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Is $175k before taxes enough? By the good life I mean:
nice post war 1bdrm doorman relatively close to the park
nice dinner out with wife once or twice a week
2 - 3 weeks vacation a year abroad
nightclub/show/movie/ or other entertainment 3 weekends a month
drinks at a bar several nights a week
relatively nice waredrobe
2 - 3 cabs a week
healthclub
occasional pro sports game
We would have no car, no kids, and still contribute to 401k. Is this too tight? If so, what amount? $250k? $300k?
Is $175k before taxes enough? By the good life I mean:
nice post war 1bdrm doorman relatively close to the park
nice dinner out with wife once or twice a week
2 - 3 weeks vacation a year abroad
nightclub/show/movie/ or other entertainment 3 weekends a month
drinks at a bar several nights a week
relatively nice waredrobe
2 - 3 cabs a week
healthclub
occasional pro sports game
We would have no car, no kids, and still contribute to 401k.....
Well, let's break it down. You'd have $8,700 net each month after a 6% 401(k) contribution.
Your salary qualifies you to rent an apartment for just over $4,000/mo, but you'd have a lot more wiggle room if you can find a 1br closer to $3,000/mo. This should be no problem if you look along the Upper East Side along Lex and 3rd Aves where there are a lot of post war high-rises.
For dinner out 2x/ week, figure $200. This is your neighborhood Italian or New American place, not Per Se or a steak dinner.
For health club, figure $125/mo per person for an Equinox or New York Health & Racquet.
For date night a few times a month (show, etc), figure $200 per date.
Remember to add in the expense of dry cleaning and laundering- easily $200++ per month for two professionals.
Groceries, lunches, and cabs are easily another $800-1,000 per month.
Drinks 3x per week is easily $50-75/week.
So after all that, with a $3,000 apartment and no car, you'd have about $24,000 left over each year for travel, clothing, and savings. Only you can answer if that's enough. Or you'll need to cut back some of the other lifestyle wishlist items above.
Is $175k before taxes enough? By the good life I mean:
nice post war 1bdrm doorman relatively close to the park
nice dinner out with wife once or twice a week
2 - 3 weeks vacation a year abroad
nightclub/show/movie/ or other entertainment 3 weekends a month
drinks at a bar several nights a week
relatively nice waredrobe
2 - 3 cabs a week
healthclub
occasional pro sports game
We would have no car, no kids, and still contribute to 401k. Is this too tight? If so, what amount? $250k? $300k?
Do you earn $175K per year?
If so, yes you can live a comfortable life with $175k but you certainly won't be living lavishly.
For one, you will be stuck renting. You can't afford to buy as the average price for a Manhattan apartment is over $1.3 million.
With that aside, you will have enough to spare for the occasional show, occasional splurges at Barneys, good restaurants/bars, cabs, etc. but nothing over the top. You'll be fine.
Is $175k before taxes enough? By the good life I mean:
nice post war 1bdrm doorman relatively close to the park.......
We would have no car, no kids, and still contribute to 401k. Is this too tight? If so, what amount? $250k? $300k?
Prewar apartments are generally bigger and nicer than post war so think again about that.You should be able to find a very nice 1 br( pre or post) for 3,000 to 3,500/mo.
Yes. But we are both young (29 and 30) and will likely move into $250 - $300k in the next 5 - 7 years. At that point we would have children. With children (2) would that be enough?
To have 2 children in Manhattan and the lifestyle I'm assuming you would want (ie, private schools and a nanny if both of you continue to work), you'll need closer to $400-500k. Seriously.
You'll need a bigger apartment, which is probably in the $5-7k range. Private pre-school starts at $20-25k per child per year (and climbs into the low $30k's for high school). A great nanny is easily $25-30k per year. It is an elite crowd that can provide "the good life" for a family of four in Manhattan.
This is why many young families flee to Westchester County or the NJ suburbs like Short Hills, where public schools are good. Mom stays home. You may lose her six-figure income, but you're not spending $100k per year on schools and nannies either.
A decent nanny would be in the $25-$30k range, but a great one will command a higher salary, closer to the $60k mark, and benefits, or you risk said nanny being poached by someone who will pay the salary.
If you want a good public school in Manhattan, you need to pay attention to neighborhood. Schools are the problem because you may have a great local public elementary school, but then you have to make alternative arrangements, in some cases, at the middle/high school levels, and that's where slots for incoming students in some schools are particularly difficult to secure.
Some families move to an area in Queens or The Bronx and find a medium-sized house with that income and commute via LIRR or MetroNorth. You can find good neighborhood schools in District 26, Queens (Bayside-Douglaston-Little Neck) or District 10, The Bronx (Riverdale) that would give a bit more breathing room in your budget. And, you would have a backyard and driveway/garage for vehicles. As opposed to a walk or short cab/subway ride to work in Manhattan, you would be under 30 minutes on the train to Grand Central or Penn.
Right now, Manhattan is a good fit for a dual professional couple, but with children, you might consider other options.
__________________
All the world's a stage, and all the men and women merely players: they have their exits and their entrances; and one man in his time plays many parts, his acts being seven ages.
~William Shakespeare (As You Like It Act II, Scene VII)
if it's not enough for you, can give it to me.
i'm sure i'll manage
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good life
