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.
So what, the point still stands. NY metro is a high COL area as well. Add in higher tax rates and 500K w/ 4 kids here is not nearly as much as it would be in other parts of the country. We also know nothing about OP's expenses, debts, savings, etc.
Again, if he was a single guy with no family making 500K or making 5M even with the 4 kids, I would immediately call a troll post. That's not the case with this thread though.
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.
My wife stays home. She'd be making more than $75K if working. Our kids were never in daycare. Now that they are in pre-school they are both performing very well. I'm more comfortable with her at home than working and so is she. There is no "right" situation, only what works best for you.
This wasn't a "trolling" question, and I'm never on message boards -- I wouldn't waste my time creating fake posts to see how complete strangers react.
Trust me, I won't be returning to ask any other questions. Message heard loud and clear. Thank you to those of you who gave actual responses and didn't just attack me. I feel no need to defend my wording or questions.
Quite frankly, I find it comical that people jump to assume that my husband and I are bad with money or not smart. He didn't even know I posted this question, and I did so after SEVERAL people I spoke with mentioned they thought it could be a stretch living in a commuter town to NYC. I've never stepped foot in New Jersey. Give me a break.
This wasn't a "trolling" question, and I'm never on message boards -- I wouldn't waste my time creating fake posts to see how complete strangers react.
Trust me, I won't be returning to ask any other questions. Message heard loud and clear. Thank you to those of you who gave actual responses and didn't just attack me. I feel no need to defend my wording or questions.
Quite frankly, I find it comical that people jump to assume that my husband and I are bad with money or not smart. He didn't even know I posted this question, and I did so after SEVERAL people I spoke with mentioned they thought it could be a stretch living in a commuter town to NYC. I've never stepped foot in New Jersey. Give me a break.
Take care everyone.
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.
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.
I never thought it was a troll question, I think some working class people tend to believe wealthy people don't have same level of problems when in fact many wealthy people do. Lot of class issues in America, lot of Americans tend to be jealous of the super rich and wealthy, not all super rich wealthy inherit their money lot of billionaires grew up middle class or poor in the case of Starbucks CEO who grew up in section 8 housing in NYC. I never resent anybody for making great money and improving their social class, thats what the American dream was based on.
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.
Of course, The vast majority in America have the ability to live below their means. This isn't Darfur. Doesn't mean that most people do.
This wasn't a "trolling" question, and I'm never on message boards -- I wouldn't waste my time creating fake posts to see how complete strangers react.
Trust me, I won't be returning to ask any other questions. Message heard loud and clear. Thank you to those of you who gave actual responses and didn't just attack me. I feel no need to defend my wording or questions.
Quite frankly, I find it comical that people jump to assume that my husband and I are bad with money or not smart. He didn't even know I posted this question, and I did so after SEVERAL people I spoke with mentioned they thought it could be a stretch living in a commuter town to NYC. I've never stepped foot in New Jersey. Give me a break.
Take care everyone.
Trolling or not, it's very hard to take someone serious if they're asking if 500k is enough to live on in a good area of NJ.
And obviously, the several people whom you spoke with are living in La La Land. They must believe that an income under say, $250,000 per household is living in poverty.
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.
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?
Last edited by Goldendoodle1969; 06-19-2015 at 12:24 PM..
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?
I'll stick with my original response and accept that it wasn't a trolling question... which leaves the second option that I originally suggested, which I admit was a bit harsh because I did suspect a troll.
But someone that is coming from an expensive area (outside of Boston) that had been looking online at real estate in this area and had been reading lots of threads here... simply could have phrased their post better (including the use of the very useful 'sticky' post info).
And seriously, to really take offense at that soft harshness... 1st day on the internet?
My wife stays home. She'd be making more than $75K if working. Our kids were never in daycare. Now that they are in pre-school they are both performing very well. I'm more comfortable with her at home than working and so is she. There is no "right" situation, only what works best for you.
obviously. but i was responding to the financial aspect of the decision.
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.
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.
