Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I think the only way for me to get ahead is to either blatantly lie about my income or quit my high paying job and replace it with a low paying one. Let me give a little background so that readers can really feel what I'm saying...I am a single man with no children living in Brooklyn. I earn $100k working for the city of New York. I got to this salary after years of working in the IT field and picking up valuable experience and skillsets along the way. As a single man, I am taxed almost to DEATH and STILL wind up owing the government come April 15th no matter if I put '0' allowances on my witholding. Currently I rent and I was looking to buy something. I have $15k saved and went looking. With $15k available for downpayment and closing, I could only afford a co-op somewhere...or so I thought. Most co-ops want 10 - 20% down, plus closing costs. That effectively ended my quest to ever own real estate.
In the meantime, a person earning $20, $30, $40k can get a $10k grant from NYC to help with downpayment and closing costs and all kinds of assistance from goverment subsidies that my tax dollar go into to help them purchase a home. No help exists for people in my income bracket. I guess we're just supposed to blink savings into existence. By the time I save up for downpayment and closing costs, it will be too late for me to buy a home. The low income earner however, can find housing in newly renovated buildings, buy homes that they can't afford thanks to all the assistance programs available to them, receive healthcare for pennies on the dollar, get free training, etc. All you ever hear about is programs for low income families. Where is the assistance for middle class earners WHO PAY FOR EVERYTHING that the low income families reap the benefits from?
At this rate, I'll be renting from someone who works at McDonalds because they'll be able to buy a home way before I can. Maybe I should marry a woman doing life in prison and adopt a few children for tax relief. What do you think?
If you are looking for healthy, budget conscious meals to make at home, buy a crock pot for $30. bucks, lots of veggies, barley, etc. You can buy inexpensive cuts of meat and literally throw anything in there. Once you get home from work. you have a home cooked, healthy meal.
I don't understand how the OP is only able to save $15K. When I was making a lot less than $100k I was still able to save more than $15k/year. Now that I'm making more I'm taxed out the wazoo but I can still save more than $15k and this is with substantially higher expenses than I had before. The OP is either not good with [saving] money or has some crazy debt or other expenses that's preventing him from building up savings. And let's face it, there are just some people who are not good at saving money. I always look at that "how much do you spend on groceries" debate/question as a guide to how well someone can really save. People that know how to save money sure can stretch a dollar in a grocery store!
OP, are you aware that there are new construction condos in NYC that allow 3.5% down?
How is it that you, making $100,000 a year, can't afford to pay taxes? If you hate NYS and NYC taxes, move to Jersey.
New Jersey has state taxes and because he works in NYC, he'll still be taxed by NYC too. Then there's the added cost of transportation round trip from NJ to NYC to work every day. If he drives, there's the tolls and if he takes public transportation, he has NJ transit/ or PATH costs and then still has to buy a metrocard for in NYC. Moving to NJ is not really cheaper considering everything.
I looked it up. Through 1999 there was a commuter tax imposed on the income of non-residents by both NYC and NYS. It changed in 2000 and there is no longer NYC tax but NYS charges a 0.34% tax on income of non-residents who work in any boroughs and downstate counties served by LIRR/MTA/Metro-North.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Even more money going out
