I have to call BS on this!
- Thread starter sle
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The latter of course. Unfortunately most guys don’t come to this realization, until they’ve spent 20 years of life pleasing others, and realize 90% of the money chased didn’t facilitate good health and survival.
I drive a decrepit Toyota Fit that probably costs less than my garage a month. My total cost of ownership (garage, insurance and maintenance) is just about 8k a year. I can't imagine how much people in my garage pay for their Porsches.
Well, it happens naturally. My tax brackets and tax brackets of some dude in West Virginia are the same, even though my cost of living is probably 3-4 times higher.
A good place to live and a good school for the kids is pretty much a basic necessity. If you want to work in finance (realistically), you have to live somewhere within a reasonable commuting distance as you are gonna be working long hours. Pretty much any place like that would be priced rather richly and whichever of these places have good public schools usually have very high property taxes.
I disagree with you sle.
The article talks about how this guy can save in a 401k and build equity in an expensive home. He feels cash poor but developing wealth in assets.
Any many of his expenses, like private schools are by no means a necessity.
there are hundreds of millions of people in the US living in high tax areas that are making due on much less income. In your own firm there are probably IT guys making a third of your colleague and living fine by any standard of living measure.
But i completely understand the trap that your colleague and the subject of the article are in. I just recognize it’s no different than a fat person who can’t stop eating. It’s in their power to change their cash habits but they don’t really want to.
The article talks about how this guy can save in a 401k and build equity in an expensive home. He feels cash poor but developing wealth in assets.
Any many of his expenses, like private schools are by no means a necessity.
there are hundreds of millions of people in the US living in high tax areas that are making due on much less income. In your own firm there are probably IT guys making a third of your colleague and living fine by any standard of living measure.
But i completely understand the trap that your colleague and the subject of the article are in. I just recognize it’s no different than a fat person who can’t stop eating. It’s in their power to change their cash habits but they don’t really want to.
I know it all too well, and actually sympathize with them. It’s very hard to exercise these cash habits when you’re married to a modern westernized woman. They gots to have it.
I hate to say it like this, but the fact of the matter is, if you think the other side has it better, it is certainly easy to downgrade your job, or just quit, and live off the system. This would entail not living in New York City, not sending kids to private school, not having any vehicles, but also not having to pay 35-45% in taxes. You probably also have limited healthcare, so the constant stress associated with that.
I'm not saying that the taxation system is fair, but honestly, complaining about bringing home 300k a year is a bit much. (300k after taxes) Its a bit like a guy with a bad flu complaining to the guy with end stage cancer about how sick he is feeling that day.
I was taught growing up always have a part time business on the side, whether real estate or fixing cars or whatever, and build that into a business a little more each year, so at some point you want to quit whatever you been doing for 15-20 years, you have something coming in. So many go into trading and have nothing on the side to take the stress off. Many people live way beyond theirs means, and they live to use credit cards even for a cup of coffee.
I love Texas, no state income tax.
I love Texas, no state income tax.
Just checked the Lycee Francais website, I didn't know a school preparing for the french baccalaureate is among the most sought after in New York. Is that diploma worth anything in the US or is it just because of the school reputation ?
Not that I ever sent my kids anywhere else than to private schools, but what's wrong with public schools in Manhattan if the family is English speaking ? Public schools are supposed to be good in wealthy areas, also in the US. i wouldn't call private school a high necessity in your colleague's case, he might indeed be living above his means.
Taxes are outrageous, they really hurt one's disposable income in such a case.
I think the only reason I survived my divorce and don't pay a single cent is because I go scorched earth on everyone, including the lawyer and custody evaluators. Instead, I would have preferred my dear ex just met me for dinner once a month, we caught up, and became friends. In divorce, women are useful idiots for lawyers and don't understand what happens once it's over. Hint: your lawyer ain't really your friend 'sis.
I still treat her well, and with respect, and when I send the kids over, they are respectful to her and still love her as much as ever. But she wasted years of her life chasing a "win". And it's not that I don't lose, it's just I make sure I'm not the only one.
I don't know how to guide my kids into marriage. Both of them are going to be pretty well off. I tell the girl to marry someone who makes at least as much money as her, but the boy. He's like me. Happy-go-lucky and kinda dumb.
Respect. I drive a 2011 that has a cost of ~ $5K/year (according to accountant) which I bought at a 50% discount thanks to... drumroll... some other poor dude's divorce. Cannot imagine wasting money on a higher proportion of my income on a car at the moment.
When I was looking at moving there, I looked at the public school system and it was trash everywhere. Connecticut had better options.
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Have you lived anywhere else that has a state income tax? How is it comparatively? Often it's made up in sales tax or property tax. One of my friends is always trying to convince me to move there.