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Rent Prices Are Dropping: Your Guide to Budgeting for Your First Apartment

Plus: Read a Book & the Personalized Drink Boom!

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A First Apartment Plan

Budget smartly and find your first home with confidence! 🗝️

Finding your first apartment is a big step in adulthood, but with a little planning, it can be manageable and even fun.

And believe it or not, in places like San Jose and the greater Bay Area, rents are actually dropping, making first apartment rents more affordable than recent years, according to Redfin. Recent grads are now only spending 28% of their income on rent (down from 31% last year), so there’s some room to breathe.

Here’s how to budget smartly and make it happen:

1. Stick to the 30% rule:

  • Stick to the 30% rule. If you're making $50,000 a year, aim to spend no more than $1,250 a month on rent.

    • In pricier cities like New York, Washington DC, or Chicago, you might need to stretch that, but never exceed 40% of your income.

  • Living with a roommate is a great way to stay under that threshold, especially in high-cost cities. Think of it as a way to stretch your dollar while also building a bit of community.

2. Use the right tools:

  • Use budgeting apps like Mint to see how much you can realistically afford. Don’t forget to factor in utilities, internet, and transportation costs.

  • Splitwise can be your best friend when you’re sharing expenses with a roommate. It’ll help keep things smooth without any awkward money talks..

3. Look just outside the city:

  • Explore neighborhoods just outside the city center. The difference in rent can be significant, and you might find hidden gems that still have easy access to work or public transportation.

  • Keep an eye on the rental market in your city. For example, rents in Austin and San Francisco are dropping, so jumping on a deal can give you an edge.

4. Be ready to move quickly:

  • Apartments get snapped up quickly, so have your paperwork — proof of income, references, and credit check — ready to go. The more prepared you are, the smoother the process will be.

  • Be flexible. Sometimes the perfect place has fewer amenities than you imagined. But if it fits your budget, it might be worth the compromise.

Staying mindful of your budget and being prepared will help you secure the right apartment with less stress. The key is balancing smart choices with flexibility to make the most of your options.

Dimon: Read More Books

Fortune: JPMorgan Chase CEO warns against social media distractions. 📱

“Social media is a total waste of time,” says Jamie Dimon, CEO of JPMorgan Chase while speaking at Georgetown University, and reported by Fortune.

Dimon criticized platforms like Facebook and TikTok, telling students they should focus on learning instead of mindlessly scrolling. His blunt advice: "Learn, learn, learn."

The JPMorgan Chase CEO urged young professionals to read across political lines and learn from history, mentioning Nelson Mandela and Abe Lincoln as examples. He stressed that personal growth comes from reading and talking to others, not relying on social media for information.

While young people are known for spending hours daily on apps like TikTok for everything from career advice to DIY tips, Dimon reminded the audience to stay grounded in real-world knowledge and human connection. "Be the person people want to hear when you walk into a room," he said.

Dimon also warned about social media’s tendency to fuel divisiveness. He encouraged open-mindedness, adding, “It’s never either/or — it’s usually something in between.”

Customize Your Next Sip

Young consumers drive demand for personalized, trendy drinks. 🥤

The youngest generation has always led the way in shaping trends, and now Gen Z is transforming the beverage market through a demand for greater customization.

According to Franke Coffee Systems and the Global Coffee Report (a must-read for coffee lovers 😉), young professionals are opting for sweet, tailored drinks that match their fast-paced, on-the-go lifestyles.

But it’s about more than just flavor — it's about making each drink your own. From energy drinks to superfood smoothies, young people seek beverages that reflect their preferences, whether it’s vegan ingredients or bold, new flavors.

Coffee remains popular, but it’s evolving too. Sweetened lattes and cold, milky drinks are on the rise, as this generation pushes for more variety and flexibility in their choices.

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