Your increased base salary will result in about $7,680 more in net (after tax) income per month. Is $7,700 a month pay increase worth all the hassles of change for you and your family ? |
And I did not even consider the higher cost of living such as increased property taxes and increased tuition for private school as well as for daily living (groceries, utilities, transportation,etc.). |
I work near 7th Street and GC is a beautiful community. Beaches in the summer are a +. |
and those closer to 2mm are probably zoned for Eastchester school if you look closely. a decent house zoned for bronxville in DMV standard (newer, more modern) will likely sit in the 4mm range, so that translates to 120k in taxes per year. Bronxville also has some apartments who are ex-queens who won't mind the apartment living, but not for someone laying out in their 2mm great falls mansion. |
Garden City off Nassau Blvd is where you have access two LIRR train lines and access easy travel both midtown and Wall Street. Towns in westchester suck if work on Wall Street as take train to grand central then a long commute to Wall Street. |
I worked in NYC 30 years. Not a SINGLE executive ever paid private schools.
I grew up Great Neck with an award winning HS with a 25 commute to Manhattan, later loved by Rockville Centre another award winning school around 35 minutes from nyc. My house in Great Neck was a 2-3 minute walk from train. I could be in Manhattan under 30 minutes from my living room chair. I also when single lived by Douglaston train, All execs lived close in towns near train in surburbs with great schools. NJ has lots of same. Plus my one rich boss who lived in Garden City also had a house in Southampton an easy commute to summer house. |
Nowhere near executive rank and plenty of my non executive friends do privates, including a government couple GS12-13 economist, a teacher + government contractor couple (2 kids at Potomac), a fintech director + HF analyst couple. By my generation a job is part of overall wealth and we don’t feel we need to skimp on certain experiences bc some executive from 1990s did things their way. |
That’s DC. My public HS growing up on Long Island was rated best HS in United States among public and privates. Except for Catholic and Yeshiva in rich NYC suburbs the schools are way better privates, the rich on Long Island don’t do private. They buy buy in Manhasset, garden City, etc |
The actual rich in NYC still have a large number that live in Manhattan and go to private school. What industry were these "executives" in? |
Wouldn’t make sense for me personally. We make 300k here but I have a short commute to a hybrid/wfh job and live in a 3bd townhouse with a PITI under 2k a month. Moving to NYC would be a big downgrade in having a worse commute and higher living expenses that would erase the benefits of making another 200k/yr, not to mention worrying about schools and dealing with big city life in general.
A 3br apartment rents for easily 6-7k a month in NYC which is insane. I think for money alone to draw us there it would need to be 750k-1M minimum |
Work on Wall Street 30 years. The rich at work some had pied a tiers NYC but all had big homes in surbubs close in, the men mostly had SAHM wives, belong to country clubs, had nice cars, some in LI homes in Hamptons some in NJ shore houses in NJ. All had 2-5 kids. My wife and kids would absolutely not wanted to live in manhattan growing up. And yes I lived in NYC to age of 12 and born in Manhattan and it sucked for a kid. I also lived in Manhattan when single. And it was a shit shit show getting to Hamptons every weekend in summer. My bosses made several million a year |
We also have mid-tier privates in northern Westchester priced 20k to 40k. My kid is friends with some of them. the typical family is a director level worker with pharma/finance/engineering + a wfh lawyer/wfh medical biller / nurse practitioner. Some of the kids are dance artists that require specialized schedule. |
Nah Scarsdale High is full of the children of rich execs. Most people who earned their money in hard jobs did the math and realized that living in Westchester made the most sense. You may believe you have “overall wealth” but you either don’t or didn’t actually work for it. Most rich execs would prefer not to throw away $150k/year on something they can get for free (assuming 3 kids). Also a lot of those guys started having kids before they got rich so they would have started in the burbs. |
I’m sure you can find private schools to throw you money at any place. The point is that the NYC suburbs are packed with very affluent people sending their kids to public schools. It is very normal. I have a small sample size but the people I know in NYC sending kids to private are doing it either because they are WASPs who chose to live in Manhattan and culturally believe in privates (but are not really richer than those in the burbs) and/or their kids aren’t smart enough to get into the top test in schools. |
Scarsdale is not the same as 20 years ago. It’s more diverse now. And plenty of professional live there on smaller lots with house priced 1.5mm below, they tend to have 1 - 2 kids later in life due to dual incomes. Makes totally sense to do private: lower tax + private high school vs higher tax from elementary school. I did the math myself. And some of the IC HF analysts makes 20mm a year without being “executive”, we also have IT guys with a book of business just by himself, there is a couple semi-famous authors in the neighborhood too. Your executives lifestyle doesn’t mean it’s the golden standards 😁 |