home ec is a stretch. I’d be happy if the kids learned how to cook.
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That’s cool
Many many years ago I saw a short movie about “How Much Money Do You Need to Feel Rich.”
It followed a cattle rancher I believe in Texas. The end result fits into what you’re saying. They found every time they got to be the “richest” in their circle of friends they ended up moving to a new circle. So at 2 million (for example) they got a new social circle where most were at the 5 mill mark. They felt rich at many stages until they moved up–like keeping up with the neighbors. Each of those stages required a certain lifestyle in their social circle.
I think that’s where “The Millionaire Next Door” (great book) comes into play. A lot of people keep investing and have a lot of money but stay within a social circle that makes them happy.
Not the easiest time to invest currently but learning to do so is what really creates wealth. It’s not always the actual salary but rather money management. “Total Money Makeover” by Dave Ramsey is a great book with simple steps (debt avoidance being the main theme) to create wealth. We gave it to our kids–my daughter MADE her roommates read it (lol–she wanted her rent paid on time).
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My kids not getting married or having kids doesn’t worry me at all. Not everyone has to get married and/or have kids to have a fulfilling life. I have a cousin who never got married, she makes decent money, gets to travel, etc. My sister and BIL never had kids and they’ve had a wonderful life. They both made good money teaching high school in a very high paying school district. They’ve gotten to travel a lot. They volunteer and are involved in their church. My BIL helped a worker in their retirement home community study for his US citizenship test.
But, one nice thing about getting married is having someone to support you…
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There are vast amounts of public and other subsidized and other regulated income in Manhattan that influence median family income in Manhattan.
Also, many older folks who lucked into low/fixed housing costs and are never leaving.
If you changed this to median family income (3+ household) who live in free market housing (be it rental or owned), the median family income would NOT be the # you stated. As landlords are asking for 5X multiples of annual rent in gross income.
Co-ops asking for 1 year+ liquid reserves for monthly costs.
It’s quite hard to land regulated housing in NYC, btw.
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Not that bad. Doorman building (albeit not super fancy) is 8k around here for 3b2b 1500sqft.
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That’s really good.
Same on upper east side. Glenwood is “reasonably” priced for its older buildings.
I can’t speak for young families today, given how nyc has changed HS and MS admissions but a family of 4 in the 00s/10s making “UMC” or “nyc burb with highly ranked schools” might have reasonably made the choice to stay in nyc and had the same or even slightly lower monthly nut with better commutes. We made that decision.
Perhaps I was anchored around where my kid is considering next year – not far from potential work in fidi.
Fidi has “bargains” too. Gotta look.
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Hah! I don’t know about today’s Wall Street culture but anyone bringing their OWN lunch to an investment bank 20 years ago? Well, not worth the aggro.
I agree with this sentiment but I know it concerns some of my friends. They either believe marriage and kids are important for long term happiness or they think that’s what their kids want - but there are some “outside forces” impeding those goals.
Sure, I know people on that median income. Single people - easy! Even lower incomes, my babysitters made much lower precarious incomes as actors/singers wanting to break in to the scene.
Seniors, older people with $100 rent controlled apt (anything under $1500) - many! Once the housing nut is dealt with - manhattan is full of cheap/free cultural activity and public transport.
Families - sure! Public housing, Mitchell lama or other deals, sure. Or families of 2/3/4 kids in a 1 bedroom (but they are never there - only go home to sleep).
Let’s not count people with low incomes but large trust funds or inheritance.
But families with 2+ kids who have to rent or buy that 2 bedroom + free market housing in the last 5-10 years on less than 100k. Rarer than a unicorn.
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Many of the kids don’t live in fidi. A little sterile and boring.
Some go to the “dorms” in Murray hill.
Others, east village, Williamsburg.
Upper east side also has a few “dorm” buildings. One jokingly named Dormandy.
If he is interested on UWS, please DM me. I can get him a no-broker fee 1 bed for under $2500.
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If you wear dress clothes frequently enough… I can see someone like @shawbridge 's kid having just one set that is worn very infrequently.
I insist on ironing and have always washed shirts and ironed things. My spouse says it’s a horrific WASTE of money to DIY as I could have more profitably used my time to make $ in excess of the $3/shirt.
Only if your time ironing shirts impedes on the money making time. I’m going to assume you didn’t take time off work to go home and iron.
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It does as I am self-employed. But so does spending time on CC, Reddit, nyt spelling bee and the thing I get mocked most for - gathering cans/bottles to be rewarded 5 cents each.
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Thanks. Will ask when we are closer. This is really for next year.
Neither my son nor I can iron or hem pants. In his case, he was wearing one of my old suits and several Kirkland no-iron dress shirts for formal occasions but I took him to Nordstrom’s to get him a suit for his wedding (he paid for it). He can’t tie a tie. He will wear that one suit to all occasions. Other than that, he’s got his company’s swag and Costco clothes.
But @blossom is generally on target. If you want to be frugal, there are ways to substitute labor for capital that make sense depending upon your income level and skill set.
Even at higher income levels, there are clearly times to do the work rather than pay. We are doing a very expensive renovation of our a house we bought just before the pandemic. ShawWife wants to do something very interesting for the entry (a 2.5 story glass space with the back looking out on the river. Rather than spending $6K or $10K or $20K on a fancy chandelier, she is going to build her own based upon a plant she has painted many times. But, she is both a professional artist and really good with her hands, so the substitution makes sense.