New York is among the greatest cities in the North American continent, but the sky-high cost of living is a major drawback to life in the Big Apple. While in most parts of the country, a six-figure salary is a huge accomplishment that will ensure comfortable living and economic security, this is not exactly the case in New York City, thanks to the forever-on-the-rise cost of living. For most New Yorkers, a yearly salary of $200,000 would arguably be the ideal income to live on. There are a number of resourceful ways in which New Yorkers who make less than this amount manage to still live in the expensive city, but there are also ways that these people can focus on building wealth in order to achieve greater levels of financial security and independence.
- Because cities are expensive, a barely six figure salary is not a big enough income.
- Strategies like sharing rent, getting another job and being careful about random spending can help
- The Personal Capital program can help a person keep track of finances in an expensive city
“making $100,000 a year puts you in roughly the top 10-15% of nationwide income earners. $100,000 is a great achievement no matter where you live, but it’s not that great if you live in an international city such as New York”