30 min listen
How to Become a Millionaire in 10 Years: High Cost-of-Living Edition
How to Become a Millionaire in 10 Years: High Cost-of-Living Edition
ratings:
Length:
37 minutes
Released:
Dec 21, 2022
Format:
Podcast episode
Description
How much money do you have to earn in a HCOL area to become a millionaire in 10 years or fewer?
A few months ago, we released an episode about how much someone would need to earn (and spend) to go from $0 to a seven-figure net worth in a decade, and a few of our listeners from NYC and the Bay Area said, “Good try, but can you triple the spending and redo this?”
I’m nothing if not accommodating, and the question brought up a whole new topic for me: Is living in high cost-of-living areas worth it? Moreover, how much do you really need to earn in, say, Manhattan to avoid slowing your financial progress? If you don’t earn that much, how far “behind” are you likely to be? We’re diving in.
Learn more about our sponsor, Vin Social: http://vinsocialvip.com/.
Transcripts can be found at https://www.podpage.com/money-with-katie-show/.
—
Mentioned in the Episode
How to Become a Millionaire in 10 Years or Under: https://podcasts.apple.com/us/podcast/the-money-with-katie-show/id1589146097?i=1000581637513
Cost of Living Calculator: https://www.nerdwallet.com/cost-of-living-calculator
Investopedia's 10 Most Expensive Cities in the US: https://www.investopedia.com/articles/personal-finance/080916/top-10-most-expensive-cities-us.asp
2022 Cost of Living in New York City: https://www.bankrate.com/real-estate/cost-of-living/nyc/
Median Sales Price of Houses Sold in US: https://fred.stlouisfed.org/series/MSPUS
New York State Income Tax Rates: https://www.nerdwallet.com/article/taxes/new-york-state-tax#:~:text=New%20York%20City%20and%20Yonkers,%2C%203.819%25%20and%203.876%25.
Federal Income Tax Calculator: https://smartasset.com/taxes/income-taxes#o4yUBvQUcN
What Is the True Cost of Living in New York City: https://smartasset.com/mortgage/what-is-the-cost-of-living-in-new-york-city
No, The Rich Are Not All Moving to the City Now: https://grist.org/cities/no-the-rich-are-not-all-moving-to-the-city-now/
Are Houses More Expensive Today, or Way Bigger: https://moneywithkatie.com/blog/are-houses-more-expensive-or-bigger
2023 Wealth Planner: https://moneywithkatie.com/new-2023-wealth-planner
—
Follow Along at Money with Katie: https://moneywithkatie.com/
Follow Money with Katie!
- Instagram: https://www.instagram.com/moneywithkatie/
- Twitter: https://twitter.com/moneywithkatie
Subscribe to The Money with Katie Newsletter
- Sign up for free today: https://www.morningbrew.com/money-with-katie/subscribe/2
Follow the Brew!
- Instagram: https://www.instagram.com/morningbrew/
- Twitter: https://twitter.com/MorningBrew
- TikTok: https://www.tiktok.com/@morningbrew
A few months ago, we released an episode about how much someone would need to earn (and spend) to go from $0 to a seven-figure net worth in a decade, and a few of our listeners from NYC and the Bay Area said, “Good try, but can you triple the spending and redo this?”
I’m nothing if not accommodating, and the question brought up a whole new topic for me: Is living in high cost-of-living areas worth it? Moreover, how much do you really need to earn in, say, Manhattan to avoid slowing your financial progress? If you don’t earn that much, how far “behind” are you likely to be? We’re diving in.
Learn more about our sponsor, Vin Social: http://vinsocialvip.com/.
Transcripts can be found at https://www.podpage.com/money-with-katie-show/.
—
Mentioned in the Episode
How to Become a Millionaire in 10 Years or Under: https://podcasts.apple.com/us/podcast/the-money-with-katie-show/id1589146097?i=1000581637513
Cost of Living Calculator: https://www.nerdwallet.com/cost-of-living-calculator
Investopedia's 10 Most Expensive Cities in the US: https://www.investopedia.com/articles/personal-finance/080916/top-10-most-expensive-cities-us.asp
2022 Cost of Living in New York City: https://www.bankrate.com/real-estate/cost-of-living/nyc/
Median Sales Price of Houses Sold in US: https://fred.stlouisfed.org/series/MSPUS
New York State Income Tax Rates: https://www.nerdwallet.com/article/taxes/new-york-state-tax#:~:text=New%20York%20City%20and%20Yonkers,%2C%203.819%25%20and%203.876%25.
Federal Income Tax Calculator: https://smartasset.com/taxes/income-taxes#o4yUBvQUcN
What Is the True Cost of Living in New York City: https://smartasset.com/mortgage/what-is-the-cost-of-living-in-new-york-city
No, The Rich Are Not All Moving to the City Now: https://grist.org/cities/no-the-rich-are-not-all-moving-to-the-city-now/
Are Houses More Expensive Today, or Way Bigger: https://moneywithkatie.com/blog/are-houses-more-expensive-or-bigger
2023 Wealth Planner: https://moneywithkatie.com/new-2023-wealth-planner
—
Follow Along at Money with Katie: https://moneywithkatie.com/
Follow Money with Katie!
- Instagram: https://www.instagram.com/moneywithkatie/
- Twitter: https://twitter.com/moneywithkatie
Subscribe to The Money with Katie Newsletter
- Sign up for free today: https://www.morningbrew.com/money-with-katie/subscribe/2
Follow the Brew!
- Instagram: https://www.instagram.com/morningbrew/
- Twitter: https://twitter.com/MorningBrew
- TikTok: https://www.tiktok.com/@morningbrew
Released:
Dec 21, 2022
Format:
Podcast episode
Titles in the series (100)
FINANCIAL FREEDOM: How Much Money Would You Need to Never Worry About Money Again?: Today's episode is a deep dive into a concept that most of us have probably never stopped to ponder: How much money would I need to never worry about money again? If the answer is, "There's no amount of money that would make me stop (insert hyper-frugal habit here)," this episode might be a must-listen for you.We'll talk resources, privilege, time, and the ultimate existential crisis-inducing question: What's the point?Moreover, is there a mathematically sound or reasonable way to calculate that number? by The Money with Katie Show