Money Tips For Your 20s? NYC Rent?

This week's Happy Hour Finance Friday is focused on financial tips for your 20s.

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What are your financial tips for people in their 20s?

In your 20s, focus on working hard to advance your career. Try for promotions and look at your career job market every 2 years to make sure you're earning what you're worth. Your 20s is also a great time to learn how to budget your money. If you start smart money habits now, your future self will thank you. I also love to encourage people to travel, but to travel smart. Try to do one trip a year if you can afford it. We have never regret budgeting for and spending our money on experiences. As soon as you're able, learn about the stock market and start investing and contribute to your retirement fund. The sooner you begin, the more your will earn with compound interest. Overall, your 20s is the time to invest in yourself. Develop a side hustle or a passion project!

What’s a good plan of action to save your increase in income, instead of splurging it? 

  • Budget - Determine the cost of your essentials and plan what you can spend on other things
  • Save - Figure out a good percentage to save from each paycheck
  • Don't Upgrade - Don’t unnecessarily upgrade your lifestyle. Just because you can afford to, doesn’t mean you should
  • The $75k Rule - Studies have shown that after a certain income level, specifically around $75,000, you can live a happy comfortable lifestyle. What you do with the rest of your earnings is up to you. I recommend saving and investing rather than spending big on lifestyle items.

How much are you paying for rent?

We live in Dumbo, Brooklyn and currently play $3,650 a month. This apartment has 2 lounges, one of them a rooftop, a gym, and a doorman. Our last apartment was pre-war in Queens and was quite large for NYC standards and paid about $2,000, but had no amenities. Rent, especially in a place like NYC, depends on your needs and how much you are willing to pay for them. For us, our work-life balance was really important. We will willing to pay more to save time and effort by having a gym where we live, multiple working spaces, and close proximity to shoot locations and city events. Here's an apartment tour of our place, in case you missed it:


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