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Old 07-25-2018, 05:05 PM
 
Location: Planet Earth
3,849 posts, read 7,294,379 times
Reputation: 1562

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Quote:
Originally Posted by vision33r View Post
$50k is poorer after taxes than someone making $45k below the next tax bracket.
That's not how tax brackets work. Only the marginal income in the next tax bracket is taxed at the higher rate.

The only way the $50K person is poorer is if it puts him/her above the threshold for some type of government assistance.
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Old 07-26-2018, 06:50 AM
 
3,502 posts, read 1,794,302 times
Reputation: 1630
It's difficult to live alone anywhere in NYC (including the boroughs) on $50,000/year.
Ten years ago this wasn't the case, you could find apartments for $1200, $1300/month.
But that is getting harder and harder to do.

I have coworkers who make that income and those who are single have to live with roommates.
If you have a spouse or partner earning similar (or really, with any decent income at all), you can manage to live together in a 1 bedroom apartment.

NYC is getting insane that it's getting difficult for professionals with Master's degrees with a professional salary to live alone in a studio or 1-bedroom apartment.
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Old 07-26-2018, 12:17 PM
 
520 posts, read 105,362 times
Reputation: 294
Moving to NYC when you only make 50k is like moving to Las Vegas with a major gambling problem, and you also suck at gambling.

I make less than 50 and I've got big NYC problems, no doubt, I suck.

Mr Retired has shared some interesting advice. repp'd
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Old 07-26-2018, 12:28 PM
 
64,572 posts, read 66,100,109 times
Reputation: 42993
you can live golden girls style and sit in the house and not go anywhere unless it is free
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Old 07-26-2018, 01:03 PM
 
Location: Confines of the 101 Precinct
19,117 posts, read 32,666,756 times
Reputation: 7568
Quote:
Originally Posted by mathjak107 View Post
you can live golden girls style and sit in the house and not go anywhere unless it is free
Internet is the new entertainment

Who needs outside
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Old 07-26-2018, 03:51 PM
 
520 posts, read 105,362 times
Reputation: 294
Quote:
Originally Posted by SeventhFloor View Post
Internet is the new entertainment

Who needs outside
Enter: the NYC Internet Tax
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Old 07-26-2018, 04:03 PM
 
Location: New York, NY
7,548 posts, read 2,688,620 times
Reputation: 2819
Quote:
Originally Posted by propman-nyc View Post
Moving to NYC when you only make 50k is like moving to Las Vegas with a major gambling problem, and you also suck at gambling.

I make less than 50 and I've got big NYC problems, no doubt, I suck.

Mr Retired has shared some interesting advice. repp'd
Lots of people make 50k in this city.... LOTS... It's not like there are people handing out jobs where you make more than 50k a year just because rents went up.
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Old 07-26-2018, 08:22 PM
 
520 posts, read 105,362 times
Reputation: 294
Quote:
Originally Posted by pierrepont7731 View Post
Lots of people make 50k in this city.... LOTS... It's not like there are people handing out jobs where you make more than 50k a year just because rents went up.
Just because lots of people make 50k per year does not mean it is easy. 50k doesn't mean those people are completely surviving on their own, they may have family backing them in case of emergencies.

You just never fully know how people get their money in this city. A lot of it might come from family supplementing their bank accounts.

Any combo of things can set people back. Job loss, unemployment periods, lack of emergency funds, relocating costs, crazy neighbors, bedbugs, mice, rats, break ups with partners, arrests, health concerns, there are many things that can sink ordinary people.
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Old 07-26-2018, 08:52 PM
 
Location: New York, NY
7,548 posts, read 2,688,620 times
Reputation: 2819
Quote:
Originally Posted by propman-nyc View Post
Just because lots of people make 50k per year does not mean it is easy. 50k doesn't mean those people are completely surviving on their own, they may have family backing them in case of emergencies.

You just never fully know how people get their money in this city. A lot of it might come from family supplementing their bank accounts.

Any combo of things can set people back. Job loss, unemployment periods, lack of emergency funds, relocating costs, crazy neighbors, bedbugs, mice, rats, break ups with partners, arrests, health concerns, there are many things that can sink ordinary people.
I meant to write lots of people make LESS than $50k...
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Old 07-27-2018, 02:56 AM
 
64,572 posts, read 66,100,109 times
Reputation: 42993
like living on social security alone , people do it . lifestyle like water tends to seek it's own level based on income . .

whatever you have to work with you make it work . it may be a very stressful life or a lifestyle you hate but people live on whatever they have .

if you are low enough you can get perks and subsidies that can be worth thousands or even tens of thousands in additional pay .

so comparing "median " or "average incomes " does not mean much without comparing lifestyles , perks and location .

would i have retired in nyc on just 50k pretax dollars ? nope ! . could i have done it ? sure , but i would not want to if i had a choice . money may not by happiness but in life it certainly can buy choices .
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