What It Costs to Live Well - Northeast

Forbes ^

[Modernman]

Living well in New York City or any City is impossible at any price.

What a silly statement.

[Calpernia]

I think you are out by the mountains, no? We were more coastal, inland; but more towards the coast.

[hiredhand]

We're 35 miles due SOUTH of Danville VA. :-) Just about smack right in the middle of the state, but more toward the north. The mountains are a couple of hours to the west.

[Calpernia]

Are you close enough for good trout fishing?

[hiredhand]

It's about 3 hours to the mountains. Not too bad a drive. :-)

[balrog666]

We tabulated the annual costs for a family of four with one child in a private college and one in eighth grade and attending a private school

What utter crap. When did they buy their house? Car? What savings and investments to they have? What kind of lifestyle do they indulge in? When did they elect to pay for "private school" and a "private college" for their family to the exclusion of other necessities?

[B4Ranch]

IMO if your investment earnings aren't equal to your annual earnings by the time you are 40-45, you have made some poor investment choices. Who wants to work until they are 65 or 70?

[grey_whiskers]

IMO if your investment earnings aren't equal to your annual earnings by the time you are 40-45, you have made some poor investment choices.

Or didn't start investing soon enough...

...or paid your way out of debt first...

...or you make a LOT of money! etc.

Otherwise, Cheers!

[B4Ranch]

Why would anyone find a 100k debt, say at 6% so tough when they can continue investing, making 15% probably. Pay off the debt, have established a financial record of positive investment, borrow another 250k, invest it and continue on the plus side.

I have always found it much more pleasing to earn money with loans from the bank, of course while continuing to invest my own.

[nutmeg]

read later

[Mr. Jeeves]

Net Income After Taxes $359,300
Primary Home Cost $2,000,000
Annual Home Payments $110,996
Vacation Home Location Martha's Vineyard, Mass.
Vacation Home Cost $1,700,000
Annual Vacation Home Payments $94,404

LOL! OK, 3.7M worth of residential real estate on an annual income of 359K doesn't work. To plan sensibly, one's total real estate liability with that income should be about 1M, with annual payments in the neighborhood of 80-90K.