I just stumbled on your channel and found your vid really insightful! I just graduated from college and moved to NYC (coincidentally I also work in consulting, in risk/compliance) and I definitely have not been paying attention to my spending/budgeting at all. Tracking your expenses and outlining your budget on a spreadsheet is super smart!

@Galbra1th

Жыл бұрын

Thanks Joseph! What a coincidence - small world! Creating a budget is definitely kind of overwhelming going into it, but once you have it in place it’s easy to follow and keep track (and also very satisfying). Glad you enjoyed the vid!

Thank you very much for explaining everything so well, I congratulate you for how organized you are and it is clear that you are also a responsible boy. I always tell my 16 year old son to watch your channel so he can follow your example. Your mom must be very proud of you. Congratulations, keep going. 👏🏻💪🏻👍🏻

@Galbra1th

Жыл бұрын

Thank you Mary! This comment means the world to me!

Really appreciate the transparency (with your numbers) here!

@Galbra1th

10 ай бұрын

Of course! Appreciate you watching!

Love your idealogy and that book reference!

@Galbra1th

11 ай бұрын

Thank you!! Such a helpful book!

Great work man. People make it seem like you cant live in the city for less than $125,000 and you’re making it work. That’s awesome man

@Galbra1th

Ай бұрын

Yeah we’ve all seen the headlines that you need 6 figures to survive in NYC, but that is definitely not the case. I know people living a great life at a much lower salary.

Enjoy your time in NYC. I had a lot of fun in my late teens and 20s living in NYC as a single professional. I was born and raise in Manhattan and lived there until I left for graduate school in my 30s to advance my career. After I finished school, I didn’t return since my quality of life was better here, I can actually afford to buy my own place and save a lot since tax free state. My salary was lower than In NYC when I first arrived but my take home pay was more since no NY state and local taxes. It’s almost 2 decades later and no regrets about not moving back. I Just have great memories of my time there. I recently visited with a friend after the pandemic. NYC was great as a tourist 😊

@Galbra1th

11 ай бұрын

Thank you! I certainly am taking advantage of my time here. I’ll definitely take home a lot more pay elsewhere, but there’s nowhere else I’d rather be in this stage of my life!

This video is very eye opening for me....I am making a similar wage in the Bay Area, and our expenses are similar. I'm happy to have found this!

Very Informative Video, keep it up bro 👍

@Galbra1th

Жыл бұрын

Thanks man! Really appreciate it!

This is very helpful, thank you.

@Galbra1th

9 ай бұрын

Thanks for watching!!

Thank you so much for this video! I would love to move to New York one day but as the headlines say you need 6 figures to live there, I’m just you’re normal person and I’m from Australia, I visited New York in February 2024 and fell in love. Thank you for your transparency and allowing me to realise that my dream is not as far fetched as the headlines make it seem!

Thinking about trying to get a job out here around the same pay range! Good video bro.

@Galbra1th

Жыл бұрын

Thank you! Best of luck!

I have been subscribed to you for a while and so happy for you (maybe a bit jealous also!:P) I am in my early 30's and think your methodology to balancing saving/living best life is spot on. I think we have all fell in to the trap of wanting to save (getting those compounding gains) but also perhaps forgetting you have a life to live. Sure, there will be a time to knuckle down (e.g. saving for house etc).I think sometimes the thing that people don't take into account is the salary as you get older tends to increase (for most professionals anyway, as you climb ladder etc). One thing that has worked for me is to increase the % of my pension as I get payrises to be a bit higher (can't miss it, if you never had it!). Im from the UK so I'm assuming pension is similar to ROTH (or whatever you guys call it).

@Galbra1th

Жыл бұрын

Thank you Iain! I think that’s a very wise approach to your pension. Keeps lifestyle inflation down if you save that way. Glad you liked the video!

Amazing spreadsheet!

@Galbra1th

6 ай бұрын

Thank you!

Would be interested in an updated video showing how this has changed with the new position (and higher salary).

@Galbra1th

Жыл бұрын

It’s a valid question but honestly haven’t changed it one bit. Trying to not allow lifestyle inflation to creep up on me haha. Also the bump in salary really isn’t too material thanks to NY / NYC taxes :/

Great video!

@Galbra1th

Жыл бұрын

Thank you!!

Hey Cameron! Great video I thought it was super informative. I’ll be starting at EY in NYC in the coming year and budgeting is one of my main concerns right now. Could you upload a copy of the spreadsheet you made somewhere?

@Galbra1th

Жыл бұрын

Hey Evan, thanks for watching! What’s your email? I can send you a sample of it. Feel free to message me on IG - @galbra1th

@tarifficsoap

Жыл бұрын

I second that!

@Galbra1th

Жыл бұрын

Reach out on IG and I’ll send the template your way!

You and I share a brain, I made my own sheet years ago and it’s great to face the debt head on! 💯

I landed on your video after chatGPT mislead me with monthly budget, especially fee for gym. It said $40 per month. But when I actually went thru many gym websites, it said approx. $25 per class (1 hour). That’s when I realised I really needed a real person’s budget and not what AI says. Though your video did not say about gym fee, it helped me with real data. Thank you for your information 👍

@Galbra1th

Жыл бұрын

Glad you got some value out of it! I have a gym in my building, so I am fortunate to not have to factor that into my budget!

Great video. Curious on how taxes impact your budget. Is your semi monthly check already factoring that in?

@Galbra1th

Жыл бұрын

Thanks Daniel! It’s a major factor to my overall income. The 74k base ends up being ~55k after taxes here in NYC. Brutal. But my budget (semi-monthly check) is built around that net income.

@conord449

3 ай бұрын

@@Galbra1thgreat video Cameron I’m about to start my first Job in NYC next week on a 75k salary . What figure will that be roughly every 2 weeks after tax? Your help would be much appreciated

Kudos for sharing your budget and for taking advantage of Roth IRA. By your 30s you may not even qualify for Roth IRA anymore so definitely maximize it now while your salary is within the cutoff. Also, if you're single you definitely have to budget for it since dating in NYC is not cheap. Good thing you have a girlfriend already!

@Galbra1th

Жыл бұрын

Thanks Joseph!! And very true- dating anywhere is expensive, but especially in NYC!

Great video! I don't know much about how the healthcare system in the US works but, don't you have health insurance? Where I'm currently studying having statutory health insurance is mandatory and it hurts sometimes seeing the amount being debited every month :')

@Galbra1th

Жыл бұрын

Thanks for watching! You’re right, here in the U.S. we do pay for our health insurance. I am fortunately still on my parents’ plan until I turn 26. This allows me to save a bit of money each month, which is a major help!

Would you be willing to share your excel sheet? I am moving to New York in July and trying to budget similar to you

@Galbra1th

Жыл бұрын

Happy to! DM me on IG and I’ll send a template your way!

Where are you tracking groceries and the meals you are eating at home? A lot of the days only include 1 meal

@Galbra1th

10 ай бұрын

Groceries I expense for just on the day I buy them. So days where it only shows 1 meal, I most likely ate the others at home and thus didn’t put it on the sheet since I already credited it when I bought the groceries. Good question!

Pretty cool breakdown of expenses. I want to see the same salary raise a family 😂 (not in NYC)

I always hear about health care being expensive in the US but can never find it in anyone's budgets. Is this cost overrated? Does your employer cover your insurance so that you never have to pay yourself for a doctor or dentist visit?

I'm a high school student who is trying to pick and choose a career. Your video really helped me out to visualize how my life would be like after undergrad. Honestly, I may sound stupid for saying this, but $300+ for drinks/month is a bit excessive. Acholholic beverages are not good for your health man! Anyways, besides that, I am truly grateful for your video. Your quality is amazing and honestly, you deserve more subscribers than the sub count actually shows.

@Galbra1th

11 ай бұрын

Thanks for watching! The $500 is not all for drinks, a lot of that goes towards travel, Broadway tickets, subsidizing more expensive meals, etc. I appreciate the support for the channel!

@kayvon.

11 ай бұрын

@@Galbra1th I see!

@AdamWrigley

9 ай бұрын

@@kayvon.Also some people like alcoholic drinks. You do you

Are you maxing out on your 401k? What are your thoughts on that based on salary and lifestyle expenses?

@Galbra1th

Жыл бұрын

Not maxing it out unfortunately. I’m contributing enough to get the max contributions from my company. I know it’s not ideal, but I have continued to max out Roth IRA. I’m at a stage in my life where I’d rather have the experiences (in a still very affordable manner) instead of having to be extremely frugal to get closer to maxing out 401k. With all this said, I’d still say I’m saving a lot more money than most people in my situation.

I like that day when for the whole day for your food budget, you spent 9 dollars on McDonald's hamburgers and you spent 21 dollars on wine!

@Galbra1th

Жыл бұрын

Haha it’s all about priorities!

This is great! How do you track all your expenses everyday? Do you type it on your mobile spreadsheet?

@Galbra1th

Жыл бұрын

Yep. At the end of each day I add everything that I spent!

Hi, shouldn't gross salary be 40 times nyc rent??

@Galbra1th

Жыл бұрын

Yes you’re right. I used my Dad as my guarantor to ensure all application documents were approved quickly.

@773ohh6

6 ай бұрын

Smart

Yeah but how will you save fora home? Its cool if you don't even wanna own a home I guess.

@Galbra1th

2 ай бұрын

I’m in a different position now where I am saving more. I am also fortunate to have a good amount in savings that will continue to compound and will most likely be in a higher salary and lower cost of living area when I make the decision to buy a home. But not in the cards for NYC right now!

Not possible to have fun without drinking? Spending more money on drinks vs 401k is nuts to me...

@Galbra1th

Жыл бұрын

“Fun” is all-encompassing, so included other activities like musicals, events, etc. don’t worry, Roth IRA is maxed out each year 😉

You spend $11k a year on food and 2 weeks of pay on rent a month. I thought that alone needed to be reevaluated.

@Galbra1th

Жыл бұрын

🤷🏻‍♂️. Optimizing for both fun now while still being responsible. Price you pay to be in NYC.

@marktownsend7070

Жыл бұрын

@@Galbra1th no biggie. I’m aggressive with saving and investing and my plan is to save upwards of 70% per year for this year and then after the years up, I figure out how to have fun. I make $1k more and of course I’m in nyc. I love watching these videos. It brings reality to me lol I’m basically watching y’all enjoy your lives 🥹

@estebanperez4171

11 ай бұрын

Welcome to NYC, can’t get around those costs

No tips at the restaurants?

@Galbra1th

Жыл бұрын

What do you mean? When I eat at restaurants that ask for tips I typically pay ~20%. That is factored in to my total food budget.

@kayflip2233

Жыл бұрын

Why would he separate the tip out from his budget? Do you expect him to separate the taxes too?

5% is tooooooo fkn low for retirement/investing. I would move that marker to the AT LEAST 10%, but target 15-16%. 20% would be ideal, but knowing your situation, 20% is too high based off your salary. I would cut down on your food by 5-18%. you spend too much on food

@Galbra1th

4 ай бұрын

I’ve since updated my 401K contributions to be 20%+ so totally agree!

It sounds like you have convinced yourself that it's acceptable to not be able to save and invest more now. However, now, during your youth, is the time to save and invest as much as you can because of the power of compounding interest.

@Galbra1th

Жыл бұрын

I understand the importance of compound interest. I have maxed out my Roth IRA and contribute to my 401k. I have decided it’s not acceptable for me to live my life now in a way that is devoid of fun and joy for the sake of having a marginal amount more of money when I’m 60. Trust me, I’ll be just fine.

Congrats on not having any student loans !

@Galbra1th

Жыл бұрын

Thank you!!

This is a nice example of how to NOT handle money.

@Galbra1th

Жыл бұрын

Why’s that?

@Stew868

Жыл бұрын

Yeah, Why’s that?

Snooze fest😢

@Galbra1th

Жыл бұрын

Sheesh, sorry brother