Is 350K enough to live comfortably in LA?

[thelopez2]

How do you define comfortable and how much do you want to provide for your children's future education.

I looked up a couple of private high school and they range 13,000 to 17,000. Someone that makes $350,000 might have graduate school loan payments of $15,000-$20,000 a year. A better than average school district would run at least $800,000 for a house or at least $5,000 a month $60,000 a year for the mortgage and property taxes, $10,000 vacation per year. Future college for two kids through grad school $20,000 per year per kid, adjusting for cost of living and tuition 18 years from now.
$13,000
$17,000
$20,000
$60,000
$10,000
$20,000
$20,000
----------
$160,000

After federal and state taxes $350k might become $210k. That leaves about $50,000 for the retirement, cars, insurance, and savings for a downpayment for a larger $2Mil house.

[jm1982]

I remember talking to an acquaintance, he's a younger guy and he claims to make $250k as an attorney. I have my doubts that the claim is true , but he was complaining that he was kind of capped out at $250k, his apparently from a rich family supposedly and he works for his stepfathers law firm. I always think it's amazing that people make so much and would complain that they don't make enough.

You see this a lot though as there is research on this , even people that are worth millions think they are poor when they look at someone with more money.

I know someone that has come into a bit of money that most people would consider quite significant and they still are worried about running out of money. The big issue is their spending, but they keep thinking the solution is to make a lot of money.

I mentioned that they are in a better position financially than many people , but I got the response of 'it doesn't matter what other people have" . Myself I would hope that I would be more grateful if I were in such a position.

Also in America at least (and probably the rest of the world), hardly anyone wants to admit to being rich, there is the fear that everyone will want a handout or a loan , or that people will view you as 'greedy' .

[MItoBH]

Originally Posted by _Mario

Hey guys, I am contemplating moving to LA, I wanted to know is 350K enough to live out there? I recently read an article on Esquire depicting that you needed atleast 350K to live in LA comfortably. I know many people live easily without that much. But I am deciding should I live in LA or Phoenix, where I want to live in Phoenix is probably about the same as living in LA. Please also tell me about the Brentwood and Westwood areas. Thanks!

Surely you're bragging, yes?

[Joe Van Fossen]

Originally Posted by _Mario

Well, the guy offered me 6000 sq. ft or about $125 per sq ft. The land is about 20k for 15,000 sq feet, that is in the Montecito Heights area, but I will pay a bit more to buy land in Westwood.

I think you've been quoted numbers from some very ambitious people. The only lot in Montecito Heights, currently listed, that comes close to 15K square feet is $109K. $125 per square foot might just be the labor or material costs, because it isn't going to cover both plus permits, retaining walls and additional engineering for a home built on a hillside.

[CA4Now]

Originally Posted by LuvSouthOC

Costco sells....My current obsession is the Asian Cabbage Cashew Salad. It is off the charts, not kidding.

I've heard that these are phenomenal. I know someone who goes there just to buy their Asian salads. Thanks for the prompt.

[fryga]

I don't think $350k is enough to pay for the things you've mentioned, taxes will trim you by 35% or more, private school will take $30k, and an old 2 bed house in Brentwood will cost $2m, so that alone is $140k in mortgage and property tax, and if you do send your child to that private school she'll be in the company of much more wealthy friends, and that might be a handicap for her, $350k would be sorta middle class in West side LA, not wealthy. Money evaporates here quickly, faster than water.

[jacktravern]

Originally Posted by _Mario

Hey guys, I am contemplating moving to LA, I wanted to know is 350K enough to live out there? I recently read an article on Esquire depicting that you needed atleast 350K to live in LA comfortably. I know many people live easily without that much. But I am deciding should I live in LA or Phoenix, where I want to live in Phoenix is probably about the same as living in LA. Please also tell me about the Brentwood and Westwood areas. Thanks!

You will be on Skid ROw. Jesus, i dont know how somebody has the capability to make that much and would think to even ask that question.