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My sneaking suspicion is that there's only a slight or no advantage to making "big bucks" in New York unless you are making really, really big bucks. With the cataclysmic COL here, it seems to me that making pretty good salary somewhere else can serve you better in the long run. I don't know, that's just my musing for the morning.
Assuming lifestyle-based factors aren't included, and one is only considering finances, you may be correct. Although in reality, NYC is a one of a kind city, therefore one can argue the 80k in NYC isn't comparable to the 50k you can make "anywhere else". To each his/her own I guess...
Well people making $50k in south Florida don't have to split a 1br rat infested walk up with two other people and commute on a 3rd world hell-hole. But other than that, pretty comparable
The major difference is that you're not living in NYC. Whether that's a good thin or a bad thing is up to the individual to decide. There's a little more to life than the income to cost-of-living ratio.
My sneaking suspicion is that there's only a slight or no advantage to making "big bucks" in New York unless you are making really, really big bucks. With the cataclysmic COL here, it seems to me that making pretty good salary somewhere else can serve you better in the long run. I don't know, that's just my musing for the morning.
This is correct especially if you live near a major city with a lot going on. My family members in other parts of the country have enough disposable income to visit NYC every year if they choose and get a dose of it.
It's also a myth that a person can't make as much money as they can make I n NYC.
We live in bay terrace and had considered leaving nyc and retiring in the pocono mountains.
So 7 years ago we bought a house eventually hoping to switch to a cheaper lifestyle.
Well after 5 years of having it as a second home we realized it iisn't about saving on the cost of living.
We are realizing if we retire there is no public transportation if we can't drive.
Medical specialists are few. Medical facilities are limited.
If i wanted to work a little or had to work there was little employment and most was minimum wage.
The worst was after the walk around the lake and the walk in the woods grew stale there was little to do ,in fact in the winter if you weren't skiing there was nothing to do.
We sold the house and realized everything we would want is here and worth it.
We live in bay terrace and had considered leaving nyc and retiring in the pocono mountains.
So 7 years ago we bought a house eventually hoping to switch to a cheaper lifestyle.
Well after 5 years of having it as a second home we realized it iisn't about saving on the cost of living.
We are realizing if we retire there is no public transportation if we can't drive.
Medical specialists are few. Medical facilities are limited.
If i wanted to work a little or had to work there was little employment and most was minimum wage.
The worst was after the walk around the lake and the walk in the woods grew stale there was little to do ,in fact in the winter if you weren't skiing there was nothing to do.
We sold the house and realized everything we would want is here and worth it.
I could not even fathom retiring anywhere in the tri-state area, never mind anywhere in the city. To each their own though I suppose...
it all depends on what you want your retirement to be like and what you can afford. our kids and grandkids are here so being here and part of their lives is priceless.
Depending on the somewhere else, 50k there could be a lot better than 80k in NYC. Cost of living in NYC ranges from double to triple the national average, and taxes are higher on 80k than 50k.
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