[Cold Warrior]

Originally Posted by Katie the heartbreaker

You will not get EIC at $50,000 a year, even with multiple kids. You will get $1,000 per kid at any income. You will have to make over $60,000 a year as a single person to clear $50,000. Otherwise, with a house payment and children, I don't know what the figure would be, sorry.



I would quickly retire at that income, although a different way. I would buy a 5 bedroom house cash, live in one room, then rent out all the others. I would be content with that.

Wrong. From IRS Publication 596. Note that AGI can be much less than total income.

Is your AGI less than:
$14,820 ($20,330 for married filing jointly) if you don't have a qualifying child,

$39,131 ($44,651 for married filing jointly) if you have one qualifying child,

$44,454 ($49,974 for married filing jointly) if you have two qualifying children, or

$47,747 ($53,267 for married filing jointly) if you have more than two qualifying children?

[SportyandMisty]

Originally Posted by NYtoVT

You mean you don't already ?

I watched a re-run of Rich Kids of Beverly Hills last night. On the episode, a couple days before New Year's Eve they decided to come to Las Vegas.

Private jet - $40,000 (I can't remember of that was each way or round trip; there was a surcharge because it was a last minute reservation.

Private dining room & private chef at Nobu. I don't remember the bill, but think it was 20K. They paid for it via credit card roulette.

They went to 1-OAK and spent a bit over $30,000 (they showed the credit card receipt -- actually, it was charged to the room).


I don't think these kids could get by in Las Vegas on $1million/year.

[EA]

If I win 1 billion dollars today, I wouldn't spend 100k on a night out. I damn sure wouldn't waste money like that if I worked for it.

With 100k you could spend an entire year on vacation.

[Katie the heartbreaker]

Originally Posted by Cold Warrior

Wrong. From IRS Publication 596. Note that AGI can be much less than total income.

I do not have any kids and had no idea it went up that high! I stand corrected. I made $14,500 last year as a single person, and got a $26 EITC credit. I still owed $400 in federal taxes.

[EA]

My eitc with 2 kids was not as good as previous years where I made less. I'm not complaining. In the next couple years I might have to change my w2 status to keep extra back.

[JohnG72]

Las Vegas STILL has one of the lower COL due primarily to state taxes(well lack thereof) and low housing costs and rents. Additionally, entertainment costs can be had for substantially reduced cost for locals and other various categories like seniors and military. Hence why it's always been a retirement destination for seniors.

Of course you have to avoid the pitfalls of gambling and other addictions. But assuming you don't fall to that sort of thing, you can live a very good life in Las Vegas on an income like $50k. At say $75k, you can buy a nice middle class house in the $150-200k range and have a lot lower home payment than else where. Also people forget that Las Vegas is a hub to Hawaii with cheaper flight(and if you were a retiree you could easily go midweek in the offseasons making flight and condo very inexpensive)...just yet another entertainment option.

[Grumpypotpie]

How hard is it to find a job making $50K in Vegas?

[fvansan]

I am retired and own my LV home. I am living on $35,000. I have no debts and have good Medicare Supplementary. I have a newer car I bought before retirement so I shouldn't need another one for awhile. I save no money and don't go out often. I couldn't afford to pay a rent, have kids, adult toys or going to shows/casinos. If I did, I would need to gross somewhere around $65,000+ with some kind of employer provided health care contribution.

[EA]

I have 4 kids, a car payment, and rent I was able to pay at 30,000. No government assistance either. Without rent and car payment and 35k as a single person, I could put 15,600 in the bank in one year.

At 30k, it sucked, but it was doable.

[Grumpypotpie]

Originally Posted by EA

I have 4 kids, a car payment, and rent I was able to pay at 30,000. No government assistance either. Without rent and car payment and 35k as a single person, I could put 15,600 in the bank in one year.

At 30k, it sucked, but it was doable.

It sounds like you are a strict budgeter like me. If my car was paid off I could easily save $10K a year cash from a $50K salary.