Good post Landis. Great point about his "take home pay", probably $110,000, but to make a point, let's take the absolute high and say $125,000. --------------------------------------------- From the article-- "Last month, for the first time, the Arayas didn't make a mortgage payment. Their savings are almost depleted. The mortgage, taxes and fees for the family's condo cost $6,200. ---------------------------------------------------- The guy is taking home 125k and spending 60% of it (75k) just on his freaking condo!!! That leaves 40% of his TAKE HOME for food, clothes, credit cards, utilities, cable/internet bill, entertainment, vacation, college savings for two kids, and retirement savings!!!! He had no business buying a million dollar condo. It's very difficult to feel bad for the guy (although I still do).
Exactly my point. He should have moved to the burbs, bought a nice 500k house and commuted 45-60 minutes.
Have you ever tried to commute to NYC from say New Brunswick or Edison at 4:30 in the morning and then back at night, get 2-3 hours sleep and do it all again? If the hours in the article are correct (and I question why anyone needed to be in the office at 4:30 if he was floor based) then he needed to be close.
Host/hostess is an hourly job and pays in-line with "front of the house" positions. I know because my brother owned a minority interest in a popular Manhattan restaurant.
Then move to Jersey City, Hoboken, Weehawken, Edgewater, or someplace else within a 10-15 minute PATH or ferry ride. Would have saved 20-40% extra on his take home pay for a minor commute.
That's awful. Why would he do that? That ride must be 1:30 minutes each way, minimum. At some point you have to think "How much is my time worth?".