The Big Apple takes a bite!

[jtr1962]

If I ever move again (been in my current house for about 20 years) it would probably be something major like overseas or just a little further from here to have a bit more privacy. Not sure either will ever happen though. My wife is pretty settled here.

In the very unlikely event I had to move it would definitely be overseas, most likely to one of the Asian megacities.

 

[dc38]

In the very unlikely event I had to move it would definitely be overseas, most likely to one of the Asian megacities.

Chianqing or Chonking, whatever that one is with the streets on the buildings where ground level is anything but?

 

[jtr1962]

Chianqing or Chonking, whatever that one is with the streets on the buildings where ground level is anything but?

Yes. Very cool city. It's actually on my short list of places I would consider living if I had to leave NYC.

 

[Monocrom]

+

You can do it, I'v moved several times in my life out west, ended back in WI,, which isn't that far from Ohio. I do understand your Mom is a big factor.
(one of my best friends is from Ohio, super cool guy)

Heck, you'd save $1000 year just on car insurance or more ?

Probably more than that. Part of that support system is my best friend of over 35 years. We once discussed how much each of us pays for insurance. Let's just say the words "Greed" and "Obscene" came up regarding my rates.

 

[Monocrom]

On the flip side if he retires in NYC instead of Ohio he won't need a car at all. He only has one to get to work. This is one major reason I would never leave NYC. Just don't want the expense and hassle of owning a car. Also as you get older your driving days are numbered. Nothing worse than being stuck in a place where you're dependent upon people driving you to get anywhere.

I'll probably be working until the day I die. Retirement? Not with this disgusting level of inflation going on in the country. Yeah, owning a car is a headache, a hassle, and a bit of a money-pit. And, that's coming from someone who hasn't had a car payment in over 15 years! It's a needed item though. If I relied on Public transportation, it would take me several extra hours to get to and from my 3rd Shift job. Also, yes; I'm a car guy.

NYC/NYS exempts the first $20K in pensions or IRAs/401Ks from income tax. 100% of NYC/NYS government pensions are exempt. That's a perk to keep people from moving away when they retire.

Mass exodus in NYC during very late 2001 to early 2002. Another one with the recent mayoral election. Early 2002 was a Buyer's market for homes, condos, and CO-OPs. Everyone was selling at some of the lowest rates in the city's history. That's when I moved into my CO-OP.

 

[russprechtl]

Probably more than that. Part of that support system is my best friend of over 35 years. We once discussed how much each of us pays for insurance. Let's just say the words "Greed" and "Obscene" came up regarding my rates.

I moved from Illinois to Indiana. Just moving over the state line (all other things being the same) resulted in an $8,000 raise through cost of living, taxes, insurance, etc. There's something to be said for living in a lower cost of living state.

 

[Monocrom]

Absolutely! Unless you're headed to NYC because you work for a company paying high rates for you to transfer here, it's not worth it. If you have talent and are genuinely ready to pursue an acting or artistic career, okay. Give NYC a serious shot. Otherwise, only come here as a tourist.

 

[Chauncey Gardener]

 

[Candleometry]

I live in the state of NY but have never been to NYC. No desire to. Too many other beautiful towns within the state.

 

[orbital]

I moved from Illinois to Indiana. Just moving over the state line (all other things being the same) resulted in an $8,000 raise through cost of living, taxes, insurance, etc. There's something to be said for living in a lower cost of living state.

+

That's the way one has to look at it;
There might be some initial/superficial perks a state lures for you to move there,,, but once you factor everything, bad choice.

The cost difference in services, food/gas, taxes, fees, crazy insurance, more taxes, hidden fees you didn't know existed, and........... more taxes.

 

[Candleometry]

States are not all the same throughout. I weight what my Community provides me for my taxes. Someone in a different part of the state should do the same and they may be different. I would never move to a state just because taxes are lower.

 

[Monocrom]

I live in the state of NY but have never been to NYC. No desire to. Too many other beautiful towns within the state.

I feel the same way about Manhattan.
Haven't been there in nearly two decades.

 

[alpg88]

It is not even the city tax that is ridiculous, it is urban fee, that is 35 bucks that is also taxed, which I'm sure has nothing to do with the city, but everything with hotel itself, some restaurants add health fee, 4% when asked what it is that for, they say it is to help us pay for our medical plans, they will remove it if you tell them, but no where in the receipt it says you have a right to opt out, wont be surprised it is same with this urban fee,

 

[Monocrom]

If politicians could charge us a fee for breathing, they would.

 

[Monocrom]

....Yeah, owning a car is a headache, a hassle, and a bit of a money-pit. And, that's coming from someone who hasn't had a car payment in over 15 years! It's a needed item though. If I relied on Public transportation, it would take me several extra hours to get to and from my 3rd Shift job. Also, yes; I'm a car guy.

Oh, the irony of Today vs. Yesterday.... 3rd Shift done, it's snowing! I'm clearing off my car, I get to my windshield, clear off the snow with the combo ice-scrapper and snow-brush tool; and I notice that my Safety & Emissions Inspection sticker/certificate is going to expire in three days! I thought I had three days and a year. Nope! It's my day off, I'm exhausted beyond belief. So, there's a gas-station/garage literally a handful of blocks from my CO-OP apartment. My go-to spot for any small, mechanical jobs. They're very polite, very friendly as they cheat and rob me. But they're right there. If I have to leave my vehicle overnight, I can literally just walk home, then walk back the next day. so, I save money on cab-fare.

I also need a new bulb for one of my non-LED headlights. Turns out I'm due for an oil-change too. (Yup, I get those at the same place every year.)
Total: Just under $180.oo for three little things done to her.
If I worked both of my full-time jobs at or very near my neighborhood, got rid of my car and all the expenses associated with her, I would easily have mid-5 figures in my bank account. Easily!

 

[jtr1962]

If I worked both of my full-time jobs at or very near my neighborhood, got rid of my car and all the expenses associated with her, I would easily have mid-5 figures in my bank account. Easily!

Going by average car expenses, which are now around $12K annually per the AAA, a person can easily save half a million or more over their adult life by ditching the car. Granted, you can own a car for less if you're willing to do most of the work yourself but it's still a hassle and a big expense. If you consider average investment returns you can easily be a millionaire by the time you retire by investing that $12K each year. I think you would easily have at least low 6 figures in your bank account by now if it were possible to not own a car. While people talk about moving to save money on taxes, I look at what those taxes buy. My extra taxes by virtue of living in NYC are far less than the average cost of owning a car. Then there are the savings on health care since I'm forced to move around more in my daily life. Just hitting the three groceries within walking distance to look for sales is easily two miles of walking.

My first answer to anyone seeking to get their finances in order is to ditch their car(s) if at all possible. That includes doing calculations like how much extra a car may allow them to earn versus taking a job they can walk or bike or take transit to.

E-bikes can make great car substitutes if you're in a place with sparse transit.

Mr. Money Mustache advocates for car-free cities:

Less Cars, More Money: My Visit to the City of the Future

. In my role as Mr. Money Mustache, I do my best to be your one-stop-shop for Lifestyle Guru ideas. So over the years we’ve covered not just the Money side of life, but also the even more important…

www.mrmoneymustache.com

This would be the single biggest thing we could do to improve the average standards of living.

 

[Kestrel]

Seriously, if it wasn't for the fact that I'm taking care of my elderly mother, I'd sell my CO-OP apartment and move to Ohio. Where I have a support system already in place, and waiting for me. Out there, depending on the neighborhood, I could actually afford a small house.

Can't speak for Ohio in particular, but we'd love to have you come out west. I seem to have little in common with most East-coasters, with you as a notable exception. Always happy to see people vote with their feet.

 

[Chauncey Gardener]

If you consider average investment returns you can easily be a millionaire by the time you retire by investing that $12K each year.

Is your scenario hypothetical, or is the money in your bank?

 

[jtr1962]

Is your scenario hypothetical, or is the money in your bank?

Not hypothethical at all. To be sure most years I wouldn't have made enough to be able to afford a car anyway, so my income was under the threshold where I could reliably invest $12K every single year. However with what I did invest I'm at mid 6 figures now. That's unfortunately just with the usual stock market instruments like mutual funds. I just got into crypto last year. Had I gotten into it perhaps 5 years ago I'd probably be a multimillionaire now.

It's fair to say if I had a car my entire adult life I'd probably be broke now. Nothing wrong with having a car if you make enough to be able to afford it AND also invest at least $10K to $20K a year. If not, I advise anyone to seriously look at going car-free.

 

[bluflaam777]