December 21, 2022

How to Become a Millionaire in 10 Years: High Cost-of-Living Edition

37 minutes

How much money do you have to earn in a HCOL area to become a millionaire in 10 years or fewer?

A few months ago, we released an episode about how much someone would need to earn (and spend) to go from $0 to a seven-figure net worth in a decade, and a few of our listeners from NYC and the Bay Area said, “Good try, but can you triple the spending and redo this?”

I’m nothing if not accommodating, and the question brought up a whole new topic for me: Is living in high cost-of-living areas worth it? Moreover, how much do you really need to earn in, say, Manhattan to avoid slowing your financial progress? If you don’t earn that much, how far “behind” are you likely to be? We’re diving in.

Learn more about our sponsor, Vin Social: http://vinsocialvip.com/.

Transcripts can be found at https://www.podpage.com/money-with-katie-show/.

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Mentioned in the Episode

How to Become a Millionaire in 10 Years or Under: https://podcasts.apple.com/us/podcast/the-money-with-katie-show/id1589146097?i=1000581637513

Cost of Living Calculator: https://www.nerdwallet.com/cost-of-living-calculator

Investopedia's 10 Most Expensive Cities in the US: https://www.investopedia.com/articles/personal-finance/080916/top-10-most-expensive-cities-us.asp

2022 Cost of Living in New York City: https://www.bankrate.com/real-estate/cost-of-living/nyc/

Median Sales Price of Houses Sold in US: https://fred.stlouisfed.org/series/MSPUS

New York State Income Tax Rates: https://www.nerdwallet.com/article/taxes/new-york-state-tax#:~:text=New%20York%20City%20and%20Yonkers,%2C%203.819%25%20and%203.876%25.

Federal Income Tax Calculator: https://smartasset.com/taxes/income-taxes#o4yUBvQUcN

What Is the True Cost of Living in New York City: https://smartasset.com/mortgage/what-is-the-cost-of-living-in-new-york-city

No, The Rich Are Not All Moving to the City Now: https://grist.org/cities/no-the-rich-are-not-all-moving-to-the-city-now/

Are Houses More Expensive Today, or Way Bigger: https://moneywithkatie.com/blog/are-houses-more-expensive-or-bigger

2023 Wealth Planner: https://moneywithkatie.com/new-2023-wealth-planner

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