Is $500k/year sufficient for a family of 4? (Livingston, Saddle River: how much, neighborhoods)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
True I agree most of the extreme wealthy families like 100 million or higher have their money tied up in investments, stocks real estate ventures especially commercial and venture capital interests, the upper middle class to wealthy like doctors and lawyers that make 200-500k a year get hammered in taxes so some of them never will be able to reach the levels of the investment bankers and blue blood families that avoid income taxes through generational wealth. Too many loopholes in the America tax system.
Too much tax for governments to waste in the American system in high tax states like found on both coasts. We need more wealth creators while the gov is full of wealth destroyers and transferers of wealth. We need productivity growth, real economic growth and a lower cost of living none of which we have under some admins.
Actually, the OP could live ANYWHERE in Livingston on a $500,000 dollar salary. I don't know why he would choose to, though, when you have towns like Alpine, Saddle River, Franklin Lakes, Rumson, Harding, Mendham, etc., where there's more money overall and a more prestigious address. Just throwing that out there.
LOL, you really do have a bug up your butt about Livingston.
Too much tax for governments to waste in the American system in high tax states like found on both coasts. We need more wealth creators while the gov is full of wealth destroyers and transferers of wealth. We need productivity growth, real economic growth and a lower cost of living none of which we have under some admins.
I agree with you thats why if I was super rich I would list my permanent address in a state with no state tax like FL, TX or TN, lot of pro athletes and actors have learned this tax loop hole already.
If you're the sole provider could be tough. But there are spots where you could make it work and if you're willing to cut back in certain areas.
If anything, being the sole provider at $500k income is a lot better than having $500k total household income (where wife is working as well). You save on day care, nannies, etc. plus the wife may have the option of going back to work (if she used to) to add additional income if needed.
I agree with you thats why if I was super rich I would list my permanent address in a state with no state tax like FL, TX or TN, lot of pro athletes and actors have learned this tax loop hole already.
you do realize, if you play for the Yankees, you play 81 games in NY state and you pay taxes on those 81 games to NY state. when you play in Ohio, you pay taxes to Ohio. And so on and so forth....right?
If anything, being the sole provider at $500k income is a lot better than having $500k total household income (where wife is working as well). You save on day care, nannies, etc. plus the wife may have the option of going back to work (if she used to) to add additional income if needed.
Actually, the OP could live ANYWHERE in Livingston on a $500,000 dollar salary. I don't know why he would choose to, though, when you have towns like Alpine, Saddle River, Franklin Lakes, Rumson, Harding, Mendham, etc., where there's more money overall and a more prestigious address. Just throwing that out there.
I guess, if he had a million or two lying around for a down payment he could live in anywhere in Livingston. You might be under the impression that people making $500k just have stacks of cash lying around, but I hate to tell you, most don't. Unless that is the case, there are just some neighborhoods where he will be priced out.
Since there is already a lot of people living there who could just as easily afford Alpine, Saddle River, Blah, Blah, Blah, why don't you ask them why they choose Livingston over those towns?
You still haven't realized that your opinion is not universal.
Last edited by AnesthesiaMD; 06-19-2015 at 08:35 AM..
Livingston's not in the same league as Short Hills or Alpine, at all. Also, someone with that kind of money wouldn't worry much about taxes, if you know what I mean.
To be fair, Short Hills is not a standalone town, rather its an elite section of Millburn. Livingston does compare with Millburn overall, and some of the most exclusive parts of Livingston may be almost as wealthy as Short Hills. However, unlike the wealthy sections of Livingston, Short Hills is a separate CDP of Millburn, so there is more of an argument for judging it separately.
As far as Alpine, the only real comparison to it in NJ is Saddle River, and perhaps a few other ritzy small towns such as Harding, Far Hills, Colts Neck, and Rumson.
To be fair, Short Hills is not a standalone town, rather its an elite section of Millburn. Livingston does compare with Millburn overall, and some of the most exclusive parts of Livingston may be almost as wealthy as Short Hills. However, unlike the wealthy sections of Livingston, Short Hills is a separate CDP of Millburn, so there is more of an argument for judging it separately.
As far as Alpine, the only real comparison to it in NJ is Saddle River, and perhaps a few other ritzy small towns such as Harding, Far Hills, Colts Neck, and Rumson.
You can be rich and build a mansion anywhere that is what people fail to realize, Lebron James lives in Bath Township OH it is an upper middle class town not a super rich town and he is worth like 200 million and lives in a 35,000 sq..ft home. You can live in Beverly Hills, CA and be just upper middle class and not super rich like a lawyer or doctor making 200k a year. Some towns you just pay for the prestige of living in a town with a great reputation and if you don't have kids who cares. The real estate in these towns with inflated reputations are over priced like Beverly Hills and some parts of NYC as well like the Upper East Side. Just my viewpoint on the matter.
but on their lower income, they're paying the same exact tax that all the rest of us pay. I make substantially less than $500k/yr as a household, and I'm more than comfortable. that's why the initial post is comical to a lot of us. if you added $100,000 in income to my household, maybe i'd drive nicer cars or buy cars more frequently (probably not). i can't see how it would substantially change my life though. but i also realize some people aren't that savvy with money, and probably don't pay attention to value, so there's that also.
I also find it comical that he is asking the question. Seems like a troll post to me. But at the same time, I think most people think that $500k goes a lot farther than it does. I know I did at one time in my life, so it doesn't surprise me that others do as well. At the same time, I don't think it's right to complain about it when so many others make so much less, but that doesn't mean that you are not quietly begrudging the government for taking so much money from you every year.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.