Ep. 41: Leia resists the dark side of living in an expensive city

Meet Leia

Age: 24

Salary: $40,000

Leia’s main concerns, in her own words:

I’m trying to make a decision between getting a higher paying job or changing my lifestyle to cut down on monthly costs. I love my job right now; it’s a great company, I’ve been there for 1 year now, I don’t want to leave. However, I can’t afford my life right now and it freaks me out especially because I’m not saving. I’m typically an over-achiever type (like Claire from the podcast I listened to) and this is one area I can’t get a handle on. I make $40k annually, spend $900/mo. on rent, recently picked up my student loan, and have a 1.5 years left on my car loan. I’ve wiped through $5k of my savings in 6 months and have just my emergency fund left. I contribute 8.25% to my 401k (no match). Do I need to sell my car? Should I contribute less? Do I need to find a new job? I think a lot of 24 year-olds can relate to my story. Please help me!

What we cover:

  • To sell or not to sell a car
  • Starting out as a new graduate
  • 401(k) contribution levels
  • The benefits of second job

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