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Old 07-18-2017, 06:57 AM
 
Location: Manhattan
20,129 posts, read 26,407,309 times
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I just got a raise to $500K? Will I be able to order takeout?
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Old 07-18-2017, 07:08 AM
 
2,187 posts, read 1,532,416 times
Reputation: 2052
Quote:
Originally Posted by rayona View Post
It could be tight trying to buy a place on that. You'll need to look at co-ops and watch out for maintenance. Life won't be glamorous but you won't be hurting. Prepare for feeling very poor when you encounter people making 100 times what you make.
I don't think making comparison with others is a good idea. It will just make you feel worst. Do what you can with what you have. Is all in our mind. Is the way how we think. Is our desire that cause all the frustration in the first place.
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Old 07-18-2017, 07:10 AM
 
Location: East Coast of the United States
15,664 posts, read 18,206,684 times
Reputation: 11163
Quote:
Originally Posted by HHH3 View Post
Now that I've worked my ass off for the last 5 years, I can get a job in Manhattan for 230k/yr (healthcare).
Get the job first. 230k/yr is very good as long as you're single. But eventually, biological urges kick in and you're going to want to mate with somebody and raise children.

That's when things start to get interesting. Even a starter townhouse in Manhattan is going to have a price tag of $2 million - $3 million. Plus, property taxes can be thousands of dollars a month. You will literally be competing with billionaires and celebrities for a piece of property in Manhattan. Good luck with that.
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Old 07-18-2017, 08:10 AM
 
12 posts, read 24,409 times
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Thanks for the serious replies.

I was worried that after tax, the income will not be much. I am not a party person. I won't be in bars every night or spend my money buying expensive crap. I'll be working 8-5pm, very mentally intensive job. I just wanted to enjoy working and living in such a lively place as Manhattan.
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Old 07-18-2017, 08:39 AM
 
Location: Lower East Side, NYC
1,837 posts, read 1,086,754 times
Reputation: 1290
Live modestly. If you plan to buy, rent a 1bd or better yet a studio in a tenement in the Upper East Side for cheap to allow you to get used to the area. You'll save more for that downpayment faster so you can get into the market earlier.

That's my 2 cents. I rent for $1600 downtown.
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Old 07-18-2017, 08:49 AM
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11,386 posts, read 9,848,968 times
Reputation: 6580
Quote:
Originally Posted by HHH3 View Post
Thanks for the serious replies.

I was worried that after tax, the income will not be much. I am not a party person. I won't be in bars every night or spend my money buying expensive crap. I'll be working 8-5pm, very mentally intensive job. I just wanted to enjoy working and living in such a lively place as Manhattan.
So you already knew the answer. How does a person living like that not live well on that salary?
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Old 07-18-2017, 08:49 AM
 
2,187 posts, read 1,532,416 times
Reputation: 2052
Quote:
Originally Posted by HHH3 View Post
Thanks for the serious replies.

I was worried that after tax, the income will not be much. I am not a party person. I won't be in bars every night or spend my money buying expensive crap. I'll be working 8-5pm, very mentally intensive job. I just wanted to enjoy working and living in such a lively place as Manhattan.
If you are worry about the tax, try to contribute some of those money into 401k, so it doesn't get tax at such high tax rate base on your tax bracket. However, I think you can only contribute up to $15,000 for this year, and next year may increase a little bit, but hey, at least you avoid $15,000 to be tax. Also, see if you can enroll in the commuter benefit, which allow you to deduct your paycheck for whatever the monthly unlimited metrocard is, and this also save you some money. Little bit here and there, it will add up. Trust me, you have to do all these little thing even thought it doesn't mean much by looking at it individually. Also, NY College Saving 529, and I think you can contribute up to 5000 or 10,000, not too sure, just check.

Bottom line, try to reduce as much as possible for the taxable income. This way, you pay lower taxes. It also helps if in the future you land a job that might have much less salary of what you have now (even thought chance is very unlikely base on my assumption).

Hope this give you some more insight.
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Old 07-18-2017, 08:50 AM
 
Location: New York, NY
7,548 posts, read 2,685,297 times
Reputation: 2819
Quote:
Originally Posted by Kefir King View Post
I just got a raise to $500K? Will I be able to order takeout?
Am thinking you know the answer to that one cheapo... No.
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Old 07-18-2017, 10:12 AM
 
Location: In the heights
20,109 posts, read 21,722,272 times
Reputation: 10206
No one survives on the long run
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Old 07-18-2017, 10:39 AM
 
8,141 posts, read 12,502,917 times
Reputation: 3954
Quote:
Originally Posted by Kefir King View Post
I just got a raise to $500K? Will I be able to order takeout?
Only cup of noodles for you
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