A Week In New York On A $500,000 Salary

Occupation: Analyst
Industry: Finance
Age: 32
Location: New York
Salary: $500,000
Assets: Investments: $2,100,000 (this is in a brokerage account of marketable securities); real estate: $5,000,000; 401(k): $370,000.
Debt: $0
Paycheck amount (2x/month): $6,500
Pronouns: She/her

Monthly Expenses

Housing costs: $3,000 maintenance and tax.
Loan payments: $0
Electricity: $75(ish)
Internet: $50
Prescription skincare: $15
Spotify: $12
Oura Ring: $6
Cell phone: $0 (covered by work).

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. My parents took it for granted that I would at least get my bachelor’s degree. My parents paid for my undergraduate degree. I worked for a few years between undergrad and grad school. I had enough money to pay for grad school but my parents insisted on paying half the fees. If I hadn’t stopped them, they would have paid the entirety of my grad school.

Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
My parents were successful self-made entrepreneurs. They talked about money and they didn’t. They brought me to their private bankers when I was young to familiarize myself with words like “stocks” and “bonds.” And they tried to explain real estate to me and took me to open houses almost like road trips. However, they never told me things like how to budget or how they view their socioeconomic background. I think because they earned their money themselves, they were cavalier towards money. A bit stereotypically nouveau riche.

What was your first job and why did you get it?
I worked four jobs in undergrad. I tutored and graded two classes, I ushered for events at school, and worked at fundraising for my school. My parents didn’t want me to work on campus because they thought it would distract me from studying. However, when I arrived on campus, I realized that the vast majority of the students had jobs on campus — so I got jobs to fit in. It also helped to show that I had transferable skills in preparation for my internship.

Did you worry about money growing up?
No. I knew my parents did quite well for themselves.

Do you worry about money now?
Weirdly, very much. It stems from two sources: anxiety over not being able to measure up to what my parents have achieved and fear of being laid off in a volatile industry (finance in NYC). Growing up, I believed that if I worked hard I would be able to surpass my parents, because adults around me told me so. However, as I graduated undergrad and set out on my first job, it gradually dawned on me just how hard it is. I am constantly afraid that I am not earning enough and saving enough. And I am nowhere close to where my parents were.

At what age did you become financially responsible for yourself and do you have a financial safety net?
I don’t know if I have ever been completely financially independent. I earn enough to afford my lifestyle completely on my salary. However, I live in an apartment that my parents bought me as a graduation gift and I have passive income from my trust (the income is from dividends, so the amount varies — for the past year, I think it was around $84,000. I haven’t included it in my income because I don’t have access to it, or the ability to influence it). I think I do have a financial safety net from my assets and I know I can call on my parents for help.

Do you or have you ever received passive or inherited income? If yes, please explain.
My parents give me cash for birthdays and holidays, and I do stand to inherit from them one day.

8 a.m. — I wake up early and hail a Lyft to the airport ($15) to get back to the city after Thanksgiving break with family. I always use the Lyft “wait and save” option but sometimes it is tricky — it could show up in one minute or in 15, so I usually buffer in enough time and always end up arriving at the airport early. I paid $221 for a basic economy ticket for this flight. There’s no carry-on allowed but since I am going home, it’s not a big deal. I pay $8.50 for the JFK train, then $2.90 for the subway. After years in NYC, I have realized that JFK is a better option than LGA — because of the public transportation option, the total time spent traveling is usually the same or better than LGA in a cab. $26.40

2 p.m. — My prescription skincare arrives! I originally subscribed to an e-commerce site to customize the formula, but then I realized it was actually more expensive than going to the derm with my healthcare plan, so now I get my skincare from a pharmacy instead.

3 p.m. — Realize that my fridge has stopped working and is beeping. I call the handyman in the building and we try to restart the fridge computer — magically it actually works. I tip the handyman, then I call the manufacturer repair as well, just in case it happens again. $50

7 a.m. — I show up to Whole Foods as soon as it opens — my fridge is completely empty after I threw out everything in it yesterday when I realized it had stopped working (thankfully, it wasn’t much). I am still living in the fear that my fridge will stop working again so I only buy two days’ worth of food. I buy fruits, nuts, and chocolate. Girl dinner for breakfast, I guess. $26.64

9 a.m. — I go for a run — it’s shockingly cold outside. I go to the sauna in my building afterwards.

12 p.m. — A new Asian grocery has opened near me. I go in to browse and see radish kimchi. I buy a jar to try. $10.98

5 p.m. — I see from a concert schedule that violinist Leonidas Kavakos is performing near me. I have never seen him live and am intrigued. The repertoire isn’t my favorite but I guess it will still be worth it if I just get the cheapest ticket. I also see another concert that is free admission. I mark my calendar and plan to go. $88

8 a.m. — I get sucked into the pressure of the Black Friday weekend and capitulate to yet another online sale. Timeless Skincare is 50% off. I have never tried it but have heard great things. I feel slightly stressed out at the thought that I stocked up at Deciem’s annual sale already, but tell myself I could always gift a few of my purchases to friends. $80.88

11 a.m. — I decide to skip the gym today given yesterday’s long run, but still want to get my step goal in. I walk around outside and get sucked into the Uniqlo trap, where I get a pair of gloves. I am perpetually on the hunt for actually warm gloves so will give Heattech a shot. $19.99

5 p.m. — I spend the rest of the day reading and doing some housework. I stopped paying for house cleaning during the pandemic and just never got back into it. I realized my place doesn’t get that dirty and I can maintain it myself. I catch up on podcasts and audiobooks while I clean.

7 p.m. — I go to Whole Foods again. I decide to be a real adult and actually buy some vegetables and proteins to set myself up for the work week. $32.64

9 p.m. — Over the Thanksgiving break, I listened to a few audiobooks that made me rethink the plastic use in my household, and decided to get rid of plastic kitchenwares. I do some research to find the best alternatives but I keep getting into rabbit holes on the relative pros and cons. I finally decide that anything is better than plastic and place my order on a set of wooden ones. Because I don’t have Amazon Prime, it will take a week to get to me. $105

5 a.m. — I wake up at 5 a.m. as usual for a work day. It feels good to finally get back to my full routine after the holiday break. I eat my prepared overnight oats and go to the gym in my building at 6 a.m. After an hour of running on the treadmill, I go back for a quick shower. I put on my LED mask, use my NIRA laser and my high-frequency wand. After my shower, I prepare a salad to bring to work for lunch.

8 a.m. — I walk to work and start my day at 8 a.m. (it usually goes to 7 p.m.). It is a relatively tame week as public companies start to go into a blackout period before the quarter end.

8 p.m. — I get home and see that my undergrad alum club is having a holiday party. I buy a ticket to the event and mark my calendar. Ever since going to grad school, I have not been as active in my undergrad alum club as before. I think as an early New Year’s resolution I should put more effort into connecting with my undergrad friends and showing up to more events at my undergrad club. $15

5 a.m. — I get up at 5 a.m. and immediately go to the gym — so I'm there at 5:15 a.m. rather than my usual 6 a.m. I have an off-cycle company report today and have to get to the office early. I have enough time afterward to do my LED mask but no time for anything else. I grab a can of chickpeas and shredded veggies to make a quick work lunch to bring with me and leave the apartment before 7 a.m. I also grab two boiled eggs to bring to work for breakfast.

7 p.m. — Just as I get home, I get a work email about a few calls with people located in Asia. As part of my job, I speak with subject experts to learn more about the industry and company I am working on. Sometimes they are located in a different time zone. I could either do the calls late at night or wake up early the rest of the week to do them. I decide on waking up early, which means I am going to meal prep for the rest of the week for breakfast and lunch. I spend the rest of the evening baking veggies and proteins and making overnight oats for the rest of the week.

9 p.m. — I decide that after a long day, I have earned another sauna to relax. I think sauna is going to be another New Year’s resolution for me. I have been hearing more about the benefits of sauna and decide that I really have been underutilizing it, given there is one in my building and it is so easy to access.

5 a.m. — Another very early morning. I have to take the Asia call right when I wake up. The call is an hour but I do feel like the content was worth sacrificing my sleep and gym for. Thanks to having meal prepped yesterday, I get to eat breakfast at home and am also able to bring lunch to work.

7 p.m. — I go to Whole Foods again. Not only am I running low on groceries, I also need to get my step goal in. I usually go to Whole Foods several times a week. I think it helps me to cut down food waste. $48.21

8 p.m. — I color my hair but I have fallen behind on the root touch-up with work and the holidays. I book myself a root-touch appointment ahead of my undergrad alum holiday party and several get-togethers on the weekend. $150

8.30 p.m. — I get a text message from my piano tuner reminding me to tune the piano. Oops. I have been so busy recently and haven’t really had time to play. But with the change in temperature and humidity, it is indeed due for tuning and conditioning. I arrange for a session on my WFH Friday and set a reminder to withdraw cash for him. 

5 a.m. — Again, I wake up at 5 a.m. I take an early-morning call but am also able to squeeze in 30 minutes to go to the gym. I decide to do some strength training instead of cardio. I have been hearing more about the importance of maintaining strength and muscle as one ages. I feel slightly insecure doing weights in the gym and frequently wonder if I should get a trainer to be more effective. I know the answer is probably yes, but then how do I find that time in my schedule to meet with said trainer? I feel like my weekday hours have been spoken for and weekends have been busy lately with the holidays coming up. Maybe I can revisit this in the new year. Thankfully, working out in my building’s gym is much less intimidating than going to a commercial gym like Equinox (I assume). I quickly do a few reps of squats, lunges, and V-ups before going back to shower, breakfast, and get ready for work.

7 p.m. — My running buddy texts me about a half marathon in the tri-state area next fall. I am immediately persuaded by the promise of a fast, flat course and book the early bird ticket. With transportation and hotel the total price will probably be much higher, but I have heard good things about this race and it has a ~20% rate of BQ (Boston Marathon Qualifying). Although I am far from BQing myself, my friend has been eyeing it and is close. The race is a decent way away… I guess I’ll worry about training and hotels and transportation later. Right now, just let me live in the excitement of the prospect of a new race. $135

8 p.m. — I realize I have a few small home repairs to do. The tub and sink are a bit clogged and need to be snaked. I put in a work order to the handyman and set aside some cash for a tip. Just as I’m putting in the work order, I see a holiday card being slipped under my door, which is a reminder about holiday gifts for the building staff, as well as a letter about an 8% increase in the operating budget of the building and thus common charge. I make a mental note to not put as much of my paycheck into my investment account and reserve enough cash for the holiday gift for the next pay period. $50