Real median household income for all working age residents adjusted for a family of four peaked in 2001 at slightly over $72,000, and for middle class households at just over $111,000. During the 2001-2008 cycle, however, median middle income actually fell despite the strong growth of the City’s economy, and has continued to fall during the recovery – for reasons that will be discussed further on – declining 7.8 percent in inflation-adjusted terms.
For NYC, $100,000 is a very average middle class income. Cost of living by area does matter.
I was composing a critical comment, and then realized it doesn't matter that this guy makes. Even if he made only $50K there would be some criticizing how "well off" he is.
The moral here is to make a difference - and don't hesitate to give money (if that is what you have) based on the fear that it will me mismanaged or not help.
I would disagree with the latter half of the moral as stated. I think those are entirely reasonable concerns to hesitate in giving money to e.g. a specific charity.
That said, what I think you intend to get at - don't let the perfect be the enemy of the good - do some basic due diligence, but don't let "due diligence" freeze you into inaction - I agree with that.
(edit: I started a sentence without finishing it -_-;;)
That and he's in a field that has volatile pay and employment so extra nest egg is essential. Not sure how he builds up savings (probably lives very frugal) but props to him for donating half his pay.
I'm in a similar boat to this guy for income, location, and donation goals. I spend < $30k per year living in downtown Manhattan, so that leaves a lot of room for saving. And I feel like my life is positively luxurious, so I'd never remotely use the word "sacrifice" to describe this.
I can think of a few reasonable changes I could make to lower my expenses to < $20k if I wanted to be more aggressive, but my current spending level works to compromise with my (incredibly understanding) girlfriend. Social factors are always there, but the absolute reality of this level of spending in NYC is fantastic.
The numbers will change when a family is involved, of course, but both the article guy and I (probably) have a long time to save up before that happens.
Living on $75k or so after-tax in NYC as a young single man isn't 'very frugal'. A nice room in a roommate situation can be had for $1000/mo, a very nice one for $2000, which totals $12k-$24k per year. Likewise a modest reasonably-located 1bedroom/studio can be had for $2000/mo. After that, the only mandatory expenses are $1000 or so a year for transportation and reasonable expenses for food, though much of that cost is likely paid by his employer.
I'd argue that it's extremely frugal given the city's high cost of living and like I mentioned above, an industry where pay and employment is volatile. He could easily get laid off or paid down year over year through no fault of his own. Your living expenses do not leave much leftover in the way of savings, travel (kinda good to vacation in a high stress job), or even just experiencing what one of the greatest cities in the world has to offer.
----
Since it doesn't want me to reply again [I'm submitting too fast]
If you can support a family of 4 in NY with less than $100k while qualifying as middle class, I'm curious how you manage it. :)
http://council.nyc.gov/html/action/acpdfs/middle_Class_squee...
Fyi:
Real median household income for all working age residents adjusted for a family of four peaked in 2001 at slightly over $72,000, and for middle class households at just over $111,000. During the 2001-2008 cycle, however, median middle income actually fell despite the strong growth of the City’s economy, and has continued to fall during the recovery – for reasons that will be discussed further on – declining 7.8 percent in inflation-adjusted terms.
For NYC, $100,000 is a very average middle class income. Cost of living by area does matter.