Again, the real problem IMO is not even the top 1%. It's the top .1% or even the top .01%. Sure the 1% to .2% have done very well for themselves, but the concentration just goes off the charts as you get to the richest of the rich.
This link is all sorts of depressing and I think it's a shame it was lost among the bickering about whether or not some arbitrary number (100K in this case) makes you rich or not. The top 20% effectively own 90% of the country, and top 1% owns 35%. That is beyond alarming, and nobody seems to give a shit.
There was a numskull on these forums a while back who claimed that 100K/yr put you in the category of people who could meet with the POTUS by attending 10K/plate fund-raising dinners. So yeah, I would imagine there are some people dumb enough to think that's rich.
If a big recession hits the guy making $100,000 in Kentucky (if they managed their money right, everything paid off, little to no debt) can still live OK if downsized, the person making $100,000 a year eking out a living in New York city is screwed especially if they are in the middle age and above group.
And the average person living in Kentucky doesn't have access to world class museums, world class universities, world class cultural events, some of the best restaurants in the world, great nightlife, etc, etc, etc. Funny how you don't factor any of those things in. Is there a reason?
Did you not realize that people are voluntarily trading that snowmobile for cultural and social capital that many people, myself included, find far more valuable?
Got around to watching this. Wtf. Your country is so f***ed. Seriously. Just split up already. So f***ed.
All of which are for the most part unaffordable for any single income earner making only 100K/year in NYC.
I also live in the Northeast and personally could not afford to have what I would consider a decent quality of living in the closest city making only 100K/year...could I live there for that, sure, but after rent and expenses I wouldn't have much left over for those world class cultural events, restaurants, or great nightlife you speak of.
Then again not surprised you admittedly cannot relate as your income is well over 100K.
Are all of you high, or just incredibly stupid?
Making $100k for your job (Mind, you, that doesn't include a possible spouse that also has a job) is well into the Top 10% of average pay.
In fact, according to http://www.whatsmypercent.com/ with $100k you are in the 96th percentile. I'm going to assume this is based on average income by person.
According to WSJ http://blogs.wsj.com/economics/2011/10/19/what-percent-are-you/ with $100k set as the household income you are in the 81st percentile. Once again, that is HOUSEHOLD income. I don't know a single couple anymore that has a non-working spouse, so that's pretty much in the minority.
I'm sorry, are you busy feeling stupid now? You damn well should be if you think $100k is chump change, which is what you're coming off like
It's funny you think that people making $100k are ekeing it out in New York.
Are all of you high, or just incredibly stupid?
Making $100k for your job (Mind, you, that doesn't include a possible spouse that also has a job) is well into the Top 10% of average pay.
In fact, according to http://www.whatsmypercent.com/ with $100k you are in the 96th percentile. I'm going to assume this is based on average income by person.
According to WSJ http://blogs.wsj.com/economics/2011/10/19/what-percent-are-you/ with $100k set as the household income you are in the 81st percentile. Once again, that is HOUSEHOLD income. I don't know a single couple anymore that has a non-working spouse, so that's pretty much in the minority.
I'm sorry, are you busy feeling stupid now? You damn well should be if you think $100k is chump change, which is what you're coming off like
Uhmm, many of those attractions are free.
the only ones you mentioned which would be "free" are the museums....
The rest as quoted "world class universities, world class cultural events, some of the best restaurants in the world, great nightlife"
Are typically anything but free.....try getting into a "World Class restaurant" or a hot night spot for free or without spending money...
Also even if most apartments are under 4K/month, lets say 3k....for 100k/year you're still renting as you have no money to actually buy any real estate, you will be able to about cover rent, utilities, groceries, and commuting costs (unless you're lucky enough to get a job where they contribute to that)
You won't have much money for any type of savings, be it retirement, 529 for the kid(s)
Not sure about you but my idea of "comfortable living" includes emergency savings at the very least. But hey, they are trading that for "world class cultural amenities"
Nope. Tons of awesome free culture here literally every day.
As for what people pay for apartments, let's not say $3k. You can own a place, not rent, for less than $2k a month in plenty of places in the city that are not crime ridden, shitty, etc.
You're just making up numbers about a place you have clearly never lived in. Why?
I live less than 20 minutes away from a major city in the north east, I know plenty who live in NYC, and all of them will agree 100K doesn't get you much of anything of a life in those areas.
Again Eski you're skewing figures to fit your position, which is as usual wrong.
Deal with it.
I actually live in NYC and am telling you that you're wrong. Lol. It's pretty funny that you are telling someone who actually lives in a place that they are wrong about their own city because you know a guy. That's pretty funny and stupid, no?
You said something stupid about a place you've never lived in. Deal with it and move on.
You already admitted that you make over 100K earlier in this thread, so you cannot relate.
I am more inclined to believe those who I know who are actually trying to do what you suggest is possible than someone who isn't in the same position trying to make a poor argument on their behalf.
And as I said above, I live in a region which is similar, with slightly lesser costs, have done the math and know you 100K doesn't go far at all in the city.
Sure if I wanted a small apartment, some room mates, or to live in a less than ideal section of the city I could do it...I have plenty of folks I work with who do, but wouldn't expect to support a family nor have any significant savings.
Micro apartments in MANHATTAN are expensive, but NYC has four other boroughs. I would suggest you look at them on Zillow, Trulia, Craigslist, etc and then come back with a better understanding of rents in NYC.
Unbelievable. I literally live in a place that I own where I pay $2k a month in mortgage and maintenance in a good neighborhood and I have some idiot telling me how that's impossible because he knows a guy. The stupidity here sometimes...
Less than ideal meaning what?
So now you've changed it from 'you can't live well in NYC on $100k' to 'you can't live well in certain neighborhoods in NYC on $100k'? Keep back pedaling.
Its called reading comprehension buddy
I said micro apartments in the city where I live, which is considerably less to live in than in NYC has them going for 2000K+ and up for 400sqft unit
No doubt you can live in a shittier section of the city for a bit less, but not much less.
Also when did you buy your place? how long have you been paying that mortgage, what area of NYC do you live in?
Here I have some idiot who isn't providing accurate data trying to convince me that you can have a decent quality of life in a major metropolitan area when all other data suggests otherwise.