How $1M household income is consumed in NYC quick
hINx16 @ Google
Disclaimer: not a flex or complaint, just a data point. And have two young kids.
TC: $1M
Taxes: 44% (Fed+State+Local)
———
$560K net
(“Fixed” Expenses)
3BR Apt + Utilities: $160K/yr
Full Time Childcare + School: $120K/yr
Food (Groceries and Takeout): $25K/yr
Financial Planning & Tax Prep: $10K/yr
Insurance: $5K/yr
Transportation: $3K/yr
(“Fixed” Savings)
~2x max Roth 401K/After-Tax 401K: $100K/yr
~2x max 529/education savings: $70K/yr
Milestone event savings (anniversary trips, daughters’ weddings): $15K/yr
(“Other” Expense Budgets)
Vacation and Holiday Trip Budget: $30K/yr
Clothes, Gifts, Shopping: $15K/yr
Housecleaner: $3K/yr
Babysitting+Date Nights: $3K/yr
Video and Music Subscriptions: $1.2K/yr
@blind_feed
