I saw this article breaking down the expenses of a 4 person family making $500,000/year living in NYC with 2 income earners and 2 young children. They give a basic model in the article, and it essentially shows that after a 40% effective tax rate, childcare, home mortgage/student loans, and various other living expenses, there is almost no money left over.
Most of you on here are living in urban areas like NYC that have a high cost-of-living. Do you think that this article's idea is accurate? Would it be tough to have a family in the city making $500,000 per year?
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