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Reply to "How much money do you give your new college grad a month to get started?"
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[quote=Anonymous][quote=Anonymous]Assuming no college loans to pay and kid is working a low-paying/entry level job in a high rent city like New York or San Francisco, how much do you cover financially? Rent, extras? Thinking ahead and would like to plan.[/quote] Rent should be 30% of gross income. Calculate their shortfall and make up the difference. The rest - spending money, groceries, other living expenses can come from their income. They WILL learn to budget bc there is no way they will be living large on a first job salary, even if it is six figures in these cities. They will then bounce to a new job within 3 years, make more money, can cover the rent, and that’s when you stop supporting them.[/quote]
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