Finances in NYC

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
HereToLearn
Posts: 536
Joined: Sat Mar 17, 2018 5:53 pm

Re: Finances in NYC

Post by HereToLearn » Mon Nov 04, 2019 10:27 pm

Would you consider moving to Kips Bay when your lease is up? Being able to walk to work would add so much to your life. The only NYC bus I could tolerate was the crosstown. The ones that travel up and down the avenues are just painfully slow.

I know that a lot of recent college grads move to Kips Bay these days. Rents may be higher there than on UES (a reversal from 25 years ago).

protagonist
Posts: 6005
Joined: Sun Dec 26, 2010 12:47 pm

Re: Finances in NYC

Post by protagonist » Tue Nov 05, 2019 8:31 am

HereToLearn wrote:
Mon Nov 04, 2019 10:27 pm
Would you consider moving to Kips Bay when your lease is up? Being able to walk to work would add so much to your life. The only NYC bus I could tolerate was the crosstown. The ones that travel up and down the avenues are just painfully slow.

I know that a lot of recent college grads move to Kips Bay these days. Rents may be higher there than on UES (a reversal from 25 years ago).
I've raced my fiancee four times so far, where she would take the bus (both crosstown and N-S) and I would walk at my usual relatively fast pace- I average 10 city blocks in 9 minutes (no running- that is cheating- just my normal walk). I beat her all four times. The immortal Lightnin' Hopkins said "Rubber on wheels is faster than rubber on heels." Clearly Lightnin' did not live in Manhattan.

HereToLearn
Posts: 536
Joined: Sat Mar 17, 2018 5:53 pm

Re: Finances in NYC

Post by HereToLearn » Tue Nov 05, 2019 9:56 am

protagonist wrote:
Tue Nov 05, 2019 8:31 am
HereToLearn wrote:
Mon Nov 04, 2019 10:27 pm
Would you consider moving to Kips Bay when your lease is up? Being able to walk to work would add so much to your life. The only NYC bus I could tolerate was the crosstown. The ones that travel up and down the avenues are just painfully slow.

I know that a lot of recent college grads move to Kips Bay these days. Rents may be higher there than on UES (a reversal from 25 years ago).
I've raced my fiancee four times so far, where she would take the bus (both crosstown and N-S) and I would walk at my usual relatively fast pace- I average 10 city blocks in 9 minutes (no running- that is cheating- just my normal walk). I beat her all four times. The immortal Lightnin' Hopkins said "Rubber on wheels is faster than rubber on heels." Clearly Lightnin' did not live in Manhattan.

Ha! It has been almost 25 years since I lived in Manhattan and street traffic moves even slower now than it did then. I used to hop on the bus near Central Park West and head over to the east side, so the only reason it was fast was because much of the trip was inside the park without traffic.

becksftw
Posts: 9
Joined: Sat Jul 13, 2019 8:05 am

Re: Finances in NYC

Post by becksftw » Tue Nov 05, 2019 11:14 am

skime wrote:
Sat Nov 10, 2018 9:41 am
mark39 wrote:
Sat Nov 10, 2018 7:44 am
Good Morning Everyone,

I'm facing a big decision; I received a job offer in Manhattan, NY and am trying to see the financial side of the issue and since I believe everyone here from past experience I am hoping for other opinions regarding life in general with the decision. So, anything you think I should consider I welcome your thoughts. The basics on the financial side:

Current Employer:
$57,800k/year pretax salary
Take-home after 457 contributions is $1,450 biweekly
Medical, dental, vision coverage
Exempt position; supervisor
11 years in OPERS defined benefit plan
457 plan in VG funds
4 weeks vacation her year
Limited growth potential
Fairly low stress
Work typical 8-4 job with on-call duties (not paid to be on-call)
Columbus, OH
Rent $785/month + electric (typically $100/month
Commute is 25 minutes by car (I drive a civic so around $95/mo in gas) + insurance yearly and maintenance
Rarely eat out

Potential Employer:
$122,000/year pretax salary
Take-home estimate would be around $3,000 biweekly
NY state and income taxes are higher
Medical, dental, vision (essentially same package)
Exempt position; supervisor
Would be new to NYPERS
457 and/or 401(K) options (they have pretax or roth versions of both)- plan fees are reasonably cheap from Boglehead perspective
VG funds available
2 weeks vacation per year until 5 years of service
Would definitely be a step up career-wise
Shift work including overnights
No on-call duties unless disaster struck
Higher stress
Would not have a car
Metro card is $120/month

Rent obviously is expensive in NYC. A 500 sq ft studio apartment in Manhattan is easily $1800/mo and most do not include in unit washer/dryer, A/C, elevator, etc. Even if I found a place to live at $1800/mo that would be over 28% of take home pay. That's based on just 2 paychecks per month b/c I'd like to be conservative while making a decision so I pretend those other 2 checks don't exist during the year. I won't consider living with a roommate. Obviously everything else is more expensive with the exception of utilities which are pretty comparable from what I can see. The boroughs are cheaper and depend on various factors (proximity to subway, distance from city, etc). The savings on rent is noticeable but not that great. I really can't decide if it's worth the extra commute time/hassle. Jersey is definitely a cheaper option, but again, I'd like to stay close to work and the typical commute depending on exact location would be at least 40 minutes each way.

Career-wise it's a slam dunk to take the job. Financially, I'm not so sure. Personally/psychologically/family, I'd be fine.

I don't have the desire to live a crazy NYC lifestyle. I absolutely would go to attractions on occasion but I live well within my means and saving is a huge priority. Just not sure if that could be done with these circumstances.

Thanks for reading and thanks in advance for any advise, financially and anything else you can think of.
You'll be miserable living in Manhattan on 122k. It's a lot more expensive than you may think. If saving is a priority, stay out of NYC unless you run a bank or hedge fund.
Sorry, but this is just not true. I live in Manhattan on 125k, put away 3k/month towards savings, and still live a very comfortable lifestyle. With that said, I do have roommates. If OP prefers to have his own place, that isn't really doable in Manhattan on that salary without putting a big strain on savings. You can find pretty nice and affordable 1br/studios in Bushwick or Bedstuy though. Both great neighborhoods, but with a longer commute.

protagonist
Posts: 6005
Joined: Sun Dec 26, 2010 12:47 pm

Re: Finances in NYC

Post by protagonist » Tue Nov 05, 2019 12:38 pm

becksftw wrote:
Tue Nov 05, 2019 11:14 am


You'll be miserable living in Manhattan on 122k. It's a lot more expensive than you may think. If saving is a priority, stay out of NYC unless you run a bank or hedge fund.
Manhattan's median annual household income is $66,739, while Brooklyn's is a mere $44,850.

By your logic there must be a vast majority of miserable people.

My fiancee makes considerably less than 100K and has lived in Manhattan for 17 years. She is happy. You figure.....

(fwiw, the most "miserable" person I know who lived there happens to own a hedge fund. He was so miserable that the last I heard he retired and moved to Thailand.)

User avatar
VictoriaF
Posts: 18975
Joined: Tue Feb 27, 2007 7:27 am
Location: Black Swan Lake

Re: Finances in NYC

Post by VictoriaF » Tue Nov 05, 2019 12:54 pm

protagonist wrote:
Tue Nov 05, 2019 8:31 am
I've raced my fiancee four times so far, where she would take the bus (both crosstown and N-S) and I would walk at my usual relatively fast pace- I average 10 city blocks in 9 minutes (no running- that is cheating- just my normal walk). I beat her all four times. The immortal Lightnin' Hopkins said "Rubber on wheels is faster than rubber on heels." Clearly Lightnin' did not live in Manhattan.
Did you wear heels?

Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

Mako52
Posts: 110
Joined: Mon Jul 30, 2018 11:07 am

Re: Finances in NYC

Post by Mako52 » Tue Nov 05, 2019 2:10 pm

Go to NYC for a couple of days, take the subway during rush hour, and see the kinds of apartments you're going to be living in for that kind of rent. You are throwing yourself into a meat grinder. NYC can be fun, both personally and professionally, but it also absurdly expensive and stressful.

"I don't have the desire to live a crazy NYC lifestyle". You're not going to have a "good" lifestyle on 122k in NYC, so I wouldn't take the job.

protagonist
Posts: 6005
Joined: Sun Dec 26, 2010 12:47 pm

Re: Finances in NYC

Post by protagonist » Tue Nov 05, 2019 3:35 pm

VictoriaF wrote:
Tue Nov 05, 2019 12:54 pm
protagonist wrote:
Tue Nov 05, 2019 8:31 am
I've raced my fiancee four times so far, where she would take the bus (both crosstown and N-S) and I would walk at my usual relatively fast pace- I average 10 city blocks in 9 minutes (no running- that is cheating- just my normal walk). I beat her all four times. The immortal Lightnin' Hopkins said "Rubber on wheels is faster than rubber on heels." Clearly Lightnin' did not live in Manhattan.
Did you wear heels?

Victoria
Seriously? I don't even like wearing shoes.

FrugalConservative
Posts: 124
Joined: Thu Aug 17, 2017 9:44 am

Re: Finances in NYC

Post by FrugalConservative » Tue Nov 05, 2019 3:57 pm

Manhatten, on 122K. HELL NO.

FrugalConservative
Posts: 124
Joined: Thu Aug 17, 2017 9:44 am

Re: Finances in NYC

Post by FrugalConservative » Tue Nov 05, 2019 4:00 pm

becksftw wrote:
Tue Nov 05, 2019 11:14 am
skime wrote:
Sat Nov 10, 2018 9:41 am
mark39 wrote:
Sat Nov 10, 2018 7:44 am
Good Morning Everyone,

I'm facing a big decision; I received a job offer in Manhattan, NY and am trying to see the financial side of the issue and since I believe everyone here from past experience I am hoping for other opinions regarding life in general with the decision. So, anything you think I should consider I welcome your thoughts. The basics on the financial side:

Current Employer:
$57,800k/year pretax salary
Take-home after 457 contributions is $1,450 biweekly
Medical, dental, vision coverage
Exempt position; supervisor
11 years in OPERS defined benefit plan
457 plan in VG funds
4 weeks vacation her year
Limited growth potential
Fairly low stress
Work typical 8-4 job with on-call duties (not paid to be on-call)
Columbus, OH
Rent $785/month + electric (typically $100/month
Commute is 25 minutes by car (I drive a civic so around $95/mo in gas) + insurance yearly and maintenance
Rarely eat out

Potential Employer:
$122,000/year pretax salary
Take-home estimate would be around $3,000 biweekly
NY state and income taxes are higher
Medical, dental, vision (essentially same package)
Exempt position; supervisor
Would be new to NYPERS
457 and/or 401(K) options (they have pretax or roth versions of both)- plan fees are reasonably cheap from Boglehead perspective
VG funds available
2 weeks vacation per year until 5 years of service
Would definitely be a step up career-wise
Shift work including overnights
No on-call duties unless disaster struck
Higher stress
Would not have a car
Metro card is $120/month

Rent obviously is expensive in NYC. A 500 sq ft studio apartment in Manhattan is easily $1800/mo and most do not include in unit washer/dryer, A/C, elevator, etc. Even if I found a place to live at $1800/mo that would be over 28% of take home pay. That's based on just 2 paychecks per month b/c I'd like to be conservative while making a decision so I pretend those other 2 checks don't exist during the year. I won't consider living with a roommate. Obviously everything else is more expensive with the exception of utilities which are pretty comparable from what I can see. The boroughs are cheaper and depend on various factors (proximity to subway, distance from city, etc). The savings on rent is noticeable but not that great. I really can't decide if it's worth the extra commute time/hassle. Jersey is definitely a cheaper option, but again, I'd like to stay close to work and the typical commute depending on exact location would be at least 40 minutes each way.

Career-wise it's a slam dunk to take the job. Financially, I'm not so sure. Personally/psychologically/family, I'd be fine.

I don't have the desire to live a crazy NYC lifestyle. I absolutely would go to attractions on occasion but I live well within my means and saving is a huge priority. Just not sure if that could be done with these circumstances.

Thanks for reading and thanks in advance for any advise, financially and anything else you can think of.
You'll be miserable living in Manhattan on 122k. It's a lot more expensive than you may think. If saving is a priority, stay out of NYC unless you run a bank or hedge fund.
Sorry, but this is just not true. I live in Manhattan on 125k, put away 3k/month towards savings, and still live a very comfortable lifestyle. With that said, I do have roommates. If OP prefers to have his own place, that isn't really doable in Manhattan on that salary without putting a big strain on savings. You can find pretty nice and affordable 1br/studios in Bushwick or Bedstuy though. Both great neighborhoods, but with a longer commute.
Bushwick and bedstuy, are great neighborhoods? lol. Couldnt pay me to live there.

User avatar
legio XX
Posts: 532
Joined: Tue Jul 15, 2008 6:37 am
Location: NYC

Re: Finances in NYC

Post by legio XX » Tue Nov 05, 2019 4:46 pm

skime wrote:
Sat Nov 10, 2018 9:41 am
You'll be miserable living in Manhattan on 122k. It's a lot more expensive than you may think. If saving is a priority, stay out of NYC unless you run a bank or hedge fund.
Nonsense.

User avatar
legio XX
Posts: 532
Joined: Tue Jul 15, 2008 6:37 am
Location: NYC

Re: Finances in NYC

Post by legio XX » Tue Nov 05, 2019 4:54 pm

FrugalConservative wrote:
Tue Nov 05, 2019 4:00 pm
Bushwick and bedstuy, are great neighborhoods? lol. Couldnt pay me to live there.
Good. The people who have owned and rented there for generations would approve.

knowledge
Posts: 202
Joined: Wed Mar 02, 2011 5:44 pm

Re: Finances in NYC

Post by knowledge » Tue Nov 05, 2019 5:02 pm

With the large population of NYC, it's reasonable to assume that you can be happy, and even thrive, at various levels of income, given the large combinations of goods and services available at all price points. It's also reasonable to assume that for members of this forum in particular, those expense profiles would be large unappealing.

But it's worth it for many...

Jags4186
Posts: 3847
Joined: Wed Jun 18, 2014 7:12 pm

Re: Finances in NYC

Post by Jags4186 » Tue Nov 05, 2019 5:16 pm

$122k in Manhattan does sound miserable. Yes there are plenty of people who live there on less. Would you like to live with many roommates, or in awful housing, not being able to afford many of the things the city offers? Will you starve? No, but it will be a pretty crappy experience IMO.

It’s fine to be 23, making $120k, sharing a garden level apartment with a roommate. It’s another thing entirely to want to live like a grown up.

Topic Author
mark39
Posts: 61
Joined: Tue Dec 13, 2016 7:45 pm

Re: Finances in NYC

Post by mark39 » Tue Nov 05, 2019 5:27 pm

Jags4186 wrote:
Tue Nov 05, 2019 5:16 pm
$122k in Manhattan does sound miserable. Yes there are plenty of people who live there on less. Would you like to live with many roommates, or in awful housing, not being able to afford many of the things the city offers? Will you starve? No, but it will be a pretty crappy experience IMO.

It’s fine to be 23, making $120k, sharing a garden level apartment with a roommate. It’s another thing entirely to want to live like a grown up.
I'd largely agree with this point.One of things that I had a hard time with before I moved here was where the opportunities to cut expenses would come from. In probably any other city in the country you make cuts on grocery bills and entertainment. Finding a place to live on less than 25% of income is pretty easy anywhere else. In fact, I never paid more than 20% in Columbus or Cleveland. Here that is not an option unless you have roommate(s) at this salary.

The thing that I couldn't understand fully was how hard it is to not spend a lot on food. Keep in mind, I very rarely eat at actual restaurants. It's deli's and fast casual places like Sweet Green, Digg Inn,etc. Think Chipotle for NYC but healthier. Breakfast and lunch are much cheaper than dinner like anywhere else. Now, I don't always eat out but it's still far more than living anywhere else for me. Prior to moving here, it was a rare occurrence I wouldn't just eat whatever I bought at the grocery store. But here it's just different.

So, when you take away the inability to save a significant amount on rent and food it gets tough. Of course, I can cut those expenses a bit more and hopefully will when my lease is up, but it's just so much different it is hard to explain.

Also, I agree if I was in my early 20's it would be different. I'd absolutely love it, most likely. But that is irrelevant at this point.

The other comment earlier about making money and not letting it make me really has me thinking. I just wish I had the confidence to think I could find another job with a decent salary. My field is narrow and somewhat unique. So, I CONSTANTLY struggle with that point.

JackoC
Posts: 996
Joined: Sun Aug 12, 2018 11:14 am

Re: Finances in NYC

Post by JackoC » Tue Nov 05, 2019 5:43 pm

protagonist wrote:
Tue Nov 05, 2019 12:38 pm
becksftw wrote:
Tue Nov 05, 2019 11:14 am


You'll be miserable living in Manhattan on 122k. It's a lot more expensive than you may think. If saving is a priority, stay out of NYC unless you run a bank or hedge fund.
Manhattan's median annual household income is $66,739, while Brooklyn's is a mere $44,850.

By your logic there must be a vast majority of miserable people.

My fiancee makes considerably less than 100K and has lived in Manhattan for 17 years. She is happy. You figure.....
I agree that 'miserable on $122k in NY' is ridiculous as a blanket unqualified statement. However while it's useful to note how NY borough median incomes are not very high*, the total population in NY is simply not the population that frequents this forum and comments about moving to or living in NY, it's just not the same demographic whatsoever. And the broader demographic also includes loads of people living in Rent Stabilized or public housing. A young upper middle class professional looking to move to NY, besides all the other differences from the NY median person or household, has basically no chance of snagging an RS or public housing apt.

Same goes for comments like 'couldn't pay me to live in Bushwick'. Compared to what? People in the hinterlands thinking Bushwick is some terrible place probably wouldn't want to live in NY at all.

But as other posts have pointed out, there's a point in life where the lifestyle you need to live to save a lot while paying *free market rent* (let alone buying) at $122k, and with generally upper middle class expectations, is no longer as attractive as it might have been at a younger age.

*your numbers are a little old and low, here's newer ones, NY (aka Manhattan) and Kings (aka Brooklyn) counties in 2013-17 avged about $80k and $52k median income respectively, US median is in the $60k's.
https://patch.com/new-york/new-york-cit ... -make-year

rjbraun
Posts: 1461
Joined: Sun Sep 09, 2012 8:22 pm

Re: Finances in NYC

Post by rjbraun » Tue Nov 05, 2019 11:35 pm

mark39 wrote:
Tue Nov 05, 2019 5:27 pm
Jags4186 wrote:
Tue Nov 05, 2019 5:16 pm
$122k in Manhattan does sound miserable. Yes there are plenty of people who live there on less. Would you like to live with many roommates, or in awful housing, not being able to afford many of the things the city offers? Will you starve? No, but it will be a pretty crappy experience IMO.

It’s fine to be 23, making $120k, sharing a garden level apartment with a roommate. It’s another thing entirely to want to live like a grown up.
I'd largely agree with this point.One of things that I had a hard time with before I moved here was where the opportunities to cut expenses would come from. In probably any other city in the country you make cuts on grocery bills and entertainment. Finding a place to live on less than 25% of income is pretty easy anywhere else. In fact, I never paid more than 20% in Columbus or Cleveland. Here that is not an option unless you have roommate(s) at this salary.

The thing that I couldn't understand fully was how hard it is to not spend a lot on food. Keep in mind, I very rarely eat at actual restaurants. It's deli's and fast casual places like Sweet Green, Digg Inn,etc. Think Chipotle for NYC but healthier. Breakfast and lunch are much cheaper than dinner like anywhere else. Now, I don't always eat out but it's still far more than living anywhere else for me. Prior to moving here, it was a rare occurrence I wouldn't just eat whatever I bought at the grocery store. But here it's just different.

So, when you take away the inability to save a significant amount on rent and food it gets tough. Of course, I can cut those expenses a bit more and hopefully will when my lease is up, but it's just so much different it is hard to explain.

Also, I agree if I was in my early 20's it would be different. I'd absolutely love it, most likely. But that is irrelevant at this point.

The other comment earlier about making money and not letting it make me really has me thinking. I just wish I had the confidence to think I could find another job with a decent salary. My field is narrow and somewhat unique. So, I CONSTANTLY struggle with that point.
I don't totally follow your point about food cost. From what you wrote it sounds as if you could probably save money by having breakfast at home (and dinner, unless you're going out socially) and brownbagging your lunch. I think you definitely pay up for the convenience of picking up food at the places you listed. Plus, assuming you have basic kitchen skills you can prepare healthier food at home than you would probably buy. I think Trader Joe's charges the same prices nationally, so there shouldn't be a markup just because you're buying their food in NYC.

What I could appreciate is that your Manhattan kitchen may not be as spacious as when you lived in Ohio. That's part of the adjustment one makes living in Manhattan: real estate is expensive, but if you enjoy other aspects of the city, such as culture, conveniences, etc. it can be manageable.

BarbBrooklyn
Posts: 452
Joined: Fri Aug 24, 2018 9:33 am
Location: NYC

Re: Finances in NYC

Post by BarbBrooklyn » Wed Nov 06, 2019 6:34 am

Come to NYC. It's a place like no other.

If you love theater, join TDF (Theater Development Fund). Best entertainment value there is, aside from the cheap ethnic food.
BarbBrooklyn | "The enemy of a good plan is the dream of a perfect plan."

Bobby Lupo
Posts: 23
Joined: Thu Aug 09, 2018 4:06 pm

Re: Finances in NYC

Post by Bobby Lupo » Wed Nov 06, 2019 7:19 am

I've lived in Kips Bay for 13 years. It's affordable by Manhattan standards and walkable. East Village is 15 minutes, Midtown is 30 minutes. I manage to live happily, enjoy the city, save, and travel on 125K.

JackoC
Posts: 996
Joined: Sun Aug 12, 2018 11:14 am

Re: Finances in NYC

Post by JackoC » Wed Nov 06, 2019 10:21 am

rjbraun wrote:
Tue Nov 05, 2019 11:35 pm
mark39 wrote:
Tue Nov 05, 2019 5:27 pm
Jags4186 wrote:
Tue Nov 05, 2019 5:16 pm
$122k in Manhattan does sound miserable. ...
It’s fine to be 23, making $120k, sharing a garden level apartment with a roommate. It’s another thing entirely to want to live like a grown up.
The thing that I couldn't understand fully was how hard it is to not spend a lot on food. Keep in mind, I very rarely eat at actual restaurants. It's deli's and fast casual places like Sweet Green, Digg Inn,etc. Think Chipotle for NYC but healthier. Breakfast and lunch are much cheaper than dinner like anywhere else. Now, I don't always eat out but it's still far more than living anywhere else for me. Prior to moving here, it was a rare occurrence I wouldn't just eat whatever I bought at the grocery store. But here it's just different.
I don't totally follow your point about food cost. From what you wrote it sounds as if you could probably save money by having breakfast at home (and dinner, unless you're going out socially) and brownbagging your lunch. I think you definitely pay up for the convenience of picking up food at the places you listed. Plus, assuming you have basic kitchen skills you can prepare healthier food at home than you would probably buy. I think Trader Joe's charges the same prices nationally, so there shouldn't be a markup just because you're buying their food in NYC.
But with the carless Manhattan lifestyle, which is another key to controlling living cost there, a lot of people don't go to the trouble to shop at one of the few locations of larger supermarkets (there are now some Trader Joe* locations in Manhattan, since pretty recently) by taxi/Uber but walk to a neighborhood place which is smaller and notably more expensive than national std grocery prices. Also higher compared to here in Hudson Cty right across the river, where grocery prices are really pretty much national. There are also warehouse stores here but almost none in the City. But in latter case again assuming a car, which is a bit more practical to have here than City though not as easy as general US.

Restaurants are harder to generalize obviously depending greatly what exact type of place, but even with City prices having tending to follow City people to Hoboken, similar restaurants are still not quite Manhattan level in price; waterfront areas of Jersey City similarly though rents (for either free market apts, or what stores/restaurants pay) are pretty comparable in waterfront Hudson Cty to hipster/yuppified parts of Brooklyn/Queens that are a comparable commuting time to jobs in Manhattan. But the tendency for grocery prices to be higher is more City-wide, also utilities, and sales tax is charged on clothes there but not here. Not to mention, of course, City income tax whereas in NJ you just pay state income tax (even if working in the City) similar to NYS income tax. In case of some merchandise purchases though the high traffic and high competition among huge number of stores in the City can make prices other than grocery actually lower than X smaller town in OH. Depends the item and where you shop.

Just saying, there is a generally higher COL in Manhattan besides just rent or condo/coop cost (though that's the huge one compared to US general standard) even compared to parts of NJ just across. There are also some cost differences even between Hudson Cty and Brooklyn/Queens neighborhoods a comparable distance from work in Manhattan, even where free market apt rents are similarly slightly lower than Manhattan.

*and I don't know if TJ's prices are actually same as say here on NJ side: most relatively low cost per weight items are more in the City because you have to bring them in with smaller trucks and handle and sell with more expensive labor than you can use just outside the City.

Topic Author
mark39
Posts: 61
Joined: Tue Dec 13, 2016 7:45 pm

Re: Finances in NYC

Post by mark39 » Wed Nov 06, 2019 5:10 pm

Thank you for the informative post. I certainly have considered NJ and the boroughs for living but I have pretty much rules that out. The main reason is I have a very chaotic work schedule that requires being available at all times.

I never takes taxis/Uber’s with the exception of when my elderly mother visited so that isn’t an expense for me. The only transportation cost I have is the unlimited MTA Card which is taken out of my paycheck pretax.

Obviously this simply comes down to behavioral factors like anywhere else. What kind of trade offs are you willing to make between lifestyle and saving and investing? I have just been surprised how the drastic change in COL affected my thinking and actions even though I was/am aware of it.

Something I’d like to do is go back through Daniel Kahnrman’s books that I have look at it through my new perspective. Might be interesting.

BrooklynInvest
Posts: 185
Joined: Sun Jul 28, 2013 9:23 am

Re: Finances in NYC

Post by BrooklynInvest » Wed Nov 06, 2019 6:11 pm

Congratulations on the opportunity OP. Some observations. I'm a longtime New Yorker so biased, but here's the rub -

New York is like nowhere else. Even if it's not your thing long term it might just be a great experience for you to tell the grandkids about one day. The crowds and noise aren't for everyone but I hate driving, love walking everywhere and drop a whopping $6 a day on transportation.

Culture can be done on the cheap believe me. There's a lot of young people moving here so I'd imagine you'd have a good social life. When I was younger I hung out at great, cheap joints. Now that I'm older I can go to some of the best restaurants in the world... OK so I still prefer the great cheap joints but hey I have the choice!!

I work with a lot of young analysts that make less than your new salary. They have a ball. You might as well. One last thought - will you regret the experience if you stay put? I would have. Others may not.

Good luck!

protagonist
Posts: 6005
Joined: Sun Dec 26, 2010 12:47 pm

Re: Finances in NYC

Post by protagonist » Wed Nov 06, 2019 11:39 pm

BrooklynInvest wrote:
Wed Nov 06, 2019 6:11 pm
Congratulations on the opportunity OP. Some observations. I'm a longtime New Yorker so biased, but here's the rub -

New York is like nowhere else. Even if it's not your thing long term it might just be a great experience for you to tell the grandkids about one day. The crowds and noise aren't for everyone but I hate driving, love walking everywhere and drop a whopping $6 a day on transportation.

Culture can be done on the cheap believe me. There's a lot of young people moving here so I'd imagine you'd have a good social life. When I was younger I hung out at great, cheap joints. Now that I'm older I can go to some of the best restaurants in the world... OK so I still prefer the great cheap joints but hey I have the choice!!

I work with a lot of young analysts that make less than your new salary. They have a ball. You might as well. One last thought - will you regret the experience if you stay put? I would have. Others may not.

Good luck!
I find this a good source for NY culture on the cheap. https://theskint.com/

User avatar
VictoriaF
Posts: 18975
Joined: Tue Feb 27, 2007 7:27 am
Location: Black Swan Lake

Re: Finances in NYC

Post by VictoriaF » Thu Nov 07, 2019 4:59 pm

protagonist wrote:
Wed Nov 06, 2019 11:39 pm
I find this a good source for NY culture on the cheap. https://theskint.com/
Thank you, protagonist,

Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

User avatar
VictoriaF
Posts: 18975
Joined: Tue Feb 27, 2007 7:27 am
Location: Black Swan Lake

Re: Finances in NYC

Post by VictoriaF » Thu Nov 07, 2019 5:00 pm

VictoriaF wrote:
Thu Nov 07, 2019 4:59 pm
protagonist wrote:
Wed Nov 06, 2019 11:39 pm
I find this a good source for NY culture on the cheap. https://theskint.com/
Thank you, protagonist. I will check it out when I come to NYC for my comedy classes.

Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

Topic Author
mark39
Posts: 61
Joined: Tue Dec 13, 2016 7:45 pm

Re: Finances in NYC

Post by mark39 » Thu Nov 07, 2019 6:14 pm

VictoriaF wrote:
Thu Nov 07, 2019 5:00 pm
VictoriaF wrote:
Thu Nov 07, 2019 4:59 pm
protagonist wrote:
Wed Nov 06, 2019 11:39 pm
I find this a good source for NY culture on the cheap. https://theskint.com/
Thank you, protagonist. I will check it out when I come to NYC for my comedy classes.

Victoria
Another one for you
https://thoughtgallery.org/

User avatar
VictoriaF
Posts: 18975
Joined: Tue Feb 27, 2007 7:27 am
Location: Black Swan Lake

Re: Finances in NYC

Post by VictoriaF » Fri Nov 08, 2019 9:59 am

mark39 wrote:
Thu Nov 07, 2019 6:14 pm
Another one for you
https://thoughtgallery.org/
Thank you, Mark,
This is a type of events I enjoy.

Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

protagonist
Posts: 6005
Joined: Sun Dec 26, 2010 12:47 pm

Re: Finances in NYC

Post by protagonist » Sat Nov 09, 2019 10:08 am

VictoriaF wrote:
Fri Nov 08, 2019 9:59 am
mark39 wrote:
Thu Nov 07, 2019 6:14 pm
Another one for you
https://thoughtgallery.org/
Thank you, Mark,
This is a type of events I enjoy.

Victoria
Ditto! Thanks, Mark.
btw, Victoria, The Skint usu. has loads of comedy events (as well as a lot of other stuff). It comes out every day or two and you can subscribe by email.

Post Reply