How A CEO Can Live On $500K A Year

The New York Times breaks down the annual expenses of your average Fancy Pants Executive Type who lives in Manhattan.

Private school: $32,000 a year per student. Mortgage: $96,000 a year. Co-op maintenance fee: $96,000 a year. Nanny: $45,000 a year. We are already at $269,000, and we haven’t even gotten to taxes yet.

As relatively poor people, we think we can help. Here’s the Times-supplied expenses and our suggestions on where to cut costs.

Annual Expenses

Our Suggestions

Private school (per student) $32,000 public school + “Gossip Girl” discs via Netflix $9 monthly subscription fee
Mortgage & Co-Op fees $192,000 Just move already. To a house with no co-op fees. $96,000
Nanny $45,000 This 500K income is brought in by only one spouse, right? The other one doesn’t have a day job? Do you see where we’re going with this? $0
Vacations (2: beach and skiing) $16,000 Six Flags Great Adventure, Rockaway Beach in Queens, Coney Island, and assorted zoos, gardens, events, and museums in the city $1500
Summer house $240,000 Find a summer share on CraigsList, or rely on invitations from former Hamptons neighbors $10,000
Chauffer $100,000 Did you know anyone can drive a car? It’s true! All you need is a license. $50 (NYC license fee)
Garage fees $700 Park below 65th St
or, park on the street
or free, with occasional tickets
Personal trainer $12,000 Your memory. You paid attention during those earlier training sessions, right? If you still want some encouragement, consider a Wii Fit and/or re-runs of “The Biggest Loser.” $0-80
Party gowns for galas (3 per year) $35,000 You live in the same town as the Fashion Institute of Technology and Parsons. Find an ambitious student to nurture. $3,000 plus an investment in potential future fashion insiderness
Tutoring $3,750 “You’re not going to get through private school without tutoring a kid.” That’s not going to be a problem with public school, we assure you. You may still want a tutor though for supplemental education, so we suggest CraigsList $0-$1500
Groceries $15,000 Try the Grocery Game! Otherwise, we’re not going to mess with this one, other than to assume that you can probably shop smarter if you set yourself a lower budget—say, $200 a week instead of the $288 currently estimated $10,400
Frozen hot chocolates at Serendipity $8.50 each You know what goes on at Serendipity, right? $0

“You Try to Live on 500K in This Town” [New York Times]
(Photo: Matt Mordfin)