escape_nyc
Dryer sheet aficionado
I've been lurking around these forums for a while.
I live in NYC, where the cost of living is sky high. Between taxes, high rentals and real estate prices, daycare if you have kids, basic costs of living that including greasing everyone's palms to get what would be considered a non-luxury basic all over the country, it is very hard to save for retirement, even on high six figure salaries. I see plenty of ultra rich people who are a mix of old New York money, Wall Street and hedge fund billionaires, real estate moguls who were FI the day they were born or soon enough but continue playing the 'game' and inflating their net worth and empires. For the rest of us working 'stiffs', its not so easy and we seem to be stuck here in eternity making a lot of money but at the same time spending a lot of it just to stay afloat and alive. Are there many or any on here who have worked/lived in NYC and managed to escape the mad rate race and 'retire' in NYC or surrounds or moved somewhere else with their families at a relatively early age, say in your 40s? What was/is your walk-away number? What is your yearly draw from your portfolio to maintain your standard of living?
A little bit about me, we are in our mid 30s with 1 toddler, own no real estate. I don't know but I personally (perhaps wrongly) think it would take about $5-$10 million in net worth to get to being FI, and we are nowhere close!
I live in NYC, where the cost of living is sky high. Between taxes, high rentals and real estate prices, daycare if you have kids, basic costs of living that including greasing everyone's palms to get what would be considered a non-luxury basic all over the country, it is very hard to save for retirement, even on high six figure salaries. I see plenty of ultra rich people who are a mix of old New York money, Wall Street and hedge fund billionaires, real estate moguls who were FI the day they were born or soon enough but continue playing the 'game' and inflating their net worth and empires. For the rest of us working 'stiffs', its not so easy and we seem to be stuck here in eternity making a lot of money but at the same time spending a lot of it just to stay afloat and alive. Are there many or any on here who have worked/lived in NYC and managed to escape the mad rate race and 'retire' in NYC or surrounds or moved somewhere else with their families at a relatively early age, say in your 40s? What was/is your walk-away number? What is your yearly draw from your portfolio to maintain your standard of living?
A little bit about me, we are in our mid 30s with 1 toddler, own no real estate. I don't know but I personally (perhaps wrongly) think it would take about $5-$10 million in net worth to get to being FI, and we are nowhere close!