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I completely agree that a few people were a bit harsh. I don't think you should stop asking for info, just ignore the haters. Myself and plenty of other people understand your question is reasonable. This is an expensive area, you have a large family, so its not crazy to ask what's feasible.
it was a family of 4, not 4 kids. yes, it's expensive, but not really more expensive than boston. i still think that if you think $500k is a strecth in NJ, you've got some alternate version of reality than what most people have.
The question was vague and naive. If the OP had given more details about their current living situation: cars, house, vacation, other financial obligations they would have gotten much more helpful responses.
For instance: I'm coming from Boston, we live a pretty comfortable life here. We have 2 kids(one with special needs who requires private schooling), 2 luxury cars, a home in Lincoln(one of the most affluent neighborhoods around here)($4000/month mortgage and taxes), a vacation home in Nantucket(about $4,000/month mortgage+taxes), and take 2 family vacations each year. Can I maintain this same lifestyle in NJ on a $500K salary?
^this.
more information, telling us where the person is coming from and what they're used to. but "is $500k/yr sufficient for a family of 4?" is just absurd.
obviously. but i was responding to the financial aspect of the decision.
A recent article in the Times stated that kids from families with 2 working parents actually make more money later in life even when adjusting for other economic factors. So there is even more to the financial aspect.
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.
I agree, remember the social security of just over 6% caps out a little over a hundred k. So you save the $6k at least, not sure how state taxes work since my state doesn't tax income.
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