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Old 10-19-2015, 09:28 AM
 
Location: NJ/NY
9,638 posts, read 9,475,466 times
Reputation: 6757

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Quote:
Originally Posted by pnwguy2 View Post
Yeah, all anyone really needs to do is rent Woody Allen's "Annie Hall" for the answer.

Woody, as Alvy: (paraphrasing), "Why would anyone want to live in L.A. where the only cultural advantage is you can turn right on a red light?"
"Ill have the alfalfa sprouts and a plate of mashed yeast."

Personally, I don't think either place is right for the OP. With 3 kids, he will be house-poor in either location.

Quote:
Originally Posted by BajanYankee View Post
I'm not sure what your car payment is, but $40,000 tuition per year is around $3,333 bucks per month.

A fully loaded 2016 BMW M6 specs out at $139,240. The monthly payment, assuming no down payment and New York taxes, comes out to $2,444. So basically, one kid's tuition at a Manhattan private school is the same as a payment for an M6 and an additional luxury vehicle.
I was thinking the same thing. My brother-in-law is paying $40K for kindergarten on the UES. And the OP has 3 kids. These days, you have to make a lot more than $500K to house and private school 3 children in places like this. Also, at $500K, the alternative minimum tax hits really hard.
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Old 10-19-2015, 09:34 AM
 
9,701 posts, read 6,676,246 times
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Quote:
Originally Posted by AnesthesiaMD View Post
I was thinking the same thing. My brother-in-law is paying $40K for kindergarten on the UES. And the OP has 3 kids. These days, you have to make a lot more than $500K to house and private school 3 children in places like this. Also, at $500K, the alternative minimum tax hits really hard.
I'm not so sure about that. 500k is a lot of money, even in NYC. If you have three kids in the same private school, one will basically go for free. Someone with 500k annual household income should have a couple million liquid in the bank/investments, and should be able to swing it. Investment income alone should be far above 100k and is taxed as capital gain (so very low).
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Old 10-19-2015, 09:41 AM
 
Location: NJ/NY
9,638 posts, read 9,475,466 times
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Quote:
Originally Posted by NOLA101 View Post
I'm not so sure about that. 500k is a lot of money, even in NYC. If you have three kids in the same private school, one will basically go for free. Someone with 500k annual household income should have a couple million liquid in the bank/investments, and should be able to swing it.
You think so? It seems to me that most people I know, do not. As soon as they start making money, they buy the most house they can afford, nice cars, etc, etc. And especially difficult when you have a family. Unless you get lucky and have great investments, it takes a long time accumulate $2M with a $500K income. You have to live below your means for years, and the temptation to spend is too much for many people. After federal, state and property taxes, you are talking about $300K to play with. $100K goes straight to a mortgage on an expensive house. $45K to the IRA. Then feeding 5 and clothing 5 people. iPads, iPhones, vacations, dinners out, etc. You can go through it pretty quickly.
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Old 10-19-2015, 09:43 AM
 
9,701 posts, read 6,676,246 times
Reputation: 9775
Quote:
Originally Posted by AnesthesiaMD View Post
You think so? It seems to me that most people I know, do not. As soon as they start making money, they buy the most house they can afford, nice cars, etc, etc. And especially difficult when you have a family. Unless you get lucky and have great investments, it takes a long time accumulate $2M with a $500K income. You have to live below your means for years, and the temptation to spend is to much for many people.
Maybe I'm different. I've never made close to 500k and I have that kind of money in liquid investments, but I've always been a cheapskate (immigrant stock) and only have one kid.

I always assumed buddies of mine who make real income (Wall Street, radiologists, law firm partners, etc.) have millions in the bank but maybe they're spending as fast as they're earning. Who knows.
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Old 10-19-2015, 09:49 AM
 
Location: NJ/NY
9,638 posts, read 9,475,466 times
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Quote:
Originally Posted by NOLA101 View Post
Maybe I'm different. I've never made close to 500k and I have that kind of money in liquid investments, but I've always been a cheapskate (immigrant stock) and only have one kid.

I always assumed buddies of mine who make real income (Wall Street, radiologists, law firm partners, etc.) have millions in the bank but maybe they're spending as fast as they're earning. Who knows.
I'm like you in that I decided to invest early, rather than pay for expensive things in life. But I find that most people I know are not like that.
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Old 10-28-2015, 10:37 PM
 
14 posts, read 16,230 times
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How is weather in NYC if anyone is still here?
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Old 10-28-2015, 10:47 PM
 
Location: Los Angeles
2,436 posts, read 1,330,896 times
Reputation: 2732
Quote:
Originally Posted by toben67 View Post
How is weather in NYC if anyone is still here?
Are you serious? Ever hear of google?
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Old 10-28-2015, 11:08 PM
 
Location: Dallas TX sucks
373 posts, read 243,590 times
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Quote:
Originally Posted by Astral_Weeks View Post
Are you serious? Ever hear of google?
One of the multiple reasons this pretentious thread should of been locked.
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