Jessica from New Jersey

[Jessica08]

Hi everyone! I am a 24 year old MBA student living in New Jersey. I have joined this forum in hopes that I could learn some things which would allow me to retire before 65 (a long time before, hopefully) and maybe have a chance to provide some information that will help others. Thanks!

 

[SecondCor521]

Welcome to the forum! I lived in Princeton for a few years.

Keep your eyes peeled for a fall Washington DC ER forum meetup announcement from me soon.

2Cor521

 

[Marquette]

Easy! Spend less than you make and leave New Jersey!

 

[Dawg52]

Hi everyone! I am a 24 year old MBA student living in New Jersey. I have joined this forum in hopes that I could learn some things which would allow me to retire before 65 (a long time before, hopefully) and maybe have a chance to provide some information that will help others. Thanks!

Hey Jessica! You can start by posting the latest pic of yourself sunning on the beach. I'm always looking for new avatar material. Just kidding, just kidding. Nice to have you join us. Lot's of smart finance people here with good suggestions.

Again, welcome to the board.

 

[TromboneAl]

Welcome Jess from Joiysey.

 

[WM]

Hey Jessica! You can start by posting the latest pic of yourself sunning on the beach. I'm always looking for new avatar material. Just kidding, just kidding. Nice to have you join us. Lot's of smart finance people here with good suggestions.

Again, welcome to the board.

Dawg, this isn't funny. A new member's first post and your first response is to leer at her from the computer screen? A little more editing, next time, please.

Jessica, welcome to the boards.

 

[haha]

Come on man, he was still in the bullpen.

Ha

 

[Moemg]

Welcome , I lived in Jersey for many years .

 

[Rich_by_the_Bay]

Welcome, Jessica. Amazing that you are even aware of these things at your stage.

You'll learn a lot here, including to ignore the occasional tasteless "welcome" post.

What area of business will your MBA lead you to?

 

[aida2003]

I wonder how much people have to earn in NJ/NY area to make to ER before 60...
My friend said that her good single friend living in NJ (close to NYC) makes $75K and is just scraping by. Now if I made that much $$ in NC, I'd be able to save about $25-$30K pre-tax. Is it so obscenely pricey there? I didn't question my friend, but I thought that her friend was not living frugally

 

[citrine]

Welcome Jessica.....I also live in Central NJ....this is a great board to be on.

 

[RDamien]

Welcome Jessica! I'm kinda new here and also from Jersey. Essex county. Essex being the indian term for "those who never met a tax they didnt like"

Easy! Spend less than you make and leave New Jersey!

Ugh. It's so sad, but true.

I wonder how much people have to earn in NJ/NY area to make to ER before 60...
My friend said that her good single friend living in NJ (close to NYC) makes $75K and is just scraping by. Now if I made that much $$ in NC, I'd be able to save about $25-$30K pre-tax. Is it so obscenely pricey there? I didn't question my friend, but I thought that her friend was not living frugally

We make over 200k combined, live about 20 minutes from NYC in a town that many people from the city move to and while not "just scraping by" we are not wealthy. Home = 600k+ and it's a "fixer upper" that will probably run another 200k by the time it's all said and done. Property taxes = 12.5k per year. Oil heat is an obscene amount, I'll have to look that up. Water bill, sewer bill.

I only manage to save a bit over half of your 25k-30k amount (pre-tax) on more than 75k a year. And I have no car payment. To be fair I can probably tighten the belt and do 20k.

 

[rs0460a]

I wonder how much people have to earn in NJ/NY area to make to ER before 60...

I live "next to" NJ (Pa, a couple of miles from the NJ border).

Retired last year (before 60). I guess it makes a difference ?

- Ron

 

[citrine]

aida2003.....it all depends on how bad you want to retire early!
As for NY....the rent for a 1 bedroom closet apartment can be anywhere from $1500-$2000 a year!
I live comfortably in NJ making 50K/year and saving 30% of my salary.....I still live like a college student.

 

[Marquette]

Welcome Jessica! I'm kinda new here and also from Jersey. Essex county. Essex being the indian term for "those who never met a tax they didnt like"

Oh yeah, in addition to 'spend less than you make', you also need to 'pay less in taxes than you make' O0

 

[citrine]

edit....1500-2000 a MONTH.

 

[Jessica08]

Welcome, Jessica. Amazing that you are even aware of these things at your stage.

You'll learn a lot here, including to ignore the occasional tasteless "welcome" post.

What area of business will your MBA lead you to?

Well, I suppose you could call me a career changer. I'm concentrating in Marketing and hoping to get into luxury retail, but I am not so picky about the industry. Any industry besides pharmaceuticals and finance would be great, but it seems as if I can never get away from finance!

 

[Fireup2020]

Welcome Jessica! (another 'Joisey resident here) While this state is freakin' expensive, LBYM is totally possible with so much to do here

2Cor - I'm begging for your meet-up to not be the first weekend in Oct

 

[SecondCor521]

2Cor - I'm begging for your meet-up to not be the first weekend in Oct

You're in luck. I'll post a new thread in a minute.

2Cor521

 

[xynny]

Hey Jessica! Welcome to this forum. I'm your age and hoping to retire early, too. I think New Jersey is a good state actually. They ranked really high on the "success index" .

Anyway, good luck with your MBA!

 

[firewhen]

Jessica,

You can RE living anywhere. LBYM, prudent investing, good income stream will get you there. While higher taxes and housing costs will hurt here, incomes offset at least some of that differential. While houses may cost more here, you can probably sell them for proportionally more down the road as well. We have always lived in metro NY and had moderate incomes and still managed to get to FI in 20 years or so. Our big advantage was a number of years with dual incomes, especially before kids. Two really can live almost as cheaply as one, and pocket the difference.

 

[brewer12345]

Hi, Jessica. Another Jersey resident here. Where are you going to school? I did my MBA at NYU.

 

[Jessica08]

Hi, Jessica. Another Jersey resident here. Where are you going to school? I did my MBA at NYU.

Ahh... Stern, a great school! I go to Rutgers. It's not quite up there on the rankings, but with the new program, it's getting there. We actually have a few professors that taught at Stern. Do you feel that your MBA gave you a great advantage when returning to the workforce?

 

[brewer12345]

Do you feel that your MBA gave you a great advantage when returning to the workforce?

I never left the workforce. I did my degree part time while working full time. But the degree definately gave me a leg up, and I learned a lot of useful stuff.