Hey Everyone - Below is my case study. Right now, I feel stuck. I think that I do a relatively good job of saving, but it is hard for me to find the motivation to improve further. I'm at a job that treats me well, but I don't think I have much opportunity to advance.
I could get a MBA, but with an undergraduate degree in finance, I'm not sure what else I'd learn or what I would study. I like earning a good salary, while I'm interested in fashion I would not be willing to take a pay cut to work in a creative field.
I've also been looking for other jobs - I think I'm unpaid relative to the market could get a 20% boost if I could land a similar job at a different company. I've been struggling with job hunting because I get very nervous interviewing and because I'm not in love with what I'm doing. I do get good performance reviews and am skilled at my job but am craving a new challenge. Not sure what that is yet.
Specific areas I'd like feedback on:
- I am discouraged by finding a job in so long, do you have any advice on how to be more resilient?
- Should I get my MBA? I am 32 years old, not sure if I'm too old. Would also like to have a family, but am not quite there yet in my relationship. If my bf and I start a family together, my income won't matter as much since he is a doctor and makes substantially more.
- Thoughts/feedback on my spending
- One area that I'm different in is my interest in fashion and personal care. I'm willing to make some changes, but don't think I could ever go to the extremes of not wearing makeup or cutting my own hair. In the past I have shopped more for preowned clothes on eBay and want to get back in that habit.
I think the advice here is really thoughtful, and appreciate your feedback.
FY Salary is $105k base, $15k bonus - I maxed out my 401k earlier this year and those deductions aren't included in the monthly amounts below.
Monthly Salary (excl bonus): $4,926 after all taxes, medical, dental etc. Salary is higher this month since I maxed out my 401k earlier this year.
Each month I deduct the following from my salary:
* Cash Savings: $100
* Vanguard: $1,000
The rest goes to:
* Rent: $1,700 - I live in the NYC area and enjoy quiet time alone, not sure a roommate would work. My apartment is a 30 minute commute to work.
Below are the averages from mint:
* PSEG/Internet/Cellphone: $130 ($30 utilities, $50 internet, $50 cell phone) I use Ting for my phone, but often use lots of data.
* Shopping: $400 - yes, I know I will get some facepunches here. ~ $140 of this is for a clothing subscription service which I love and fashion is a hobby of mine. I also bought a very expensive coat this year. I'm thinking about starting a blog to potentially offset these cost. Household supplies from Amazon are also included.
* Food & Dining: $317 - I need to get better with this. I'm guessing $150 of this is groceries, $40 is coffee and the rest is dining out.
* Uncategorized: $113 - ATM withdrawls
* Travel: $103 - I use points to cover most of my travel, went on some really cool trips this year (Finland, Thailand, Mexico)
* Personal Care: $72 - I get my hair professionally dyed (considering doing this myself) and Sephora
* Pets: $72: One cat - includes food, cat sitting and pet insurance
* Transport: $33 - NYC metrocard, other public transportation expenses are deducted from my paycheck
* Gifts:$33
* Entertainment: $14 - mostly netflix, an occasional movie here or there
Anything left over stays in my checking account, my paycheck is also lower earlier in the year due to 401k witholding, it is higher in Dec bc I contributed the max.
401k: $238,000
Vanguard: $150,000
HSA: $15,000
High Yield Savings: $17,000 - 1.35% APY
Checking: $9,000 - writing this out on paper, I'm thinking it seems high and I should move more to Vanguard? I have my bills on autopay so I like to have a cushion in case of a spendy month.
No credit card, student loan debt or mortgage.