 6-person household with 40k a year, barely scraping by, and I don't think this video is out of touch. It's so useful to understand how salaries break down and manage expectations. When I end up getting a good salary, content like this prepares me not to overspend on luxuries if I want to sustain financial health. Honestly I think she is pointing out how insane NYC life is that you need to make that much to not be living paycheck to paycheck
Her 3000 in disposable income sounds alot nicer than my 800
That’s cup noodles money bro
Sounds nicer than my 60 we can always compare yknow
Yup
Y'all have disposable income? In this economy??
@@synonymous_ exactly!
Net take home on 180k in NYC is about $9450. What you're doing is is maxing out a 401k and probably a Roth IRA... maybe even an FSA/HSA... which are all tax deductible saving/investment accounts... and your passing that off as if they're expenses; which is grossly intellectually disingenuous. But as a lawyer I guess lying comes natural.
I make $90k in Western NY. I struggle to pay my bills as a married homeowner in a 2 vehicle home.
you’re living above your means then
We make the same and I don’t struggle
“$3000 isn’t that much money for disposable income” mam that is my entire paycheck
Yep she’s seriously out of touch
Lol that’s more than my monthly income
Well considering she gets like 80-100$ an hour and you probably make 15$ an hour, I would say yes 3000 isn’t that much disposable income.
She went to years of school, made the ideal choices, probably moved away from her family, and by the end of it. $3k a month isn't enough. Imagine raising a successful family on $3k/mo? Better to get an average job in that case
@@jackblack7573 her salary doesn’t necessarily tell you anything about the value of her work. She could be doing spreadsheet all day every day. There are much more important jobs that pay way less and require more education.
This is so real, I am literally trying to wrap my head around the same issue - thank you for sharing your breakdown!
If you're contributing to your retirement accounts that should be included in your net take home, even if that money doesn't hit your checking account.
@@karinalumen9722 silver is under 30 dollars an ounce retail and can be bought in your average coin shop by the gram (2 dollars a gram) its never too late or too small of an amount to invest. Im buying 3 ounces a week and an ounce a month for my kid brother. And im by no means wealthy...
Agree. This video was misleading
Thank you for this video, it’s important for young people to understand this because so many want to flock to NYC or LA to make the big $$$ and don’t factor these things in. A lot of people would be better off financially taking jobs with a smaller salary in a lower expense area, especially if it means not going into debt.
Thats called being stable in life and it is actually a great advice for those who won't risk life
FALSE. She doing great. And, if she moved to a smaller city after working in NYC, she'd command the same salary.
3K disposable income is more than a lot of families total income. 1st world problems…
You are forgetting cost of living in NYC
@@doubleu. the cost of living in many major metropolitan areas in the US is equivalent. And we’re talking about the disposable income AFTER bills.
Thank u for being transparent and honest abt these kind of things
bro i thought i was going insane
I also had a pretty high paying job working in mortgage finance. I thought i did everything right like going to college, getting good grades, and networking but after all was said and done i felt like i was like 1-2 checks from losing everything.
Eventually i quit that job, took a pay cut and moved and figured out that its actually just the city. It's something in the water, gotta be.
@@barbieblue3336 She doesn't have to pay her student loans though. Student loans have been paused without accruing interest for the past 2 years... She could accumulate money, put it in any kind of investment and take it out 3 years later and have another little chunk of income in addition to her salary...
This is what I keep trying to explain to people. Big salary typically comes with big bills.
big loans come with big bills. Otherwise, it's alright
2k in student loans is insane though...
very poor financial decision, yes. Based off 2k monthly loans and I recall something like 6% for unsubsidized loans her rate is probably same or worse which means she has/had something like 200k in student loans...
@@aperkins07 yeah 200k for a 10 year loan at 6% is 2.2k... it's just insane that someone would take out 200k in student loans just to make 180k.
She could just be trying to pay it off fast
Someone saying 180k salary is anywhere near standard is insane to me 💀
I’m sure she had a retirement account in there she didn’t mention
She didn’t mention 401k, HSA maxed out, ESPP or something similar
Yep. $180k with 40% tax taken out (she pays less income tax than that just making the numbers neat), gives a $9000 monthly take home.
exactly. my salary is 175k and i net 10k in NYC.
Right her net take home is way too low... she must be maxing out her 401k and making other elections
Way too low.
$2000/month in loans 🥶
I know right? I paid £85/month for my bachalors degree. 10 years later I am debt free
Depends on how much your total loan is, minimum monthly payment, and years to pay off. My friend owes $120k, minimum is either $400 or $700 for more than 10 years, but he pays $2k so he can pay it off sooner.
@@xxsam0917xx true, but doesnt it mean that education is simply overpriced in US?
@@craftyrouze No. the government gives everyone free money for student loans payment this year and pauses interest on student loans for the last 3 years, so it's really a good idea to go to college in US. government will always bail students and banks out
@@craftyrouze that is a hard question to answer - the system is so complicated in that yes tuition is very high but it is like a concierge service for the 4 years compared to what school was like in the past - I also feel that university in the USA has to make up for substandard primary education. In Italy we go to school for 13 years before university and have to pass national state exams each year. I'm not saying that the system is perfect but US secondary education varies widely in terms of material and quality.
I pay $450 a month in the south but nyc is a wonderful place in the world all walks of life and you don’t have to drive everywhere you can take the train or subway which is faster and cheaper also the business opportunities in the city are booming hot dog stands make more than factory workers where I live
$180k in Texas as a nurse practitioner. 3 homes with 2 as rentals before hitting 40 years old and the primary a high rise condo and working on a 4th as beach front bnb. I can retire now but the job is too easy for the money being paid.
What kind of NP? CRNA?
Not going to lie, that is an abnormally high yearly salary for a nurse, especially in a state like Texas.
@Don’t come for me unless I send for you 🤷 she must be having another source of income to be honest. I don’t think the nurse job alone would generate that much income
My Husband makes close to 100k and it’s honestly not enough to live here in Massachusetts. Taxes take a huge chunk of it and rent over here is 2,000-3,000 for a decent 2 bedroom apartment. It’s crazy over here!
I know some people are salty. But she makes a good point. Our parents making 180k and us making 180k are not the same. Our money simply doesnt go as far. And if your factor in utitlities, transportation costs, insurance, food, and any medical costs. 3000$ becomes more like $1500 disposable, and hopefully she saves something outside of retirment lets say 500 a month. Thats 1000$ of truly “disposable” income. Now is that something to appreciate and be proud of? Absolutely. Do people make do on SIGNIFICANTLY less, absolutely they do. But I think the overall point is how we go to school thinking 100k a year is like a shit ton of money, when in reality it doesnt hit quite like that
It's not even worth it. I'd just move.
People ought to stop commenting that she’s out of touch. Different places have different, almost, ‘microeconomies’ and her even pulling her bank information up and breaking it down is super useful for anyone looking to move to NYC etc anyway. Love from Britain 🫧
Meanwhile I'm a long haul trucker. I make around 110k or 8400ish a month. My total expenses per month: 60 dollars on unlimited phone and internet in my truck. No student loans, no rent, I can go on vacation anywhere I want in north America without having to pay for transportation to get there.
A friend is doing the samething he loves it and enjoys the drives and trips cause he gets to fuck around with different people all the time lol. Even more now that we messed around together and now hes exploring his bi side. (Lucky boys are getting him statewide haha) no rent only minimal bills. Usually crashes at friends or fbuddys pads if not the truck. Hes pumping out all that road stress and staying young haha
@@ivaldez126 lmfao that took a turn
I make 42k a year in Canada and that's pretty good, if I were making 180K in Mtl, I'd be sipping champagne and eating caviar
No you'd be complaining on TikTok apparently...
Suffer baby suffer … it’s a cruel world 😂
was trying to watch this in the middle of a meeting, and it feels like shes talking about something rly funny
“Occasional vacation” lmao as I weep over my masters degree making 45k a year in nys
(45k before taxes - so about 2500 a month take home, minus my 1300 mortgage - 1200 for food, medical, utilities, toiletries, etc.)
You have a master's. You can teach.
You have a masters degree making 2500 a month? Jesus christ why knowledge is such a tool
What are you a master janitor?
I as well have a Masters Degree and barely make $50k. Everyone thinks it's super easy to find $80k-100k/yr jobs. I'm 45 years old and can't find a decent job that pays well. It's very discouraging to know you have so much to offer a potential employer but just can't seem to land interviews or find the jobs that offer a decent salary.
@@rosethao6004 I’m fairly certain many(not ALL, of course) janitors, make more than 45k.
She never explained why it is $7000 per month take-home pay instead of $10,050 per month.
mix of likely retirement and benefits payments
Tax, retirement, health care, etc
The 10k/mo assumption already accounts for taxes.
$7,000/mo is $84k/year. You're not paying almost 40k to retirement unless you're putting 30k in a roth backdoor or something. In which case this is just misleading because you're still earning the money, it's just going directly to savings.
They probably earn bonuses that aren't paid through monthly salary.
I feel you! Once that taxes hits the money just goes down from there. Not to mention medical insurance, retirement, etc once that’s deducted from your check it becomes half of what you gross. It’s so depressing 😟
That’s it’s called gross pay 🤣
There has to be something else coming out of her checks because $180,000 per year taxed at 32% (based on her income) will net you roughly $10,200.00 per month. That’s based on the current tax rates for 22’ based on her income.
Your first mistake was living in NYC.
Well, she worked in big law. You don’t get $180K starting salary working in a small firm in a small town, do you?
@@edwink1467 depends on what you practice. If it’s corporate law you can work for a corporation and come in good. Your net would end up being more at least.
@@nightterrors6262 Very few (if any...) big corporations are headquartered in small towns. So you end up having to work in big cities again. The point here isn't about which area of law pays the most, but rather the location of practice. You can practice anything anywhere and make bank if you are good at it or have a lot experience, but this doesn't apply to fresh graduates who are mostly looking for entry level roles.
@@edwink1467I have a 150K dollar per year salary here in Indiana, alot of big cooperations are headquartered in suburbs of medium sized cities, I work at sales near keystone and sell luxury cars and get to drive bentleys, Lamborghinis for a living etc, and I live in a 3500 sq ft house, it costs nothing to live here, In chicago with 150K, over 40% will go to taxes mostly property tax, while here in Indiana it’s only 31% with all taxes including fica etc.
So accurate, crazy how this is the financial version of instagram vs reality.
By the end of the video, she sounded like those old TVs that makes a noise when they had bad signal
I live in Houston Tx. And 180k will go 10x farther here bc of lower cost of living and lower taxes. Let’s just say my husband and I bought our 3 bedroom 2.5 bathroom house for 140k and it’s our forever home. That same thing would cost 7x more in NYC…. In 10 years Manhattan will be just the playground for the filthy rich!!!
At some point in Q3, you’ll hit the threshold on social security and you’ll get like a 7% bump. So there’s that. But the larger point still holds… a lifetime of achievement to hit a supposed pinnacle and it amounts to this… still gotta save, still gotta be thrifty in some ways, and nothing changes except a few more small luxuries… doesn’t feel like all it’s cracked up to be. Even at 300K it’s only marginally better but it makes you wonder about all the times you stopped yourself from “living life” to work that much harder. I know some people who’ve gotten depressed when faced with the reality of this. Bonuses help though…
Yall she said rent was a little bit more than $2,000 so she is living conservatively and when I looked up rentals in New York City they basically started around 3500 and that's on the low end
Her student loans were $2k, her rent was $2900
No doubt she lives near work as she probably puts in VERY LONG HOURS or works when she is at home. If you shared an apartment you could pay 1600 or 1700 as well! It's all about choices.
She no doubt had a roommate.
Wow! Thanks for this video! I was just talking to my friend the other day about this.... as to how people so often tend to focus on money that is coming in RATHER than the money that is going out! Theoretically, a person working at Wal-mart could have more money in their pocket at the end of the month than someone in a position like yourself...
She should go back to Thailand she would be Rich! 3000 over there a month is a lot!
The worlds smallest Violin plays 🎻 just for you dear!
Seems ridiculous that people don't understand that a pre tax salary does not reflect reality. Strange that anyone would call you a liar🤦🏾♀️
Thanks for informing me I'll never live in New York. My current take home is about 3,000 a month and that's without taking out rent
What state ?
3,000 without taking out rent? That’s 36,000. That’s low
.we’re living in Utah (Salt Lake Valley) and the prices in Florida don’t look bad at all The average for a 3 bed 1 bath townhome is $450,000-$500,000
Must be nice to have that much after rent and student loans.
It isn’t hard I usually have about 6-7k extra a month after expenses it’s all about living below your means and being smarter than everyone else and having a amazing work ethic and family support. Which is all in your control
@@SinisterLynch I don’t even make 6k a month. More like 3k, barely 😅
@@sarahg2665 right, lol family of 6 here hubby makes about $40k a year which equals about $2700 a month take home….
well she worked hard for it. you can too
@@katiebwheeler I don’t want to be an asshole but she worked hard for her career, you get what your work for. If you’re not happy with 40k a year, go to school, find a career that pays better also shouldn’t of had kids you can’t afford…
The fact that we pay 50 percent of all wages to some form of tax and nobody are going after the government for theft is mind boggling
And then that tax money gets used on shit like increasing police and military funding when it can be used on education, food, or healthcare for the public… wtf
Most people don't pay that much - it sounds like she has not set things up to optimize her tax burden.
Student loans are killing youuuuu
Not to mention, taxes that combine dependents, then the amount you may possibly owe, depending whether or not who you may have claimed.
Girl really pulled out her bank statements
That’s called a paystub not a bank statement
@@DoDgeSwaG she literally said it was from her bank statements what do you want from me
3000 dollars would be amazing a lot of families have less than that before they even pay for rent
But in NYC rent is that much…
@@kelsonplanning4298 I know but she said 3,000 ain’t a lot to have at the end of paying rent and all that
@@kelsonplanning4298 her rent was $2100, she accounted for that when talking about her take home. After taxes, insurance and retirement her take home came to $7k. When you account for rent ($2100) and student loans ($2000) what's left is the $3000.
this is eye opening. This means 180k in NYC is about the same as 140k in LA.
In Canada you would pay significantly less tax, have free healthcare, pay approximately 15k/year for your legal education at a very good law school (before scholarships and bursaries - my legal education was free)…and you would make as much or more money. I honestly had no idea NYC was like this.
I live on $1700 which includes online business cost, utilities, and rent in central California 😅. I get basically free food by making content online for a grocery company. Thank gosh I paid back my student loans a long time ago and have no debt. I don’t have much in my retirement though…
Thank you for being so honest about your pay. Also people shouldn't be envious or even curious about what you make. It's your money that was earned to spend.
I think it's reasonable that people are curious. Maybe they want to be an NYC lawyer and are looking for examples of what life could look like.
I had same experience as a physician 😩
Preach! This was a rude awakening for me!
Turn to God. At least being a follower I have 0 feelings to have things I really don’t need to impress others. Contentment is great gain according to the Bible. It’s called being at peace in low times and high.
@@king77solomon30 Good for you!!
Leave New York. You can get in job in Chicago, and live in West Loop. Save mad money. The End.
the crime is terrible there lol
@@suspicious2delicious Only in the hoods 😬 Just like in New York 🤫 Chicago is fantastic!
@@Mr102185 I want to visit the hood. Do you recommend it? I’m 5 2” white male
She can always move to Jersey
Where in new jersey?
How much in taxes, how much in health insurance premiums, how much towards your 401k, how much towards fsa/hsa? Genuinely curious.
I’ll share mine. RN from NYC (10 years at the same place so my income is a bit higher than others at part time)
I make $78,000 part time biweekly checks
$4000 yearly for health insurance for the entire family
$250 biweekly for 403b
$21 biweekly for fsa
$1.81 for extra disability insurance
Net income is about $2000 biweekly
@@mumuzeze great insight. Thank you!!
When my husband and I get paid we accept that some of that money is already not ours.. budgeting and acceptance of this fact will get you far financially
Or do what did. I had bad credit n decided to stop going in the negative red. I simply stayed in the plus n like you said save like I’m paying my future bills off. Car, exspenses or whatever.
Depending on personal debt everyone situation different. That definitely gets you freedom if you know how to manage it 💯
A large part of her salary is spent maxing her 401k contribution and doing other payroll deductions that don’t show up in the direct deposit. I bet she is also paying over the min loan payment each month to pay it off early. Her point that money doesn’t go as far as you’d think is still generally true though. Hard to raise a family in NYC for under 200k household.
Wait, 2000 a month for law school loans? Thats crazy.
I assume that's based off her earnings and should hopefully be paid off pretty quickly
I pay 100 a month.. 😬😬 for 40 years lol
She’s probably paying over the minimum to take care of interest and pay the loan off faster.
She is lying don’t believe any of this shit
@@AmandaPandah That seems counterproductive when you’re literally just paying off interest at that point.
have to say unless you REALLY love law practice, going to law school, sleeping 3 hours a day, just to be in a 'dream label', your life is gonna be eaten... many ppl out there who are not in legal field believe lawyer is their dream job, because they have no clue what a lawyer do and the cost of being one...
Is big law the only place for lawyers to work? What about government or smaller firms?
@@RMatt2016 Sure, but they pay significantly less starting salary. So that’s a trade off you must be willing to make in exchange for better work-life balance and perhaps more fulfilling/interesting work. A lot of people go into big law because they have to in order to pay off their student loans.
I work with 2k a month and that has to cover rent, car payment, insurance and essentials. So having take home of 3k AFTER rent is paid is pretty amazing. I wish I could pay my debts. I literally have no wiggle room.
People’s voices cracking down in the 2nd half of the sentence are driving me mad.
Dam I dnt even make 20 thound and I work alot lmao I'm poor af
Same!! You are not alone..I am here with you..and though we’re far apart..we always know we’re broke.
Go to college and get a better job
And then there’s people that live in their vans rent free and save tons of money making less than 20 an hour
Thanks for sharing the truth for young people with big NYC dreams!
New york native here! The job I'm studying for has a starting annual salary of 70k since it's not exactly a very sought after job and even with that I'm gonna have to live with my parents or with roommates for a while if I wanna get my own place
Why is living so expensive and hard :(
Man the vocal fry is real on this one!!!!
I don’t hear it