02.07.09, 03:50 PM 17 replies
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Check out this NY Times story, "You Try to Live on 500K in This Town" referring to recent Obama exec salary cap and the cost of living an upper middle class life in NYC. Basic point is that 500k in NYC is not all that much! I totally agree but I couldn't believe the Times would print something like this now--as if the general public don't already have a seething hatred of Wall St and the wealthy...this is sure to be the tipping point that starts the revolution. Let them eat cake indeed! http://www.nytimes.com/2009/02/08/fashion/08halfmill.html?ref=style

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02.07.09, 03:50 PM Flag ]
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  • Check out this NY Times story, "You Try to Live on 500K in This Town" referring to recent Obama exec salary cap and the cost of living an upper middle class life in NYC. Basic point is that 500k in NYC is not all that much! I totally agree but I couldn't believe the Times would print something like this now--as if the general public don't already have a seething hatred of Wall St and the wealthy...this is sure to be the tipping point that starts the revolution. Let them eat cake indeed! http://www.nytimes.com/2009/02/08/fashion/08halfmill.html?ref=style

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    02.07.09, 03:50 PM Flag ]

    • It's funny, some expenses in that article are so "normal" and other so OTT. Like the $45K nanny or the $1.5M 3 BR apt. or the private school tution. OTOH, an apt w monthly maintenance of $8K!!!! and the $4M hamptons house and the chauffer and 3 $12K gowns for galas each year...

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      02.07.09, 07:01 PM Flag

      • np Very different things, imo.

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        02.07.09, 07:04 PM Flag

      • If the family is paying $45K for a nanny, can't the other spouse (I am presuming wife, fair or not) also work and bring in more income as well?

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        02.08.09, 09:10 AM Flag

    • That's more than an upper middle class life style.

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      02.07.09, 07:05 PM Flag

      • np 500k isn't

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        02.07.09, 07:10 PM Flag

        • Reality check--yes, it is.

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          02.07.09, 07:15 PM Flag

          • Reality check: If you have two kids in private school (definitely an upper middle class expectation, in general), 500k isn't a very high income.

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            02.07.09, 07:19 PM Flag

            • Did you yourself attend private school? Then perhaps you see it as a regular experience. I don't have that background, and even though my child does attend one, I can see the extreme privilege involved.

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              02.07.09, 08:04 PM Flag

              • No, I didn't. But private IS an upper middle class expectation in NYC.

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                02.08.09, 09:13 AM Flag

                • NOt for this middle class family.

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                  02.08.09, 12:15 PM Flag

                  • "upper middle class"

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                    02.08.09, 12:18 PM Flag

                    • Like I said, Upper middle class with HHI of 500K

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                      02.08.09, 12:34 PM Flag

          • ita, what is considered necessaries in NYC are extreme luxuries everywhere else.

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            02.07.09, 07:47 PM Flag

        • NP: It's all semantics. We have a HHI of 500K, send 2 kids to private school, rent a classic 6, only take 1 vacation a year, have a part-time sitter, no other homes, don't go out to eat much, own a Toyota SUV which we garage, and put the max away for IRA, 401K. We save absolutely nothing - zero. So with nothing coming into the bank account it's kind of tough to argue that we are living anyting more than an upper middle class life. NYC is simply crazy expensive and I just love it too much to do the sane thing which is move out.

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          02.07.09, 08:46 PM Flag

          • okay, the 2 school tuitions, is like $125K pretax. so you're basically saying that if all you make is $375K, you can't possibly save money in nyc above and beyond 401k? I say BS - there's probably tons of things you can cut out.

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            02.07.09, 09:16 PM Flag

    • They have to be kidding, no wonder their sales continue to plummet. Who do they think their audiene is?

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      02.08.09, 12:11 PM Flag

    • I don't think that article is meant to create any sympathy

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      02.08.09, 12:20 PM Flag
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