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Old 05-12-2015, 12:22 PM
 
7 posts, read 4,001 times
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Hi CD forum, 1st post here on recommendations from friends

My Husband and I have been offered a chance to move to NYC, my great aunt passed away and I have inherited her house in Manhattan. My H has also been offered a company transfer so we are seriously considering our options.

My H would be working on Wall St, and we also have our baby who is 8 months old. I work from home so childcare is not needed at the moment.
We know childcare/education is expensive in the USA, so we want to be saving as soon as we get there for when the baby is older and needs to go to preschool or nursery. How much should we be looking to save?

our income would be around $215000 per year, not sure what it would be after taxes/insurance etc? Is this sufficient for us at the moment? We have been trying to make lists of stuff like utilities/insurances.

We have been to NYC many times so we know it can be expensive, more so than where we live now. We aren't big spenders but we live comfortably here and would like to there too,but we are also prepared to make cuts if we need to.

thanks
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Old 05-12-2015, 01:11 PM
 
8,218 posts, read 8,495,554 times
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I sorry I don't have any answers to your questions (I know others will be more helpful), but I just wanted to express my open-mouthed amazement.

You inherited an entire house in Manhattan?!? It's like something out of a movie or novel.

Best of luck.
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Old 05-12-2015, 01:32 PM
 
7 posts, read 4,001 times
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Sorry, I call everyone's house a 'house'. No, it's a 3 bed apartment. Not a 7 bed townhouse lol
We were always very close & she had no children so left it to me. I was amazed too!
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Old 05-12-2015, 03:26 PM
 
Location: New York NY
4,133 posts, read 5,940,379 times
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With nearly free housing you should be absolutely fine with 215 thou pretax and one toddler. I assume you still have to pay maintenance and utilities though, so I just hope Auntie didn't leave you with one of those places with $6000 monthlies. It'll be easy to pay for the occasional baby sitter when you want to go out and have some fun, as well as all the other necessities, plus being able to sock away something for retirement or yr kids education.

I can't be more helpful on current child care costs as I'm past that stage now, but if you're going to be in a family neighborhood--and they're few in Manhattan these days that aren't--you'll meet other local parents who can help you with all that. Just be aware that there are some affluent NYC parents who make child-rearing a status hunt about everything from nannies to day care to toys to the best summer jobs for their teenagers. They compete for the best preschools and best private schools and the best gifted and talented public schools, etc etc etc. Try not to get caught up in that. Just because something costs a lot or has a famous name attached to it doesn't mean it's the best thing for your kid. It may be, but it may not.

Hubby's work will likely pay for your health insurance, but remember its not the National Health here. Even with coverage you typically still have a small co-pay with each doctor's visit and larger ones for more serious medical work. But each plan is slightly different.

Welcome to NYC and good luck.

Last edited by citylove101; 05-12-2015 at 03:37 PM..
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Old 05-12-2015, 03:37 PM
 
8,218 posts, read 8,495,554 times
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Quote:
Originally Posted by KLC869 View Post
Sorry, I call everyone's house a 'house'. No, it's a 3 bed apartment. Not a 7 bed townhouse lol
We were always very close & she had no children so left it to me. I was amazed too!

In that case, it may not be quite so amazing, but still pretty great. Do you have to come and clear it out, or what?

I'm not sure why Citylove is talking about "nearly free housing." The biggest question is what your monthly building maintenance charges will be for your apartment, which I'm assuming is probably a co-op apartment. But I'm guessing that it will be fine financially. It sounds like a very exciting opportunity, all the more so if your husband is allowed to transfer.
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Old 05-12-2015, 07:36 PM
 
Location: New York NY
4,133 posts, read 5,940,379 times
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"Nearly free" to me means that you still have the maintenance or common charge. "Free" housing is just that. Totally free and you don't pay anything. Which is rare --at least for anyone not living on a park bench, a box on the sidewalk, or in a subway tunnel -- but not unheard of either. There are trust fund folks who never have to work and whose housing is completely free because of their inherited money.

Last edited by citylove101; 05-12-2015 at 08:14 PM..
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Old 05-13-2015, 12:22 AM
 
7 posts, read 4,001 times
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Thank you both.

The house is all paid for in terms of mortgage etc but we will need to pay monthly fees which we have already accounted for my parents are actually there now clearing it although there isn't much to do bar some redecorating.

Yes, insurance is provided by husbands work but we will have to pay something towards it if we need it.

We won't be looking at schools for a few years, over here kids go to preschool or nursery from 2-3yrs and then to school at 5, is this the same in the U.S.?
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Old 05-14-2015, 07:26 AM
bg7
 
7,698 posts, read 7,627,262 times
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Quote:
Originally Posted by KLC869 View Post
Sorry, I call everyone's house a 'house'. No, it's a 3 bed apartment. Not a 7 bed townhouse lol
We were always very close & she had no children so left it to me. I was amazed too!
"House" and "home" are not the same thing. You mean home.
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Old 05-14-2015, 07:27 AM
 
Location: Bronx, NY
9,832 posts, read 21,491,753 times
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Quote:
Originally Posted by KLC869 View Post
Hi CD forum, 1st post here on recommendations from friends

My Husband and I have been offered a chance to move to NYC, my great aunt passed away and I have inherited her house in Manhattan. My H has also been offered a company transfer so we are seriously considering our options.

My H would be working on Wall St, and we also have our baby who is 8 months old. I work from home so childcare is not needed at the moment.
We know childcare/education is expensive in the USA, so we want to be saving as soon as we get there for when the baby is older and needs to go to preschool or nursery. How much should we be looking to save?

our income would be around $215000 per year, not sure what it would be after taxes/insurance etc? Is this sufficient for us at the moment? We have been trying to make lists of stuff like utilities/insurances.

We have been to NYC many times so we know it can be expensive, more so than where we live now. We aren't big spenders but we live comfortably here and would like to there too,but we are also prepared to make cuts if we need to.

thanks
Something tells me you'll be okay...

Ponderous, ponderous
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Old 05-14-2015, 09:06 AM
 
Location: Brooklyn, NY (Crown Heights/Weeksville)
996 posts, read 942,848 times
Reputation: 1091
Quote:
Originally Posted by KLC869 View Post
We won't be looking at schools for a few years, over here kids go to preschool or nursery from 2-3yrs and then to school at 5, is this the same in the U.S.?
According to law, children don't have to begin school until age 6, which for most means First Grade.

But, because people understand how much Early Childhood Education helps children down the road, AND/ OR because Kindergarten covers some of the daycare hours for working parents, people up and down the income range all start looking for schooling long before age 6.

Kindergarteners are age 5, half the class starts at age 4.5+ in September, because what matters is that they will turn 5 during the academic calendar year.

NYC public schools will ALSO provide free "Universal pre-Kindergarten", full day meaning 9am -3pm. That's new to NYC, and will only begin as a public offering this coming September. That pre-K year, which a child may begin at age 3.5+ in September, used to be supplied only by private nursery schools and daycare facilities.

Many, many NYC kids attend privately run DayCares from early infancy right up to Kindergarten entry, so parent(s) can work. Stay-at-home parenting is a luxury of well-heeled couples who can live on one salary. If that's you, you'll find some others doing the same, so enjoy! But others will envy you, so just be aware.

So, although legally you don't "have" to send a child to school until their 6th birthday, most children are in some kind of part-time nursery during 18 months - age 3/4 years. And some have started in Daycare from infancy as early as 3-4 months. Kindergarten is pretty standard; most parents will NOT wait until age 6 to send a child off to school for the first time.

There's also a Homeschool option, for kids ages 6+ whose parents don't want them in any type of school building, public or private. It's rare but growing, requiring a lot of time and effort by parents, with oversight by educational bureaucrats who check in that there's curriculum happening at home.

Last edited by BrightRabbit; 05-14-2015 at 09:33 AM..
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