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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?
..and you get a credit from NJ...it's a wash. The same as anyone working in NY and living in NJ.
People getting offended on this page over nothing, maybe it was a troll post or maybe it was not but 500k while a ton of money a year isn't that offensive to ask a question. Making a lot of money a year does not mean you know anything about finance and that yearly salary is guaranteed for life and OP might not know how to manage their money.
I completely agree here. I was never offended. Making money and managing money are not the same thing--plenty of famous broke people are evidence of this.
Additionally, this is a high COL area and OP has 4 kids, its not like he was asking if 500K is enough to feed himself, he wants a nice home, good community, decent schools, all things that are not cheap. The fact is, at 500K a year and with 4 kids, he couldn't get a 2000 sq ft house in the prime areas of Manhattan-he is priced out. If he said 5 million year, I would call OP a troll, but I didn't think this thread was unreasonable.
I completely agree here. I was never offended. Making money and managing money are not the same thing--plenty of famous broke people are evidence of this.
Additionally, this is a high COL area and OP has 4 kids, its not like he was asking if 500K is enough to feed himself, he wants a nice home, good community, decent schools, all things that are not cheap. The fact is, at 500K a year and with 4 kids, he couldn't get a 2000 sq ft house in the prime areas of Manhattan-he is priced out. If he said 5 million year, I would call OP a troll, but I didn't think this thread was unreasonable.
I only found it comical because most people that make over $500k know the reaction they will get by asking such a question to the general public. That's why I think it might be a troll post.
I only found it comical because most people that make over $500k know the reaction they will get by asking such a question to the general public. That's why I think it might be a troll post.
Agreed. OP probably could have worded it better too, ie ask what's possible at 500K a year instead of inquiring whether its "sufficient" as indicated in title of the thread, which will obviously invite claims of trolling.
Agreed. OP probably could have worded it better too, ie ask what's possible at 500K a year instead of inquiring whether its "sufficient" as indicated in title of the thread, which will obviously invite claims of trolling.
Which begs the question, who cares if they are trolling? Is a fake question any less entertaining to sound off on than a real one?
I completely agree here. I was never offended. Making money and managing money are not the same thing--plenty of famous broke people are evidence of this.
Additionally, this is a high COL area and OP has 4 kids, its not like he was asking if 500K is enough to feed himself, he wants a nice home, good community, decent schools, all things that are not cheap. The fact is, at 500K a year and with 4 kids, he couldn't get a 2000 sq ft house in the prime areas of Manhattan-he is priced out. If he said 5 million year, I would call OP a troll, but I didn't think this thread was unreasonable.
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.
Kiplinger or Money magazine did a great article years ago about how people of all income levels end up in massive amounts of debt. I make my household income go pretty far and enjoy quite a few luxuries. If my household income was $500K, the government taking 30ish % of the income beyond $250 (or whatever that tier starts at) would hardly make my top 50 list of concerns while i enjoyed substantially more evenings out at Peter Luger's.
Despite that risk, I'd still venture to guess most households w/ children would prefer a single $500k income w/ stay at home wife (or husband) vs dual income at $250k each with both parents working.
maybe. i'd be far more comfortable with the dual income. people forget that a stay at home parent only matters until kindergarten/1st grade. it's one thing if one parent is making $35,000/yr and you're paying for daycare or aftercare ($12,000+ per year). but if both are making >$75,000, it's not really all that beneficial to stay home for financial reasons. also, even if we did make enough for one of us to comfortably stay home, my kids would still be in daycare for the various benefits of it.
People getting offended on this page over nothing, maybe it was a troll post or maybe it was not but 500k while a ton of money a year isn't that offensive to ask a question. Making a lot of money a year does not mean you know anything about finance and that yearly salary is guaranteed for life and OP might not know how to manage their money.
if you think the responses here are rough, you should try posing this question on the personal finance page.
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