This is knowledge gold.

ThePhranc wrote:

dculberson wrote: Really? Making fun of someone that says $500k/year isn't rich is occusquatter sniveling? Nope, it's funny, because $500k/year is top 1% rich no matter where you live and you're a jackass if you cry about not being rich at that point.

In some cities that barely gets you a 1000sqft apartment to live in, like NYC. The only reason poor people even live in the city is because of rent control slums. And yes really it read like a sniveling little uccusquater punk that bitches and moans about other people being successful. If these punks put as much effort into making their own life better than they did crying like gits they might be happier. But its easier to point and complain and demand free stuff than it is to work hard for it.

You know that's not true, right? I mean this part:

"In some cities that barely gets you a 1000sqft apartment to live in,"

That is objectively and completely false. $500,000 provides for a lavish lifestyle in any city in the world, especially any city in the United States. You can have a nice, comfortable, safe apartment in NYC for far, far less than $5,000 per month. That leaves you $440,000 to pay taxes and provide the rest of your cushy lifestyle. The average rent in NYC is $2,800.

Again, there is not a city in the US that $500,000 does not make you rich. You may like making stuff up to support a point but it just makes you look bad at math.

In reply to dculberson:

Maybe BOTH of you should should provide numbers to support your arguments.

Here's a link that suggests that location (big surprise) is a determining factor in rental prices: http://www.mns.com/manhattan_rental_market_report It seems like there a lot's of "lower-range" opportunities if one wants to live in certain areas.

Half a mil in NYC looks like a "livable" income but how much of that is left after federal, state, municipal and service taxes are deducted?

Maybe this argument needs its temperature brought down a few clicks.

oldsaw wrote: Half a mil in NYC looks like a "livable" income but how much of that is left after federal, state, municipal and service taxes are deducted?

Uh, even at $3k per month in rent, that's only $36k per year. So, uh, even if half of your $500k went to all of that stuff, you'd still be doing pretty good and be able to drive a $150k car... a new one every year. And have savings. And eat like a king. And have hooker and blow parties (albeit small ones probably). Yaaaaaaa, not really feeling it.

oldsaw wrote: In reply to dculberson: Maybe BOTH of you should should provide numbers to support your arguments. Here's a link that suggests that location (big surprise) is a determining factor in rental prices: http://www.mns.com/manhattan_rental_market_report It seems like there a lot's of "lower-range" opportunities if one wants to live in certain areas. Half a mil in NYC looks like a "livable" income but how much of that is left after federal, state, municipal and service taxes are deducted?

I already did, I quoted the average rent in New York City. $2800/mo. Federal, State, municipal, and service taxes aren't going to add up to enough to be a problem paying $5,000/mo when you're starting with $41,666.67 per month.

The math is a little off here. Did a quick look up to try and get a bit closer. The top federal tax bracket is 35%, the top bracket in New York is 9%.

So if you pay full taxes you would end up with around $330,000 a year, so a $10,000 a month apartment (because you can't live without marble floors?!) would still leave you with around $210000 a year ($17,000 a month) for hookers and blow.

It is freaking Cracked article. Why is anyone taking it seriously!?!?

aircooled wrote: The math is a little off here. Did a quick look up to try and get a bit closer. The top federal tax bracket is 35%, the top bracket in New York is 9%. So if you pay full taxes you would end up with around $330,000 a year, so a $10,000 a month apartment (because you can't live without marble floors?!) would still leave you with around $210000 a year ($17,000 a month) for hookers and blow.

All of which means that Phranc's numbers and contentions are dubious, at best.

Still doesn't mean that living in NYC is a bargain: http://articles.nydailynews.com/2009-02-05/news/17916262_1_new-yorkers-urban-future-expensive-urban-area

Or even living in the state: http://online.wsj.com/article/SB123940286075109617.html

Perhaps a more pertinent question should ask "how much value are taxpayers receiving for their contributions?". And that's not a question for just New Yorkers to consider.............

We had a refund on our taxes this year. Spent it on much needed septic tank work and a new main water line to the house. I feel like a rich motherberkeleyer right now!

Just because this thread needs some septic tank in it.

oldsaw wrote: All of which means that Phranc's numbers and contentions are dubious, at best.

Trollin is like that. You just say some stuff, don't back it with hard facts, and stir the pot. Otherwise known as "internet debate." It's a sport we all indulge in at times. Amirite?

Don't be too hard on The Phranc. It might hurt his feelings or something.

Datsun1500 wrote: $500,000 salary $138,000 Fed Tax $35,000 State Tax $31,000 SSI $19,000 City Tax $7,000 Medicare Leaves $270,000 Someone making that amount of money will not live in a $2800 apartment. Many Condos in NYC have a co-op/maintainence fee that can be another $100K on top of the $5500 per month so you are left with $104K. Add in food, private school for 2 kids, tranportation and it's gone. Remember someone making that will not live in a bad location and will have the kids in private school because that is what is expected at that level. I am not saying you can't live well, but $40K a month is not super rich.

Spending all your money living like a rich person because it's expected of you doesn't mean you're not rich! Living in a nice place in Manhattan, sending your kids to Manhattan private schools, spending $100k on "maintenance fees" (which wouldn't apply if you're renting an apartment anyway) just means you're living like a rich person. What's next, "Once you spend $240,000 on your new Ferrari, there's almost nothing left, so clearly I'm not rich."

And people making $500k/year have good accountants and don't spend as much in taxes as you list. I don't make quite that much yet I still manage to find quite a lot of deductions that reduce my tax bill by a lot.

Xceler8x wrote:

oldsaw wrote: All of which means that Phranc's numbers and contentions are dubious, at best.

Trollin is like that. You just say some stuff, don't back it with hard facts, and stir the pot. Otherwise known as "internet debate." It's a sport we all indulge in at times. Amirite?

Amirite? Absolutely!

That's why you started the thread, isitnot?

oldsaw wrote: Amirite? Absolutely! That's why you started the thread, isitnot?

Well sure! I thought it would spark lively debate. The article also proposes a viewpoint not often well represented on this forum. I also liked the article so I wanted to post it for commentary. I think Mr. Wong (jokes commence!) made some good points.

I enjoyed the article. I think the point that people who are well off don't always see it that way and people who are seriously not - tend to be less amused by comments made by the former. Still, everything is relative. If I am making $25k I have no idea what sort of life a 500k guy might be in for but as someone on the scale somewhere I can assure you - it ain't linear.

I made more "usable" money as a single guy whoring 60k at 90 hours a week than I do as a father of 2 making quite a bit more at 70 hrs a week. I can see how someone living a city life and raising kids might be strapped at what seems like balla money in the mid-west. Still, nobody "needs" to live in NYC. Jersey City is one stop away and half the cost. A balla haz options if he ain't quite pulling the full haul yet.

Still. I just don't give a berkeley. It is cracked for chrissakes. Chill.