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Old 05-26-2016, 07:25 PM
 
3,327 posts, read 3,744,518 times
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Originally Posted by Aquarius37 View Post
quote:
How small are you talking? I do not know anyone who gets money from their parents and I've lived here all of my life.

I'm just bitter lol. People seriously DO though. Obviously it shouldn't be any of my business, but when you see 22 year olds renting 4000 dollar apartments it makes you wonder.
Parents helping out is the norm (in various ways). Nothing wrong with that.
Anyone who claim's there are many who don't receive some type of help is a straight up idiot.
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Old 05-26-2016, 08:19 PM
 
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If you are paying market-rate rent and maxing out your 401k, the reality is that a 120k salary in NYC does not leave you with a lot of surplus income, especially if you have a student loan. Forget about saving up for a down payment on a condo or co-op or saving extra money for retirement.
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Old 05-27-2016, 05:27 AM
 
1,331 posts, read 1,465,704 times
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Quote:
Originally Posted by wawaweewa View Post
Parents helping out is the norm (in various ways). Nothing wrong with that.
Anyone who claim's there are many who don't receive some type of help is a straight up idiot.
Parents helping their kids is not the norm. How are working class and poor families able to help their kids when they have to worry about paying their own bills and retirement? There are a lot more poor folk than wealthy. I have to help out my parents. They emigrated here with poor paying jobs and have little saved for retirement.
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Old 05-27-2016, 05:31 AM
 
1,331 posts, read 1,465,704 times
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Originally Posted by fluttereagle View Post
If you are paying market-rate rent and maxing out your 401k, the reality is that a 120k salary in NYC does not leave you with a lot of surplus income, especially if you have a student loan. Forget about saving up for a down payment on a condo or co-op or saving extra money for retirement.
401k is for retirement...why would you max your 401k if you had problems living off of a $120k salary?

And if you can't live off of $120k, your spending and money management habits are poor. Most people won't make $120k a year in their lifetime. I always felt that there should have been a money management class in high school instead of all those other useless classes that were offered which you don't apply in real life.
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Old 05-27-2016, 06:05 AM
 
383 posts, read 292,495 times
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Originally Posted by nyccs View Post
401k is for retirement...why would you max your 401k if you had problems living off of a $120k salary?

And if you can't live off of $120k, your spending and money management habits are poor. Most people won't make $120k a year in their lifetime. I always felt that there should have been a money management class in high school instead of all those other useless classes that were offered which you don't apply in real life.
The point is a 120k/year salary is not really that much in NYC. Yes, you can make it work, but it will be difficult if you are single, with no dependents, and own no property. The bulk of your money will go to taxes. And, as many have already pointed out, more often than not, professionals have to worry about student loans too.

Also, not everyone is interested in living in queens, bronx or staten island, where it tends to be more affordable. Many single professionals prefer to reside in Brooklyn or Manhattan, close-in to their job and NYC nightlife and entertainment.
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Old 05-27-2016, 06:07 AM
 
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It's all relative. When I first moved here I waited tables and we were paid cash nightly. We didn't claim tips, it was all handled by an accountant. So I was pocketing about $1000 per week and my paycheck, with taxes deducted was always nearly zero. The city has cracked down on that sort of thing in recent years, but there's still a lot of undeclared income out there in the service economy. In situations like that you're paying much less in taxes obviously. Taxes are a huge factor in this city.
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Old 05-27-2016, 07:10 AM
 
1,331 posts, read 1,465,704 times
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Originally Posted by Cara_319 View Post
The point is a 120k/year salary is not really that much in NYC. Yes, you can make it work, but it will be difficult if you are single, with no dependents, and own no property. The bulk of your money will go to taxes. And, as many have already pointed out, more often than not, professionals have to worry about student loans too.

Also, not everyone is interested in living in queens, bronx or staten island, where it tends to be more affordable. Many single professionals prefer to reside in Brooklyn or Manhattan, close-in to their job and NYC nightlife and entertainment.
Those are life choices you make. There is a difference between a luxury and necessity. Livig in Manhattan and Brooklyn is not a necessity. You can make a million dollars and spend 2 million dollars for having a lavish lifestyle. Very few make anywhere near $120 k/year in their lifetimes , so this thread is a joke. I'm not going to pay for a new penthouse in Manhattan, own 2 cars, have 3-4 vacations a year, eat at 4/5 star restaurants weekly and cry broke making $120 a year. You live within your means. You can make a million a year and be broke from poor personal discretionary spending.
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Old 05-27-2016, 07:35 AM
 
383 posts, read 292,495 times
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Originally Posted by nyccs View Post
Those are life choices you make. There is a difference between a luxury and necessity. Livig in Manhattan and Brooklyn is not a necessity. You can make a million dollars and spend 2 million dollars for having a lavish lifestyle. Very few make anywhere near $120 k/year in their lifetimes , so this thread is a joke. I'm not going to pay for a new penthouse in Manhattan, own 2 cars, have 3-4 vacations a year, eat at 4/5 star restaurants weekly and cry broke making $120 a year. You live within your means. You can make a million a year and be broke from poor personal discretionary spending.
LOL @ lavish lifestyle. Hardly.

Yes, you can choose to be extra frugal, But most single professionals making 120K do not want to live in a violent community w/ no real amenities.

The below apt. complex is far from lavish... but the average rent for a 1 bedroom is 3k+/month (and this is considered by many to be a good rental price for the area).

Brooklyn Apartments in Kings County, New York | Avalon Fort Greene
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Old 05-27-2016, 07:39 AM
 
Location: New York, NY
3,466 posts, read 2,937,188 times
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Quote:
Originally Posted by Cara_319 View Post
The point is a 120k/year salary is not really that much in NYC. Yes, you can make it work, but it will be difficult if you are single, with no dependents, and own no property. The bulk of your money will go to taxes. And, as many have already pointed out, more often than not, professionals have to worry about student loans too.

Also, not everyone is interested in living in queens, bronx or staten island, where it tends to be more affordable. Many single professionals prefer to reside in Brooklyn or Manhattan, close-in to their job and NYC nightlife and entertainment.


I would like to see a breakdown of your expenses. I think that a single person who is unable to live on a 120K salary has a serious money management problem.

I've lived in Manhattan all of my life (born here) and have never had a problem managing my money, and living well. The only time I suffered a bit was when I divorced my husband and had to deal with my legal bills from the divorce case, along with our credit card debt, which was left to my name. But after a three year divorce, I was able to get back on my feet very well and today, I am not making 120K, but live well. I frequently travel to California, Australia, have my savings and go out with friends.

Seriously - you guys can't live on 120k?? No wonder you millennials are called the, "entitlement generation"
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Old 05-27-2016, 07:40 AM
 
1,331 posts, read 1,465,704 times
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Quote:
Originally Posted by Cara_319 View Post
LOL @ lavish lifestyle. Hardly.

Yes, you can choose to be extra frugal, But most single professionals making 120K do not want to live in a violent community w/ no real amenities.

The below apt. complex is far from lavish... but the average rent for a 1 bedroom is 3k+/month (and this is considered by many to be a good rental price for the area).

Brooklyn Apartments in Kings County, New York | Avalon Fort Greene
There are very few violent nabes in NYC. Plenty of $1600-$2000 a month 1 bedrooms in nice areas.
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