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.Five hundred thousand dollars — the amount President Obama wants to set as the top pay for banking executives whose firms accept government bailout money — seems like a lot, and it is a lot. To many people in many places, it is a princely sum to live on. But in the neighborhoods of New York City and its suburban enclaves where successful bankers live, half a million a year can go very fast.

“As hard as it is to believe, bankers who are living on the Upper East Side making $2 or $3 million a year have set up a life for themselves in which they are also at zero at the end of the year with credit cards and mortgage bills that are inescapable,” said Holly Peterson, the author of an Upper East Side novel of manners, “The Manny”.

Link to Article