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Let's say you've got three kids and you're living on the Upper East Side of Manhattan. Your mortgage and maintenance for a 3 bedroom apartment at $3.5MM are go
by JackFr 8y ago
Let's say you've got three kids and you're living on the Upper East Side of Manhattan. Your mortgage and maintenance for a 3 bedroom apartment at $3.5MM are going to be ~15000 a month or 180K a year. Three private school tuitions are 150K. Living in NYC you're paying NYC, NYS and Federal income taxes for probably the highest tax rate in the country. So basically it's easy to be paycheck to paycheck on 500K in NYC.
- vasilipupkin 8y agoa problem easily solvable by a move to NJ, which of course, would dramatically increase your misery level. In fact, that's probably why that guy is miserable - he doesn't live in Manhattan and has a 2 hr or more commute every day.
- kevin_thibedeau 8y agoThere are plenty of wealthy people living a comfortable lifestyle in rich communities off the Palisades pkwy. with a 20 minute hop into the city. 15 if you drive at entitled speeds.
- alexhutcheson 8y ago> with a 20 minute hop into the city. Maybe early on a Sunday morning? Or maybe if you're stopping the clock as soon as you get to the other side of the GWB? On a weekday morning, you'd be lucky if you can get from Secaucus to the Manhattan side of the Lincoln Tunnel in 30 min.
- umanwizard 8y agoIt's "easy" to squander almost any amount of money -- even Johnny Depp went broke. But just like Depp didn't have to spend hundreds of thousands of dollars a year on wine, nobody has to live on the UES and send their kids to 50k/yr schools.
- tannhauser23 8y agoYeah but imagine that you already do and now you're explaining to your wife why you want to pull your kids out of their schools and move to the suburbs so you can take a job that pays half what you already make. I'm not saying I'm sympathetic to the guy, but I understand the situation he's in.