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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.
Pro athletes make way more than 500k a year and they are still worried about taxes, why do you think pro athletes list their home addresses in Florida and Texas instead of NY, NJ and CA, so they can save millions in taxes.
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.
Livingston as a whole does not compete with Short Hills or Alpine. But Livingston is huge compared to Short Hills and quite a bit larger than Alpine, with a much bigger population. Livingston has almost 30 thousand people, compared to 2000 for Alpine. I can think of 5 or 6 neighborhoods (some of them very large neighborhoods) in Livingston that do compete with Short Hills or Alpine. Neighborhoods where the OP could not afford to live on his salary. The richest man in NJ (net worth around $10 Billion) lives in Livingston, and there are a few other billionaires in town, so I'm sure the OP would not feel like he is slumming if he moves there.
At any given time, there are some homes for sale in the $5-8 Million dollar range. There are also neighborhoods where you can buy a house for $400K. The latter is what makes Livingston different than Short Hills or Alpine. In Livingston, you can find Wall Street guys, tv personalities, and pro athletes, but also doctors and lawyers, and you can find teachers, cops, and plumbers. It is a very economically diverse town.
Last edited by AnesthesiaMD; 06-18-2015 at 09:40 PM..
Livingston as a whole does not compete with Short Hills or Alpine. But Livingston is huge compared to either of those towns. I can think of 5 or 6 neighborhoods (some of them very large neighborhoods) in Livingston that do compete with Short Hills or Alpine. Neighborhoods where the OP could not afford to live on his salary. The richest man in NJ (net worth around $10 Billion) lives in Livingston, and there are a few other billionaires in town, so I'm sure the OP would not feel like he is slumming if he moves there.
At any given time, there are some homes for sale in the $5-8 Million dollar range. There are also neighborhoods where you can buy a house for $400K. The latter is what makes Livingston different than Short Hills or Alpine. In Livingston, you can find Wall Street guys, tv personalities, and pro athletes, but also doctors and lawyers, and you can find teachers, cops, and plumbers. It is a very economically diverse town.
I agree Livingston is still a fairly wealthy mostly Jewish town not as wealthy as Alpine and Short Hills but those towns are tiny in population compared to Livingston. Livingston is a bit like Newton, MA you have billionaires living in Newton but they also have a middle class section with modest homes same with Livingston, Chelsea Handler talked about this on her show and in her books before.
Pro athletes make way more than 500k a year and they are still worried about taxes, why do you think pro athletes list their home addresses in Florida and Texas instead of NY, NJ and CA, so they can save millions in taxes.
Very true. And while $500K seems like a lot to most people, people in this range pay the highest percentage in taxes. People in this range are wage earners who are greatly affected by the AMT. They are paying in the highest tax bracket, yet they are not in a position to have all of the tax shelters and capital gains income that truly wealthy people have. They are also paying a high NJ state tax. So someone making $500K is not exactly happy about paying $25k-$40K in property taxes on top of all those other taxes.
Very true. And while $500K seems like a lot to most people, people in this range pay the highest percentage in taxes. People in this range are wage earners who are greatly affected by the AMT. They are paying in the highest tax bracket, yet they are not in a position to have all of the tax shelters and capital gains income that truly wealthy people have. They are also paying a high NJ state tax. So someone making $500K is not exactly happy about paying $25k-$40K in property taxes on top of all those other taxes.
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.
Livingston as a whole does not compete with Short Hills or Alpine. But Livingston is huge compared to Short Hills and quite a bit larger than Alpine, with a much bigger population. Livingston has almost 30 thousand people, compared to 2000 for Alpine. I can think of 5 or 6 neighborhoods (some of them very large neighborhoods) in Livingston that do compete with Short Hills or Alpine. Neighborhoods where the OP could not afford to live on his salary. The richest man in NJ (net worth around $10 Billion) lives in Livingston, and there are a few other billionaires in town, so I'm sure the OP would not feel like he is slumming if he moves there.
At any given time, there are some homes for sale in the $5-8 Million dollar range. There are also neighborhoods where you can buy a house for $400K. The latter is what makes Livingston different than Short Hills or Alpine. In Livingston, you can find Wall Street guys, tv personalities, and pro athletes, but also doctors and lawyers, and you can find teachers, cops, and plumbers. It is a very economically diverse town.
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.
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.
That's why he could live in New Jersey. I guess that slipped by you in my first post.
Pro athletes make way more than 500k a year and they are still worried about taxes, why do you think pro athletes list their home addresses in Florida and Texas instead of NY, NJ and CA, so they can save millions in taxes.
I hardly doubt Pro athletes worry about real estate taxes. The same with Bon Jovi and Springsteen who's incorp are down in Delaware.
The old saying, is "what does a man with a million dollars want"...another million.
Very true. And while $500K seems like a lot to most people, people in this range pay the highest percentage in taxes. People in this range are wage earners who are greatly affected by the AMT. They are paying in the highest tax bracket, yet they are not in a position to have all of the tax shelters and capital gains income that truly wealthy people have. They are also paying a high NJ state tax. So someone making $500K is not exactly happy about paying $25k-$40K in property taxes on top of all those other taxes.
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.
Can I live on $5 million salary for a family of 4? I am little scared....
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