Is New York City still worth it?
The financial burden of living in New York City and other parts of the state is making young people rethink whether they want to stay
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And 1 in 4 adults plans an exodus from the Empire State within five years.Skip to next paragraph
Joshua has been managing money for high net worth clients, charitable foundations, corporations and retirement plans for more than a decade.
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The NY1-YNN-Marist College poll released Thursday night puts numbers to the decades-long exodus from New York, which once led the nation in manufacturing and other high-paying jobs.
The reasons cited for leaving? Jobs, cost of living and high taxes.
Manufacturing in New York State is dead, publishing is dying and Wall Street can't wait til the day they can move every employee except the bankers out to Jersey and beyond. As far as taxes - from property to income to sales tax - the whole thing is absurd. And cost of living? Laugh Out Loud.
I have a doctor client in Atlanta who grew up in NY and then left to open his practice down there years ago. I guarantee he leads a significantly higher quality of life than the physicians in my county on Long Island. He probably isn't seeing patients 12 hours a day and is certainly not paying his support staff and landlord what my doctor friends pay here. He's fortunate to have a portable profession. My profession would have been portable prior to my having built a practice made up of 60% New Yorkers.
So I'm here and likely staying, even as a quarter of the state's adults make ready to flee. All my friends and a lot of my family are here, too - for now. I take advantage of my New Yorkership when and where I can. I make my peace with the stuff I can't change and get excited about the things that others can.
But not a week goes by where I don't fantasize about being a bigger fish in a smaller (warmer) pond. It's nice to know I'm not alone.
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