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Uh, sorry, but you can live pretty well on $600k a year in CA unless you've got 5+ kids you're putting through college. I live pretty well on slightly less than half that number. Maybe not Bel Air, Pacific Palisades, Palo Alto, but lot of very nice neighborhoods with great schools are within his / her reach.
The question here is does the OP care about lifestyle / quality of life more than money? You move to CA if you want the weather and lifestyle AND have the money. OP has to decide but $600k a year is enough to live pretty well.
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See above $600k budget i showed in CA. Now at $300k things change quit a bit. You still get the child tax credit. MFJ with 2 kids same family but $300k less
$300k
-$52k federal taxes
-$22k california taxes
-$10k SS
-$4350 Medicare
= $211k net take home. Above from $600k net take home is $378k
But you only need to save $60k for 20% so you are able to live on $151,650 after saving 20% of your income from $300k. You are living on almost 50% of your gross income at $300k
The poster above at $600k is supposed to live on 63% net or $258k 43% of the gross. So they end up living on a lower % than you do. It doesn't scale until you make a lot more.
Plus at $300k I bet your mortgage is not going to be $1.5M home. More like $750k probably and more manageable than the $1.5M on $600k income.
Just saying $600k you keep less of it.
Uh, sorry, but you can live pretty well on $600k a year in CA unless you've got 5+ kids you're putting through college. I live pretty well on slightly less than half that number. Maybe not Bel Air, Pacific Palisades, Palo Alto, but lot of very nice neighborhoods with great schools are within his / her reach.
The question here is does the OP care about lifestyle / quality of life more than money? You move to CA if you want the weather and lifestyle AND have the money. OP has to decide but $600k a year is enough to live pretty well.
[/quote]
See above $600k budget i showed in CA. Now at $300k things change quit a bit. You still get the child tax credit. MFJ with 2 kids same family but $300k less
$300k
-$52k federal taxes
-$22k california taxes
-$10k SS
-$4350 Medicare
= $211k net take home. Above from $600k net take home is $378k
But you only need to save $60k for 20% so you are able to live on $151,650 after saving 20% of your income from $300k. You are living on almost 50% of your gross income at $300k
The poster above at $600k is supposed to live on 63% net or $258k 43% of the gross. So they end up living on a lower % than you do. It doesn't scale until you make a lot more.
Plus at $300k I bet your mortgage is not going to be $1.5M home. More like $750k probably and more manageable than the $1.5M on $600k income.
Just saying $600k you keep less of it.
Statistics: Posted by livingalmostlarge — Fri Nov 15, 2024 1:30 am — Replies 78 — Views 6468
