Just an update on how things are going. I think they're going pretty well. I know 3,200 per month for 1 person is a lot, but I actually anticipate this going down when I move in with my girlfriend in the fall (splitting food, likely going out much less, etc). Let me know what you think!
Topic Title: Case Study - I'm 26, new lawyer, my career is odd in that I'm starting (before tax) at $195k, which will end up at about $380k by my 5th year (large firm, lockstep pay). I don't see a world in which I can do these hours for more than 5 years, so at that point I'l likely switch to government or in house at likely around $100k until FI/RE or some part-time situation.
Life Situation: IRS filing status - single with a long time SO, probably kids within 5 years, work/live in NYC but hoping to return to Long Island to raise a future family.
Gross Salary/Wages: 205k (just got a raise to 190 base and bonus went from 15 to 20) The monthly wages reflect only the 190.
Individual amounts of each Pre-tax deductions 401k (currently doing 3k/month to catch up to 18.5k max by the end of the year), HSA (still on dad's insurance until the end of 2018 - thanks Obama), Roth IRA (make too much, but I put $15k from summer jobs in college in a Roth before I finished law school, planning to do that backdoor thing at the end of the year)
Taxes: Federal, state/local, and FICA. These should be consistent with your AGI and Life Situation. For non-U.S. posters, we’ll have to take your word for these. Living in NYC I get about 5500/month taken out in taxes, netting me about $9300/mo
Current expenses (monthly):
Rent - $1490 (but puts me in a 15min commute)
Food - $300
Going out - $700 (restaurants, bars, events, etc)
Travel - $200 (subway metrocard + LIRR visiting family twice a month + Ubers/Taxis)
Dry cleaning - $30
Subscriptions - $15
Internet - $15
Utilities - $45
Phone - $75 (my portion of split family plan)
Gifts - $50
Clothes - $25
Other - $200
Total - $3200
Assets:
Roth IRA - 15k
3-year CD - 15k
2-year CD - 2.5k
Savings Accounts - 13k
Checking account - 2k
401k - 7k
Vanguard - 26k
Liabilities: $65k private family loan over 7 years of school (mostly taken care of via scholarships) Plan to pay 10k at the end of each year until it's gone.