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]What HHI gets you three tuitions and a 4br comfortably in nyc?[/quote]

Three tuitions is about 180k after tax. As a full pay, the schools will harass you to donate a substantial amount. If you think you can get away with only a couple thousand and still have your child matriculate to a good HS or college, you are mistaken. Keep in mind a plurality (and a majority of the full pays) will have a weekend house, if not in a luxury area then somewhere like the Catskills. You cannot do a staycation in the city, you will have to go to FL or VT (if you're being cheap) for your sanity and so your kids know there is grass that isn't surrounded by tall buildings.

NYC is death by a thousand cuts. Three children you will probably have an oversize car and pay more for parking (15k+ per year, not including the lease or insurance). Hope that they don't get into an expensive sport.

If you have the cash to buy a co-op or condo, the maintenance can easily run 4k+ per month (in nicer pre-wars it can be over 8k). Contractors are more expensive.

Without family support, I don't think a life between 96th Street in Manhattan and Park Slope with three children should be attempted without at least 2mm per year. You can make it work, but your net worth and ability to retire well will be crippled.[/quote]

I have relatives with an HHI of likely around 800k-1mil doing just fine. The bought a browntstone in a less gentrified area, sent their kids to the less gentrified elementary schools then privates, and have a great life. 2 kids not 3 but with 3 would have just hustled harder to get into the better public or done cheaper Catholic. [/quote]

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