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January 04, 2007


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It's what you spend to some degree, but not entirely. You really just want to have a positive gap between earnings and expenses. Whether you earn 20K and spend 10K or earn 100K and spend 90K it doesn't really matter.

Tell the person trying to scratch a living NYC on 20K a year that it's not what you make. Sometimes your expendatures are necessary, so that it truly is a problem of that person not making enough.

I'd tell the person making $20k in NYC to move -- doing so would instantly double their purchasing power! :-)

See this for details:

If you're living in NYC, then you'll need enough roommates to curb living expenses. Living in the city is tough on your wallet, but as FMF points out, "save more than you spend, and you've just created wealth."

There's also a lot of money killers in NYC - bars, coffee shops, operas and plays, and other leisure activities. that eat your wallet without notice.

Perhaps documenting every purchase would help the situation, along with losing the credit cards.

A few months ago, the handles on the bag that I bring to work started fraying, and I used some duct tape to tape it up. My friends, who regularly shop at Nordstrom and Saks for their clothes and accessories, gave me a hard time about it and asked why I didn't just fork over some cash to buy a new bag. It's hard to deflect the peer pressure of spending money to look good and have the latest fashions, but my frugality has enabled me to work at a lower-pay but better quality-of-life job, while my friends are toiling at a sweatshop. They make more money, but they are chained to the job because of they have incurred substantial credit card debt and have bought expensive SUVs. My work bag isn't the most attractive thing, but it works, and most importantly, I have financial peace of mind.

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