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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]The COL in nyc is insane. My friends who I estimate earn 800-2m in nyc all live in a 2-3 bedroom apt. My one friend who probably earns around 500 and her DH probably earns close to 1m live in a 2 bedroom/den apt. Their daughter’s room is the “den”. This den is a wall off the living/dining room.

We live in close in dc suburbs (McLean) and live in a 15,000sf house and I’m fairly certain our house is the same price as their apt. Their kids’ rooms are smaller than my closet. [/quote]

Lol. You live in a suburban McMansion. My friend who earns 800k in NYC lives in an amazing apartment overlooking Central Park with a world-class city at her feet. Square footage does not determine your quality of life no matter how proud you are of your gift wrapping room. [/quote]

Exactly. High earners living in NYC don’t value square footage; they value being able to walk out their door and have one of the largest cities in the world waiting for them. If they want the big suburban home they surely can afford to move into one. [/quote]

800k in nyc isn’t a “high earner” and earners of all stripes in NYc fight and tooth and nail for more space. Those with tens of millions in Manhattan (really the minimum to be considered wealthy, arguably 20mm doesn’t cut it) don’t have their kids share bedrooms or lack closet space.

There is a world of difference between a McLean McMansion and a 12k a month 2BR rental overlooking central park with a doorman. For that cost you can buy a townhouse in Georgetown or a huge spread in Brickell. Not everyone has to choose between the most urbanized area of the U.S. or some gauche suburb. [/quote]

Ok well the point is, nobody of any income category should move to NYC thinking they are entitled to comparable square footage as the suburbs. OK? And of course the high salaries are mostly in NYC anyway. It’s not like you can just move your M&A law partnership to Cleveland. [/quote]

There’s actually a little firm in Ohio called Jones Day. Rumor is they handle some M&A work.

Actually, someone making 10mm a year is entitled to comparable square footage and can readily afford it. NYC is designed to be the playground of 20 somethings and the global rich. If you’re not in either, you belong in the shoebox the Reddit attorney bemoans.

There are high salaries in every major city in the U.S., let’s define it as the top 50 metros. The Reddit attorney decided not to recruit in LCOL places where he could’ve made a few hundred k a year. By thinking he was good enough to live a decent life in NYC he made a fundamental error [/quote]

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