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Obviously I'm a little sensitive when it comes to my hometown. I've been here when it wasn't fashionable... When "white flight" made certain neighborhoods a no-go zone. Before the kids came because they thought it was a barometer to prove how relevant they were to their peers. You can call me grumpy, nostalgic, an a-hole... and that's fine... I've heard it all. This post went a little off-topic, so I'll refrain from further comment, but the truth is, if everyone started moving to your town because it was the "thing to do," you'd be a little protective too.
TT1 - Interesting approach, but those are just skewed statistics...
No, they're not. They're facts. There is nowhere on the planet with as many million dollar earners/jobs as NY.
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Those NY billionaires (more than the UK and Germany combined) are not kids from the midwest moving to NY to "find themselves"
Only one of the top 5 richest in NYC is actually from NYC.
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Of course this area will be the wealthiest by household income... It costs a lot more to live here than _______ (Insert small town)
No....they are wealthiest because NYC has the wealthiest economy. It doesn't take $850,000 per year to live in Manhattan. It has the highest echelon (top 1-5%) of wealth in the U.S. for a reason and that's because of its economy, namely wall street,....not because of cost of living.
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Not to mention, those numbers are 07-08, when the DOW was over 14,000!!! Could you imagine if your numbers were current?
Yes, and if we go by Forbes billionaire stats, NYC has retained its loss wealth (city regained the billionaires it shed in 2010, dropped in 2007,-2009)
Obviously I'm a little sensitive when it comes to my hometown. I've been here when it wasn't fashionable... When "white flight" made certain neighborhoods a no-go zone. Before the kids came because they thought it was a barometer to prove how relevant they were to their peers. You can call me grumpy, nostalgic, an a-hole... and that's fine... I've heard it all. This post went a little off-topic, so I'll refrain from further comment, but the truth is, if everyone started moving to your town because it was the "thing to do," you'd be a little protective too.
Any way you slice it, you're wrong. I'd love to see the proof behind your "nowhere on the planet with as many million dollar earners as NY." I'll wait for the link.
PS: Just because you pontificate that something is "a fact," doesn't make it so. You can espouse anything your little heart desires, but once you take the populations into account (which you must to compare apples to apples)... You couldn't be more wrong... Oops!
PS: Just because you pontificate that something is "a fact," doesn't make it so.
*sigh*
Not this again.
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Originally Posted by bransonUptown
You can espouse anything your little heart desires, but once you take the populations into account (which you must to compare apples to apples)... You couldn't be more wrong... Oops!
More like I can espouse a thing called facts, and you can run around them and try your darned hardest to embarrass yourself. Please just give it up already and leave the finance speak to me (I don't live in Miami anymore, I'm an econ major at Columbia and naturally the WSJ/The Economist mags are my bible ).
"New York Metro Area" = NYC, Westchester, Northern New Jersey, Connecticut. "DC Metro Area" = (Alexandria, Fairfax, Loudon, etc) "San Francisco Bay Area" = (San Francisco, Santa Clara, Marin, San Mateo, etc) "Los Angeles Metopolitan Area" = Los Angeles, Orange County, Riverside County, etc. Please (for the love of God) tell me you knew that? How do I, originally from Miami, know that but not an alleged real New Yorker? "New York City" just simply spills into two other states, so you either woefully confused/not familiar with your surroundings or simply trying to run around facts.
Manhattan is the wealth generator (thanks to the financial services industry) of the NYC region. Technology industry is the wealth generator in the San Francisco Bay Area. Government is the wealth generator in DC.
And the numbers don't lie:
-United States Department of Labor
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Originally Posted by bransonUptown
And if you even take the time to read it, just based on new tax policies alone, those millionaires you speak of will move somewhere else... Oops!
Nope. If you were a savvy reader and simply gazed into the right hand corner of the chart, you might notice the tabulation (kindly provided for us by the IRS) of YoY declines in the case of high net worth individuals. You can't miss it. If I'm seeing correctly, the high net worth pool in New York City declined 13.6%, the lowest of all regions. One of the cheapest regions (Houston), posted the steepest decline at 21.1%.
1. Surgeons aren't the highest paid people in the United States. Surgeons very are rarely multimillionaires. Get informed.
2. How in any way would that irrelevant list of yours dispel the fact that there is no city on the planet with as many million dollar earners as NYC?
3. If we were to go by your hilarious beliefs; New York City = Largest City = Most surgeons = City with Most high earners (and no, surgeons in larger cities like Mumbai, Sáo Paulo and Mexico City don't get paid half of what US surgeons earn so save it).
Moving right along......
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Originally Posted by bransonUptown
Wealthiest economy?
Combined Statistical Areas by Total Gross Product, 2008 1. Greater Tokyo $1.5 Trillion 2. New York-Newark-Bridgeport, NY-NJ-CT- CSA $1.434 Trillion
3. Los Angeles-Long Beach-Riverside, CA CSA $866.095 Billion
4. Paris Metropolitan Area $731 Billion
5. Greater London $669 Billion
6. Washington-Baltimore-Northern Virginia, DC-MD-VA-WV CSA $533.542 Billion
7. Chicago-Naperville-Michigan City, IL-IN-WI CSA $526.895 Billion
8. San Jose-San Francisco-Oakland, CA CSA $508.418 Billion
9. Boston-Worcester-Manchester, MA-RI-NH $383.8 Billion
10. Houston-Baytown-Huntsville, TX $344.5 Billion
11. Dallas-Ft Worth, TX $341.5 Billion
12. Philadelphia-Camden-Vineland, PA-NJ-DE-MD $330.0 Billion
13. Hong Kong $293 Billion
The only area that has a slightly higher GDP is Tokyo. But Tokyo doesn't have anywhere near the amount of personal wealth as NYC (vis-a-vis Japan vs USA). The entire country Japan population 127,433,494 barely has more high net work folks as the NYC metro (only 18 million people) In other words, NYC has only 13% of the people the entire country of Japan has but there is more wealth in little ol' New York City.
WhooOOps
It's also pretty sad me, a 19 year old, is more informed of our national economy/the economic engine/workings and geography than a 50+ year old. Sheesh! It's a good thing us younger and more educated nuisances are taking over your precious city!!
I'm weird and always thought the younger you are when you move to NYC the better, and more opportunity...So first question (and it is a dumb one), Im 26, and need a year to save before I can go. Is 27 too old to go to NYC? haha Im impatient and I wannna move now before I'm too old!
But anyways, here is the real question. I don't have anyone to move with! One of my ex bfs offered his couch for ONE month, but come on...So how do I make the leap if I'm going alone? It's scary enough to move from Florida to NYC, but doing it alone discourages me and makes me doubt myself. Is it possible for me to do it alone, has anyone here known someone who pulled it off? I know anything is possible, but NYC is expensive and intimidating to leap too. My biggest fear is that come a years time, I will have the money to move out, and chicken out because I have to go alone. If I don't go before Im 30, I know I will regret it for the rest of my life. Even if I fail, I have to try. Any advice? Also, how do you get over the intimidation about making the leap? I have visited there 3 times and loved it. And when I'm there I'm not intimidated, but the thought of going there with only a few thousand dollars in my pocket, no job and no real family to fall back on freaks me out!!! Ahhh, I am setting myself up for a mid life crisis if I don't go....I need to grow a pair
What's the rush?
I just finished working for about two years at a job in New Jersey about 20 miles from NYC.I went there numerous times and I enjoyed myself most of the time when I did.
IMHO you need to:
1) Decide if it makes economic sense for you to move to NYC. The economy is bad up there and jobs,good and bad, are scarce. If you can get a company to relocate you, that may be a good idea.
2) Thinking about where you want to live BEFORE you move up that way. Manhattan is insanely expensive and very crowded. There are areas in New Jersey, Connecticut, Long Island and Upstate that relatively near to the city but that would be somewhat cheaper than the city itself.
3) Take a long sober look at what living in a big city will mean. Crime,traffic,high cost of living,unfriendly people,etc are all negatives that will confront you on a daily basis. Also,if you don't know anybody, the city can be a lonely place.
4) Find somebody that you trust who lives or lived in NYC and see what they have to say. Don't let them make your decision...but you should listen to their input.
New York City is a great place w/ a lot to see and do. It's also a cold place where many people have moved to fulfill their hopes and dreams and have had those hopes and dreams dashed.
Before you move there,you need to take a realistic look at the city and see if it will be a fit for you.
*sigh* Ha! I love it. Your faux-apathy is as comical as your long, painfully one-sided response that contradicts the whole premise of *sigh*... I supppose you saw someone do it once and thought it would be cool? Ahhh... Thanks, I needed that.
I can't believe I'm even entertaining this one last time, but here we go... I'll try my best even though your post is 75% just a re-hash of my words, with an attempt (albeit lame) to debunk each "myth" one by one... Then you copy words I use, in a hilariously failed attempt at "one-upsmanship." Please, PLEASE provide just ONE original thought, and I wouldn't feel like I was talking to myself.
So let me get this straight... besides being an "expert" in financial matters, you can also lay claim as the authority on civil engineering and housing and urban development...
"NYC is much better than it was in "those days".
My, VERY accomplished... and at such a young age! Tell me about "those days," if you get a minute. (Which apparently you have.) Get real son. I'll give you the abridged version as I have some work to do:
It's apparent you're still in your teens. You exemplify to a tee the type of self-important teenage know-it-all who thinks he has all the answers because he read about "life" on some blog. The condenscending attitude is a telltale sign. "Gramps?" We would never be related as I taught my children how to respect their elders a loooong time ago... Having taught economics for 22 years at the Stern school of business, I'll try to help you, as briefly as possible.
You're talking about capital accumulation, great. Let's define that as investment of profit income or savings, in real capital goods. You mention more HNWI in NY than elsewhere... Really? No kidding... Thanks for seeing that one Stevie Wonder. That would be due to the overwhelming size of the economy...fantastic! (There's also more rats! But it doesn't mean that each individual Tri-State area rat is "better off" than his countrywide counterparts.) It comes down to simple arithmetic. Of course NY has the most millionaire households, but with more than 6.8 million households in the Tri-State area, only one in ten can boast a net worth of $1million or more. There are places in this country where you could live and you DOUBLE your chance of seeing/being a millionaire. Further to GDP, 5 states make up 40% of the countries GDP, but so what? In fact, there are only 14 COUNTRIES that even have a bigger economy, but irrelevant to the original philosophy presented that you have to "move to NY with nothing lined up, sleep on your boyfriends couch before you turn 30 to MAKE IT in the world." You do realize we're talking about individual wealth, right? As in the original person is moving to better HER life. She wasn't coming to inflate the largest economy in the US. You're assuming she'll be a driver of wealth and living in Manhattan! What about Newark? Bushwick? That also fits your "metro area" (and is actually applicable to what we're talking about here! Did you even READ her original post?) Your nugget of wisdom was this beautiful quip, "nowhere on the PLANET with as many million dollar earners as NY," - I'm still waiting.
That list of high-paying jobs (and I can't believe you didn't see this) proves that you do NOT have to move to NY to have a better shot at accumulating wealth. Your highest weekly wage earners pinning NY at $1,856 is good for exactly that, weekly wage, but in NO WAY does that translate into wealth as it does not take into account a plethora of other factors that I do not have time to get into now. (i.e. cost of living via CPI, etc.) Your whole basis for discussion is, "Well high net worth individuals are leaving NY at a slightly slower rate than the these 9 other metro areas, so come move here and be wealthy!" Good advice. You're doing a disservice to other kids your own age. Did you even read Obamacare2.0? Here's a new tax from whitehouse.gov.
"Broaden the Medicare Hospital Insurance (HI) Tax Base for High-Income Taxpayers."
Under current law, people who earn a salary pay the HI tax on their earned income, but those who have substantial unearned income do not, raising issues of fairness. The House bill includes a 5.4% surcharge on high-income households to improve the fairness of the tax system and to support health reform. The Senate bill includes an increase in the HI tax for high-income households for similar reasons, an increase of 0.9% on earnings above a specific threshold for a total employee assessment of 2.35% on these amounts. The President’s Proposal adopts the Senate bill approach and adds a 2.9 percent assessment (equal to the combined employer and employee share of the existing HI tax) on income from interest, dividends, annuities, royalties and rents, other than such income which is derived in the ordinary course of a trade or business which is not a passive activity (e.g., income from active participation in S corporations) on taxpayers with respect to income above $200,000 for singles and $250,000 for married couples filing jointly. The additional revenues from the tax on earned income would be credited to the HI trust fund and the revenues from the tax on unearned income would be credited to the Supplemental Medical (SMI) trust fund.
And that's just one! If I had more time I could get into plenty of others... A real life example of "tax the rich."
TT1's method to "success:"
a) move to NY before you hit 30
b) surround yourself with wealthy people
c) become wealthy
If you even took the time to read the original post, you would see her plan wasn't to become a venture capitalist or hedge fund CEO as you seem to think this city is overflowing with. There are so many more variables to wealth and accumulating assets than your cute little charts that only tell one side of the story. Good thing you're in school... Stay there... Study hard. You're gonna need it.
ilovenewyork - "owneage?" It's times like these I realize my job is safe from the approaching youth.
Last edited by bransonUptown; 05-28-2010 at 09:21 AM..
Reason: typo
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).
In other words, NYC has only 13% of the people the entire country of Japan has but there is more wealth in little ol' New York City.
