Thought I'd add a 2018 update!
Life Situation:
We're both full-time remote (but still in NYC)! Through fortuitous circumstances, both of us went from spending 4-5 days at the office to virtually none, while keeping the same job.
- My wife works for a company based out of California. Before my wife was hired the company let their marketing director move to NYC. She hired my wife to create a two-person office. Then she left, my wife got promoted and took over her role, so she's all alone here!
- My company (~150 employees) is based out of Tennessee with a ~20 person office in NYC. Over time I've moved to working almost exclusively with my coworkers in TN (via Slack & video calls), so I go into the office only when I feel like it.
This has worked out really well for us. We often go away for weeklong trips to visit family in Montreal, or rent a place in Maine, stay with family in Florida or Vermont, accompany each other on work trips, etc. We probably spend around around 10 weeks a year working on the road (with nights and occasionally afternoons to ourselves), 4 weeks vacation, and the rest in NYC.
Although we could probably get higher-paying jobs if we started actively looking, we like our current arrangement. Now that we're no longer tied to NYC, we are thinking about moving to New Hampshire where's there is ocean, mountains, no traffic, and no tax! We're looking at Portsmouth, where rent is at crazy NYC levels, but our quality of life should improve.
I am also inquiring with my employer about them sponsoring me for a green card. This way we (especially my wife) can freely work for any company. Most importantly, we can retire in the US, where there are many more options. If it doesn't work out, or Obamacare is repealed, or we decide we want the generous Canadian child tax credit, we can always move back to Canada after getting duel citizenship.
Income:
Me: $100k + 3% 401k match (hoping to get a raise to ~$120k soon)
Wife: $60k + 1% 401k match
Side Job: ~$20k after tax
Deductions:
$38k 401k
$6k HSA
$300 transit card
Net income, assuming 25% future tax on 401k: $138k
If we move to NH, this will increase to ~$149k.
Assets:
Taxable brokerage account: $386,000
Traditional IRA/401k: $48,000
Roth IRA: $18000
HSA: $2100
Credit Cards: -$20,000 (with promo 0% interest)
Net Worth: $434,000 (counting 401k as 100%)
Expenses: (2017 in parentheses)
Total: $3786 or $45,432/year, for a savings rate of 67%.
Rent: $1700 ($1700)
Travel: $552 ($530) Two weeks in Italy and Slovenia, one week in Scotland, various weeklong work-remote trips, long weekend in California.
Car expenses: $357 ($92) We spent $71/month on gas, tolls, and parking. Sadly, we spent $3,426 on maintenance. My 2011 VW Golf needed no major repairs for the first 7 months of its life, but year 8 was a different story. I needed an expensive new alternator, new summer tires, new winter tires, new battery, and a bunch of other little things. I hope to get many more cheap years out of this car, otherwise I'll have to buy a Honda next time.
Groceries: $276 ($302) We spent around 25% of 2018 outside of NYC, so this might be around $367/month at home.
Restaurants: $197 ($215) See above
Shopping: $214 ($116) A little lifestyle inflation to go along with my wife's $18k raise. She promises to be better this year.
Home: $68 ($52) Furniture, plants, etc., and $5 renters insurance. We have the nicest apartment, so I consider this worth it.
Utilities: $86 ($76) Electric & Gas
Phone: $50 ($50) T-Mobile Unlimited $100 for 2 lines, wife's half reimbursed by her employer.
Internet: $45 ($45)
TV: $28 ($25) Upgraded from Sling to Spectrum (choice of any 10 channels).
Public Transit: $26 ($80) I started getting commuter benefits in March so public transit expenses are taken out of my paycheck pretax and not counted as an expense.
Pharmacy: $36 ($46)
Pet Rabbit: $55 ($44) Mostly boarding when we travel. Sadly, he passed away in early 2019 at the old age of 9.
Entertainment: $50 ($34) Movies, Spotify Premium, occasional concert/sports game.
Laundry/Haircuts: $45 ($36)
Healthcare: $0 ($0) We have a high-deductible plan now, but my employer contributes $104/month to my HSA which more than covers everything.