It was a joke. AS far as I know, there is no O-line.
Federal income tax would be well north of 20%, don't you think?
The dentist probably pays both halves of FICA.
But still the 200k is probably rounding up.
Apparently 1,620,867 is the population of Manhattan.but IIRC, there are not that many people who actually LIVE in Manhattan...
At some level I think they would step back and say we make 400K and we life in a very cramped 800' apartment with the 2 kids. You don't have to have the highest status/best in every aspect of your life, your address, your food, nanny, Pre School etc.
Tonganoxie, Kansas before the curve - but keep it under your hat before it gets discovered.
Makes $400k and pays $200k taxes? Somethings wrong with that picture..
We have had a few threads or posts about how people in NYC need huge salaries just to survive there, due to the high cost of living. People like me who have spent the entire life in backward places like AZ just couldn't understand it. However, I just ran across an article that sheds more light on this.
The subject of this Web article is a highly-educated married couple perhaps in their late 30s. With the husband having a doctorate from MIT, and the wife a dentist with her own practice, they make $400K/yr. Yet, they are scrambling to get by with their 3-yr old and a 9-mo old in a 800-sqft one bedroom apartment. This apartment, being on 5th Avenue, still has a price tag of $1M, and costs them 1/2 of the take-home salary. But more on this later.
Instead of going to the movies, they rent videos. Restaurants are reserved for once-a-quarter special occasions, rather than their monthly date nights. They now buy necessities at Wal-Mart and spend more time surfing the Web for sales than ever before.
So, how do they spend their $400K yearly income? Here's what I got from the article
Despite their income, Fou says he and his wife have little in savings and certainly not enough to support the family for any length of time should one of them lose a job. Nearly every dollar they earn is spoken for.
Gross = $400K
Taxes = $200K
Housing = $100K+
Child care = $40K+
Preschool = $15k
This leaves them with $45K for all other expenses -- medical, food, transportation, etc... -- which, even an ignoramus like myself knows, does not get them far in NYC.
Fou still plans to take the family on a winter vacation this year. He wants his son to get on his first pair of skis. But instead of flying to Colorado, they'll probably rent a car and drive up to Vermont for a long weekend. It's unlikely they will visit their families in Texas anytime soon, given the cost of airfares. So Fou purchased a webcam to ensure the grandparents can still see the kids regularly, albeit virtually.So, why do they choose to live there? "We grew up in Dallas and Houston, respectively, and we just couldn't see ourselves living in the suburbs."
For a view of the 800-sqft $1M one-bedroom apartment for a family of 4, see video below.
See inside a 5th Avenue apartment - MSN Video
The full article is here.
Getting by on $400K
Agreed. And we've bought the myth that each generation has to live better than their parents as if it's some sort of birthright or economic law. Pursuing that in the headwinds of global economic changes and over the last several decades has led to this debt-fueled mess.Three administrations of politicians have put the economy in the toilet pushing the "American Dream".
We have had a few threads or posts about how people in NYC need huge salaries just to survive there, due to the high cost of living. People like me who have spent the entire life in backward places like AZ just couldn't understand it. However, I just ran across an article that sheds more light on this.
The subject of this Web article is a highly-educated married couple perhaps in their late 30s. With the husband having a doctorate from MIT, and the wife a dentist with her own practice, they make $400K/yr. Yet, they are scrambling to get by with their 3-yr old and a 9-mo old in a 800-sqft one bedroom apartment. This apartment, being on 5th Avenue, still has a price tag of $1M, and costs them 1/2 of the take-home salary. But more on this later.
Instead of going to the movies, they rent videos. Restaurants are reserved for once-a-quarter special occasions, rather than their monthly date nights. They now buy necessities at Wal-Mart and spend more time surfing the Web for sales than ever before.So, how do they spend their $400K yearly income? Here's what I got from the article
Despite their income, Fou says he and his wife have little in savings and certainly not enough to support the family for any length of time should one of them lose a job. Nearly every dollar they earn is spoken for.
Gross = $400K
Taxes = $200K
Housing = $100K+
Child care = $40K+
Preschool = $15k
This leaves them with $45K for all other expenses -- medical, food, transportation, etc... -- which, even an ignoramus like myself knows, does not get them far in NYC.
Fou still plans to take the family on a winter vacation this year. He wants his son to get on his first pair of skis. But instead of flying to Colorado, they'll probably rent a car and drive up to Vermont for a long weekend. It's unlikely they will visit their families in Texas anytime soon, given the cost of airfares. So Fou purchased a webcam to ensure the grandparents can still see the kids regularly, albeit virtually.So, why do they choose to live there? "We grew up in Dallas and Houston, respectively, and we just couldn't see ourselves living in the suburbs."
For a view of the 800-sqft $1M one-bedroom apartment for a family of 4, see video below.
See inside a 5th Avenue apartment - MSN Video
The full article is here.
Getting by on $400K
Abbey Joseph Cohen used to live in Kew Gardens even though she made a lot of money and could have moved somewhere else. and Kew Gardens has one of the best elementary schools in NYC.
it's true, but NYC real estate prices vary. A LOT.
couples with children moved to Park SLope a long time ago if they wanted a trendy neighborhood. there is a long list of places to live where housing will cost 1/3 or less than what they pay. Abbey Joseph Cohen used to live in Kew Gardens even though she made a lot of money and could have moved somewhere else. and Kew Gardens has one of the best elementary schools in NYC.
Before we bought our first house in Westchester County, DW and I lived right next to Kew Gardens, in Forest Hills. It is a beautiful part of Queens with some of the loveliest single-family homes in NYC. It was like a suburb with lots of grass and trees, yet very accessible to Manhattan via the subway or LIRR. Best of all, rents were about 2/3 of those for a similar apartment in Manhattan. The lower rent allowed us to save up a down payment for a house much more quickly than had we lived in Manhattan.