Premise of the original post assumes you have a family and associated normal expenses.
After 10% retirement savings you’re still not maxing your 401k, so call it 180k pre-tax income. That puts you in 22% federal bracket or 14.0% effective federal tax rate assuming standard deduction. Add on FICA, NY state income tax and NY City income tax, your total tax burden is about 29.06% at that income. Assuming standard deductions, your take home pay after retirement and taxes is somewhere around $128k per year.
OP said 2-3 kids so lets call it 2.5 kids at $2k per kid per year for college savings (a popular rule of thumb). If you have a family you’re paying for a multi-bedroom place. Median rent Manhattan was $5,588 in mid-2023. USDA publishes costs of groceries for a family of 4 (Thrifty plan, low cost plan, moderate cost plan, and liberal budget) since we’re talking about luxury goods here lets go with the USDA liberal budget of $1,583/mo.
OP also specified vacations - I’d guess someone making 200k buying a luxury watch will spend above average on vacations, but lets just go with national average here. Forbes publishes an estimate for national average cost of a family of 4 to vacation at $3,609 for a 3-day trip and $6,144 for a week-long trip. Lets assume one 1-week vacation and one 3-day vacation per year.
OP also specified said charity - obviously highly discretionary but for the sake of argument it looks like Americans donate about 1.7% of income to charity, so lets call that $3,400/yr.
So, assuming you have zero student loan debt, that sill leaves you with about $23,800k per year or $1,983/month on ALL other costs. I didn’t even get into utilities, cell phone, insurance (rental, life, auto). All this could quickly get you down towards the $1,200-$1,500 per month range of truly discretionary spending availability. That is what you would have to spend on any childcare, babysitters, restaurants, date nights or other entertainment, all clothing for multiple people, spending on any hobbies other non-vacation travel (to visit friends and family), or anything else.
So could you save up for it over time? sure, though I have a hard time seeing it. You would have to prioritize that particular watch (as opposed to a similar but less expensive watch) as more important than many other things your family would enjoy.
Premise of the original post assumes you have a family and associated normal expenses.
After 10% retirement savings you’re still not maxing your 401k, so call it 180k pre-tax income. That puts you in 22% federal bracket or 14.0% effective federal tax rate assuming standard deduction. Add on FICA, NY state income tax and NY City income tax, your total tax burden is about 29.06% at that income. Assuming standard deductions, your take home pay after retirement and taxes is somewhere around $128k per year.
OP said 2-3 kids so lets call it 2.5 kids at $2k per kid per year for college savings (a popular rule of thumb). If you have a family you’re paying for a multi-bedroom place. Median rent Manhattan was $5,588 in mid-2023. USDA publishes costs of groceries for a family of 4 (Thrifty plan, low cost plan, moderate cost plan, and liberal budget) since we’re talking about luxury goods here lets go with the USDA liberal budget of $1,583/mo.
OP also specified vacations - I’d guess someone making 200k buying a luxury watch will spend above average on vacations, but lets just go with national average here. Forbes publishes an estimate for national average cost of a family of 4 to vacation at $3,609 for a 3-day trip and $6,144 for a week-long trip. Lets assume one 1-week vacation and one 3-day vacation per year.
OP also specified said charity - obviously highly discretionary but for the sake of argument it looks like Americans donate about 1.7% of income to charity, so lets call that $3,400/yr.
So, assuming you have zero student loan debt, that sill leaves you with about $23,800k per year or $1,983/month on ALL other costs. I didn’t even get into utilities, cell phone, insurance (rental, life, auto). All this could quickly get you down towards the $1,200-$1,500 per month range of truly discretionary spending availability. That is what you would have to spend on any childcare, babysitters, restaurants, date nights or other entertainment, all clothing for multiple people, spending on any hobbies other non-vacation travel (to visit friends and family), or anything else.
So could you save up for it over time? sure, though I have a hard time seeing it. You would have to prioritize that particular watch (as opposed to a similar but less expensive watch) as more important than many other things your family would enjoy.
Premise of the original post assumes you have a family and associated normal expenses.
After 10% retirement savings you’re still not maxing your 401k, so call it 180k pre-tax income. That puts you in 22% federal bracket or 14.0% effective federal tax rate assuming standard deduction. Add on FICA, NY state income tax and NY City income tax, your total tax burden is about 29.06% at that income. Assuming standard deductions, your take home pay after retirement and taxes is somewhere around $128k per year.
OP said 2-3 kids so lets call it 2.5 kids at $2k per kid per year for college savings (a popular rule of thumb). If you have a family you’re paying for a multi-bedroom place. Median rent Manhattan was $5,588 in mid-2023. USDA publishes costs of groceries for a family of 4 (Thrifty plan, low cost plan, moderate cost plan, and liberal budget) since we’re talking about luxury goods here lets go with the USDA liberal budget of $1,583/mo.
OP also specified vacations - I’d guess someone making 200k buying a luxury watch will spend above average on vacations, but lets just go with national average here. Forbes publishes an estimate for national average cost of a family of 4 to vacation at $3,609 for a 3-day trip and $6,144 for a week-long trip. Lets assume one 1-week vacation and one 3-day vacation per year.
OP also specified said charity - obviously highly discretionary but for the sake of argument it looks like Americans donate about 1.7% of income to charity, so lets call that $3,400/yr.
So, assuming you have zero student loan debt, that sill leaves you with about $23,800k per year or $1,983/month on ALL other costs. I didn’t even get into utilities, cell phone, insurance (rental, life, auto). All this could quickly get you down towards the $1,200-$1,500 per month range of truly discretionary spending availability. That is what you would have to spend on any childcare, babysitters, restaurants, date nights or other entertainment, all clothing for multiple people, spending on any hobbies other non-vacation travel (to visit friends and family), or anything else.
So could you save up for it over time? sure, though I have a hard time seeing it. You would have to prioritize that particular watch (as opposed to a similar but less expensive watch) as more important than many other things your family would enjoy.
I don’t think that is the implication at all. I’m simply laying out numbers. This budget is still awesome and leads to a comfortable life. But the numbers are the numbers.
You’re high on meth if you have 2-3 kids and spend almost $5,600/mo on rent with a $200k HHI. It’s feasible for a single person, but most families making that much would not be living in Manhattan. NJ or one of the outer boroughs will get you a decent place for like $3,500/mo.
![[Tier List] UPDATED! Watches for an upper middle class professional with responsibilities -- Read the description!](https://alien.top/pictrs/image/4fe402c2-5efb-4f61-b2ea-194e9b735591.webp){kind=link}
$200k in Manhattan vs $200k in St. Louis are two very different things.one puts omega in play and the other does not.
If you’re single making 200k in Manhattan you can absolutely afford an Omega.
Premise of the original post assumes you have a family and associated normal expenses.
After 10% retirement savings you’re still not maxing your 401k, so call it 180k pre-tax income. That puts you in 22% federal bracket or 14.0% effective federal tax rate assuming standard deduction. Add on FICA, NY state income tax and NY City income tax, your total tax burden is about 29.06% at that income. Assuming standard deductions, your take home pay after retirement and taxes is somewhere around $128k per year.
OP said 2-3 kids so lets call it 2.5 kids at $2k per kid per year for college savings (a popular rule of thumb). If you have a family you’re paying for a multi-bedroom place. Median rent Manhattan was $5,588 in mid-2023. USDA publishes costs of groceries for a family of 4 (Thrifty plan, low cost plan, moderate cost plan, and liberal budget) since we’re talking about luxury goods here lets go with the USDA liberal budget of $1,583/mo.
OP also specified vacations - I’d guess someone making 200k buying a luxury watch will spend above average on vacations, but lets just go with national average here. Forbes publishes an estimate for national average cost of a family of 4 to vacation at $3,609 for a 3-day trip and $6,144 for a week-long trip. Lets assume one 1-week vacation and one 3-day vacation per year.
OP also specified said charity - obviously highly discretionary but for the sake of argument it looks like Americans donate about 1.7% of income to charity, so lets call that $3,400/yr.
So, assuming you have zero student loan debt, that sill leaves you with about $23,800k per year or $1,983/month on ALL other costs. I didn’t even get into utilities, cell phone, insurance (rental, life, auto). All this could quickly get you down towards the $1,200-$1,500 per month range of truly discretionary spending availability. That is what you would have to spend on any childcare, babysitters, restaurants, date nights or other entertainment, all clothing for multiple people, spending on any hobbies other non-vacation travel (to visit friends and family), or anything else.
So could you save up for it over time? sure, though I have a hard time seeing it. You would have to prioritize that particular watch (as opposed to a similar but less expensive watch) as more important than many other things your family would enjoy.
I’m still fairly sure you can afford Omega on $200k in Manhattan
Premise of the original post assumes you have a family and associated normal expenses.
After 10% retirement savings you’re still not maxing your 401k, so call it 180k pre-tax income. That puts you in 22% federal bracket or 14.0% effective federal tax rate assuming standard deduction. Add on FICA, NY state income tax and NY City income tax, your total tax burden is about 29.06% at that income. Assuming standard deductions, your take home pay after retirement and taxes is somewhere around $128k per year.
OP said 2-3 kids so lets call it 2.5 kids at $2k per kid per year for college savings (a popular rule of thumb). If you have a family you’re paying for a multi-bedroom place. Median rent Manhattan was $5,588 in mid-2023. USDA publishes costs of groceries for a family of 4 (Thrifty plan, low cost plan, moderate cost plan, and liberal budget) since we’re talking about luxury goods here lets go with the USDA liberal budget of $1,583/mo.
OP also specified vacations - I’d guess someone making 200k buying a luxury watch will spend above average on vacations, but lets just go with national average here. Forbes publishes an estimate for national average cost of a family of 4 to vacation at $3,609 for a 3-day trip and $6,144 for a week-long trip. Lets assume one 1-week vacation and one 3-day vacation per year.
OP also specified said charity - obviously highly discretionary but for the sake of argument it looks like Americans donate about 1.7% of income to charity, so lets call that $3,400/yr.
So, assuming you have zero student loan debt, that sill leaves you with about $23,800k per year or $1,983/month on ALL other costs. I didn’t even get into utilities, cell phone, insurance (rental, life, auto). All this could quickly get you down towards the $1,200-$1,500 per month range of truly discretionary spending availability. That is what you would have to spend on any childcare, babysitters, restaurants, date nights or other entertainment, all clothing for multiple people, spending on any hobbies other non-vacation travel (to visit friends and family), or anything else.
So could you save up for it over time? sure, though I have a hard time seeing it. You would have to prioritize that particular watch (as opposed to a similar but less expensive watch) as more important than many other things your family would enjoy.
I don’t know why you are being downvoted for being able to do math
Oh please, yes ny is more expensive but 200k a year is enough for anything
Premise of the original post assumes you have a family and associated normal expenses.
After 10% retirement savings you’re still not maxing your 401k, so call it 180k pre-tax income. That puts you in 22% federal bracket or 14.0% effective federal tax rate assuming standard deduction. Add on FICA, NY state income tax and NY City income tax, your total tax burden is about 29.06% at that income. Assuming standard deductions, your take home pay after retirement and taxes is somewhere around $128k per year.
OP said 2-3 kids so lets call it 2.5 kids at $2k per kid per year for college savings (a popular rule of thumb). If you have a family you’re paying for a multi-bedroom place. Median rent Manhattan was $5,588 in mid-2023. USDA publishes costs of groceries for a family of 4 (Thrifty plan, low cost plan, moderate cost plan, and liberal budget) since we’re talking about luxury goods here lets go with the USDA liberal budget of $1,583/mo.
OP also specified vacations - I’d guess someone making 200k buying a luxury watch will spend above average on vacations, but lets just go with national average here. Forbes publishes an estimate for national average cost of a family of 4 to vacation at $3,609 for a 3-day trip and $6,144 for a week-long trip. Lets assume one 1-week vacation and one 3-day vacation per year.
OP also specified said charity - obviously highly discretionary but for the sake of argument it looks like Americans donate about 1.7% of income to charity, so lets call that $3,400/yr.
So, assuming you have zero student loan debt, that sill leaves you with about $23,800k per year or $1,983/month on ALL other costs. I didn’t even get into utilities, cell phone, insurance (rental, life, auto). All this could quickly get you down towards the $1,200-$1,500 per month range of truly discretionary spending availability. That is what you would have to spend on any childcare, babysitters, restaurants, date nights or other entertainment, all clothing for multiple people, spending on any hobbies other non-vacation travel (to visit friends and family), or anything else.
So could you save up for it over time? sure, though I have a hard time seeing it. You would have to prioritize that particular watch (as opposed to a similar but less expensive watch) as more important than many other things your family would enjoy.
Are you trying to make me pity someone making 200k?
I don’t think that is the implication at all. I’m simply laying out numbers. This budget is still awesome and leads to a comfortable life. But the numbers are the numbers.
You’re high on meth if you have 2-3 kids and spend almost $5,600/mo on rent with a $200k HHI. It’s feasible for a single person, but most families making that much would not be living in Manhattan. NJ or one of the outer boroughs will get you a decent place for like $3,500/mo.