Home Economics No. 21: First-Generation American Living in Brooklyn on $107k
A six-figure salary isn’t enough for her to live her dream life.
Keeping things short and sweet this week! I just want to kick things off with a few reminders before we get to the main event—a very fun edition of Home Economics.
Erika and I will be hosting a casual coffee hangout this coming Wednesday, January 22, from 8:30 to 10:00 a.m. You can RSVP to Erika or reply via our form. Can’t wait to see some of you in person! (And if this location doesn’t work for you, don’t worry; we’re really hoping to take this coffee meetup to different spots around the tristate! I have a car; I will drive to Jersey! Is there a neighborhood we should visit? Want to cohost? Drop Erika a note!)
There are just a couple weeks left to take our annual reader survey, which closes on January 31. Just a reminder that taking the survey gives you 10 entries into the big giveaway we’re doing of all of our favorite things (see all the details here). Paid subscribers get an additional five entries, plus access to this wonderful edition of Home Economics. And you know, you can also feel good that you’re supporting a small women-run business that is championing BIG FEMALE ENERGY in 2025. (IYKYK.)
A final note before we launch into to today’s Home Economics. I’m always looking for new people to tell their stories. If you want to share, fill out the form here!
Age: 31
Location: Brooklyn, NY
Relationship Status: In a relationship but not living together
Age of your partner: 30
About me: I’m a marketer living in New York City. I’m first-generation American, and I have supported myself financially since I was 20. My hope is that someone will see my tracker and remain encouraged. You can live a life you love without the need to compare your progress.
Income:
Your job title/salary: Marketing manager, $107,887
Your monthly take-home pay (paycheck amount after taxes and other deductions): $5,024.90
Total monthly income: $5,024.90
Account balances:
Checking account balance: $800 or less
Savings account balance: $2,100
High-yield savings account balance: $64,928 (3.90% APY)
Monthly contribution to savings account: $2,100
Retirement account(s) balance:
IRA: $36,148.17
401(k): $22,259.47
Monthly contribution to retirement accounts: I contribute 11% of my salary ($456.45), and my employer matches 5% ($207.48) for a total of $663.93 a month.
Investment account balance: Charles Schwab: $3,449.55. I don’t know how to invest…yet!
Monthly contribution to investment accounts: $0. I’m planning to prioritize this in 2025.
Emergency fund balance: My high-yield savings account serves as my emergency fund.