NYC law partner w/ kids: "$850K gross is not enough to live on"

[Anonymous]

This person would’ve done better investing in personal finance classes than law school.

[Anonymous]

Anonymous wrote:Clearly NYC is very expensive and 850k does not go as far there as elsewhere. It’s hard to sympathize with that poster and the statement about wanting a house “that’s truly worth coming home to” suggests they may be overlooking some decent options that could be reasonably nice homes for less than 2.2-2.4. That said, NYC is crazy expensive and I wonder why you wouldn’t just get the heck out and move to a different city if that’s the financial dilemma.

One cannot at this point. Very hard for a big firm partner to move to some other city. Any realtionships you have would be gone. Law is not so much about law as it is marketing. Could one go as far as she is and move to say Dallas? Sure but not at a Big firm and not at anywhere near 850k. You could have done it as a junior or mid level associate. So what we are saying to her if we tell her to move is to find a completely different job that will pay a fraction of what you now get. Could still be the right move but almost no one would make it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My friend who makes $230K as a lawyer in NYC and sends her DC to private with financial aid, sleeps on the sofa in their UES 1BR apartment. Does not have her own bedroom.

This lady makes 600k more. There is a crazy (maybe only semi crazy) poster saying that she can only afford to live in a shoebox in a decent neighborhood at 850k. Not from NY, but this sounds bananas.

My firm once asked me, more than 20 years ago, to move to NY as that is where my clients are. I was a new partner and at the time in DC made 500k. I said I would do it for 1.2 million. They said no and I said no.Today that 1.2 million is probably 2.0 or so which is what I think it takes. Older now but if they asked me today I would say sure for 4 million.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This thread is so stupid. I make $150,000 a year and I feel very rich (though with no kids). That doesn’t mean I have no limitations on my spending, and someone who makes $850,000 a year we also have limitations on their spending.

I’m Republican but threads like this pull me somewhat more leftward. Above a relatively moderate income/net worth, money just becomes, at best, about these trivialities or, worse, about greed and status-chasing.

Did you read the lady’s post? You cannot provide a strong education and a room for every kid in a safe part of NYC on 850k. She’s not asking for a private jet and house on Jupiter Island, more just the bare minimum.

That’s not rue about not being able to find a safe neighborhood. The majority of neighborhoods are safe in NYC. Just don’t move into the projects.

Not everyone can afford a separate room for each kid. If she can’t it’s not a big deal.

The education part is trickier but research will help.

One example is Astoria Queens. She can buy a nice home in Astoria on her salary and easily afford a 3-4 bedrooms. It’s safe. I have a feeling she’s not really feeling the diversity over there.

It’s all about what she thinks she’s entitled to.

I think highly intelligent people working long hours in boring work and getting paid 850k to do so are entitled to more than Astoria Queens. It’s a dumpy place with ugly houses.

It’s a huge assumption to call someone who is anonymous on a board “highly intelligent”.

You get what your income allows you to get. It’s doubtful you know much about Astoria but there are some areas that are really nice. Astoria Park area on the edge of the East River with a huge park and walkways around the river, public tennis, playgrounds, largest pool in The city. The area would meet her income level with $2 million dollar houses. The new skyscrapers are about $1 million.

Who do you think is living there anyway? Half of Manhattan has become really foul, even some of the expensive neighborhoods. Mayor Adams has been an unqualified disaster for over three years. No one can rely on what they knew from ten years ago.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This thread is so stupid. I make $150,000 a year and I feel very rich (though with no kids). That doesn’t mean I have no limitations on my spending, and someone who makes $850,000 a year we also have limitations on their spending.

I’m Republican but threads like this pull me somewhat more leftward. Above a relatively moderate income/net worth, money just becomes, at best, about these trivialities or, worse, about greed and status-chasing.

Did you read the lady’s post? You cannot provide a strong education and a room for every kid in a safe part of NYC on 850k. She’s not asking for a private jet and house on Jupiter Island, more just the bare minimum.

That’s not rue about not being able to find a safe neighborhood. The majority of neighborhoods are safe in NYC. Just don’t move into the projects.

Not everyone can afford a separate room for each kid. If she can’t it’s not a big deal.

The education part is trickier but research will help.

One example is Astoria Queens. She can buy a nice home in Astoria on her salary and easily afford a 3-4 bedrooms. It’s safe. I have a feeling she’s not really feeling the diversity over there.

It’s all about what she thinks she’s entitled to.

I think highly intelligent people working long hours in boring work and getting paid 850k to do so are entitled to more than Astoria Queens. It’s a dumpy place with ugly houses.

Nope, not if there are other people making multiples of that. The reason she can’t afford what she wants is that there are too many others who can.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This thread is so stupid. I make $150,000 a year and I feel very rich (though with no kids). That doesn’t mean I have no limitations on my spending, and someone who makes $850,000 a year we also have limitations on their spending.

I’m Republican but threads like this pull me somewhat more leftward. Above a relatively moderate income/net worth, money just becomes, at best, about these trivialities or, worse, about greed and status-chasing.

Did you read the lady’s post? You cannot provide a strong education and a room for every kid in a safe part of NYC on 850k. She’s not asking for a private jet and house on Jupiter Island, more just the bare minimum.

You absolutely can provide a strong education and a room for every kid in a safe part of NYC, and for a lot less. It might not be a big room, and private school, in Tribeca, but NYC is a big city and a lot of the posters are incredibly narrow minded in how they imagine a happy life in NYC. I think biglaw expectations, not NYC, may be the problem here.

Please give an example. And if it is living in Jackson Heights and using PS 101 to test into Stuyvesant then that is not “a happy life in NYC”

Name the neighborhoods? Several come to mind: Windsor terrace, ditmas Park, Bay ridge, Astoria, Forest hills, Jackson heights, spuyten duyvil, Riverdale, Woodlawn, Hudson heights, Manor heights. I know people raising families in each of these neighborhoods. I work for NYC and have for more than 20 years (found my way into dcum 22 years ago right out of grad school). My city government colleagues and I are raising families happily in all five boros. You seem to not want to believe this is possible so I don't know what else to tell you.

No corporate attorney making 850k is going to live on Staten Island or the Bronx unless they already have family there. Bay Ridge is a MAGA hotbed and Ditmas Park is difficult socially if you’re not part of the primary religious group (which has formed an admirable community). If you are as far out as Forest Hills then you should just go to Nassau for the schools.

Please tell me you don’t work for the NYC Dept of Education…

Sorry you apparently didn't like my answer.

Your answer is plain wrong. The question is what the Reddit lady should do given her income, professional responsibilities, and family situation. Between:

A. Move to the Bronx
B. Move to SI
C. Move to suburban parts of Queens and
D. None of the above

D is correct

Go back to your failing inner city public schools

The ask was to name neighborhoods that disproved the statement that "You cannot provide a strong education and a room for every kid in a safe part of NYC on 850k. She’s not asking for a private jet and house on Jupiter Island, more just the bare minimum." The list of neighborhoods included those could check the boxes of good schools, a room for every kid, and safety. All you're doing is proving that you really don't know NYC. It's more than just fancy zip codes in Manhattan.

If SI and the Bronx are educated to you, we should go into business together. If the Bronx is safe, nowhere is dangerous

https://www.zillow.com/homedetails/2501-Palisade-Ave-APT-H2-Bronx-NY-10463/215954987_zpid/

Let me go ace the LSAT, study hard with no income for three years, then slave away in big law working 80 hour weeks while raising multiple children so I can live in a Bronx co-op with cheap neighbors, no access to the subway, schools in the least educated borough in the city, and no walkable restaurants and commercial centers. I’ll let you know how it goes 15 years from now.

Which neighbors? https://www.zillow.com/homedetails/3061-Scenic-Pl-Bronx-NY-10463/29851879_zpid/

I get it, not for you. But your perception is clearly misaligned with the reality of parts of NYC outside the very very very specific bubble you may be familiar with.

Someone who spends over 5mm to live in Riverdale is well off but very low class. Kind of person to give adjustable rate financing on beater cars at a used car lot.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This thread is so stupid. I make $150,000 a year and I feel very rich (though with no kids). That doesn’t mean I have no limitations on my spending, and someone who makes $850,000 a year we also have limitations on their spending.

I’m Republican but threads like this pull me somewhat more leftward. Above a relatively moderate income/net worth, money just becomes, at best, about these trivialities or, worse, about greed and status-chasing.

Did you read the lady’s post? You cannot provide a strong education and a room for every kid in a safe part of NYC on 850k. She’s not asking for a private jet and house on Jupiter Island, more just the bare minimum.

That’s not rue about not being able to find a safe neighborhood. The majority of neighborhoods are safe in NYC. Just don’t move into the projects.

Not everyone can afford a separate room for each kid. If she can’t it’s not a big deal.

The education part is trickier but research will help.

One example is Astoria Queens. She can buy a nice home in Astoria on her salary and easily afford a 3-4 bedrooms. It’s safe. I have a feeling she’s not really feeling the diversity over there.

It’s all about what she thinks she’s entitled to.

I think highly intelligent people working long hours in boring work and getting paid 850k to do so are entitled to more than Astoria Queens. It’s a dumpy place with ugly houses.

It’s a huge assumption to call someone who is anonymous on a board “highly intelligent”.

You get what your income allows you to get. It’s doubtful you know much about Astoria but there are some areas that are really nice. Astoria Park area on the edge of the East River with a huge park and walkways around the river, public tennis, playgrounds, largest pool in The city. The area would meet her income level with $2 million dollar houses. The new skyscrapers are about $1 million.

Who do you think is living there anyway? Half of Manhattan has become really foul, even some of the expensive neighborhoods. Mayor Adams has been an unqualified disaster for over three years. No one can rely on what they knew from ten years ago.

It’s Queens. It may have new builds and not a complete war zone but it’s queens. I would never let my kids tell their friends they are from such a foul place. The view from East End Avenue isn’t all it’s chalked about to be because blight across the river.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My friend who makes $230K as a lawyer in NYC and sends her DC to private with financial aid, sleeps on the sofa in their UES 1BR apartment. Does not have her own bedroom.

This lady makes 600k more. There is a crazy (maybe only semi crazy) poster saying that she can only afford to live in a shoebox in a decent neighborhood at 850k. Not from NY, but this sounds bananas.

My firm once asked me, more than 20 years ago, to move to NY as that is where my clients are. I was a new partner and at the time in DC made 500k. I said I would do it for 1.2 million. They said no and I said no.Today that 1.2 million is probably 2.0 or so which is what I think it takes. Older now but if they asked me today I would say sure for 4 million.

4mm a year is the right number to have three kids in private, a nice 4br, weekend escapes, weekly restaurant dinners, and savings. 850k isn’t enough.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My friend who makes $230K as a lawyer in NYC and sends her DC to private with financial aid, sleeps on the sofa in their UES 1BR apartment. Does not have her own bedroom.

This lady makes 600k more. There is a crazy (maybe only semi crazy) poster saying that she can only afford to live in a shoebox in a decent neighborhood at 850k. Not from NY, but this sounds bananas.

My firm once asked me, more than 20 years ago, to move to NY as that is where my clients are. I was a new partner and at the time in DC made 500k. I said I would do it for 1.2 million. They said no and I said no.Today that 1.2 million is probably 2.0 or so which is what I think it takes. Older now but if they asked me today I would say sure for 4 million.

4mm a year is the right number to have three kids in private, a nice 4br, weekend escapes, weekly restaurant dinners, and savings. 850k isn’t enough.

GTFO, this is mind blowing.

What is the approx HHI necessary for a couple with one kid living in a nice two bedroom apartment in Manhattan and going to public schools?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My friend who makes $230K as a lawyer in NYC and sends her DC to private with financial aid, sleeps on the sofa in their UES 1BR apartment. Does not have her own bedroom.

This lady makes 600k more. There is a crazy (maybe only semi crazy) poster saying that she can only afford to live in a shoebox in a decent neighborhood at 850k. Not from NY, but this sounds bananas.

My firm once asked me, more than 20 years ago, to move to NY as that is where my clients are. I was a new partner and at the time in DC made 500k. I said I would do it for 1.2 million. They said no and I said no.Today that 1.2 million is probably 2.0 or so which is what I think it takes. Older now but if they asked me today I would say sure for 4 million.

4mm a year is the right number to have three kids in private, a nice 4br, weekend escapes, weekly restaurant dinners, and savings. 850k isn’t enough.

GTFO, this is mind blowing.

What is the approx HHI necessary for a couple with one kid living in a nice two bedroom apartment in Manhattan and going to public schools?

The person you're responding to posted 3 wacko replies to different comments back to back. Just ignore, they seem to have a really specific agenda.

"Nice" is subjective and New Yorkers have very different standards than many, but I'd guess - based on my own current experience and that of friends- that a couple with one kid in a two br in Manhattan and public schools would be comfortable starting at $250k.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My friend who makes $230K as a lawyer in NYC and sends her DC to private with financial aid, sleeps on the sofa in their UES 1BR apartment. Does not have her own bedroom.

This lady makes 600k more. There is a crazy (maybe only semi crazy) poster saying that she can only afford to live in a shoebox in a decent neighborhood at 850k. Not from NY, but this sounds bananas.

My firm once asked me, more than 20 years ago, to move to NY as that is where my clients are. I was a new partner and at the time in DC made 500k. I said I would do it for 1.2 million. They said no and I said no.Today that 1.2 million is probably 2.0 or so which is what I think it takes. Older now but if they asked me today I would say sure for 4 million.

4mm a year is the right number to have three kids in private, a nice 4br, weekend escapes, weekly restaurant dinners, and savings. 850k isn’t enough.

GTFO, this is mind blowing.

What is the approx HHI necessary for a couple with one kid living in a nice two bedroom apartment in Manhattan and going to public schools?

500-600k. Operative word is “nice two bedroom.” That will be a monthly maintenance (HOA) of 3k+ after tax, it can easily go over 6k with pre wars

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My friend who makes $230K as a lawyer in NYC and sends her DC to private with financial aid, sleeps on the sofa in their UES 1BR apartment. Does not have her own bedroom.

This lady makes 600k more. There is a crazy (maybe only semi crazy) poster saying that she can only afford to live in a shoebox in a decent neighborhood at 850k. Not from NY, but this sounds bananas.

My firm once asked me, more than 20 years ago, to move to NY as that is where my clients are. I was a new partner and at the time in DC made 500k. I said I would do it for 1.2 million. They said no and I said no.Today that 1.2 million is probably 2.0 or so which is what I think it takes. Older now but if they asked me today I would say sure for 4 million.

4mm a year is the right number to have three kids in private, a nice 4br, weekend escapes, weekly restaurant dinners, and savings. 850k isn’t enough.

GTFO, this is mind blowing.

What is the approx HHI necessary for a couple with one kid living in a nice two bedroom apartment in Manhattan and going to public schools?

The person you're responding to posted 3 wacko replies to different comments back to back. Just ignore, they seem to have a really specific agenda.

"Nice" is subjective and New Yorkers have very different standards than many, but I'd guess - based on my own current experience and that of friends- that a couple with one kid in a two br in Manhattan and public schools would be comfortable starting at $250k.

It’s not subjective. No one would consider a studio in East New York infested with rodents “nice.”

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This thread is so stupid. I make $150,000 a year and I feel very rich (though with no kids). That doesn’t mean I have no limitations on my spending, and someone who makes $850,000 a year we also have limitations on their spending.

I’m Republican but threads like this pull me somewhat more leftward. Above a relatively moderate income/net worth, money just becomes, at best, about these trivialities or, worse, about greed and status-chasing.

Did you read the lady’s post? You cannot provide a strong education and a room for every kid in a safe part of NYC on 850k. She’s not asking for a private jet and house on Jupiter Island, more just the bare minimum.

That’s not rue about not being able to find a safe neighborhood. The majority of neighborhoods are safe in NYC. Just don’t move into the projects.

Not everyone can afford a separate room for each kid. If she can’t it’s not a big deal.

The education part is trickier but research will help.

One example is Astoria Queens. She can buy a nice home in Astoria on her salary and easily afford a 3-4 bedrooms. It’s safe. I have a feeling she’s not really feeling the diversity over there.

It’s all about what she thinks she’s entitled to.

I think highly intelligent people working long hours in boring work and getting paid 850k to do so are entitled to more than Astoria Queens. It’s a dumpy place with ugly houses.

It’s a huge assumption to call someone who is anonymous on a board “highly intelligent”.

You get what your income allows you to get. It’s doubtful you know much about Astoria but there are some areas that are really nice. Astoria Park area on the edge of the East River with a huge park and walkways around the river, public tennis, playgrounds, largest pool in The city. The area would meet her income level with $2 million dollar houses. The new skyscrapers are about $1 million.

Who do you think is living there anyway? Half of Manhattan has become really foul, even some of the expensive neighborhoods. Mayor Adams has been an unqualified disaster for over three years. No one can rely on what they knew from ten years ago.

It’s Queens. It may have new builds and not a complete war zone but it’s queens. I would never let my kids tell their friends they are from such a foul place. The view from East End Avenue isn’t all it’s chalked about to be because blight across the river.

People like you, wanna be something you’re not, will never be happy. It’s a sad statement to teach your children to be ashamed of where they grow up. What a way to live.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My friend who makes $230K as a lawyer in NYC and sends her DC to private with financial aid, sleeps on the sofa in their UES 1BR apartment. Does not have her own bedroom.

This lady makes 600k more. There is a crazy (maybe only semi crazy) poster saying that she can only afford to live in a shoebox in a decent neighborhood at 850k. Not from NY, but this sounds bananas.

My firm once asked me, more than 20 years ago, to move to NY as that is where my clients are. I was a new partner and at the time in DC made 500k. I said I would do it for 1.2 million. They said no and I said no.Today that 1.2 million is probably 2.0 or so which is what I think it takes. Older now but if they asked me today I would say sure for 4 million.

4mm a year is the right number to have three kids in private, a nice 4br, weekend escapes, weekly restaurant dinners, and savings. 850k isn’t enough.

GTFO, this is mind blowing.

What is the approx HHI necessary for a couple with one kid living in a nice two bedroom apartment in Manhattan and going to public schools?

500-600k. Operative word is “nice two bedroom.” That will be a monthly maintenance (HOA) of 3k+ after tax, it can easily go over 6k with pre wars

250k extra income needed to upgrade from rat infested apartment ha

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This thread is so stupid. I make $150,000 a year and I feel very rich (though with no kids). That doesn’t mean I have no limitations on my spending, and someone who makes $850,000 a year we also have limitations on their spending.

I’m Republican but threads like this pull me somewhat more leftward. Above a relatively moderate income/net worth, money just becomes, at best, about these trivialities or, worse, about greed and status-chasing.

Did you read the lady’s post? You cannot provide a strong education and a room for every kid in a safe part of NYC on 850k. She’s not asking for a private jet and house on Jupiter Island, more just the bare minimum.

That’s not rue about not being able to find a safe neighborhood. The majority of neighborhoods are safe in NYC. Just don’t move into the projects.

Not everyone can afford a separate room for each kid. If she can’t it’s not a big deal.

The education part is trickier but research will help.

One example is Astoria Queens. She can buy a nice home in Astoria on her salary and easily afford a 3-4 bedrooms. It’s safe. I have a feeling she’s not really feeling the diversity over there.

It’s all about what she thinks she’s entitled to.

I think highly intelligent people working long hours in boring work and getting paid 850k to do so are entitled to more than Astoria Queens. It’s a dumpy place with ugly houses.

It’s a huge assumption to call someone who is anonymous on a board “highly intelligent”.

You get what your income allows you to get. It’s doubtful you know much about Astoria but there are some areas that are really nice. Astoria Park area on the edge of the East River with a huge park and walkways around the river, public tennis, playgrounds, largest pool in The city. The area would meet her income level with $2 million dollar houses. The new skyscrapers are about $1 million.

Who do you think is living there anyway? Half of Manhattan has become really foul, even some of the expensive neighborhoods. Mayor Adams has been an unqualified disaster for over three years. No one can rely on what they knew from ten years ago.

It’s Queens. It may have new builds and not a complete war zone but it’s queens. I would never let my kids tell their friends they are from such a foul place. The view from East End Avenue isn’t all it’s chalked about to be because blight across the river.

People like you, wanna be something you’re not, will never be happy. It’s a sad statement to teach your children to be ashamed of where they grow up. What a way to live.

I don’t “wanna be” (proper English, please) something I’m not. I live the life in NYC that the Reddit lady aspires to. My children are proud to be from where they are growing up. Hint, it’s not Queens and their friends don’t live or go there (except for the U.S. Open or on the way to the East End).