You, Him, and Money

[deathbydalbhat 0]

Though these New Yorkers' combined salary is $150,000, "we barely break even. It's paycheck to paycheck," says Matt. Making matters worse, the couple has $30,000 in credit card debt. Plus, they borrowed $12,000 from their 401(k)s - their only savings - to help pay for their wedding last January.

I guess I just don't see how a couple with no kids who make this kind of money can have money issues unless they are living waaaay beyond their means. I mean, having to borrow 12K from their 401(k) to *help* pay for their wedding...wow. If you can afford a wedding with that kind of price tag, fine. But if you have to borrow...I suppose I'll get flamed for this line of thinking, but I just don't get it.

NYC is expeeeensive, even if you are living in an outer borough. Rents are considered 'reasonable' if they are 'only' $1000, and that's for a studio. I make what is considered a low salary here and it's going to be major rough until K can get a job. I am going to have to borrow against my retirement savings to pay for the increased costs of the AOS process, K's ticket here($1400), and to set up an apartment(first/last/deposit/broker's fees/basic furniture...)... all told it will probably end up being about $10K. I make do by sharing an apartment(which I will need to move out of when K gets here), shopping at dollar stores and ethnic markets and on eBay, and not getting caught up in the consumer mentality too much. I don't have a cell phone(if I could find one with a decent rate to Nepal I probably would), iPod, video games, etc. Still these extra expenses and having to pay all of the rent and bills are going to kill me. Not that I wouldn't do it gladly of course...

[Traviesa 0]

Paycheck to paycheck whatever. She's out buying shoes, they're eating out, there's fantasy football. REAL paycheck to paycheck, the reality of my life, doesn't pay for groceries and gas, let alone those kinds of luxuries. They need a serious wake up call to get out of that debt. And $12,000 for a wedding? Don't even get me started on that.

[Hilarious Clinton 452]

Though these New Yorkers' combined salary is $150,000, "we barely break even. It's paycheck to paycheck," says Matt. Making matters worse, the couple has $30,000 in credit card debt. Plus, they borrowed $12,000 from their 401(k)s - their only savings - to help pay for their wedding last January.

I guess I just don't see how a couple with no kids who make this kind of money can have money issues unless they are living waaaay beyond their means. I mean, having to borrow 12K from their 401(k) to *help* pay for their wedding...wow. If you can afford a wedding with that kind of price tag, fine. But if you have to borrow...I suppose I'll get flamed for this line of thinking, but I just don't get it.

I don't get it either.

[Caladan 19]

Most people aren't in debt because they don't make enough money, but because they live beyond their means.

That said, NYC is a very competitive real estate market, and given that a professional couple probably isn't living in a one-room studio, they're probably looking at a minimum of $3000 a month in rent. Plus, there's the whole keeping-up-with-the-Joneses' mentality, which is going to hit some more than others and is going to hit a NYC couple the hardest.

[Ladylethal 12]

I can't see a couple making $150,000 with no kids having money issues like that. Honestly.

EDIT: I guess I wouldn't want to live in NY if it's THAT expensive, I much rather live in smaller towns, really.

Edited February 2, 2007 by Luis&Laura

[Marilyn. 340]

I found this article written around 2005 or so...

New York City is one of the most expensive cities to live in. Mercer Resource Consulting ranked as the 12th most expensive city in the world with Tokyo at number one, London at number two and Moscow at number three.

In 2003, New York was ranked ten but due to currency fluctuations between the dollar and the Euro, 1:1, 0.8:1, European cities have surged to the top. Within the United States, New York remains the most expensive city with Los Angeles at twenty-seven and Chicago at thirty-five.

The median income of a New York is $60,765, $10,000 more than the national median. Based on a US average at an index of 100.0, the overall cost of living in New York is 189.1.

Housing is almost triple the national average at $314,000 for a house and $2,483.64 for one months rent of a two bedroom apartment. Secondary education is about $2,000 more than the national average at $7,428.

Utilities, including electricity and gas, are almost twice the national index at 179.9. Food and groceries is about 1.5x the nation's index at 142.5.

A mere cup of coffee with table service is $5.48 while in Buenos Aires, ranked 141st, the same service costs $1.10.

In fact, despite attaining a lower ranking than cities like London and Tokyo, one thing remains the most expensive in New York, phone service for one month at $25.99. The cheapest city surveyed by Mercer Resource Consulting was Pittsburgh ranked 112th.

According to the index, a person who earns $50,000 in Pittsburgh will need $97,9776 in New York. Overall, New York City is two-times as expensive as any other city in the United States.

Geeta Malieckal -- 2005

http://hypertextbook.com/facts/2005/GeetaMalieckal.shtml

[rob&ana 0]

Different cities...

different costs of living...

[Traviesa 0]

I found this article written around 2005 or so...

New York City is one of the most expensive cities to live in. Mercer Resource Consulting ranked as the 12th most expensive city in the world with Tokyo at number one, London at number two and Moscow at number three.

In 2003, New York was ranked ten but due to currency fluctuations between the dollar and the Euro, 1:1, 0.8:1, European cities have surged to the top. Within the United States, New York remains the most expensive city with Los Angeles at twenty-seven and Chicago at thirty-five.

The median income of a New York is $60,765, $10,000 more than the national median. Based on a US average at an index of 100.0, the overall cost of living in New York is 189.1.

Housing is almost triple the national average at $314,000 for a house and $2,483.64 for one months rent of a two bedroom apartment. Secondary education is about $2,000 more than the national average at $7,428.

Utilities, including electricity and gas, are almost twice the national index at 179.9. Food and groceries is about 1.5x the nation's index at 142.5.

A mere cup of coffee with table service is $5.48 while in Buenos Aires, ranked 141st, the same service costs $1.10.

In fact, despite attaining a lower ranking than cities like London and Tokyo, one thing remains the most expensive in New York, phone service for one month at $25.99. The cheapest city surveyed by Mercer Resource Consulting was Pittsburgh ranked 112th.

According to the index, a person who earns $50,000 in Pittsburgh will need $97,9776 in New York. Overall, New York City is two-times as expensive as any other city in the United States.

Geeta Malieckal -- 2005

http://hypertextbook.com/facts/2005/GeetaMalieckal.shtml

Considering they're making about twice as much as what I think the average 2 income household makes, it follows that they should be able to deal with expenses like that.

[Caladan 19]

Eh, some would say if you're living paycheck to paycheck, you shouldn't be going to visit a foreign lover. I'm not saying the NYC couple doesn't have money management issues, just that they're really not all that uncommon, and they're common in places with low rent and low costs of living.

[deathbydalbhat 0]

I found this article written around 2005 or so...

New York City is one of the most expensive cities to live in. Mercer Resource Consulting ranked as the 12th most expensive city in the world with Tokyo at number one, London at number two and Moscow at number three.

In 2003, New York was ranked ten but due to currency fluctuations between the dollar and the Euro, 1:1, 0.8:1, European cities have surged to the top. Within the United States, New York remains the most expensive city with Los Angeles at twenty-seven and Chicago at thirty-five.

The median income of a New York is $60,765, $10,000 more than the national median. Based on a US average at an index of 100.0, the overall cost of living in New York is 189.1.

Housing is almost triple the national average at $314,000 for a house and $2,483.64 for one months rent of a two bedroom apartment. Secondary education is about $2,000 more than the national average at $7,428.

Utilities, including electricity and gas, are almost twice the national index at 179.9. Food and groceries is about 1.5x the nation's index at 142.5.

A mere cup of coffee with table service is $5.48 while in Buenos Aires, ranked 141st, the same service costs $1.10.

In fact, despite attaining a lower ranking than cities like London and Tokyo, one thing remains the most expensive in New York, phone service for one month at $25.99. The cheapest city surveyed by Mercer Resource Consulting was Pittsburgh ranked 112th.

According to the index, a person who earns $50,000 in Pittsburgh will need $97,9776 in New York. Overall, New York City is two-times as expensive as any other city in the United States.

Geeta Malieckal -- 2005

http://hypertextbook.com/facts/2005/GeetaMalieckal.shtml

Considering they're making about twice as much as what I think the average 2 income household makes, it follows that they should be able to deal with expenses like that.

They're probably the type who never set foot in the dollar store, 'have to' live in Manhattan or the hip areas of Brooklyn, wear designer clothes, take taxis all the time, etc. If you want to look into this mentality, go onto the urbanbaby.com message board, which is largely NYC-centric. An income of $150K is considered poor - seriously. I make a small fraction of that and I consider myself blessed, since I have been able to travel and meet my beloved, but that is because I have scrimped everywhere else. Most of the time I basically eat like a well-off Nepali - dal rice and veg(hence my username). People like those in the story do not know how to save money.

[Marilyn. 340]

so we all have our opinions on the couple in the article but what do you people think about the ideas that are given about how to deal with money issues in a relationship??

[Traviesa 0]

Eh, some would say if you're living paycheck to paycheck, you shouldn't be going to visit a foreign lover. I'm not saying the NYC couple doesn't have money management issues, just that they're really not all that uncommon, and they're common in places with low rent and low costs of living.

I'm not sure who this was directed at, but since I'm the one who made the paycheck to paycheck comment, let me just say that I've only been to visit Javier 3 times over a period of a year and a half. All of those times have been a week or less. One of those times I didn't even pay for my own plane ticket. None of those times have I paid for the hotel. So...yeah I really meant it when I said paycheck to paycheck...it's not like I'm spending all this crazy money on going to visit Javier then coming back and starving. I would be starving anyway, lol. What really got us, as a matter of fact, was the attorney and wasted immigration fees from our K-1.

[Trompe le Monde 1,107]

when people talk about how they went in debt to pay for their weddings I feel smug about mine which cost exactly $200 -- all of which was paid for vegas winnings from the night before.

[deathbydalbhat 0]

when people talk about how they went in debt to pay for their weddings I feel smug about mine which cost exactly $200 -- all of which was paid for vegas winnings from the night before.

Awesome... One reason why I wish we could get married in Nepal is it would be much cheaper there - at the rate this is costing me we might end up going the Vegas route ourselves, especially since it would be easier for my Mom who lives in California. Any Hindu wedding chapels in Vegas?

[Trompe le Monde 1,107]

they have everything in vegas

http://www.hindutemplelv.org/