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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.
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.
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.
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.
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?
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).
I just got a raise to $500K? Will I be able to order takeout?
Only cup of noodles for you
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