A Week In San Francisco On A $56,160 Salary

Occupation: Administrative assistant
Industry: Law
Age: 26
Location: San Francisco
Salary: $56,160
Net Worth: $326,552 (529: $211,359; Roth IRA: $5,114; portfolio: $82,235; HYSA: $3,272; checking: $23,272; HSA: $1,300. The funds in my 529 are what was left over after four years of private university. They remain invested in a moderate-risk portfolio that continues to grow while I decide if I would like to pursue grad school. If I don’t, I will roll over the legal limit to my Roth IRA, about $30,000, I believe, and either choose to withdraw the remaining funds fully, which will mean paying taxes and a penalty, or leave the money there and potentially designate it for my children or a family member. I can’t stress enough how unbelievable 529s are for saving for college! Also, a note on my investments: My portfolio is mostly in equities, but I’ve also been directing some of it to mutual funds and ETFs in order to diversify. I try not to meddle too much and just let the stock market do its thing. Most of my contributions come out of checks from my grandmother — see below — but I will also sporadically contribute, especially if I receive a bonus or birthday check. I also made the cardinal sin of putting money in my Roth IRA but not investing it, so, unfortunately, it sat stagnant for five years. I have since fixed that and have the money in a couple of S&P 500/large-cap growth ETFs with low fees that have had excellent historical returns. I plan on maxing out my contributions to it next year. )
Debt: $0
Paycheck Amount (2x/month): $1,711
Pronouns: She/her

Monthly Expenses
Rent: $1,450 rent (I share a three-bedroom place with two roommates.)
Utilities & Internet: $85
Health & Dental Insurance: $0 (covered by my employer)
Hulu: $10 (Netflix is on a family account, and we use my roommate’s HBO and Apple TV+ accounts.)
Spotify: $10
ClassPass: $89 (partially reimbursed by my company with a yearly wellness stipend of $300)
HSA: $23 (I mostly use my HSA for the occasional co-pay or to order contact lenses.)

Was there an expectation for you to attend higher education? Did you participate in any form of higher education? If yes, how did you pay for it?
Yes, 100%. I was always an excellent student and attended a public middle school and high school for gifted and talented students. I pushed myself to take rigorous classes, including a ton of APs, and was involved in a variety of extracurriculars. Both my parents have graduate degrees and work in high-level white collar jobs, so college was always a given — the question was whether or not I could get into an Ivy League school. My public high school is a big feeder school to Ivies and other top-tier colleges, so there was a lot of pressure from my peers as well. Paying for college was never a concern because my grandparents set up 529 accounts for all the grandchildren to cover higher education costs. All four years of my private university were covered, including housing and meals. I was always thankful for not having to worry about the cost of college, but now, realizing what a blessing it is to graduate without student loans, I’m 10 times more grateful for my grandparents’ generosity and foresight. I tell all my friends who may be having kids soon or are becoming aunts and uncles about how tax-efficient 529 accounts are if you fund them early on.

Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
I had some conversations about money as a kid. My parents gave us modest allowances for walking the dog, tidying our rooms, washing the dishes, et cetera, and I often had the least pocket money of my friends. My mom would take us shopping for new clothes and shoes at the start of the school year, but otherwise, if I really wanted something, I was told to put it on a Christmas or birthday list. My first iPhone was a hand-me-down from my dad, and I didn’t get a new one until several years later as part of an upgrade on our phone plan. I was generally told not to spend more than I earned, and to keep some for savings and investing. My parents encouraged me to take the money I received as bat mitzvah presents and invest it. My grandfather used to be a stock broker, and the $10,000 of bat mitzvah money he invested for me has grown to a pretty respectable nest egg over the past 13 years.

What was your first job and why did you get it?
I never worked in high school because my parents made it clear that I needed to prioritize my grades and extracurriculars for college applications. I got my first paying job in college. It was the summer after first year, and I had finished an (unpaid) internship and still had six weeks before school started. A boutique near our house needed a salesperson, so I did that. It was a way to make pocket money for the school year and pass the time before heading back to campus.

Did you worry about money growing up?
I never worried about money growing up. I was vaguely conscious about money in that I kept my Christmas and birthday lists to what felt vaguely reasonable (American Girl doll outfits when I was younger, new perfume or sneakers in high school) and was mildly jealous of friends who always had the latest iPhone or whose parents took them on big shopping trips to Sephora. Looking back, though, I see that my parents valued travel and experiences over things, and I was spoiled with some very cool family trips, like skiing every winter and educational trips to Rome, Morocco, and Switzerland during the summers. I always participated in lots of after-school activities, like ballet, horseback riding, and piano, and we lived in a nice house in Brooklyn. It wasn’t until I got to college that I fully appreciated the extent to which that was special and unusual compared to my classmates. 

Do you worry about money now?
Yes and no. My salary is definitely on the low side for my qualifications, and I don’t have the “fuck-it” money that my friends in banking or consulting have to go on lots of trips and to fancy restaurants. I know that in the grand scheme of things, I do have a lot of money to my name that I could access if need be. My expenses are covered, and I’m happy with my lifestyle at the moment. But I’m cognizant, of course, that a lot of it — occasional nice dinners, some international travel, and concerts — is currently subsidized by family or my boyfriend. I’m looking to transition to a different role internally at my company and negotiate a substantial salary bump to go with it in 2024. Part of it comes from a desire to be able to fund these experiences for myself and friends. 

At what age did you become financially responsible for yourself and do you have a financial safety net?
I became mostly financially responsible for myself when I moved into my own apartment at 24. Right before COVID-19, I moved in with my grandmother to keep her company after my grandfather’s death and stayed for much of the pandemic to keep an eye on her and save money. The only things I don’t pay for myself are Netflix and my phone bill (my family lives all over the world, so it’s easier to be on one international family plan). My dad lives in Europe, so he covers plane tickets when I visit for Christmas because those are expensive from the West Coast. He often uses airline points to pay for them. I absolutely have a safety net. My grandmother lives in San Francisco, and if I ever had an issue with housing or something I could stay with her. I also know that in a real pinch I could ask her or my dad for money. It has never come to that, but I know they would support me without question in a real emergency.

Do you or have you ever received passive or inherited income? If yes, please explain.
At her request, I have become very involved in my grandmother’s estate planning. She has been explaining to me the trusts she has set up for my dad and my uncle and how she would like the assets divided up. She grew up during World War II in Germany with a single mother so it’s important to her that everyone is taken care of after her death. She has started paying me a “trustee fee” of $15,000 a year, the legal gift limit, with the stipulation that at least half of it be invested. I also know that she has set aside some money for each of the grandchildren in her will. It’s probably about $250,000 each. She wants to give us the ability to build something of our own but not so much that we never work again. Thankfully, my grandmother is very active and healthy, so hopefully that money will be a long time coming. I’m certainly not making any life decisions in the short run based on an expectation of an inheritance. It will be invested right away and then probably put towards an eventual down payment on a home since I apparently love living in big cities with expensive housing markets. 

8:20 a.m. — Today is a WFH day, so I wake up slowly. While my computer boots up, I brush my teeth and listen to The Economist’s daily podcast. Looks like there are no pressing emails for me, so I take my time and do a quick vacuum of my room and the apartment. Breakfast is an overnight oats concoction with protein powder, chia seeds, cinnamon, and vanilla. I haven’t perfected my recipe yet but it’s passable and full of nutrition.

11:30 a.m. — My friend, P., FaceTimes me to work through some feelings about a date: She thought it went well, but he followed up saying he didn’t feel a romantic spark. I listen and do my best to support her. Dating is rough! After we finish an hour later, I’m inspired to FaceTime my boyfriend, N., to tell him I’m grateful for him. He’s busy in meetings, so I don’t get through, sadly.

1 p.m. — I keep an eye on my inbox but nothing important comes in so I gnaw at a big slice of fresh bread and salted butter — so good! I could eat this all day.

3:30 p.m. — Time to finally put some real clothes on and head to my grandmother’s. I’ve offered to help her catalogue and digitize her art paperwork, and we’ll get dinner afterwards. I go for black jeans, suede boots she got me in high school, and a leather trench coat that I got on Poshmark.

3:55 p.m. — I hop on the bus across the street and listen to the latest episode of This American Life. (Transit is $3 every time I take it, but I use my prepaid Clipper card.)

4:30 p.m. — At my grandmother’s, I help her with some nagging tech issues, and we get to work going through old receipts and organizing. After over an hour, we call it a night and have a glass of wine and catch up. Growing up in Brooklyn, I never had family close by and only saw my grandparents during the summer. Now, I get to have dinner with her once a week. I’m so grateful for the time together. She has such a busy social life, and I love to hear all the gossip.

6:30 p.m. — We head to dinner nearby and sit at the bar. I order a passionfruit mezcal drink and pasta. The drink is excellent, but the pasta is so-so. As we are wrapping up, the guy a few seats down from us gets really obnoxious when the bartender says he’s too drunk and won’t serve him. He makes a big fuss and is basically escorted out by the restaurant host. Talk about dinner and a show! Grandma pays.

8:45 p.m. — Grandma drives me home. I chat with my roommate for a bit and then call N. to tell him about the restaurant drama. I settle down and rewatch season 2 of Big Little Lies.

11:30 p.m. — I scroll on Instagram and remember I still need to order my aunt a gift. Her 50th birthday is right after Christmas. My dad is getting her boxing gloves, so I text my sister that I’m getting her some cool wraps to go with them. She’ll pick up something for our cousin from both of us. $52

7:35 a.m. — The usual morning scramble. I go through my morning routine while listening to The Economist podcast: brush teeth, moisturizer, sunscreen, concealer, blush, mascara. I remember to toss workout clothes and a towel in my bag for hot yoga later. I grab a jar of overnight oats from the fridge to eat at the office.

8:05 a.m. — The bus comes across the street, and I’ve moved on to the newest episode of my current favorite history podcast, Empire. This season is all about the Persian empire as the first great empire of antiquity. It’s fascinating, and I love the banter between the two hosts.

8:40 a.m. — I’m at my desk and I hit the ground running. I wrap up a few small tasks from yesterday that are easier on my double monitor than on my laptop at home and go over the final details of the office holiday dinner that I’m organizing. After the first wave of work is handled, I munch on my oats, feeling rather like a horse.

1 p.m. — I get up and go for a lunchtime walk to help get my steps in. It’s been five-plus years now of wearing a Fitbit and now that I have a sit-down desk job, I’m even more conscious about making time throughout the day to get up and stretch.

5 p.m. — I log out at work and change into my workout gear. I speed walk to the train for my hot yoga class, trying not to hit people with my mat.

6:30 p.m. — CorePower (booked on Classpass) kicked my butt per usual, and I feel so much lighter and taller afterwards. I hop on the bus home. Some guy is talking to himself loudly, but I’m too tired to pay too much attention. Between growing up in Brooklyn and living in SF, I have perfected my ability to tune out peoples’ antics on public transit.

7:15 p.m. — When I get home, I see some packages waiting for me, probably last week’s Black Friday shopping. I get inside and my roommate is making fresh dumplings, which are truly heaven sent because I’m low on groceries and had no idea what to do for dinner. After a long shower, I tuck in. They are delicious — better than a restaurant.

8:30 p.m. — I try on my purchases, which are mostly pretty sensible: dark-wash jeans, white T-shirt, grey wool blazer from Madewell, and a colorful dress from Farm Rio. The dress is a wildcard but absolutely gorgeous, and I know I will treasure it. The blazer I’m a bit on the fence about. Conceptually, I love it but I can’t get over the feeling that something’s a bit off. I leave it out so I can try it on with some outfits before deciding. I recently did a thorough wardrobe audit to focus on what I feel like I’m missing and what I’d like to focus more on with future purchases. The big takeaway was: If it’s not an immediate yes, it’s a no. Probably not a great sign for the blazer, but at least I’ll get money back from the return.

9:15 p.m. — I catch up on some TV. Right now, I’m watching the new seasons of Fargo and The Gilded Age. While I watch, I play around with my roommate’s Dyson Airwrap. I would never spend anywhere close to that much money on a hair tool, but it does make short work of drying my hair. The curl attachment is rather disappointing, though, and I’m pleased at least that I won’t feel like I need such an expensive item. Lights out at 11 p.m.

7:35 a.m. — I slowly get out of bed. The hair looks meh, and I’m not sure how the TikTok girlies make theirs last a whole week. I keep my outfit simple with jeans and a nice sweater for the office because I’m coming home to change for a holiday party later.

8:10 a.m. — Hop on the bus to work. It’s misty and grey. I’m glad I grabbed a hat to save the hair as best I can. I listen to this week’s episode of Pod Save the World as a nod to my political science-nerd background.

8:45 a.m. — At the office, I sort through the morning glut of emails while enjoying the silliness of other people’s lives in an episode of Normal Gossip that my friend recommended.

12:30 p.m. — Once a week, my firm pays for lunch, and we all try to eat together. I get a banh mi sandwich, which is delicious but hard to eat politely in a professional setting. My actual workload right now is very boring and low effort, but the people are lovely, and we have a couple of new hires closer to my age who I’ve enjoyed getting to know. It’s a small group today, and we talk about holiday travel plans and new restaurants in the area.

1:30 p.m. — I answer more emails, but it’s quiet, and I’m planning on leaving early to go home and change for the party. My friend P. texts me to say she got into an Ivy League business school. I’m so proud of her — she’s worked really hard and totally deserves it. The news makes me reflect a bit. I’m at an age when my friends and peers are heading to prestigious business schools or are starting companies, and it twinges that I’m not there yet. I try not to dwell on it too much; I know everyone has their own path and timing.

4:35 p.m. — I head out for the day. Between my lack of skill and the humidity, my hair looks limp and confused, so I’m going to try and go at it again with the Dyson.

5:15 p.m. — The look I’m going for works best with an updo anyway, so I jam a bunch of pins in my hair and hope it looks like Brigitte Bardot. I’m going for all black: slim turtleneck top, long sequin skirt, and slingback heels. The glam is glamming and must be commemorated with quick FaceTimes to N. and Y., my best friend and personal beauty guru.

6:30 p.m. — Looks like the rain has stopped, thankfully! I call an Uber to the party venue and meet my grandmother. The organizers generously gave everyone a voucher, so the ride is free. The venue is an old church that’s been converted to an arts space and is absolutely stunning inside!

9 p.m. — Tired and tipsy after a few drinks and lots of food, I say goodbye to grandma and head home in another free Uber. Makeup off, skincare on, I watch an episode of Fargo in bed before knocking out around 10:30 p.m.

7:30 a.m. — Today’s morning routine takes a little longer than usual because I have plans for drinks after work and put a little more effort into my makeup and outfit. I go for red lipstick and an easy but jazzed-up outfit of slim, black jeans, a white men’s shirt, silk scarf, red flats, and black leather trench that I’m trying to get more wear out of. Breakfast is a to-go smoothie of frozen fruit, spinach, protein powder, and chia seeds. It’s my way of making sure that at least I’m getting some protein and greens on most days.

8:10 a.m. — The bus arrives just as I get to the bus stop. On today’s commute I’m listening to 99% Invisible.

8:45 a.m. — I have a feeling that I’m going to be the only one at the office today, so I ease into my emails and slurp my swampy looking smoothie. It’s a 7.5/10 flavor-wise, but I feel virtuous with all the protein and fiber and vitamins so I don’t mind too much.

1 p.m. — I go on a lunchtime walk and meet up with N. whose office is only a block away from mine. We chat for 20 minutes before he has a call, so I take the rest of my lunch hour and go for a walk, feeling like a main character with my red lipstick and cute outfit.

4:50 p.m. — I’m meeting my college roommate for drinks before we both travel for the holidays. Coordinating our schedules is tough, so we don’t see each other as often as I’d like. My first two happy-hour spots are closed for private events so we end up at a cute cocktail bar by my office and nosh on calamari and fries. We talk about going back to Chicago for our five-year (!!!) college reunion, and I’m so excited already. Chicago in the spring is lovely, and I miss being on campus! $35

7 p.m. — Heart feeling full, I take the bus home.

7:45 p.m. — My roommate and I decorate our fake tree with ornaments she brought from her mom’s place. We put on Love Actually as we work. I decide to get crafty and make little cardboard ornaments to add to the tree. However, I’m very not crafty, and this takes much longer than I anticipated.

11 p.m. — The tree is done and looking bright and cheery! I head to bed feeling warm and fuzzy after such a lovely day with friends. I don’t have a wide circle of friends and cherish the lovely people in my life.

10 a.m. — I was supposed to go to my morning bootcamp class but I somehow turned off my alarm without realizing it. I must have been really tired to sleep so late. Thank god for work from home. I log in quickly but it doesn’t look like I’ve missed much.

11 a.m. — Inbox under control, I tidy up around my apartment and do a load of laundry. The washer and dryer aren’t in-unit but just down the hall. They accept credit cards, which is not a given in SF! $5.75

1 p.m. — The sun is shining, and it’s a perfect late-fall day, so I head to the bakery near my apartment, which miraculously has no line. I get a few pastries for the apartment. Their morning buns are divine. $24.50

3 p.m. — My grandmother gave me a $15,000 check on Monday for the annual trustee fee, and I need to deposit it. She’s very generous, and her one stipulation is that at least half of it gets invested. It was her idea and definitely has given me some breathing room financially while living in a very high-cost-of-living city! I keep a spreadsheet where I track all my contributions and decide how to spread out the check. I put $2,000 in a HYSA I recently set up to take advantage of higher interest rates, $2,000 goes to my portfolio, $1,200 to my Roth IRA, and $500 to HSA. I put a good chunk of my bonus in my portfolio earlier this year, too, so the remainder of the check stays in my regular checking account for now because I have some upcoming travel I’d like to have money for.

5:30 p.m. — I log off and get back to my library book and power through the plot-twist ending, perhaps to be expected from a book called The Plot! It’s good, not amazing, but the light thriller angle is a nice departure from my usual taste in books, which skews heavy and intellectual.

7:30 p.m. — I chat with my roommate about the holiday party we’re hosting next week — there’s lots to prep for! Then, I pack fresh clothes to head over to N.’s for a full day of outings that I have planned. He often gives me a ride, but the bus is pretty direct, and I don’t mind since it’s not too late. I bring my copy of Normal People to reread. Gotta love being emotionally devastated on public transportation.

8:30 p.m. — I get to N.’s, and he makes dinner: a sweet Thai rice bowl from Hello Fresh that’s pretty tasty. We talk about checking out a swanky new cocktail bar nearby, but it’s getting late and neither of us feels like changing to go out. We take two weed gummies and giggle around the apartment. Normally, I don’t feel an impact from the gummies, but two really have me feeling off.

8:30 a.m. — I have a fun day planned for us, and the weather is gorgeous! N. and I dilly dally in bed, enjoying the sunny morning. He makes a fresh berry smoothie for breakfast.

9:45 a.m. — We hop in the car and head downtown to the SFMOMA for the new Yayoi Kusama exhibit. My grandmother is a member, so the tickets are free. The infinity rooms are cool, but you have so little time in them that I’m glad we didn’t have to pay for the tickets. We wander around the rest of the museum, which is delightfully calm this morning.

11:45 a.m. — Museumed out, we get in the car and head to North Beach to go to a neighborhood institution (back even when my grandfather was growing up in SF) for proper Italian sandwiches. I pick up some nice panettoni for an office lunch this week, for which I’ll be reimbursed. N. pays for our lunch. $65 (expensed)

1:30 p.m. — Sandwiches in the park on a sunny day, watching people in their silly SantaCon outfits playing volleyball on the grass, petting the dogs that come sniffing the lunch bag — this is my favorite kind of afternoon! We head back to N.’s for a little nap before tonight.

4 p.m. — We drive to a cute independent movie theater to watch the new Miyazaki film, The Boy and the Heron (I bought the tickets last week). It’s visually stunning, of course, but with a beautiful sadness that will make me reflect on it for days to come.

7 p.m. — Movie done, we check out the buzzy pizza and wine bar across the street. Last time I was here with friends, we had to wait forever for a table. Today, we get lucky and grab two bar seats right away. We order a vodka Margherita pizza to share and some fun red wine. The pizza crust is fluffy, and the sauce is excellent. N. pays for dinner. N. and I have settled into a routine where he pays for dinner and big expenses for joint activities (hotels when we travel, nice meals, big concerts), and I pick up snacks and dessert and tickets for outings that I’ve organized. He’s a few years older than me and always had pretty high-paying corporate jobs, so this feels like a natural split.

9 a.m. — I wake up, and N. is already doing some work, so I roll around in bed a bit longer. I eventually get up because N. and I are going to a hot yoga class later, and I don’t have my stuff with me. I borrow his car and make a quick trip home to grab my yoga mat and workout clothes. In the car, I call my dad to talk logistics for when I’m in Europe for Christmas.

11 a.m. — I’m meeting P. for brunch to celebrate her business school acceptance. I get there first and order a Kir Royale while I wait. The weather is brisk, but we sit outside and enjoy the sunshine. I get a ham and cheese omelette with fries. $35

12:30 p.m. — P. and I stroll down Fillmore Street and do some browsing at all the new shops that have opened there. I’ve definitely been mindful about shopping at small, local businesses in San Francisco for the holidays, so I stop at a cute little shop and pick up a Christmas ornament and a fun pair of heart-shaped salad tongs as gifts. $40

1:30 p.m. — We stop for another mimosa to celebrate, and P. insists on paying.

4 p.m. — She drops me off at N.’s, and I quickly change into workout clothes. N. and I walk to yoga as a mini warm up. Class is tough! I think it’s a more challenging workout than N. expected.

5:45 p.m. — Sore and sweaty, we hop on the bus up the hill to go home and shower. N. makes some “healthy” mac ‘n’ cheese with chicken, which really does taste as good as Annie’s, and we watch football.

8:30 p.m. — I finish reading Normal People while N. does some Christmas shopping for his family online. I don’t have my laptop with me, and N. is going into the office early tomorrow so I ask him to drive me home.

9:15 p.m. — Inspired by the book, I rewatch two episodes of Normal People and fall asleep quickly, my soreness kicking in already.