Stanford CS007: Personal Finance For Engineers

Re:Stanford CS007: Personal Finance For Engineers by closeparen on Monday November 27, 2017 @02:30PM (#15790374)

Given the high marginal tax rate at that income level, it “costs” very little to max a 401k. The first $1400/mo in savings should be easy with the tax advantage. To save substantially more than $1500 on top of that, you’re probably going to need roommates and/or an hour-plus commute.

I think $3k is totally doable, but “way more” involves very substantial loss of quality of life. Also some of that after-tax savings will be eaten by medium-term projects like travel and moving.

$70k in the Midwest and $120k in the Bay Area are pretty close on CoL calculators.

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Re:Stanford CS007: Personal Finance For Engineers by heedlessly2 on Monday November 27, 2017 @04:23PM (#15791562)

in the comments below i wrote

the big difference is that i don't have a family. But i'm not super frugal. I pay $700/month with utils + internet for my own 1Bedroom apartment. I could've gone much cheaper if I didn't live Downtown (120,000 city population) and could've gotten a roommate in a 2Bedroom aprt. Plus I also eat out at Chipotle/Jimmy Johns almost every other day, then I go drinking maybe once or twice a month. So I could easily save another $500 if I wanted to

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