lol how many families of four do you think there are living in NYC? and how many are living on less than 400k?
lol how many families of four do you think there are living in NYC? and how many are living on less than 400k?
(In case you're actually replying to me)
I do know something about Manhattan. It's expensive. I also do know that any person who makes 33k a month and somehow claims that it is not enough to live like a King anywhere then he is a waste of space on this earth.
Move. Simple
Do you know how many people would die to have $2k a month left over after expenses? Save that and you are more than fine.
But I am confused. $10k left over after rent/mortgage and day care. How much in student loans? $4k a month? In that case, loans should be paid off in 10 years at the MAX.
So 10 years from now, you should start pulling in an additional $4k a month to be put towards savings.
Also I know so many kids from NYC who did public school and maybe private in HS and went to Ivies. So do public school and save at least $2k a year once they hit that age.
10 years from now you should be sitting on saving around $6-8k a month. That could be $100k a year. Invest. Wait. Retire at 65.
How on earth is having a 2000 square foot home go along with living like kings? WTF. My master suite is nearly that big ffs...
Dave F In Ramsey wrote:
My wife and I make $365K. We live in NH. No sales tax, no income tax. We save nearly 100K per year, send our kids to eye wateringly expensive but really good private schools and we live in a 2500 Sq foot $500K house with a 150 K mortgage that we pay $1045 a month on. Our property taxes are 6K per year.
Why the f would anyone want to live in NYC?
Most people can't find jobs that pay $365k in NH and most people don't want to have to send their kids to boarding schools.
This is a thread for me.
If my wife and I gross 320K, can we afford a 40K/year school in NYC?
Honest question, is it possible and worth making that work?
I've found that the effective tax rate on high income couples is closer to 40% than 50% (although our taxes are going to go up next year with the new tax bill). I would also dispute a couple of your points (as well as the points raised by some responders).
I think monthly take home is more like 20K if you're making 400K/yr.
1. Day care $2,000/mo/kid = $4,000/mo
2. Two bedrooms "in a nice area" - this really depends on your definition of a "nice area" - and this reflects your values. Gentrified Brooklyn (Brooklyn Heights, DUMBO, Fort Greene, Carroll Gardens, Boerum Hill, Park Slope, etc) you can find two bedrooms to rent in townhouses for $2500-3000/mo. If you're talking about BUYING, a two bedroom in these areas are more like 1-2mil, in which case that's a question of your down payment.
3. Student loans - I graduated grad school with ~60K in student debt and my monthly is ~$500
4. Like any city/area public schools vary from location to location, and unilaterally calling them all a "nightmare" possibly betrays that you haven't done much research on them. If you're paying $4k/month for a two bedroom in a "nice area" the public school is probably really good. As you mentioned, there are also really good public charter/magnet schools (and to play devil's advocate, if your kids can't test into a merit-based school like Sty, Brooklyn Tech, LaGuardia, etc, maybe you should ask yourself about the return on investment of a private school that is 25K a year, especially given that the public school in your $4,000/mo neighborhood.)
NYC *is* one of the safest major cities in the US, but there are also pockets of extremely high crime and high poverty, like East New York (the neighborhood) and Brownsville, but I doubt OP would ever find themselves there. And it does get dirty and smelly and full of terrible people (especially in the summer), but people (like OP) move there because of greater opportunity for jobs (amongst other things), especially jobs in very specific fields.
After taking the time to type all of this out, OP, I realize that you might just have a very different set of values, expectations and lifestyle. If 400K/year isn't enough for you to meet those expectations or achieve the lifestyle you want for yourself, its your choice. Did you know the median income for a family of 4 in NYC is $95,000? That means HALF of the NYC's families of 4 make that much. Maybe you're just doing it wrong.
chiming in wrote:
This is a thread for me.
If my wife and I gross 320K, can we afford a 40K/year school in NYC?
Honest question, is it possible and worth making that work?
A 40k private school from kindergarten through 12th grade? Or just middle school and high school? It is possible but you would be one of the poorer parents.
6/10
Personal Problem wrote:
Dave F In Ramsey wrote:
Everyone in NYC I know goes home tired at night just like the rest of us and crashes on the couch. I dont buy the culture thing at all - are you going to the opera every night? Also - I prefer humble NH hicks to loud mouth losers from new jersey or long island who carpet NYC. White trash rednecks are evenly distributed throughout America, they just come in different forms.
I love how these liberals, who are so offended about EVERYTHING, have no problem slinging racist terms towards white people. When did leftists decide it was fine to trash white people, yet they bring out the pitchforks if someone said "black trash n*****s?" How is this acceptable?
This post will certainly be deleted (and I'll get another 3 day ban), but who cares?
^This is true
That would put one in the top 1 percent nationally. Half of earners are paid less than 30k a year.
The top 0.1 percent of households own as much wealth the bottom 90 percent combined.
80 percent are paid less than 60k. 90 percent less than 90k. Wage growth has not kept up with inflation for these groups, while the cost of higher education has outpaced inflation, even trippling. Healthcare costs have also greatly outpaced inflation.
Personal Problem wrote:
NYC is an overpriced, third-world s**thole. If you really cared about your wife and kids you'd move them the heck outta there.
Dirty air, dirty people, crime, terrorism, gang violence, bed bugs, angry New Yorkers, ridiculous prices for everything, no chirping birds, nowhere to park, terrible for exercising.
I'd hang myself within minutes if I had to live there.
but you live in rural ohio.......and that's worse
Not if your a URM. School is free, SATs don't mean a thing and you're supplied with a "safe zone" once you arrive.
Same for legacy snowflakes but they actually pay full tuition to do nothing.
It used to be $100k, then $250k, now $400k? Next someone will make a post whining about only making $1 million per year.
asians are awesome wrote:
Basically it's impossible. Before you scream TROLL remember that
-daycare in this city costs as much as your mortgage and probably more
-a 2 bedroom in a nice area is going to run $4000 minimum, probably more
-the effective tax rate on "high" income couples is near 50% (take home is $18,000 per month)
-student loans
-private school after day care (public schools are a nightmare unless your kids go to Stuyvesant, etc)
Add it all up and that 18k take home pay turns into 2k in a flash.
You should be ashamed of yourself. Seriously, you have no idea how out-of-touch you are.
asians are awesome wrote:
John Utah wrote:
Dude, it sounds like you’ve never been to NYC.
And you sound like a retard tourist from Kentucky. Are you seriously trying to dispute the fact that NYC has the lowest homicide rate of all the top 25 largest cities?
Are you trying to say NYC is not a filthy cesspool? Again, you’ve not been there or are perhaps a filthy subhuman yourself.
John Utah wrote:
asians are awesome wrote:
And you sound like a retard tourist from Kentucky. Are you seriously trying to dispute the fact that NYC has the lowest homicide rate of all the top 25 largest cities?
Are you trying to say NYC is not a filthy cesspool? Again, you’ve not been there or are perhaps a filthy subhuman yourself.
NYC is not filthy at all any longer. You’ve been watching too many Hill Street Blues repeats from you ranch dude