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SO...I've been offered a job where I'll be making about 1.2m/year. Trying to figure out whether this will be enough to live comfortably for a family of 4. Job would require me to go to offices in Westchester.
I'd like to live in Manhattan, but it seems like the climate w/ DeBlasio as mayor is all about redistributing the wealth. So, I've considered living in Westchester; however property taxes there seem even worse compared to living in Manhattan (this is offset by the cost of private schools in Manhattan for the kids).
Anyone have any insight? I feel that the after tax income is only around 600-700k/year. It sounds like a lot, but I figure that to live comfortably in Manhattan, I'll still need to commit 1.8 to 2.2m for a 2 bdroom condo; w/ 20% down that is anywhere from 360-440k down. Doable, but then I would have to save enough for retirement, deal w/ the traffic (commuting out to Westchester), etc. Is it worth it to live in the city??
200K is enough to live comfortably in the outer boroughs and i think that doesn't really cut it in Manhattan.
What you make is more than enough, but on the salary, i doubt you'll have any free time to have fun in Manhattan when you'll be chained to your desk doing work....unless your someone who collects a big paycheck but really doesn't do any work.
SO...I've been offered a job where I'll be making about 1.2m/year. Trying to figure out whether this will be enough to live comfortably for a family of 4. Job would require me to go to offices in Westchester.
I'd like to live in Manhattan, but it seems like the climate w/ DeBlasio as mayor is all about redistributing the wealth. So, I've considered living in Westchester; however property taxes there seem even worse compared to living in Manhattan (this is offset by the cost of private schools in Manhattan for the kids).
Anyone have any insight? I feel that the after tax income is only around 600-700k/year. It sounds like a lot, but I figure that to live comfortably in Manhattan, I'll still need to commit 1.8 to 2.2m for a 2 bdroom condo; w/ 20% down that is anywhere from 360-440k down. Doable, but then I would have to save enough for retirement, deal w/ the traffic (commuting out to Westchester), etc. Is it worth it to live in the city??
SO...I've been offered a job where I'll be making about 1.2m/year. Trying to figure out whether this will be enough to live comfortably for a family of 4. Job would require me to go to offices in Westchester.
I'd like to live in Manhattan, but it seems like the climate w/ DeBlasio as mayor is all about redistributing the wealth. So, I've considered living in Westchester; however property taxes there seem even worse compared to living in Manhattan (this is offset by the cost of private schools in Manhattan for the kids).
Anyone have any insight? I feel that the after tax income is only around 600-700k/year. It sounds like a lot, but I figure that to live comfortably in Manhattan, I'll still need to commit 1.8 to 2.2m for a 2 bdroom condo; w/ 20% down that is anywhere from 360-440k down. Doable, but then I would have to save enough for retirement, deal w/ the traffic (commuting out to Westchester), etc. Is it worth it to live in the city??
I don't personally think I would worry too much about that article if I were you. That article is about people living completely beyond their means. Are you planning to spend $10,000 to $15,000 on a dress for your wife? Are you planning on having a chauffeur or nanny? Are you planning on taking hugely expensive vacations twice every year? This article was all about people living very extravagantly. If you live within your means, then you should have no problem living comfortably on 1.2m.
The money for private schools for two children around $65,000 is for sending your children to the top private schools (like the Trinity School) which typically cost in excess of $30,000 per student. You will only be spending this if you insist on sending your kids to the 'best' school. There are very good private schools in NYC that can easily save you $10,000 to $15,000 per child. I can't remember the name of the school my sister sent my niece ad nephew to before being relocated, but the price was around $22,000 per student, and it was a very good school. You will only pay in excess of $30,000 per student if you just have to send your kids to the very best...which is very subjective anyway.
I got by on 35K right after college a few years ago. But I was living in a studio in the Bronx (which isn't nearly as bad as people make it out to be).
thanks guys. now i'm trying to figure out whether to do the whole "live in Manhattan" near the FDR - thinking LES areas and driving into work every day; alternatively, there seems to be a water taxi...thoughts?
I will be moving to New York from London in September. The salary is $75,000. Could anyone tell me what my rough take home pay would be? I'm single and expecting a deduction for healthcare of about $100 a month.
That seems quite a lot. I spend 200 a month on food and even that is considered a lot by some of my other friends who get by on as little as 100 a month. 50 each weekend seems excessive also.
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