Lifestyle inflation and monthly expenses

[Kryptocoin]

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So once you got older, probably when you had a family, essentially you too found more value in more space and better cost of living than the ability to eat eritrean food.

Isn’t that exactly my point?

Sure when you’re younger, single, you care about the glamour and the lights. But if anyone cares about long term wealth building, lifestyle, space, then most likely New York isn’t the place for them.

No. Your point was everyone wants a bigger house. Instead, it's been shown that more millionaires and billionaires have chosen to live in NYC than any other city in the world. Even though they could afford bigger houses elsewhere.

They would rather live in a small two-bedroom apt and have access to everything than live large elsewhere.


And we've also shown that you don't need to make a lot of money to enjoy the city. Most of the major attractions are free or heavily discounted to the public.

 

[Splenda88]

No. Your point was everyone wants a bigger house. Instead, it's been shown that more millionaires and billionaires have chosen to live in NYC than any other city in the world. Even though they could afford bigger houses elsewhere.

They would rather live in a small two-bedroom apt and have access to everything than live large elsewhere.


And we've also shown that you don't need to make a lot of money to enjoy the city. Most of the major attractions are free or heavily discounted to the public.

Attractions in these major cities are very enticing.

I practice the middle of the road approach. I live in a LCOL area and travel to these cities sometimes to enjoy these attractions.

 

[JacobMcCandles]

Wow. That same out was sold for 520k in 2016.

The S&P 500 has gone up like 2.5x since 2016. I’m always surprised at how surprised people are when an index fund price doubles vs. when a much more visual asset like a home doubles in price. Even if they increase the same over the same time span, people are always amazed at how expensive the house is.

 

[BoardingDoc]

So once you got older, probably when you had a family, essentially you too found more value in more space and better cost of living than the ability to eat eritrean food.

Isn’t that exactly my point?

Sure when you’re younger, single, you care about the glamour and the lights. But if anyone cares about long term wealth building, lifestyle, space, then most likely New York isn’t the place for them.

For me, that was the case yes.

I have many friends who still live in NYC who have no interest in leaving. I don't think they're wrong for doing so, nor do I think that's the case for the millions of similarly minded people who live there and feel the same way.

To be clear, I'm not saying that someone is wrong for not wanting to live in NYC. I do, however, think that you're approaching this as though one can be objectively correct about that decision when in reality it is an issue of personal priorities/interests.

 

[Apollyon]

For me, that was the case yes.

I have many friends who still live in NYC who have no interest in leaving. I don't think they're wrong for doing so, nor do I think that's the case for the millions of similarly minded people who live there and feel the same way.

To be clear, I'm not saying that someone is wrong for not wanting to live in NYC. I do, however, think that you're approaching this as though one can be objectively correct about that decision when in reality it is an issue of personal priorities/interests.

People from the City can't wait to get back. People not from the City can't wait to leave.

 

[EctopicFetus]

I lived in NYC back in the day. Great place. Was super fun. I was at a different place in my life. My main issue is in general EM docs make little money, high taxes and VHCOL make it a tough place to get to FI. FI isn't an aim for many but I haven't met anyone who when asked wouldn't like that. I will be going to NYC to visit in a few months. Its a fun place to visit for me but I get the appeal for those who live there.