Searching for the American Dream? Be prepared to fork over nightmarish sums.
A former Goldman Sachs analyst says his family of four need to earn more than $230,000 per year in order to live comfortably in California’s San Francisco Bay Area.
Sam Dogen, now 46, hit headlines in 2012 after retiring at the age of 34 with a $3 million net worth.
Since that time, the father-of-two — who has also penned the bestselling book “Buy This, Not That: How To Spend Your Way To Wealth And Freedom” — has been living off passive income from stocks, bonds, and real estate.
But in a candid new post for his website, Financial Samurai, Dogen revealed that he recently cashed out a considerable portion of his investments to purchase a property for his young family, in struggling but still pricey San Francisco .
Now, the financial guru says his investments will generate just $230,000 before tax, while his annual expenses are projected to top $288,000 in 2024. To net that sum, Dogen estimated he would have to earn approximately $420,000 a year before taxes were taken out.