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I was quite sympathetic until I hit the mini-bio at the bottom: "Matt Kulka works for Local Motors in Phoenix, Arizona. He loves to drive cars around race tracks, his expensive hobby that he just doesn’t want to kick."
"My salary was about on-par with what I was making at my last job in Phoenix — just barely breaking into the six figures — but housing costs were significantly different."
Who in their right mind would move to the Bay Area on a Phoenix salary?!
What the title should read is "couldn't afford a lifestyle I felt was befitting someone making six figures in the bay area"
If you're working a high-end job (one that not many people would qualify for, presumably), making well over $100,000 per year (FAR above the average family income in the US), then why should you settle for a near-poverty lifestyle?
Having the same problem. I have a lot of job offers for the bay area but can't make the jump because it would destroy my family life due to the high cost. Middle class families are basically priced out of Silicon Valley.
Earlier quoted context omitted.
If you're working a high-end job (one that not many people would qualify for, presumably), making well over $100,000 per year (FAR above the average family income in the US), then why should you settle for a near-poverty lifestyle?
Wow. Not being able to drive a new $40K car, live in a big house with a yard (in the most expensive area of the US) and only have one spouse work is near poverty?
What the title should read is "couldn't afford a lifestyle I felt was befitting someone making six figures in the bay area"
If you're working a high-end job (one that not many people would qualify for, presumably), making well over $100,000 per year (FAR above the average family income in the US), then why should you settle for a near-poverty lifestyle?
What the title should read is "couldn't afford a lifestyle I felt was befitting someone making six figures in the bay area"
"a niceish $40,000 car," ish. High on the list of signs that you've bought far too much into lifestyle inflation is thinking that a car costing 70% of the US median household income is only "nice-ish."
Henry Ford back in the day raised wages and cut hours because he noticed not even his employees had money or time to enjoy his product.
I think Silicon Valley is at this same point. Work your butt off to not enjoy life. If your single I think the economics work out but for families the area is very hostile.
> We could finally rent a house for just our family, no roommate. It was great, but that also meant even larger housing costs. In order to afford that, selling stock became necessary every quarter it vested. Obviously, this is not the path to financial security, but when the sum of money that lands in front of you isn’t life changing, you look to the short term and what it can do for you right now. In many ways, this follows exactly with the Silicon Valley hustle that many startups fall into. The path in front of you isn’t always clear, so you hedge your bets.
WTF? If your day to day financial survival depends on selling stock as it vests you're either a) an idiot or b) backed into a corner. In this guys case, it should have been obvious when he started the gig that it wasn't sustainable. If not immediately, then when he moved out and started selling stock to cover renting a house.
A pretty simple rule is that you should be accumulating capital, not spending it to cover operating expenses. Sure if shit hits the fan, and it invariably will at some point, you will be spending from capital till you get back on your feet. But it shouldn't be a day to day thing.
Having the same problem. I have a lot of job offers for the bay area but can't make the jump because it would destroy my family life due to the high cost. Middle class families are basically priced out of Silicon Valley.
Perhaps... some companies would see that as an advantage? If you were a company who only wanted to hire young people with no family to keep them from working 70 hours a week, then locating in Silicon Valley could be a great strategy.
the price increase of silicon valley homes partly is affected by all the foreign capital seeking stable, safe investment in US, particularly China's in the last few years (due to China's exponential growth in debt creation). we should see substantial slowdown/decline in the coming months (because China's economy has stagnated, and because the capital control for most normal citizens have worked)
What the title should read is "couldn't afford a lifestyle I felt was befitting someone making six figures in the bay area"
"a niceish $40,000 car," ish. High on the list of signs that you've bought far too much into lifestyle inflation is thinking that a car costing 70% of the US median household income is only "nice-ish."
I thank God every day that I don't live in California, so my standard of living at the same income is awesome and times are great for my entire family. All because I won't work in CA.