How to Become a Millionaire in 10 Years: High Cost-of-Living Edition
How to Become a Millionaire in 10 Years: High Cost-of-Living Edition  
Podcast: The Money with Katie Show
Published On: Wed Dec 21 2022
Description: 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: http://vinsocialvip.com/.Transcripts can be found at https://www.podpage.com/money-with-katie-show/.—Mentioned in the EpisodeHow to Become a Millionaire in 10 Years or Under: https://podcasts.apple.com/us/podcast/the-money-with-katie-show/id1589146097?i=1000581637513Cost of Living Calculator: https://www.nerdwallet.com/cost-of-living-calculatorInvestopedia's 10 Most Expensive Cities in the US: https://www.investopedia.com/articles/personal-finance/080916/top-10-most-expensive-cities-us.asp2022 Cost of Living in New York City: https://www.bankrate.com/real-estate/cost-of-living/nyc/Median Sales Price of Houses Sold in US: https://fred.stlouisfed.org/series/MSPUSNew York State Income Tax Rates: https://www.nerdwallet.com/article/taxes/new-york-state-tax#:~:text=New%20York%20City%20and%20Yonkers,%2C%203.819%25%20and%203.876%25.Federal Income Tax Calculator: https://smartasset.com/taxes/income-taxes#o4yUBvQUcNWhat Is the True Cost of Living in New York City: https://smartasset.com/mortgage/what-is-the-cost-of-living-in-new-york-cityNo, The Rich Are Not All Moving to the City Now: https://grist.org/cities/no-the-rich-are-not-all-moving-to-the-city-now/Are Houses More Expensive Today, or Way Bigger: https://moneywithkatie.com/blog/are-houses-more-expensive-or-bigger2023 Wealth Planner: https://moneywithkatie.com/new-2023-wealth-planner—Follow Along at Money with Katie: https://moneywithkatie.com/Follow Money with Katie!- Instagram: https://www.instagram.com/moneywithkatie/- Twitter: https://twitter.com/moneywithkatie Subscribe to The Money with Katie Newsletter- Sign up for free today: https://www.morningbrew.com/money-with-katie/subscribe/2Follow the Brew!- Instagram: https://www.instagram.com/morningbrew/- Twitter: https://twitter.com/MorningBrew- TikTok: https://www.tiktok.com/@morningbrewLearn more about your ad choices. Visit megaphone.fm/adchoices This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.katiegattitassin.com