|
New
York Resident
June 2007
Though you might think earning riches
means you can buy a penthouse apartment overlooking Central
Park, the calculus of Manhattan real estate isn’t
so simple.
According to financial planner Al Zdenek
– CEO of the New York-based Zdenek Financial Planning
– "your salary isn’t directly
proportional to the apartment you can afford. It’s
just one variable in a complex formula – which takes
into account the lifestyle you aspire to, the amount of
income tax you pay, and the amount you choose to set aside
for retirement. Thus, imprudent big spenders could wind
up working far into their Golden Years."
“If a person is
going to all of a sudden go out and buy a place without
looking at those three components, they could wind up having
a lifestyle they like and paying too much in taxes and not
saving anything for their independence,”
said Zdenek. |
