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Hi all,
My husband has an offer to relocate to New Jersey area. The total cost to company is USD 350,000 out of which USD 143,000 is the variable component. We are a family of 4 with two kids who are 9 and 15 respectivley. I suppose the two major costs are going to be education and house rent. We are also researching this aspect.
So is this a good salary to live on in NJ?
Thanks,
Katrina
143K should be fine if you rent a home with a good school district. So you would not be paying for a private school and if you rent for 3,500 a month that gives you 100K to live with. People do it with much less. Good luck with your search.
So you are asking if $207K base salary is good enough to live in NJ? Answer is yes. You can live quite comfortably on that alone(depending on your lifestyle). Add in the $143K in potential bonus and you are making enough to hang with the majority of the wealthy population.
Is "total cost to company" actual salary + bonus or is it total burdened cost? I don't know why they'd ever give you that last figure, but usually compensation isn't stated as "total cost to company". Total burdened cost can be MUCH higher than compensation, so its important to know.
Guessing you will need to learn about US taxes, but at that rate $350K, youwill clear around $210K/year (that is playing it safe). That would letyou live in almost any town in NJ without an issue (but surprisingly, probablynot enough to live in Manhattan with 2 kids at a level you would expect). A rule that a lot of people in you "situation" would go by is "live on the fixed payment, save/splurge on the variable payment" (I am guessing that the variable is probably not fixed after the first year or two, and things can change fast in jobs like that). You probably could even take some of the variable since it is large compared to the fixed, but I know a bunch of people that got in trouble in bad years when the variable went way down, and they "needed" it to pay mortgage/tuition/alimony/...
Thanks a ton folks. Gives me some ballpark to play in
From what I gathered, the base salary of 207,000 is a good number and we have been advised to take up this offer.
Cost of education for the kids is going to be @ nil at the moment, utilities @ 500/mo, rent@ 2000, car @20k, possible one break a month......
Me thinks we can manage!
Thanks again for your inputs and new ones are welcome!
My rule would be, save first and then save some more out of the variable!
We are looking Edison, Princeton for homes.
Any ideas of good places to live in NJ?
My rule would be, save first and then save some more out of the variable!
We are looking Edison, Princeton for homes.
Any ideas of good places to live in NJ?
The answer depends on where he's going to work.
Personally, skip Edison. Princeton is good. West Windsor is great if you have children (or plan on it). Both towns have easy train access to NYC and Philly, while situating yourself in a highly educated suburban area with top quality schools. It's expensive, but your husbands salary puts you above average for the area.
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