AriGoldButNicer wrote: dingbat wrote:
AriGoldButNicer wrote:honestly, i don't know think making 150k vs. making 300k would have a huge impact on the quality of someone's life unless they have a ton of kids. even after taxes, supporting a spouse 100% (which likely won't be the case as virtually everyone at our age winds up preferring to work in some capacity) and paying 24k a year in loan repayment (sticker on a 10 yr plan), 150k is more than enough to live a good life anywhere including NYC. unless you're going to a 5 star restaurant every night, the only thing 300k would do for most people is pad their savings with an extra 150k each year. it also comes back to tangible value. just based on economics, do any of you really think you're going to be worth more than 160,000 a year for your legal skills your first year out of law school? i mean, the president only makes a shade over 250k.
Because if you work/live in NYC, you can't afford to buy a home on $150k/year, even if you're willing to eat ramen noodles 3 meals a day. (spoken as someone who lived in NYC for 6 years and already has a six figure salary)
then no offense, but you're awful with $.
subway has $5 footlongs, there are supermarkets galore and 100s of amazing delis that make incredible sandwiches for around $5-$8, and plenty of good falafel for under $5. you can afford a mortgage in a decent suburb. obviously, you can't buy manhattan real estate at 25 on 160k, but who expects to?
Let's say you earn $150,000 per year.
According to NYC's payrate calculator (http://www.nyc.gov/html/opa/html/gettin ... ator.shtml
) that means a monthly after-tax salary of $5737
Your company will match up to 3% for your 401k and, being smart, you choose to maximise this, so $172 is put away for retirement (I know it doesn't work this way, but let's keep things simle), bringing your take-home pay to $5565
*Rent: $2000 (decent 1 bedroom or half of a good 2 bedroom apartment in NYC)
Subway: $104 for a monthly pass
Smartphone: $100 after taxes (rounded) - you'll need it for work
Cable TV & Internet: $100 (or more)
Student Loan: $2301 ($200k at 6.8% over 10 years)
Let's say you only eat at subways, or at delis that make sandwiches between $5-$8, 3 meals a day. Let's include drinks, taxes, and the occasional snack and round out at $30/day (good luck enjoying that day in day out)
Now let's say once a month your boss and colleagues go out for drinks - you go with them, because you're social, and otherwise will be passed over for promotions. 2 drinks and a cab home (because it's late and you need to be at work first thing the next morning) and you've spent another $40
So, now you've got $20 left over, per month. Have fun
*If you live in a decent suburb outside NYC, you'll be lucky to be paying $2000/month for mortgage and property taxes (good luck). But, then you'll need to pay eifor your commute, which will cost at least $250/month (it'll be more, but, I'm being conservative)