How to Become a Millionaire in 10 Years: High Cost-of-Living Edition | Money With Katie Podcast

How much money do you have to earn in a HCOL area to become a millionaire in 10 years or fewer?
A 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, “Good try, but can you triple the spending and redo this?”
I’m 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’t earn that much, how far “behind” are you likely to be? We’re diving in.
Learn more about our sponsor, Vin Social: link
Transcripts can be found at link
—
Mentioned in the Episode

How to Become a Millionaire in 10 Years or Under: link

Cost of Living Calculator: link

Investopedia's 10 Most Expensive Cities in the US: link

2022 Cost of Living in New York City: link

Median Sales Price of Houses Sold in US: link

New York State Income Tax Rates: link

Federal Income Tax Calculator: link

What Is the True Cost of Living in New York City: link

No, The Rich Are Not All Moving to the City Now: link

Are Houses More Expensive Today, or Way Bigger: link

2023 Wealth Planner: link

—
Follow Along at Money with Katie: link

Follow Money with Katie!
- Instagram: link
- Twitter: link
 
Subscribe to The Money with Katie Newsletter
- Sign up for free today: link

Follow the Brew!
- Instagram: link
- Twitter: link
- TikTok: link
Learn more about your ad choices. Visit megaphone.fm/adchoices