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Hi all. My wife and I are fairly new out of school (I've just hit 4 years in the workforce and shes at about 1) and we've accepted jobs in an extremely low cost-of-living area.
We've got a lot of student loan payments (1000+/mo), but only one car payment (300/mo). Mortgage is under 1000/mo with everything included (taxes, insurance, interest, principle).
Combined salary puts us at about $120K/yr, though could be closer to $130K with bonuses. According to PayScale's cost-of-living calculator, 120K here is the equivalent of $265K in NYC.
That being said, even with our bills, will we be able to afford a fairly comfortable lifestyle? No kids. We'd like to save a little each month and do like to travel a couple times a year. Is this reasonable on our salaries for the area?
Combined salary puts us at about $120K/yr, though could be closer to $130K with bonuses. According to PayScale's cost-of-living calculator, 120K here is the equivalent of $265K in NYC.
You are doing very, very well by any standards anyone could name, particularly for a couple still in their mid-20s!
I myself am looking to move back to NYC, and our combined income isn't yet what yours is now, ten years younger than us, in your low-COL location!
You haven't actually named your location, so travel might be an enormous logistical hassle, but I'm sure you'll do just fine. You're certainly not hurting money-wise!
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