America has long been considered a country with better career and higher earning opportunities. Even in India, when it is heard about a person that he has received an annual package worth crores of rupees abroad, especially in America, then people consider his life to be very luxurious and comfortable. But does this actually happen? Recently, an Indian man living in New York challenged this notion and shared such information on social media, which sparked a new discussion among the people.
In a video shared on Instagram by an account named @yash.pleasee, the young man tried to show the real picture of high salaries in New York, which is among the most expensive cities in America. In the video, he told that if a person gets a package of Rs 1 crore annually, it does not mean that he will have the entire amount available to spend.
How much money can people save and take home?
According to the person, people working in America have to pay many types of taxes. He explained that not only one type of tax is deducted from the income of an employee living in New York, but he has to pay money on many items like Federal Tax, State Tax, New York City Tax, Social Security and Medicare. Including all these deductions, about 35 to 40 percent of a person’s total income goes as tax.
Giving an example, he said that if someone’s annual salary is Rs 1 crore, then after deducting tax, the amount left in his hand reduces significantly. After this, the cost of living in a city like New York is also not less. Housing is considered the biggest expense here. The monthly rent of a normal apartment in a good and safe area can reach around Rs 2 to 3 lakh. In such a situation, a large part of the income is spent only on living arrangements.
In the video, the young man also said that the earnings of India and America should not be compared only on the basis of salary. According to him, a person earning Rs 25 to 30 lakh annually in India can, in many cases, live a more satisfied and comfortable life than a person working on a package of Rs 1 crore in New York. This is because the cost of living in India is relatively low and a person can spend a large part of his income on savings or other needs.
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He also indicated that as attractive as a high salary abroad sounds, in reality it also comes with many financial responsibilities and expenses. Therefore, it cannot be considered correct to assess someone’s financial condition just by looking at the salary figures. The caption shared with the video read, The dark truth about the package of Rs 1 crore in New York (America). Thousands of people saw it and expressed their opinions.
Watch the video here
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