400k w/ 2 kids in NYC = $245k in after tax disposible income according to
the first online calculator I could find (which estimates sales, property, etc--total tax burden). That's about $20k/mo to spend. Assuming your place costs $2MM, you're probably paying about $13k out of that $20k in mortgage (I left property tax out of the mortgage calculator so as not to double count it). So now youre down to $7k/mo. Assuming the family has 2 nice-ish cars, that's at least $1k/mo in car payments, so you're now down to $6k. Food for a family of four + weekly housekeeping is probably another $1500/mo, so now you're at $4500. Add in utility bills, cable, cell phones, etc, and now you're probably down to $3k-3500. Assuming you want to sock away $500/mo/child for college (because you won't qualify for a dime of financial aid), now you're down to $2k. That's $2k you have to spend on yourself, your kids and YOUR RETIREMENT.
Even if you make savings on food, clean your own house, cut the cord, make kids go to a SUNY, drive 1 car, you're maybe at $4-5k per month. I realize that $5k per month of discretionary income is better than many in America can hope for ... but it's also not "rich."
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In response to this post by PalmyraHoo)
Posted: 12/17/2017 at 11:59AM