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Old 01-05-2012, 11:37 AM
 
292 posts, read 304,449 times
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If you can't live well on $200,000 a year in NYC you are either a cokehead, saddled with kids or medical expenses, or a freaking moron. Why the hell would you need advice?
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Old 01-05-2012, 12:21 PM
 
1,490 posts, read 1,448,702 times
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Quote:
Originally Posted by Artzilla View Post
If you can't live well on $200,000 a year in NYC you are either a cokehead, saddled with kids or medical expenses, or a freaking moron. Why the hell would you need advice?
not necessarily...that $200K would be taxed (I'm assuming it's $200K before taxes). You'd still end up with a fair chunk after taxes BUT if you are not careful with managing your money, you an go through it very quickly. This is especially true for people that suddenly come into large sums of money. They think they can afford more than they actually can, end up overspending and before you know it, they've gone through all their money and are bankrupt.
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Old 01-05-2012, 01:44 PM
 
Location: Wrong side of the Hudson
508 posts, read 1,433,077 times
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Quote:
Originally Posted by jad2k View Post
not necessarily...that $200K would be taxed (I'm assuming it's $200K before taxes). You'd still end up with a fair chunk after taxes BUT if you are not careful with managing your money, you an go through it very quickly. This is especially true for people that suddenly come into large sums of money. They think they can afford more than they actually can, end up overspending and before you know it, they've gone through all their money and are bankrupt.
Even still, that would be about 10k/month for DISCRETIONARY SPENDING. His place, a 1.5 MILLION dollar place...something that the VAST majority of people will never be able to afford, will already be paid for. You can live like a king with that kind of money.

If this is for real then the OP doesn't need our help. Come to NYC, buy a fabulous 1 or 2 bedroom (yes, you can get a very nice place even by NY standards for 1.5 mill), and enjoy not having to work your way up the career ladder like most other people your age. You'll find many other young and wealthy people to befriend.
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Old 01-05-2012, 02:24 PM
 
1,490 posts, read 1,448,702 times
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Quote:
Originally Posted by jeffcon0 View Post
Even still, that would be about 10k/month for DISCRETIONARY SPENDING. His place, a 1.5 MILLION dollar place...something that the VAST majority of people will never be able to afford, will already be paid for. You can live like a king with that kind of money.

If this is for real then the OP doesn't need our help. Come to NYC, buy a fabulous 1 or 2 bedroom (yes, you can get a very nice place even by NY standards for 1.5 mill), and enjoy not having to work your way up the career ladder like most other people your age. You'll find many other young and wealthy people to befriend.
$200K is not the rich of the rich in NYC, and I certainly wouldn't say one can live like a king on that! I can think of a lot of ways to burn through $10K a month if I wanted to.

This goes back to that post from a few days ago about how much you need to feel rich. I asked my friends this question a few years ago (the question was actually "how much salary would be ideal for you" ) and one of them said $400K. This wasn't fantastical thinking, she was in an industry where the annual compensation was around the $400K mark.

Like I said before, $200K is certainly comfortable BUT that depends on your lifestyle. If your are doing lavish shopping sprees, you're going to go through that quickly. People that have a lot of money hire people to manage their money for a reason.
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Old 01-05-2012, 02:28 PM
 
2,668 posts, read 2,964,580 times
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No matter how much money people have, they often desire more.
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Old 01-05-2012, 03:14 PM
 
Location: Wrong side of the Hudson
508 posts, read 1,433,077 times
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Quote:
Originally Posted by jad2k View Post
$200K is not the rich of the rich in NYC, and I certainly wouldn't say one can live like a king on that! I can think of a lot of ways to burn through $10K a month if I wanted to.

This goes back to that post from a few days ago about how much you need to feel rich. I asked my friends this question a few years ago (the question was actually "how much salary would be ideal for you" ) and one of them said $400K. This wasn't fantastical thinking, she was in an industry where the annual compensation was around the $400K mark.

Like I said before, $200K is certainly comfortable BUT that depends on your lifestyle. If your are doing lavish shopping sprees, you're going to go through that quickly. People that have a lot of money hire people to manage their money for a reason.
That is 200k AFTER housing. Suppose a family wanted to buy a $1.5 million home and didn't buy it outright. Mortgage payment on that would be roughly 8k/mo after 20% down. So his 200k after the home is already taken care of works out to about 400k if he actually had to pay his mortgage. For a single person in NYC that is VERY, VERY good money and there is no way any could possibly think otherwise.

10k/month in discretionary spending:
$100 dinner every night of the week.
$300 bar tab twice a week.
$2000 in clothes.
$600 for parking the motorcycle and car
$3000 for leftovers/incidentals/cable bills/etc

If someone doesn't think that's extravagant they're either absolutely delusional or grew up a Rockefeller. We're talking about a young, single guy here, not a family of 4 with a stay at home mom and 2 kids in private schools.
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Old 01-05-2012, 03:21 PM
 
Location: Long Island, NY
6,310 posts, read 4,058,159 times
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What I wanna know is this; <ahem>, so OP, you single? LOL...but seriously, you can live well in Manhattan on $200K a year. Come visit. Stay in a nice hotel and get a feel for the city. It's not exactly like DC but traffic wise, there are similarities.
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Old 01-05-2012, 08:53 PM
 
240 posts, read 289,550 times
Reputation: 85
Quote:
Originally Posted by jeffcon0 View Post
That is 200k AFTER housing. Suppose a family wanted to buy a $1.5 million home and didn't buy it outright. Mortgage payment on that would be roughly 8k/mo after 20% down. So his 200k after the home is already taken care of works out to about 400k if he actually had to pay his mortgage. For a single person in NYC that is VERY, VERY good money and there is no way any could possibly think otherwise.

10k/month in discretionary spending:
$100 dinner every night of the week.
$300 bar tab twice a week.
$2000 in clothes.
$600 for parking the motorcycle and car
$3000 for leftovers/incidentals/cable bills/etc
While agreeing, just for fun, you forgot to add dating expense. I think he's a single guy. So, $100 dinner every night and that shopping budget doesn't go nearly as far if he was entertaining. Which, I assume he'd want to

(Edit: Stereotype I know. But if he's taking her home to a $1.5M pad, he's paying the bill... #justsayin)
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Old 01-05-2012, 09:25 PM
 
Location: New York, New York
1,667 posts, read 1,680,131 times
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With a budget of 1.5 million for an apartment and $200k for everyday living expenses, you can have a very nice lifestyle pretty much anywhere in the city.

It's probably a good idea to take an extended vacation for a few months here before really committing yourself, just to make sure you still like it.

You won't be using your car much, but with that kind of money, you may as well keep it, for a while at least. Traffic during rush hour is pretty bad, but at off peak times it can be decent. I have a car in Manhattan myself, but I only use it for going to the grocery store and traveling outside of Manhattan. For anything on the island, the subway is just too easy to mess with my car.
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Old 01-06-2012, 06:27 AM
 
Location: Manhattan
155 posts, read 331,719 times
Reputation: 127
For 1.4 million there's a nice 1BR penthouse with a wrap terrace in my building in the Village. Personally if I had the money I would jump at it. If the OP is interested PM me and I can send a link. (Not sure if the rules permit me add the link here to it from the NYtimes website)
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