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Living In New York City On $1,200,000 A Year (My Plan)

Name: Living In New York City On $1,200,000 A Year (My Plan)
Uploaded: 2023-07-05T21:32:21.071Z
Duration: 10 min 56 s
Description: Speaker 1 maps a hypothetical $5M Brooklyn brownstone purchase with a $1.1M down payment, ~$20k/month mortgage/interest, $2-3k maintenance, $150k furnishing, $50k nanny, $30k food, totaling $600-700k annual spending. After ~50% tax for income over $1M, he calculates needing $1.2M/year just to break even.

From My First Million · Published Jul 5, 2023 · Watch on YouTube

TL;DR

Speaker 1 maps a hypothetical $5M Brooklyn brownstone purchase with a $1.1M down payment, ~$20k/month mortgage/interest, $2-3k maintenance, $150k furnishing, $50k nanny, $30k food, totaling $600-700k annual spending. After ~50% tax for income over $1M, he calculates needing $1.2M/year just to break even.

Key insights

The total annual cost to live in a $5M Brooklyn brownstone (mortgage, maintenance, nanny, food, furnishing) is $600k–$700k.
At >$1M income, NYC/Manhattan taxes take roughly half, so to spend $600k you must earn $1.2M just to break even.
Two friends in Brooklyn reported real annual spending of $500k and $800k (the latter including a vacation home in Rhode Island).

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