How I Quit My Job And Left NYC With $300,000
ฝัง
- เผยแพร่เมื่อ 21 ก.ย. 2022
- Diania Merriam, 35, had $30,000 in student loan and credit card debt in 2015. Then, Merriam's life took a turn: She discovered the FIRE - or Financial Independence, Retire Early - movement, "a refreshing punch in the face," that spurred her to clean up her debt, cut her expenses and begin saving. She was 33 when she quit her corporate job with $300,000 in savings. After spending time with a friend in Ohio, Merriam left New York City and moved to Cincinnati where she started her early retirement.
Subscribe to CNBC Make It.: cnb.cx/2kxl2rf
About CNBC Make It.: CNBC Make It. is a new section of CNBC dedicated to making you smarter about managing your business, career, and money.
Connect with CNBC Make It. Online
Get the latest updates: www.cnbc.com/make-it
Find CNBC Make It. on Facebook: cnb.cx/LikeCNBCMakeIt
Find CNBC Make It. on Twitter: cnb.cx/FollowCNBCMakeIt
Find CNBC Make It. on Instagram: bit.ly/InstagramCNBCMakeIt
#CNBC
#CNBCMakeIt
How I Quit My Job And Left NYC With $300,000
You can say that she isn’t fully retired but 3000 USD a month for an average of 1.5 hours of work a day is pretty darn good!
she is actually barista fi
exactly! I was wondering where she got the job to do some reading for 1.5 hour per day for $3k a month. I need to get that job hahahah
I paid off 25K in credit card debt. I got that debt after I traveled around the world for a few years when I needed to sort things out after a sibling's suicide. The debt came upon my return to the States and being unemployed for an entire year. Got a job in my hyper specialized field. It took a little over a year to clear that debt. It helped that I had moved to a small town for my job. The rent for a 4 bedroom house was 700 bucks. There was really nothing to buy. And not too many restaurants to go to. Beer at a bar was 5 bucks. And since there was no peer pressure to go and do fancy things, I didn't feel too much bummer-ness in the whole experience.
was this before social media was a thing?
@@jones2277 you can delete social media for a few months until you get your debt and mind cleared up.
@@GG-tf1tc i don't have debt.
That's really impressive and congratulations. I'm in a similar situation, need to move. What was the state and city that you had moved into finding 4 bedroom house for $700?
@@monikapastor1958 I don’t know where he lived, but Huntsville Alabama came to mind. Job are available and rent prices are cheap.
22 years ago, my husband and I made a decision to live off one income and save/invest the other. Once we had three children we couldn't do it but for awhile but stuck to this game plan. At 34 we paid off our cars. By the following year the house. We have another $1million and now we are able to just travel while working. We wanted the freedom to retire but I'm partially working and he works full-time.
That’s great 😃
I love this! No parental help, no selling her house, she really saved and made a journey of work and her FI journey
Diania, I love Optimal Finance Daily! Those podcasts changed the way I managed my money in 2019, not to mention they are super short and informative. Happy for you!
I love hearing these stories! people finding true freedom and taking ownership over their lives, money and happiness. Great music to my ears.
I'm Australian and I love this channel 😁👍. Makes me want to do well and better myself.
I’m happy for her but when you’re making 6 figures, no kids and your NY apartment was cheap even fir NYC standards it wouldn’t be that hard to partially retire. Her issue was she was partying too much by spending 2-3k a month.
Soooo true.
Amen.
Exactly
Well when u have kids u got to put them first…
🎯
I mean, if you are paying only 600$ for mortgage and generating 3000$ (assuming post-tax) income per month, you are in a good shape even without having 300k on the retirement. But of course it helps to achieve “FI”.
Also, most people don’t want to be forced to work. But, people want to work, too. So, it is great to be saving for the worst.
Thank you for the inspiration
I love how she back loads the most important part of her story, "I had a six figure salary."
🎯
Exactly she had the means to save and pay off debt in a short time span. She was making over 100k a year so saving 300k should have only taking a few years the average person needs decades
that is true dedication
how is your 401k guarantees your retirement that’s dependent on the market overall … how would you know if you haven’t retired yet
beautiful story!
Moral of the story: tackle your debt, live below your means, and save! Anyone can do it with financial discipline 👍
as long as inflation and market drops so not devistate your purchasing power. Inlation above 8% - everyone loses.
Not everyone makes six figures
Moral of the story: make 6 figures and you’ll be alright🤓
I’m so glad I stopped drinking at 23 I’m gonna do my best to keep my body fit and eat healthy for the rest of my twenties and beyond so I don’t ruin my brain or get flabby. I want my 30s to be a reflection of how I treated my body in my 20s and this was good motivation to do things the right away in my 20s instead of seeing it as a “who cares I wanna party while I’m young and be an independent woman who doesn’t need no man” phase
Yes! I stopped at around 28.
What does not wanting a man have to do with anything?
I love your Optimal Finance Daily podcast
Lol, I started listening to Optimal Finance Daily back when it first started. This is full circle for me
She was spending $2000-$3000/month in her 20's just to going out and party...This is a huge amount of money she wasted!
Indeed!
Not really she had fun , everybody waste money at some point though in there life
@@jl1695 you can have fun for less than $2000/mo. Like, much more less
@@anoukc6928 true but 2000 can go by easily just by being out everyday
2k isn’t a lot of money
She dropped so much gems
Loving this way of thinking!👊👊
Enjoyed this so much. Trying to retire in 5 years. Have always been told I have a radio voice when I’ve been on radio. How do you find podcast reading gigs? Hi from miami 🙋🏻♀️
Determine a niche/topic, Purchase equipment if necessary, Go to spotify and set up a podcast account, get sponsors to bring in revenue. Miami is a 'Hot' topic. People would love to know more about the culture, the people, the food, cost of living, real estate etc.
This channel lets me know one day I will leave poverty and live the life I want to live. It won't be a stroll in the park though...
I feel so sorry for people like you. There is a reason 135k a year is 5 percent of the world.
Life is hard.
make video content while strolling in the park and get paid!
@@kame1624 Get paid after you establish a following, get sponsors, and allow advertisements on your page. Details matter.
i listen to her podcast
Optimal finance daily
It is great ❤❤
Share the link please.
I don't see how she saved enough for retirement. 300k ish of investments in your 30's does not seem to be enough to stretch you into your 80s even with her low rate of spend. She hasn't discussed how she obtains medical benefits with her low salary. Additionally, that nest egg she has with 4-5% annualized return only equates to 1.2 million or so at 65. It is really not enough when you factor in other expenses between now and 65. She will need to earn much more as she goes - I wouldn't count that as FIRE. If she had 2 million dollar nest egg then yea - I would say that is FIRE.
She explains that the plan is to let $300K grow over time till retirement, while living on the side gigs money.
I've been thinking about taking this same path. I spend way too much time working, and have become extremely unhealthy. I don't have the energy or time to buy groceries, and so eat whatever chips or cookies are around the house. I barely sleep or exercise or shower. I am honestly worried that I may pass away if I continue on like this. What good is a semi-high wage if you're not going to be around to do anything with it.
set it up,get to it!!
#coastfi
@ L Vega…You are just VERYYY LAZY!!!! I work full time as a Senior Scientist in Pharma & I make all my foods plus I have not purchased lunch in 6 years which is basically since I graduated college. I also run everyday, dance & jumprope, 7 days a week!! Just stop complaining & being lazy because making food & taking control of your life is freeking easy!!!🗣
Get acupuncture.And weekly massages. Request a meal plan that suits your lifestyle. You'll experience a positive impact.
R u working from home and that's why? I get that. It's important to make a reason to leave the house like taking a work out class or like someone else said, get a massage. If you do that, u will feel like u have a reason to shower, and while ur out, u will think oh I'm already out so I might as well do something else like go to the store. You also Need sunlight. At the very least, open the windows and blinds for a couple hours a day and look outside frequently.. then progress to going to take a walk. Ur just in a funk, but a funk can really funk up ur life if u dont get out of it.
If you really are working that many hours, maybe u really do need to take some time off to get ur head on straight too
Don’t spend your tume and money on some bs. Save and take a month off
100%. FIRE is not about quitting work. It gives you a peace of mind about future uncertainty. :)
Most ppl with FIRE do not think about having kids as they can get expensive.
Oh please. Speak for yourself. For MANY people FIRE it is about quitting work and I am one of them!!!!!!!!!!!!!!!!!!!!!!!!!!
If you are reading this, know that you are worthy of anything you desire. Most times it amazes me greatly how I moved from an average lifestyle to earning over $63k per month, Utter shock is the word. I have understood a lot in the past few years that there are lots of opportunities in the financial market. The only thing is to know where to invest…
@Peter Moore That won't bother you if you trade with a professional like *Mr Gary Mason Brooks* my consultant. I found him on a CNBC interview where he was featured and reached out to him afterwards. He has since provide entry and exit points on the securities I focus on. I basically follow his trade pattern and haven’t regretted doing so....
Wow I'm a bit perplexed you guys are discussing about Gary Mason Brooks , I once met him at a conference in California 2019, just before the pandemic. I can testify that he’s very good in trading..Highly recommended.
@@susanhaynes679 This is the Fourth time I'm seeing someone talking about Mr Gary as there are lot of testimonies about him, do you know him ? if yes , did you invest with him…?
@@zombie15ish Yes i do, I've known him for couple of years, I'm still using his services, His management team is quite impressive so far. With my $15,000 deposit, I made over $288,000 profit with just 10% charge.
@Peter Moore It's 100% safe,I basically do nothing but collect profits, he was able to get me in early on most of these stocks and I exited just at the right time, his analysis was really on point.
1800/month for a 1 bedroom in Brooklyn now is a steal 😭
Awesome!! This is what I call “not being married to your job” you only live once!
Diana!! ❤
Being of age and how to manage the sequence of returns in those early periods is what seems quite scary in the current market. The market is never a loser in a twenty year cycle, but the 2000s decade scenario scares me and could really disrupt my retirement. When you are no longer accumulating but withdrawing its hard to be anything but cautious.
Some investors look to their investments as a source of income while others use it is a means to grow or preserve their wealth. For new investors, getting started can feel overwhelming. Risks loom large, and complicated, unfamiliar financial jargon can be intimidating.
My spouse and ispouse are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. Bought my first £400,000 house. Success requires market knowledge and we made a very good choice adopting a financial advisor Caroline Renee Steiger.
That's good for you. If you dont mind, how exactly does this work ? and how profitable have you been ? I would love more info about her services.
Wow, I know Caroline Renee Steiger. I joined her program just a couple months back.! She obviously brings a lot of experience to the table but more importantly I think she is a tough person in an industry that demands clairvoyance.
I believe your guide is obviously based where you are in the States, can this also work if I am looking to do this from UK / Scotland?
I would love to hear if they factor in healthcare insurance, and planning for kids? Will the Coast-FIRE will be the same or will she need to re-enter the job force to save more?
She may not want any kids.
@@candacedawn357 Her response seems to be a combination of a generalization and a reference to the woman in the video. Those are responsible things to consider, healthcare, family planning, devastation of any kind, inflation, etc
@@atiyarise4131 I said what I said because not all women want children including myself.
ACA for healthcare. With kids there's too many factors including her partner's income.
To save money: Cook your meals and eat out less! Also, move to a town with low cost of living. BTW, I listen to her podcast too👍
The whole country is now practically unaffordable rent /mortgage wise
No to save money is having a 135 k salary & be single
Cnbc needs to talk about Ecosia they are a search engine that plants trees
I made a similiar decision to partially retire in 2021. But I was divorced with two kids. Child support and additional spending on my kids is over $17k a year. And I still have no debt and invest about 20%. Her story isn't that special.
Omg... This is the voice behind Optimal Finance Daily and I am guessing that's her mid-western gentleman. 👏🏾
4:50 that lettuce (?kale) looks amazing. C'mon CNBC, throw a few carrots and radishes in there. 🥕
If people stopped burning money buying the ultimate useless stuff, they would be FI at 40-45. Of course, it implies moving to a more affordable place. Perhaps I am exaggerating, but we buy too much rubbish and make billionaires richer.
Exactly
Facts!
1.5 hours of work a day and $3000 dollars? this sounds very extraordinary..
i started investing at 28 in start of 2020. wish i started earlier.
I started at 27 and by 34 I had 109,000 saved in my retirement. Now is a great time to sock money in that 401k at discounted prices. The most I've made is 66k a year so you can do it.
Shares of Robinhood (NASDAQ:HOOD) are up over 6% in pre-open Thursday trading after Bloomberg reported that the U.S. Securities and Exchange Commission (SEC) is very likely to allow controversial payment-for-order-flow (PFOF) deals.
11 months to pay off debt is a luxury for sure
Depends on amount and how much you make and save.
I'd like more info about her podcast materials? Does she just read horoscopes on her second podcast and nothing else and she generates an income?
Following.
yes, separating your finances from your work. she nailed it.
5:13 well there ya go, moving from NYC is one of the best decisions you can make lol
I'd completely disagree. Although it's expensive here, she moved away from the center of business to....Ohio. Sure it's cheaper but you've effectively taken yourself completely out of the ballgame.
@@bkeen7013 well I'm sure she could do it remotely lol, so it really make no difference.
Nice
Wow she really likes her dog
💯
Does anyone know what country the scenery at 1:48 might be?
Spain. Video even said it.
So yall just eating kale and sauce? lol
Cincinnati!
Top tier city in the MidWest
Everybody on CNBC makes at least 100k+ $... Financial Crisis? Lmao...
Yep 😂😂😂
she was saving like crazy, could have reached FIRE sooner if she stayed in NYC and saved longer
Sometimes the situation at your job is so bad that you can't continue on.
@@lvega5606 exactly.. peace of mind and sanity is priceless. She said the new boss didn't treat her well. And that's why she quit. I'm guessing the situation was beyond her tolerance level.
She did good!!! #coastfi
what does working in "consumer goods" mean? and making $135k doing what exactly?
my guess is makeup. I know a marketing director for L'oreal and makes bank
What Diania did was retail management for a large company
Retail Merchandising, something along those lines
Brand management. Usually requires an MBA (but not always). $135K in NYC is nothing.
Smart Lady
Stop calling it fire. Working, even for yourself, is not retiring.
exactly. and we never get updates a few years in to see what changed
So graham stephan isn’t FIRE? Sounds like projection and jealousy. Buy some stocks instead of hating on people richer than you
idc who that is but retire early is part of the acronym and that's a simple fact babe
@@co563 No one is hating on anyone. Except for the term.
@@co563 is graham stephan working on youtube? If yes then he's not retired
So you live in NYC with $135,000 which is roughly around $100,000 after tax, yet you can save around 60% so somehow you can stay in NYC for $40,000 a year. It's not easy to survive with $40,000 a year in NYC I know many whos rent alone is way beyond that.
Unfortunately $135k annually is nowhere near $100k after taxes. As someone who started his career in NY at $123k, after taxes, insurance, 401k contributions, take home was around $72k
I think she moved to Ohio. Maybe I'm wrong she was ranting.
Brave women like butterflies
Yeah how about that investment now
Her podcasts generate $3k per month
Gorgeous 🥰
Her investments are roughly 321k$, what about the equity in her home she purchased plus any cash savings, gold/jewelry, etc. this is all value.
#goals
So she is NOT retired ? Another FIRE that just changed jobs. Yet to see anyone actually retire.
What? She makes 3k a month reading?!
Unfortunately, 300K in the stock market won't cut it to get you to retirement. Maybe 20-30 years ago. Now, 300K in real estate pre-covid, would have been enough.
We all know it takes investments. But how about teaching us how and what to choose in investments how about teaching us how to find those unique side hustles like recording for podcasts
I can’t just have lettuce for lunch. I’m never going to FIRE if I add some tomatoes to it.
2k a month spending with 300k in investments is quite a bit over the 4% withdrawal rule for your first year of retirement, and in current conditions, even a 4% rule is considered quite aggressive. given what is likely several years of a bear market and higher-than-3% inflation now and in the near future, i am not sure this is considered wise in terms of FIRE. there are many people who are going back to work after early retirement due to current market conditions and increasing expenses.
Her podcasts generate $3k per month
@@HallmarkRocks my bad, i missed that! i wasn't listening carefully
@@wanf872 no problem 😉
She said it will be compounding until she retires. So it has not matured yet.
@@goodgirlsguide yeah but understanding the math isn’t as fun as dunking on somebody for peacefully living outside of the rat race /s
🔥🔥🔥👍….
with the market now her $300000 is probably now $200000.lol
NY is such a great city if you makes 100's of thousands a year.
Fact! I make 135k, live in a tiny apartment in Brooklyn and can't afford to move anywhere nicer lol. We barely leave the house these days trying to save. We are planning on leaving in the next year. 11 years...more than most stay here so I have nothing to complain about. When I really wanted to live here in my 20's I managed to survive. Now I don't really want to live here and well...I can't really afford it so it's a no brainer lol
@@thru_and_thru move to the Bronx. I pay $2200 for my spacious 1 brd luxury apt. Gym, rooftop, private parking, lounge, and tons of restaurants. Brooklyn is overrated.
@@thru_and_thru Your life would probably be so much better in the DC metro. I am a native New Yorker who earns around 140K/year in the DC metro. The best decision that I made was relocating from NYC!
@@lenaprice6239 where did you move? I’ve definitely thought about that area.
@@Gabriela.H that exists in trendier, safer, more central parts of Brooklyn for $2400. Moving all the way to the Bronx to save $200 wouldn’t make sense. At the very least, one would break even in the cost of Uber from wherever they socialize back to the bronx.
$300k is enough to coast on?
Not in 2024
4:38
6:00
6:25
7:33
❤️❤️❤️🇧🇷❤️❤️❤️
Is $300k in savings in her retirement account? Those money she can't touch till retirement?
isn't trad ira 6000$ max a year? how does she have so much in ira?
no that's roth
American society is very individualistic. A person's finance is completely independent from his or her partner parents etc. In India the financial responsibilities of the entire family is on one guy usually the son. So one can never retire. Keep on working and create more and more wealth for the family.
That's very sad to be sacrificed. Just being born & having your freedom taken away
This fire movement promotion is politics for the Companies to fight back at quiet quiting ... lol, I still prefer quite quiting .
I'm just really upset at what they are eating at 4:50. that's just wrong
😎🙏
That dude is blowing her back out ain’t no way he’s in every clip as a friend
300k isnt enough
I love this show but I never see the people that have 2-3 kids. Those expenses are real...
HIS AND HER MONEY PODCAST
@Sheltzer Lafontant, those scenarios are far and in between because the cost of living is so high. She moved to the right place because it is no longer an affordable city for average families of any size only for young corporate professionals. She fits in that category.
@@atiyarise4131 that's true but thus channel should show both perspectives
6:35 isnt that... Plagiarism?
They literally skipped over her salary and background privileges
Privliges? Anyone that went to a decent school and studied something useful can easily get a six figure job in NYC where 100k is not much. Or are you one of those who doesn’t want to work to get to these positions?😊
I wonder what the site is she uses to make that additional $3,000/ Mo. Anyone know?
$3000 a month for reading text for 30 minutes a day?
How I can find a job like that?))
Wonder how the 2022 crash is affecting her net worth
Since 90% of her money is in accounts that she's probably not touching for another 25 years, it doesn't really matter
Make more money spending more in Big city
300k is really low, i would not coast with less than 3M or in the Youth, at fifty can be a different argument
Her podcasts generate $3k per month
@@HallmarkRocks it's not stable earnings though
Omg not Ohio gurl
The thing is living in small towns is boring I’m a city guy need the city restaurants bars clubs in close proximity. These small towns are just for people who are married or have a family
Exactly
Cincinnati is hardly a small town
Not where she relocated to. It has changed. It's geared toward young professionals, tourist, and college students.
Now shes one of the smartest women 👏 ive seen that left Nyc best decision.
I dont believe that you retired with $300000
Come on
300,000 isn’t a lot
@@bradfisher407 sure, said from Retirement perspective!
Just be rich why go through all this trouble
😂
lol why do people listen to financial advice from people with no financial training this is how ftx happens