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Scott Trench
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Paula Pant
So for my entire adult life, I'd always wanted to live in New York, but I never allowed myself to do so because it has a high cost of living. And so I couldn't rationalize the decision given that I work remotely, given that I work for myself and so I don't need to make job related connections. I could not find a rational, you know, make sense on paper reason to do it. And there were plenty of make sense on paper reasons to not. Before New York City, I was living in Las Vegas, where you've got a very low cost of living, relatively speaking. You have no state income tax, you've got mild winters, you've got relatively not that much traffic. Most people who live in Las Vegas would argue against that. But my stance is there's the traffic's not that bad. You know, for all of these reasons, Las Vegas really made sense on paper. Before Las Vegas, I was living in Atlanta, I grew up in Cincinnati. I've always lived in these relatively low cost of living cities the only reason to move to New York was the fact that I wanted to. There was no other reason. And because that was the only reason, I couldn't justify doing it. And then the pandemic hit. And when that happened, I realized life is short. None of us, I know that's a cliche, but none of us are guaranteed to live to be 120. If there is something that you really want to do and you have the money to do it, don't cheap out on it. Like, I don't want to be on my deathbed thinking, man, I never lived in the city that I wanted to live in.
Podcast Host / Announcer
How does living in New York City impact your finances?
Paula Pant
So that's the thing that caught me by surprise. I had braced myself before moving here, braced myself for the expectation that life was about to get a lot more expensive. And I was actually shocked to discover that my cost of living in New York is about the same as my cost of living in Las Vegas. And here's how that breaks down. I'll use real numbers. In Las Vegas on a 15 year mortgage on a condo with about 1700 square feet. My mortgage was around 3500, 3600amonth. In New York City I have a one bedroom apartment. It is 4700amonth. I'm letting a friend live with me and I'm giving her a sweetheart deal. So my friend pays $1,100 a month. I've studioed the living room so we don't have a couch. Right. I live in the living room as a studio apartment sort of a thing. She takes the bedroom. It's $4,700 a month minus her 1100 contribution. So my out of pocket is $3,600 a month. That means my rent in New York is similar to what I was paying for my condo in Vegas. You can certainly argue that from a wealth building point of view, they're not comparable. In Vegas I was building equity on a 15 year mortgage. In New York, I'm a renter. In Vegas, I was getting 1700 square feet. In New York, I'm getting half of 600 square feet. So those are the trade offs, but the actual cash flow impact is the same.
Scott Trench
How much time do you spend in your apartment in New York City compared to what you spent in your condo in Las Vegas?
Paula Pant
A lot. One thing that I love about my condo and part of the reason that I chose it a it's got these big floor to ceiling windows with this absolutely gorgeous view, like bonkers, beautiful view. Can I show you guys, that's great. And this doesn't really do it justice, but like, that's the view. It's insane. Sunset is just, it's, it's ridiculously. It's so pretty that last night right at sunset, I actually came to my section of room and sat on my dresser and just watched the sunset from there, like for 30 minutes. That was what I did. I just sat there and watched the sunset. It's a beautiful place. I really enjoy being here and in the building that I live in. So this is a newer building that was built in 2012. This building has on the fifth floor, 80,000 square feet of amenities. So it has an indoor pool, an outdoor pool, a steam room, a sauna, half size basketball court, cycling studio, yoga studio, boxing studio. I say that and I do like the same thing. I do the elliptical every time, you know, But I could take boxing classes if I want to. But the point is I have basically an equinox level luxury gym that is in my building. And so between the beautiful view from the floor to ceiling windows, plus the incredible luxury gym, and also that gym has like a co working space area that I normally work from. Came to my apartment to do this interview because it's quieter, but normally I'm down in the co working space between all of those things. I very rarely leave my building. And when I do leave my building, the other thing that's been really nice is the building hosts all these social events. And so I've become friends with a bunch of people who also live in the same building. And so because a lot of my good friends live in my building, it's basically like the grown up version of living in the college dorms. When we want to go out, we just go to a bar that's like on the corner. Which means if I do leave the building, I'm going to the corner bar, I'm going to the corner hairdresser. Like, I'm very rarely leaving like 3 to 4 block radius of the building.
Betty Jensen
Awesome.
Scott Trench
So this sou. This sounds fantastic. And so what about other expenses? Like do you, do you continue to have a car here in New York City?
Paula Pant
Nope, no car. I moved here with a car and I actually found that my quality of life improved once I got rid of it when I had a car. Initially you can park on the streets for free, but if you do that, you need to move the car twice a week. And moving that car requires, because you have to move it for street sweeping requires like getting there at a certain time, a very fixed time. And then, like, figuring out what to do for two hours and then coming back right at the exact time that you, like, compete for an open spot. Doing that twice a week, it was turning into a part time job. Then I was like, all right, I'm gonna stop doing that. I'm just gonna pay for a spot in a parking garage. And that was 600amonth. And so paying for that, I was like, well, now I need to use this car enough to justify paying that. So then I just started, like, manufacturing unnecessary trips purely so that I could feel like I could justify the parking garage spot. And so for like, I was like, this is. This is dumb. Having a car is actually impeding my quality of life because it's just too much work, too much money, too stressful. So I got rid of the car. And now, I mean, I. Pretty much everywhere I go, I can walk to. And if I'm not walking, there's a bus stop that's immediately in front of my apartment, which I resisted for a long time because I have these notions in my mind of buses being really inefficient, because that was the case every other place that I've lived. But the bus stop out here, there's a bus that comes by every 10 minutes. It's like an Uber, but for $3, that bus will take me right down 57th Avenue to a bunch of different subway stops. So I can take the bus to the subway. And it's just. It's easy. It's super easy. That's another way in which my cost of living actually, you know, in housing, the cash flow stayed the same. In transportation, my costs dramatically decreased.
Betty Jensen
How about food?
Scott Trench
How are the other big categories food and fun? Is it much more expensive to enjoy all the things that you want in New York City?
Paula Pant
So groceries, if you buy groceries from a brick and mortar grocery store, don't. Because brick and mortar grocery stores here are very expensive. But Amazon Fresh and I also use this service, it's called Imperfect Foods. It was recently purchased by Misfit Market. It sells, quote, unquote ugly produce, like overstock or misshapen produce or overstock or misshapen items in general. So between Amazon Fresh and Imperfect Foods, my friend calls it Mangled Meals. Between those two, my grocery costs are about like between 80 to 100 a week.
Scott Trench
You live in a really nice building in a really nice place with all these amenities, and it really is not expensive between those big three categories to run your life here. It probably was much more in Las Vegas, I'd imagine.
Paula Pant
Yeah, yeah, because in Las Vegas, I was thinking about this this morning in Vegas and prior to that in Atlanta, my friends were spread out all over the city. So I didn't have, you know, here I have this concentration of friends who live literally under the same roof in my building in Vegas, my friends are spread out all over the city. So if I wanted to go out, I would have to drive, you know, so I'm spending time and gas money driving to wherever they are or meeting up at some restaurant somewhere. If we have a bunch of drinks, I might uber home and then like uber back the parking lot again the next morning to pick up my car. Right? That's all cost versus here. Everyone lives in my building. We can all just hang out at someone's apartment if we want to, or we can go to a local dive bar where beers are like seven or eight bucks and then, and we're walking, you know, so we don't even have to worry about Ubering anywhere. Like we can just walk there, walk back. So in all of those ways, things here, you know what, it's funny, I'd really braced myself for things being more expensive. And that has, with the exception of taxes, that has turned out to not be the case now. Taxes are definitely a lot, not higher.
Podcast Host / Announcer
Do you track the difference between what you were spending in Atlanta and in Las Vegas versus what you're spending in New York?
Paula Pant
Just in the way that I've outlined it. That's my main tracking. But there are also like differences. So for example, coming to New York I had, over the past year I had massive veterinary bills. Now that's not a function of living in New York, that's a function of having a 15 year old cat. That would have happened anywhere. For those reasons, it's not as simple as saying, oh, here are my expenses in 2025 versus in 2015. Because the types of things that I'm doing with my life and the types of non geographic related circumstances are also going to be dynamic.
Podcast Host / Announcer
So it sounds like you're absolutely delighted by living in New York City, but I want you to say those words specifically. Are you excited that you moved to New York? Do you have any regrets at all that you left Las Vegas?
Paula Pant
I have no, I mean, no offense to Las Vegas. It's a beautiful place. I love the desert, great hiking and camping and climbing and, and during the season of my life when I was really into being outdoors, Vegas was a great fit for that season of life. Now I'm in a season of life where I kind of prefer being Indoors. And New York is a much better fit. So New York. I love living in New York, and it is a great fit for where I am at this time in my life. I think the message that I want to send to people is if you're holding yourself back from doing something that you want to do or living in a place where you want to live because you're worried it's going to be very expensive, go for it. Because once you get there, you might discover it's not actually that much more expensive anyway.
Scott Trench
So help us understand, because, you know, you've. You've painted a picture of really wonderful building that you live in. Great friends, good amenities nearby where you live. What about the broader New York area? Like, is this experience very consistent across many people in different buildings? Is there other things about New York City? And I think you're in Manhattan that you particularly like, that you particularly enjoy about being in the city besides the building?
Paula Pant
Yeah, yeah, definitely. So, I mean, one of the things I love about New York is that you have this cross section. You know, it's a meeting point of the world. There are parts of New York, like in Flushing, Queens, you walk around there and it. It feels like you're in China, like, the street signs are all in Chinese. Or you go to Jackson Heights, Queens, and it feels like depending on what part you're in, like India, Bangladesh, Pakistan, Nepal, like, you've got this cross section of the South Asian diaspora. That's all right. There's. I made a bunch of friends who are all Albanian. And like, once you meet one Albanian, you meet like seven of them or eight of them because they, you know, they all hang out together and they were like, oh, we'll take you to these Albanian restaurants, right? Like, there's this. This meeting point of the world that happens here that I haven't experienced anywhere else. I mean, I'm sure that exists in other places, but it's certainly very visible here.
Scott Trench
One of the things that I was mentioning when I issued this challenge for New York City is not so much that it was impossible to fire in New York City, but just that there is more headwinds in the form of taxes and expenses to becoming fire and less of an appeal to living the fire lifestyle because of all of the wonderful things to spend money on in Manhattan, right? It seems like you can exchange money for experiences or better quality, basically up an infinite ladder, and that the more money you have, the more enjoyment you get pretty incrementally, pretty linearly out of the New York City experience in a way that I don't think is the same here in Highlands Ranch, Colorado. Right. Like I live in a suburb. You know, there's some good restaurants and good grocery stores nearby and they're skiing. But it's not like if I spend a lot more money on skiing, I'm going to have a better experience. It's I get a pass, I have my skis, I have a wonderful time every time I go. As long as the snow is not as bad as it is this year. And that was more of my take on New York City fires. I think if I lived in Manhattan, I would want to just earn a buku amount of money because that would enable me to experience all of the wonderful things that the city has to offer in a bigger way. But I've again been very thoughtfully challenged on that and folks are disagreeing. Have very different lived experiences than that in New York City. Can you walk me through how you feel about that observation? Is there an appeal to making large amounts of money in New York City that draws you in in order to spend that on the finer things?
Paula Pant
I guess the short answer is there is an appeal to doubling down on work, but not for the financial element, for the seeing what I can produce if I really apply myself element, the personal satisfaction of creation. I'll talk more about that in a second, but first I want to directly address your question. So I think that if you come to New York as a tourist and spend your money on expensive tourist things like Michelin star restaurants and Broadway show tickets, sure, you can have a condensed four or five days where all your money goes to that and then you leave. If you live here, then, I mean, you'll go to a Broadway show maybe once or twice a year. You know, that's not really life changing enough, you know, for, for many people that's just not going to make a big dent in your budget if you, you know, you go to a show for your birthday. The other element of it also is that depending on where you live and depending on who you meet, sometimes you have friends who are involved in those productions and you then get discounted. T so one of my friends, for example, is the understudy for Velma in the musical, the Broadway musical Chicago. She's been able to give me discounted tickets to the friends and family deal. So sometimes you do get to access those at the friends and family rates as well. So the cost of accessing New York things as a local can sometimes be cheaper than the cost of accessing it as a tourist. When it comes to like fancy restaurants. Again, it's like a very occasional thing. It's not a regular thing on a, like, regular weekly basis, especially when it's cold and especially if it's raining. Remember, we don't have cars. Most New Yorkers don't have cars. I don't want to put on rain boots and get an umbrella and then wear like a hat and scarf and earmuffs and mittens and take the bus to the subway. 40 minutes to go to some inconvenient place that might happen to be fancy. If I'm going to leave my apartment at all, it's going to be to walk to, like, the local corner, because that's the most convenient location. And also I know that the. That the guy who works there is named Eddie, you know, and I know that they have tacos, like crispy tacos that they sell for like 14 bucks, and they're actually super good. And Eddie will get you the extra salsa. So it's a. It's just a very local sort of a thing. And I think that, you know, I live in. In Hell's Kitchen, but I think that any neighborhood that you're in, New York is a very neighborhood centric place. And in most neighborhoods, at least anecdotally, it seems like I see a lot of my friends having similar experiences. So my friend Valerie, she threw a birthday party in the Upper east side, which is a neighborhood that I almost never go to. And so I went there, and almost every single person I met at that birthday party lived in the Upper east side. And it was clear they all lived within a couple block radius of each other, and they were all Upper east side friends, and they all had their, like, standard haunts that they tend to go to. And so I think that for a lot of people, you know, you live in Astoria, you've got your handful of favorite Astoria places. You know, I think for a lot of people, you kind of find community in a very, very localized neighborhood and tend to kind of occupy that unless it's a special occasion like a birthday, or unless you've got friends or family who are visiting and they want to do the touristy sort of things.
Betty Jensen
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Podcast Host / Announcer
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Scott Trench
Let me flip the script here and ask about you mentioned taxes, so we just know those are much higher in New York City than they would be in Las Vegas. But what about business opportunities? You are a podcaster and I know that you you record from your apartment, but I presume that you also get some advantages from in that business being in New York City, which would be the true of almost every type of business you could imagine. But can you walk us through that and how that's impacted your career as a podcaster?
Paula Pant
Oh absolutely. And actually when I record interviews, I record interviews face to face. So I've got with my podcast network they have a Podcast studio down in the financial district in lower Manhattan. And so I have started insisting that all of our interviews be face to face. And so, you know, a lot of the people that I interview are authors who are on book tour. Almost every author on book tour is going to make a stop through New York because they're going to run the, the Good Morning America Today show circuit. And so when those authors are coming to New York as part of their book tour, I'm able to meet them in person. And then we sit down and we have a two hour interview. And so that's been incredible. And I don't know, other than maybe la, I don't really know what other city I could do that in.
Scott Trench
I'm in that group. I met you at the studio to record a show, what, two, three years ago.
Paula Pant
Oh, and you were in the old space. You were in like that shoe closet.
Scott Trench
It was like right after lockdown ended. So it was this huge fancy building that was very intimidating and it was completely empty.
Paula Pant
Exactly, yeah.
Scott Trench
Like the CEO of your studio opened the door for me. He was the only one there.
Paula Pant
That's right, that's right, yeah. And that was a bit of a shoe closet. So we're in a much bigger studio now. So the one that you were in, we had like, like a webcam that we were using to record and now we have a full setup with like multi, you know, we've got three cameras and lighting and there's a studio operator who's like right there in the room. That's incredible. It's like a real full scale production.
Scott Trench
If you had to take a stab at it, how would you quantify or how would you articulate that increased opportunity that being in New York City offers? And it's going to be so variant by every type of work, but it seems real and it's certainly been very real for the other folks that we've talked to about Fire in Manhattan. And it seems like it is real to some extent for you.
Paula Pant
It's hard to quantify it because, for example, if I had a sales job, I could very easily say by virtue of meeting 100 people in person, that has led to me closing X number of deals. I have the the job of a podcast host in which there's a soft advantage that comes with forming face to face relationships. But I think that advantage is very hard to quantify. I interviewed Nick Magiulli, who I think I'm sure you guys know. He's the author of Just Keep Buying and then his latest book is the Wealth Ladder. And after talking to him, I thought to myself, you know what? I know that Nick works for Barry Ritholtz, and Barry is the head of Ritholtz Wealth Management, which is a very, very impressive firm that has attracted a lot of top talent. I was like, you know what? Let me. Let me reach out to Barry. Like, I. I just had that idea after talking to Nick. So I reached out to Barry, and he was like, yeah, sure, happy to swing by. And so he. He swung by. Now, would he have done that? Like, I don't know, the counterfactual? Would he have done that if I'd emailed him from a different location and said, hey, will you meet me on Zoom? Maybe? Probably. I guess so. But it's different when I can actually shake his hand and look him in the eye and tell him that I'm a huge fan of. Of the work that he's company that he's built, and that I hope to learn as much from him as possible, because I think that there's a lot that all of us can learn from him. I think there's something different to be able to look at somebody and say that.
Scott Trench
One last question here. Sorry to change it on a dime here, but you said you spent 80 to 100 bucks a week on groceries. And I think that for me, the way I'm wired, that would be impossible if the best bagel in the world is right around the corner. For me, I'm getting bagels for breakfast most morning. If I get fancy restaurants, I get that you're not going out every night to a fancy, fancy restaurant, but I'd be like, oh, wow, that that place has one of the best sandwiches in the world, that's got the best pizza. Does that tempt you at all in New York City personally, or do you see that as a common theme among your peers, your friends?
Paula Pant
Back when I used to work out of a co working space, that did tempt me more. There's a certain level of inertia when you're at home and you don't want to leave home. And so by virtue of having an apartment that I really enjoy and by virtue of that apartment, having a co working space downstairs that's attached to a gym, what that means is that I have everything that I need under the same roof, and I never have to actually put on real shoes. I honestly do think that there's a certain inertia when, you know, when I'm like, all right, if I were to leave my building right now, I'd have to Wear shoes. I'd have to wear a jacket. I'd have to put on some sunblock. I'd have to find my keys. There's a certain friction associated with that. That's why back when I used to work in from an outside co working space for there was a period of a year and a half where I worked out of a wework. At that time I definitely did more grab and go lunches. And then there was an academic year, there was nine months when I was a student at Columbia and same deal like when I was up there. Yeah, definitely a lot more grab and go lunches. But these days when I'm like essentially in like dressed in what is one notch above pajamas for the entire day, the friction associated leaving home is great enough that I don't want to bother.
Scott Trench
What do you think is like the minimum that someone needs to spend in order to kind of recreate a good portion of the lifestyle you have here? Plus or minus.
Paula Pant
So 3,600 for my apartment, that gym that I'm referencing, That's an additional 130amonth. Groceries between 80 to 100 a week. Transportation, they max out. Even if you do the maximum number of bus and subway rides per week, which I don't, they'll cap you out at, I think it's $34 a week. They might have raised it to $36 a somewhere between 34 to 36 a week.
Scott Trench
That's buses and subway.
Paula Pant
Exactly. Yeah, you can spend below that, but once you hit that, they won't charge you anymore in a given seven day period. So you know that the total spending in, in a seven day period at maximum will be it's either $34 or $36. Health insurance is stupidly expensive. That's the other thing that. So taxes and health insurance, those are the two things in New York that'll totally get you if you have to buy your own individual health insurance. The state of New York is just an absolute train wreck.
Scott Trench
I've been going through down this rabbit hole for health insurance for a while now. Really like getting nerding out about it. New York is one of two states with Vermont where the ACA plans in most other states can charge younger people less than older people up to a 3 to 1 ratio. So you know, if you're, if you're in your, your 20s, 30s or 40s, you're going to pay a much lower premium price than someone at the, that's 64 and approaching, you know, traditional retirement age and Medicare that could be way more expensive. For those folks. But if I were to go shop a plan for my family here in Colorado, I'll pay like 1200 bucks for a bronze ACA plan right now. But if I was 64, that plan might be 24, you know, 2,400amonth. In terms of premiums in New York, they don't allow that age based discrimination basically on these plans they don't allow carriers to charge differently. And so everybody pays that fee. And so if you're in the younger side, you're going to feel like it's preposterously expensive. And if you're older, you're actually going to feel like it's relatively cheap compared to some of these other states. So it's a fascinating thing there. But yeah, I was wondering about health care because that would be. That seems like a big gotcha in New York City or in New York State specifically.
Paula Pant
That's really interesting to know. I was wondering why New York health insurance was so insane.
Scott Trench
There are other components like competition in the marketplace or whatever. But I believe that is, I believe I'm so oversimplifying, but I believe that is the quick answer to why does it feel so insanely expensive for you, Paula? Well, it does, but it probably doesn't for, you know, 64 year old Paula when you're approaching traditional retirement age.
Paula Pant
I take that as a compliment. I'm still young, like I'm still young enough to think that health insurance is preposterous. Yeah, those, those are the two real gotchas with living in New York. It wasn't what I thought it would be like. I thought it would be housing costs. I thought it would, you know, I thought it would be all of the, the more visible day to day expenses. But the two real big, big hurdles are health insurance and taxes.
Podcast Host / Announcer
Is there any way to get around the taxes, the health insurance? Obviously it can't if it's a state thing. But is there any way to reduce your taxes? And you're talking about like state income tax and sales tax and city tax.
Paula Pant
The city of New York imposes a tax in addition to state tax.
Podcast Host / Announcer
Oh, well, that's nice.
Paula Pant
Yeah, it's great.
Scott Trench
Let's use 100 or $150,000 a year income earner. Do we know roughly what that difference is going to look like in New York versus Las Vegas?
Paula Pant
I have no idea. I'm sure there's like websites that you could plug that into.
Podcast Host / Announcer
While Scott does that, I will set you up with another question, Paula. Did moving to New York City change your FI timeline.
Paula Pant
Well, I was already. And this goes back to. How do you define fi? I define FI as lean work optional. So I was already FI before I moved to New York, and that didn't change. But again, I'm defying FI as work optional with a lean lifestyle.
Podcast Host / Announcer
And final question, while Scott's still looking stuff up, why do you feel that living in New York City is an asset to someone's FI journey?
Paula Pant
I think it's neither an asset nor a liability. You know, I think that New York gets painted as a liability and people will refrain from living in New York because they believe that. But in all of the ways that I've just outlined, my actual cost of living has not, not really substantially changed since moving to New York. And when I look at my. Again, I look at my biggest expenses. If I look at personal non business expenses. Yeah, veterinary care was big. That's not. And that has no geographic relevance. What else have I spent a lot of money on? I generally travel less since moving to New York. It's not that I can't. It's just that I'm less motivated to travel. So that cost has actually gone down. When I was living in Vegas, I was traveling a lot more. Let's see, what else do I spend money on? I spend a lot. I have a lot of business expenses, but in terms of personal expenses, Sweaters. I definitely buy a lot of sweaters. Cold. Yeah. Things to wear in cold weather.
Podcast Host / Announcer
Yeah. If you're moving from Las Vegas to New York City, you're going to need a whole new wardrobe.
Paula Pant
Yeah. Yes. I'd say sweaters and sweatpants. I buy more of those than I should. If you can hold yourself back from overstocking on sweatpants, you'll be good.
Scott Trench
I just did the. I was trying to do the math and it was like complex. And I was realized I have a magic math, math computation machine in ChatGPT. So I just asked them what that looks like. And ChatGPT says that your net take home pay on $150,000 if it's a single filer. If you didn't do anything, no 401k or anything like that is going to be about 111 to $115,000 in Las Vegas and about 125 in New York City. So 7, 8, 9 grand somewhere in that range in terms of the difference in tax bill on an annual basis for that $150,000 income year. So it's real. That's real. That's a big difference. But for our fire folks, they don't pay those taxes generally or they don't have to, depending on how they want to realize their income. So it may not be that much of a barrier.
Paula Pant
Right, Right. Exactly.
Podcast Host / Announcer
Paula, thank you so much for sharing your version of FI in New York City. I think that Scott was very incorrect when he said you can't be FI in New York City and for all the reasons that you listed and so many more.
Scott Trench
Did I say you can't be FI in New York City or did I say that the appeal that it's harder to get to FI in New York City and that you probably don't want to as much in New York City?
Podcast Host / Announcer
We should actually go back and listen to what you said because I thought
Scott Trench
you said you couldn't argument was there. So can't is a very strong word.
Podcast Host / Announcer
I have a friend who is in, she lives here, but she's in the New York City fi WhatsApp chat and she's showing me. She's like, oh, you guys caused quite a stir here with your comments.
Scott Trench
Well, good. I'm glad we're getting corrected. That's what we do. That's it. So this has been wonderful, Paula. Thank you for being our third New York City friend that has come on and and put the record straight here. And it sounds like you live an absolutely wonderful FI life in New York City, in Manhattan, in Hell's Kitchen. So love that for you. It sounds wonderful and I hope you have a great rest of your week.
Paula Pant
Thank you. You too.
Podcast Host / Announcer
All right, that was the Paula Pant and she has such an amazing story. I always love talking to her. Do you want more financial independence information? Hop on over to biggerpocketsmoney.com and sign up for our newsletter. We also have have free resources, calculators and templates to help you accelerate your journey to fi. We can't wait to see you all again tomorrow. For our last episode of the New York City series, we'll be talking with Kim Hunter Borst. That wraps up this episode of the Bigger Pockets Money podcast. He is Scott Trench. I am Betty Jensen. Saying stay sweet parakeet when you're ready
Betty Jensen
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This episode dives into the real-life story of Paula Pant, who achieved Financial Independence (FI) — not just in an affordable city, but right in the heart of New York City, one of the nation’s most expensive urban areas. Paula shares her journey from a low-paid journalism job in the Midwest to full financial freedom via real estate investment, smart spending, and a move to NYC. The discussion challenges the notion that FI is only possible in low cost-of-living areas and explores Paula’s cost breakdown, lifestyle, and advice for those seeking FI in high-cost cities.
"If there is something that you really want to do and you have the money to do it, don't cheap out on it. I don't want to be on my deathbed thinking, man, I never lived in the city that I wanted to live in." – Paula Pant (05:24)
"I have basically an Equinox-level luxury gym that is in my building … and so between the beautiful view from the floor to ceiling windows, plus the incredible luxury gym ... I very rarely leave my building." – Paula Pant (06:58–08:06)
"New York is a meeting point of the world. There are parts of New York, like in Flushing, Queens ... street signs are all in Chinese … or you go to Jackson Heights, Queens ... you’ve got this cross section of the South Asian diaspora." – Paula Pant (14:42)
"With my podcast network they have a Podcast studio down in the Financial District in lower Manhattan ... When those authors are coming to New York ... I'm able to meet them in person ... That’s been incredible." – Paula Pant (23:00–23:47)
"I think it's neither an asset nor a liability ... in all of the ways ... my actual cost of living has not really substantially changed since moving to New York." – Paula Pant (32:14)
"If there is something that you really want to do and you have the money to do it, don’t cheap out on it ... I don’t want to be on my deathbed thinking, man, I never lived in the city that I wanted to live in." – Paula Pant (05:24)
"My cost of living in New York is about the same as my cost of living in Las Vegas ... the actual cash flow impact is the same." – Paula Pant (05:28)
"It's basically like the grown-up version of living in the college dorms." – Paula Pant (08:06)
"There's a certain friction associated with ... leaving home ... when I'm ... dressed in what is one notch above pajamas ... I don't want to bother." – Paula Pant (28:08)
"Health insurance is stupidly expensive. That's the other thing ... taxes and health insurance, those are the two things in New York that'll totally get you." – Paula Pant (28:40)
"The city of New York imposes a tax in addition to state tax ... it's great." – Paula Pant (31:19)
"I think it's neither an asset nor a liability … my actual cost of living has not, not really substantially changed since moving to New York." – Paula Pant (32:14)
"New York. I love living in New York, and it is a great fit for where I am at this time in my life." – Paula Pant (13:38)
Hosts: Mindy Jensen & Scott Trench
Guest: Paula Pant (Afford Anything)
Episode delivers encouragement and practical proof that “you can be FI anywhere”—even amidst NYC skyscrapers, if you do it Paula-style.