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For those who often ask how much it costs to live on Long Island, your wait is over.
Apparently, the Fiscal Times asked BDO Seidman (tax accounting firm) to calculate the cost of living on $250K in five different locales including Huntington.
According to their analysis, a couple with two kids earning $250K would be out with a negative yearly cash flow of $585 after accounting for housing, groceries, child care, clothing and transportation and their ----DOG. Their total tax bill is: $77,074.
So for all those out there who think you are living large or are rich making $250K a year - the experts have proven, you are the middle class of America.
See the study at: thefiscaltimes.com/Issues/The-Economy/2010/12/07
For those who often ask how much it costs to live on Long Island, your wait is over.
Apparently, the Fiscal Times asked BDO Seidman (tax accounting firm) to calculate the cost of living on $250K in five different locales including Huntington.
According to their analysis, a couple with two kids earning $250K would be out with a negative yearly cash flow of $585 after accounting for housing, groceries, child care, clothing and transportation and their ----DOG. Their total tax bill is: $77,074.
So for all those out there who think you are living large or are rich making $250K a year - the experts have proven, you are the middle class of America.
See the study at: thefiscaltimes.com/Issues/The-Economy/2010/12/07
Nobody told us to live on Long Island. Take your 250K and go live like a king in 90% of the country.
What housing price did they assume in these calculations, $1 million?
For those who often ask how much it costs to live on Long Island, your wait is over.
Apparently, the Fiscal Times asked BDO Seidman (tax accounting firm) to calculate the cost of living on $250K in five different locales including Huntington.
According to their analysis, a couple with two kids earning $250K would be out with a negative yearly cash flow of $585 after accounting for housing, groceries, child care, clothing and transportation and their ----DOG. Their total tax bill is: $77,074.
So for all those out there who think you are living large or are rich making $250K a year - the experts have proven, you are the middle class of America.
See the study at: thefiscaltimes.com/Issues/The-Economy/2010/12/07
So those making 2.5 times the median income on Long Island are just middle class. sure.......
I could definitely see it.....been saying the same thing for the last couple of years Cops and teacher salaries are just that barely middle class. Move from the Island you'll be living in the upper-middle class That 2x the average doesn't mean anything in the real world!
For those who often ask how much it costs to live on Long Island, your wait is over.
Apparently, the Fiscal Times asked BDO Seidman (tax accounting firm) to calculate the cost of living on $250K in five different locales including Huntington.
...
So for all those out there who think you are living large or are rich making $250K a year - the experts have proven, you are the middle class of America.
See the study at: thefiscaltimes.com/Issues/The-Economy/2010/12/07
While I couldn't agree more that a family making $250k isn't wealthy (a family making 1m in the metro area isn't "wealthy" either), this article has quite a skewed tone to it. I'm extremely skeptical of this "study" which is missing huge chunks of its methodology and data.
Some of the numbers here seem completely arbitrary:Some are grossly inflated: 4k annual for dental (with insurance)?10k for home "cleaning" and "maintenance" (otherwise known as housekeepers/landscapers/handymen)? 5k for "parking fees?" Some are ridiculously deflated to play up the frugality of our couple: $25 per week for take-out? Can you even feed a family of 4 McDonnald's with that? $2,400 for dinning out? For a couple that lives in Huntington? $3k for all holidays???
I'm sorry, but I know plenty of families with similar income who live in Huntington (and other parts of LI and the coasts) who are doing just fine - even affording things our hypothetical family "can't" like trips to Italy, country clubs, and BMW's.
Quote:
According to their analysis, a couple with two kids earning $250K would be out with a negative yearly cash flow of $585 after accounting for housing, groceries, child care, clothing and transportation and their ----DOG. Their total tax bill is: $77,074.
Except that they're not really in the red. Our hypothetical couple has been banking $41k annually! (33kfor retirement and $8k for college.) That's quite a bit of wealth they're accumulating. They're also paying off a home which obviously cost somewhere between 700-800k - not luxury, but not bad. It's not Learjets and villas wealth, but it's healthy upper-middle-class living. They're hardly scraping by. $4k = a pretty decent domestic family vacation. Give the couple 10-15 years - the kids will be grown, student loans gone, retirement savings will be +500k, and their income will likely be upwards of 500k. Dad can get his Benz and mom can get her 10 day trip to Provance. Give it 20-30 years and our couple can retire quite comfortably in the most exclusive sections of Hilton Head or Taos (or they can just stay in their lovely Huntington home).
Kind of insulting to the truly middle class family who really can't afford these things - no college money for the kids, no comfortable retirement, no new car, and increasingly NO HEALTH CARE.
I say tax my upper-middle-class ass. I can afford it.
While I couldn't agree more that a family making $250k isn't wealthy (a family making 1m in the metro area isn't "wealthy" either), this article has quite a skewed tone to it. I'm extremely skeptical of this "study" which is missing huge chunks of its methodology and data.
Some of the numbers here seem completely arbitrary:Some are grossly inflated: 4k annual for dental (with insurance)?10k for home "cleaning" and "maintenance" (otherwise known as housekeepers/landscapers/handymen)? 5k for "parking fees?" Some are ridiculously deflated to play up the frugality of our couple: $25 per week for take-out? Can you even feed a family of 4 McDonnald's with that? $2,400 for dinning out? For a couple that lives in Huntington? $3k for all holidays???
I'm sorry, but I know plenty of families with similar income who live in Huntington (and other parts of LI and the coasts) who are doing just fine - even affording things our hypothetical family "can't" like trips to Italy, country clubs, and BMW's.
Except that they're not really in the red. Our hypothetical couple has been banking $41k annually! (33kfor retirement and $8k for college.) That's quite a bit of wealth they're accumulating. They're also paying off a home which obviously cost somewhere between 700-800k - not luxury, but not bad. It's not Learjets and villas wealth, but it's healthy upper-middle-class living. They're hardly scraping by. $4k = a pretty decent domestic family vacation. Give the couple 10-15 years - the kids will be grown, student loans gone, retirement savings will be +500k, and their income will likely be upwards of 500k. Dad can get his Benz and mom can get her 10 day trip to Provance. Give it 20-30 years and our couple can retire quite comfortably in the most exclusive sections of Hilton Head or Taos (or they can just stay in their lovely Huntington home).
Kind of insulting to the truly middle class family who really can't afford these things - no college money for the kids, no comfortable retirement, no new car, and increasingly NO HEALTH CARE.
I say tax my upper-middle-class ass. I can afford it.
I figured as much, thanks for confirming.
Unfortunately some Sean Hannity worshipping type will be here in 5 minutes posting again how this proves that we shouldn't raise taxes on folks making over 250K...despite the whole argument being summarily derailed by you.
Unfortunately some Sean Hannity worshipping type will be here in 5 minutes posting again how this proves that we shouldn't raise taxes on folks making over 250K...despite the whole argument being summarily derailed by you.
Aside from that, once you look at what the actual taxable income is after all the deductions they claim, they would no where near be impacted anyway.
No problem. I encourage everyone to read this "study" for themselves. My favorite part is the data table, which lists the family's "savings" as zero (not counting college or retirement). It really stands out if you scan it (which most people susceptible to this brand of "journalism" will do). It's only after you actually look at it closely that you see the family is banking just under the national median household income. Throw in some not-so-subtle anti-Obama rhetoric, and you've got one questionable piece of journalism.
It's in really bad taste when genuinely middle class Americans are struggling to save for retirement (http://finance.yahoo.com/news/Middle-class-falls-short-on-rb-3681596988.html?x=0 - broken link).
No problem. I encourage everyone to read this "study" for themselves. My favorite part is the data table, which lists the family's "savings" as zero (not counting college or retirement). It really stands out if you scan it (which most people susceptible to this brand of "journalism" will do). It's only after you actually look at it closely that you see the family is banking just under the national median household income. Throw in some not-so-subtle anti-Obama rhetoric, and you've got one questionable piece of journalism.
It's in really bad taste when genuinely middle class Americans are struggling to save for retirement (http://finance.yahoo.com/news/Middle-class-falls-short-on-rb-3681596988.html?x=0 - broken link).
Forget about retirement, how about struggling to pay for general living.
As for quoting a Yahoo news release from Wells Fargo - that is rubbish journalism as well - 77% of respondents, well what was the size of the survey, 100, 1000, 100,000, was it across a subsection of the midwest, california, what have you states?
One thing about numbers, you can manipulate them pretty much anyway you want to backup the story you wish to portray.
BTW - Wells Fargo didn't put the story out based on the genorsity of their heart, they are interested in earning "fees" from people who will invest or obtain advice from them.
Well if they would live within their means, they wouldnt have a problem. Live in a cheaper area and stop trying to look rich by buying a house you cant afford,and you'd have a lot of money to save.
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Cops and teacher salaries are just that barely middle class. Move from the Island you'll be living in the upper-middle class 
That 2x the average doesn't mean anything in the real world!
