Josh here. Welcome back to another edition of Side Of Money. Happy Thursday.

I’m working on a new, ongoing series that will feature the stories of local entrepreneurs. People ditching the 9-5 to build financial freedom for themselves.

Here’s a teaser of what’s to come 👀

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Cash Confessionals are weekly stories where NYC locals peel back the curtain and expose their money habits.

Living situation: We rent a one-bedroom in Bed-Stuy for $2,850/month. This is our second place in NYC. We moved from a $3,300 studio in FiDi when they tried to raise our rent 8%. I love that we finally have a bedroom, our rent is stabilized, and we get to experience Brooklyn. The walls are thin and we miss our gas stove, but we make do. If we had all the money in the world, we'd probably go back to FiDi.

Career: I'm an Account Manager in software marketing making $94k with no bonus. I feel underpaid for what I do, but due to certain circumstances, I don't have the luxury of job hopping. My goal is just to keep challenging myself and increase my earning potential as I get older, hopefully breaking $100k before I turn 30.

Expenses: I used to have strict budgets for dining out, groceries, and shopping, but found it too restrictive. Now I save 50% of my income and spend the other 50% however I want. It gives me structure and flexibility. Weekly spending breaks down to $100-200 on groceries, $200 eating out, $20 on travel, and $20-200 on entertainment. My biggest expense after rent is shopping, though I'm pretty thrifty and only buy things on discount.

Best money decision recently: Paying less for rent even though both our incomes increased this year, and cooking on weekdays so we can freely enjoy ourselves on weekends.

Debt: Zero debt. I was privileged to graduate without student loans.

Saving & investing: I save about $4,000/month, which is over 50% of my salary. I can do this because my husband makes way more than me and covers most bills. He just enjoys providing for me, though I still sneak in paying for meals or gifts for him. I have around $60k in liquid savings and my brother, who's a financial advisor, helps put my money in a portfolio of ETFs. I'm not sure I'm maximizing my savings' growth potential through investing though.

Side hustles: Pet sitting and selling my paintings online easily earn me an extra $2,000/month on top of my salary.

What are your long-term goals? I want to buy a house in the next 3-5 years and retire early, wealthy, and healthy. Being financially and physically able to do whatever I want at the age I retire. I know I'm in a privileged position with my circumstances, but what I make now feels like the bare minimum for living comfortably in NYC. I want to spend more on experiences than things and focus on maximizing my savings growth.

Thanks for reading this week’s edition. If you have ideas for stories, know about new business coming soon, or want to do your own anonymous Cash Confessionals submission, let me know!

-Josh

P.S.

Read something you like or maybe don’t like? Hit reply and let me know!