How to Become a Millionaire in 10 Years: High Cost-of-Living Edition
How much money do you have to earn in a HCOL area to become a millionaire in 10 years or fewer?\nA 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, \u201cGood try, but can you triple the spending and redo this?\u201d\nI\u2019m 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\u2019t earn that much, how far \u201cbehind\u201d are you likely to be? We\u2019re diving in.\nLearn more about our sponsor, Vin Social: http://vinsocialvip.com/.\nTranscripts can be found at https://www.podpage.com/money-with-katie-show/.\n\u2014\nMentioned in the Episode\n\nHow to Become a Millionaire in 10 Years or Under: https://podcasts.apple.com/us/podcast/the-money-with-katie-show/id1589146097?i=1000581637513\n\n\nCost of Living Calculator: https://www.nerdwallet.com/cost-of-living-calculator\n\n\nInvestopedia's 10 Most Expensive Cities in the US: https://www.investopedia.com/articles/personal-finance/080916/top-10-most-expensive-cities-us.asp\n\n\n2022 Cost of Living in New York City: https://www.bankrate.com/real-estate/cost-of-living/nyc/\n\n\nMedian Sales Price of Houses Sold in US: https://fred.stlouisfed.org/series/MSPUS\n\n\nNew 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.\n\n\nFederal Income Tax Calculator: https://smartasset.com/taxes/income-taxes#o4yUBvQUcN\n\n\nWhat Is the True Cost of Living in New York City: https://smartasset.com/mortgage/what-is-the-cost-of-living-in-new-york-city\n\n\nNo, 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/\n\n\nAre Houses More Expensive Today, or Way Bigger: https://moneywithkatie.com/blog/are-houses-more-expensive-or-bigger\n\n\n2023 Wealth Planner: https://moneywithkatie.com/new-2023-wealth-planner\n\n\n\u2014\n\ufeffFollow Along at Money with Katie: https://moneywithkatie.com/\n\nFollow Money with Katie!\n- Instagram: https://www.instagram.com/moneywithkatie/\n- Twitter: https://twitter.com/moneywithkatie\n\xa0\nSubscribe to The Money with Katie Newsletter\n- Sign up for free today: https://www.morningbrew.com/money-with-katie/subscribe/2\n\nFollow the Brew!\n- Instagram: https://www.instagram.com/morningbrew/\n- Twitter: https://twitter.com/MorningBrew\n- TikTok: https://www.tiktok.com/@morningbrew\nLearn more about your ad choices. Visit megaphone.fm/adchoices