How much does my-best-life cost?
We are ALL FOR work to live, not live to work. But if there's anything we know about MoneyGirls members, it's that you like goals and are striving to make them your reality.
First, ask yourself — what does “living your best life” look like? (May require Monday night soul-searching). No need to guess what your 35yo self is doing (how many kids, how many houses), let’s just stare down the realities of the next 5 years. We always like to make things real, so let’s break it down with an example of a month in the life of future-you.
1. START with the pillars that make up your ideal life.
Housing: Are you happy to share an apt with multiple roommates for 5 years, or do you want your own place in a luxury high-rise with all the amenities by 25?
Transportation: Does public transportation make better sense? Or do you fantasize about driving a brand-new BMW / VW Beetle / Tesla Model Whatever?
Food: Are you fine with grocery store staples and love to cook? Or does your social life revolve around restaurants?
Travel: Do occasional road trips and annual family beach vacations suffice? Or do you go on as many international trips as you get invited on?
Shopping: Are you proudly careful with your vintage fashion? Or is a fierce shopping habit part of your identity?
2. Then estimate — or better yet, even talk to some people! — what that may cost, and ADD IT ALL UP. This is your monthly take-home pay #GOAL. Multiply by 12 to get the annual salary you should be after.
Don’t forget to factor in savings! Remember: Save 20% of what you earn. That means you should save more on a fancy budget vs. a basic budget (because you need to earn more).
3. ONE LAST ADD: Taxes. Tack on the money that you know will later get taken OUT for taxes you must pay. This gets us to your Gross Pay, or the total salary you need to live your life.
The more you make, the more you pay. Paycheck calculators (like this) can give you more specific percentages on how much of your income, depending on your state, will go toward taxes as your earnings grow 📈.
Don’t get sticker shock if either (or both!) of these numbers feels HUGE. Every goal is reached step by step, with joining MoneyGirls being the biggest leap you can take. If you have any questions about “exactly how do I…”, you know where to find us.