Scraping By On $500,000 A Year

[urge]

Scraping By On 500K A Year | Financial Samurai

Taxes are too high for salaries. Reminds me of Robert Kiyosaki, Rich Dad Poor Dad, saying get out of a job and create a business.

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[Mman]

Scraping By On 500K A Year | Financial Samurai

Taxes are too high for salaries. Reminds me of Robert Kiyosaki, Rich Dad Poor Dad, saying get out of a job and create a business.

combination of high taxes and lifestyle creep makes you not feel nearly as rich as others would think you are, especially if you are trying to save enough money to retire on that same lifestyle.

 

[BLADEMDA]

This is the real world of upper middle class:

 

[deleted126335]

You ain't going to find a lot of sympathy among the public or even less well paid physicians.

Change a few things and you will be able to be a lot more comfortable.
$1,500,000 house----->$400,000-$500,000. This also cuts your utilities, property taxes, maintenance as well as your mortgage.
Don't buy the vacation house or boat.
BMW 5 Series and Toyota Land Cruiser ----> Toyota Camry and Honda Odyssey. Keep em till they die, a decade or more.
Three Vacations per year to one vacation plus a long weekend or two and staycations.
Defer charitable giving till till the twin obligations of retirement and children's educations are mostly funded. See donor advised charitable funds for smart ways to donate. Donor-Advised Funds & Charitable Giving from Vanguard Charitable
Be smart about investing. Discussed in lots of places.

"The things that you own end up owning you"
-Fight Club.

 

[Save a life]

Scraping By On 500K A Year | Financial Samurai

Taxes are too high for salaries. Reminds me of Robert Kiyosaki, Rich Dad Poor Dad, saying get out of a job and create a business.

Most physicians remind me of Kiyosaki's book. Most are the poor dad. Getting stuck in the rat race because as their income goes up, so does their expenses. They have no passive income. They are the main work horse in their life and without working a bunch of hours, they would have no way to pay the student loans, mortgages, car loans, retirement, kids college fund, etc. And don't even get me started on the "benefits" a physician gets for working for a large health system.

 

[envytheu]

Remind me not to have kids.

 

[anonperson]

Cut back on charitable contributions to 12,000 power year, buy a 1 million dollar house which will lead to lower property insurance rates and annual mortgage rates. Also take 1 less expensive ass vacation a year. The kids will survive if they go camping for a few days instead of the Ritz Carlton.

In addition, childcare is a pretty nebulous term. From this example, the kids are old enough to have tutoring and violin lessons so it isn't daycare. If it's private school, consider public. If you are paying 1.5 million for a house chances are the local public schools are solid.

As far as food costs. Spending nearly 2000 a month is ridiculous. Say hello to Costco.

With done relatively minor adjustments, this hypothetical family can easily sock away $50,000 a year while still living a great lifestyle.

If a family is "only scraping by" on $500,000 gross income, that's their own fault.

 

[GA8314]

Agree with Doze and others. Avoid the excessive lifestyle creep. If you live in a high cost of living area, just realize you will take a hit for that, but follow all the advice, in say, "The Millionaire Next Door", copyright 1996 but still very applicable.

Personally, I live like a "mid-level engineering manager". That's how I view it. Comfortable but not lavish. I do drive a nice vehicle but not really high end. It's not to say I'm content but I will not undergo the financial stress I experienced in residency ever again.

 

[aneftp]

My sister and her than husband were making $800k a year up north and claiming to be "middle class". Similar expenses nanny, high property taxes, high state income taxes, 1.7 million dollar home, kids etc. luxury vacations. Luxury cars

Like the other posters said. The public will have zero sympathy for u.

But guess what? They put 250k each into kids 529 account. They got House paid off. They amasssed 5 plus mil before their divorce. Both sitting pretty even after divorce.

Slow and steady.

But no one pays 40% effective tax rate even as W2 especially at the 500k range. With state income tax deduction, property tax deduction, mortgage interest deduction. The max their effective tax rate is around 30%.

So right away that recaptures 12-15k. Plus all the misc expenses. They can easily save $50k a year.

 

[urge]

But no one pays 40% effective tax rate even as W2 especially at the 500k range. With state income tax deduction, property tax deduction, mortgage interest deduction. The max their effective tax rate is around 30%.

So right away that recaptures 12-15k. Plus all the misc expenses. They can easily save $50k a year.

Read the article. The numbers are fairly accurate. There is about 10% state tax plus 4% city tax that need to be added to the federal tax.

Pushback #1: A 40% effective tax rate is too high!

It does seem a little high given the charitable givings and mortgage interest expense. But due to AMT and mortgage interest deduction phaseouts, this couple isn’t getting as big of a deduction as you might think. There’s probably room to lower the couples effective tax rat by 5% with some aggressive accounting. It all depends on how much risk you want to take. Here’s some quick math from an astute reader. Do your own!

• NY State tax : (500K-18K-18K-15850)*0.0685= ~$30,700
• NY City tax: (500K-18K-18K-90K)*0.3648+3000= ~$16,700
• Social Security tax (FICA): 7347*2= ~$14,700
• Medicare: 500K*.0145 = $7,250
• Federal tax: Deductions: (47.4K state local), 20K real estate tax, 18K charity, 41K mortgage interest (This is the third year of the amortization as per your information). Child care tax credit: 1200 -> ~104K
• Obamacare tax: (500K-250K)*.009= $2,250

Total taxes of $175,600, which is not too far off from my $185,600 estimate. The child tax credit phases out after a married couple starts earning more than $110,000. Therefore, my ~40% effective tax rate is pretty darn close to reality. Run the numbers if you don’t believe.

- See more at: Scraping By On 500K A Year | Financial Samurai

 

[Mman]

But no one pays 40% effective tax rate even as W2 especially at the 500k range. With state income tax deduction, property tax deduction, mortgage interest deduction. The max their effective tax rate is around 30%.

So right away that recaptures 12-15k. Plus all the misc expenses. They can easily save $50k a year.

Depends on state/local/property taxes and your exposure to AMT. $500K for a couple is right in the wheelhouse for AMT. Couples making $200K-$500K have a 30% chance of getting hit with AMT and $500K-$1M have a 60% chance of owing AMT.

 

[pgg]

This is the real world of upper middle class:

LOLs

That "budget" is absurd.

Blade, why did you post this? Do you actually believe the story presented there is reasonable?

 

[dragonark]

Lots of people citing Rich Dad Poor Dad....Maybe Kiyosaki isn't as wealthy or successful as his book claims...

John T. Reed's analysis of Robert T. Kiyosaki's book Rich Dad, Poor Dad, Part 1

That being said, it's true. Being a W2 is for suckers in the long term. Gotta find a side hustle and get out of being a commodity.

It's easy to say that the budget is ridiculous...and some of it has easy fat to be cut.

But I'm never again going to live in a place where I'm gawked at as a curiosity. If it means living in the top 10 most expensive places in America, guess I'm working till I'm 65.

 

[aneftp]

Lots of people citing Rich Dad Poor Dad....Maybe Kiyosaki isn't as wealthy or successful as his book claims...

John T. Reed's analysis of Robert T. Kiyosaki's book Rich Dad, Poor Dad, Part 1

That being said, it's true. Being a W2 is for suckers in the long term. Gotta find a side hustle and get out of being a commodity.

It's easy to say that the budget is ridiculous...and some of it has easy fat to be cut.

But I'm never again going to live in a place where I'm gawked at as a curiosity. If it means living in the top 10 most expensive places in America, guess I'm working till I'm 65.

It depends on the W2 perks.

Some W2 perks are more generous than others.

The way health care costs are going. The self employed are gonna to end up paying $20k just in premiums for a family plus another 12k out of pocket.

Trust me. My premiums as self employed were almost $1500/month for just a "EPO" cross between hmo and ppo. Plus a $7200 deductible.

The full ppo with low co pays was a whopping $2300/month.

 

[Consigliere]

Scraping By On 500K A Year | Financial Samurai

Taxes are too high for salaries. Reminds me of Robert Kiyosaki, Rich Dad Poor Dad, saying get out of a job and create a business.

Easier said then done.

 

[AdmiralChz]

Woof, living in a state with no/minimal income tax makes a difference. Not sure how I feel about that budget, I'm thankful my estimate childcare costs are nowhere near that much.

 

[Mman]

Woof, living in a state with no/minimal income tax makes a difference. Not sure how I feel about that budget, I'm thankful my estimate childcare costs are nowhere near that much.

state taxes are an issue, but often times states with no income tax make up for it with higher property and sales taxes.

 

[pjl]

But no one pays 40% effective tax rate even as W2 especially at the 500k range. With state income tax deduction, property tax deduction, mortgage interest deduction. The max their effective tax rate is around 30%.

So right away that recaptures 12-15k. Plus all the misc expenses. They can easily save $50k a year.

I payed 40.6 this year, all told, not including property tax.

Fortunately, I am not an idiot with a 1.5 mil house, 2 luxury vehicles, and 40k childcare expenses. That guy is paying >100k on paying off debt per year.

I did give more to charity though, and a lot more retirement, so I guess it all is relative.


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[doctalaughs]

Lots of people citing Rich Dad Poor Dad....Maybe Kiyosaki isn't as wealthy or successful as his book claims...

John T. Reed's analysis of Robert T. Kiyosaki's book Rich Dad, Poor Dad, Part 1

That being said, it's true. Being a W2 is for suckers in the long term. Gotta find a side hustle and get out of being a commodity.

It's easy to say that the budget is ridiculous...and some of it has easy fat to be cut.

But I'm never again going to live in a place where I'm gawked at as a curiosity. If it means living in the top 10 most expensive places in America, guess I'm working till I'm 65.

NYC and places like san fran are extreme examples where 500k is truly "not rich." I make that much in income and pay about 25% tax total. And I don't live in a "no state tax" or the lowest tax area of the country either. Combine that with living in a place where 600k buys you a pretty nice place, and suddenly you are "rich," and feel "rich" even if you indulge in some luxuries like that example.

So basically the easiest solution for them is to leave NYC if possible. Not to the middle-of-nowhere (easily could still pick a top 25 city). Just not NYC, san fran or LA.


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[aneftp]

I payed 40.6 this year, all told, not including property tax.

Fortunately, I am not an idiot with a 1.5 mil house, 2 luxury vehicles, and 40k childcare expenses. That guy is paying >100k on paying off debt per year.

I did give more to charity though, and a lot more retirement, so I guess it all is relative.


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Guess u aren't putting money into a defined benefits plan. Or solo 401k for spouse and u.

My brother puts 100k plus 40k something in his pretax account living in California to bring effective tax rate to well below 25% even with California 11.25% state income tax for those making over $500k (13.25% state income tax for those making over 1 mil)

 

[pjl]

Guess u aren't putting money into a defined benefits plan. Or solo 401k for spouse and u.

My brother puts 100k plus 40k something in his pretax account living in California to bring effective tax rate to well below 25% even with California 11.25% state income tax for those making over $500k (13.25% state income tax for those making over 1 mil)

Some states suck.


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[F1rstGen]

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[sevoflurane]

I think that putting money into your nest egg and letting it grow is a good way to get to retirement faster.
HOWEVER, you never know when your time is up. SO... smell the roses along the way.
There is no point driving a Corolla when you get the type of fate that UTSW had- never smoked, never drank, healthy smart cardiac anesthesiologist that was diagnosed and died from Lung Ca at an early age.

Be responsible with your finances, but have good balance.
Dont' get stuck in the rat race.
Enjoy the ride.

 

[ssmallz]

The analysis is pretty bad. First off, did anyone notice that they just took 40% off the top of the income? That's not quite how taxes work. Sure income over 250k is taxed at 40% but what about the income below this? That's part of the graduated tax system and will be getting taxed at significantly lower than 40%. This part of the calculation is conveniently left out and would leave the couple with significantly more income

The only deductions they have listed are the 18k/yr 401k. With 1.5mil house, they can easily deduct some of their mortgage interest as well as property taxes. Assuming they are W-2 employees makes this worst situation for them but they likely should be able to negotiate a fair 1099 or S-corp deal with their employer. Then they have access to other retirement plans to shield even more money from that 40% tax bracket. Tack on some deductions for the cars and you have significantly more $$ left over at the end of the year. The other point to consider here is that $1.5 M house in NYC is not unreasonable as it is still has some asset value. Sure it may not kick off rent in the short term but given that that the NYC real estate market is one of the best in the country, that should be worth pretty good amount in 20 years. Then you can sell it and retire somewhere else or rent it out an make bank. This is a lazy article IMO, just click bait where they pick numbers the fit a story

 

[d9sccr]

For people asking how you can accumulate that much in child care, it seems relatively easy to me at the moment. We're currently expecting and ALL the day cares around us run $1200-1500/month when you factor in the extra hours needed for a resident schedule. That's a cool $15,000/yr just for Monday-Friday. I understand that'll be cheaper if we opt to send our kids to public school, but everything else goes up in price too I imagine (clothes, food, activities, etc.)

 

[facted]

For people asking how you can accumulate that much in child care, it seems relatively easy to me at the moment. We're currently expecting and ALL the day cares around us run $1200-1500/month when you factor in the extra hours needed for a resident schedule. That's a cool $15,000/yr just for Monday-Friday. I understand that'll be cheaper if we opt to send our kids to public school, but everything else goes up in price too I imagine (clothes, food, activities, etc.)

Childcare can easily run that much. We pay 1500 a kid for two kids and have a nanny as one kid is only half days and then you have sick days, school breaks, snow days, etc. Let's just that without childcare expenses I could probably afford a second home somewhere nice.

 

[deleted162650]

Yup childcare is crazy. We would definitely lose money if my stay-at-home-mom wife went back to work.

 

[Wiscoblue]

If it's just purely based on money, your spouse should go to work. Even if all her post tax money gets spent on child care, she still contributes to her retirement accounts, continues to progress in her job and career as she gains experience, and has a life where she feels equal by bringing some money to the home budget. By the time the kids are old enough to take care of themselves she has 10 years of seniority in her job. She also serves as a role model to her daughter where the daughter learns to be self sufficient and independent.


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[aneftp]

Bottom line is housing expense is their most expensive and also the most easily controllable expense.

Factor in the $32k a year on student loan repayment (assuming they got 200-300k in student loans).

They are simply crazy buying a home With that type of mortgage.

A 1-1.1 million dollar mortgage is manageable on a $500k salary. (I did mortgage calculator. But add the 200-300k student loans. Plus add child care expenses.

It's too much monthly expenses. They don't have a lot of wiggle room (even adjusting for the tax calculation errors (40% effective tax rate is just wrong).

Buy a cheaper home. Until the child care expenses get less. Or until the student loans get paid off.

 

[urge]

Easier said then done.

Sort of. The easiest is renting out real estate.

Where I live rentals don't cash flow very well, thus I haven't pulled the trigger.

 

[Strider_91]

Scraping by in a Beamer, 3 nice vacations/ yr and a 1.5 mm dollar home in NYC. Lol.

Buy reliable vehicles and drive them until the wheels fall off (think Subaru). Camp in national parks where you don't even need to fly from NYC....Acadia in Maine, smokey mountains. Maybe if you're into the beach go down to the outer banks with a big group of friends and rent a house with multiple families. They could even move from NYC and buy a house in New Jersey the same size for half to 3/4 of the price in an amazing school district.

 

[doctalaughs]

Scraping by in a Beamer, 3 nice vacations/ yr and a 1.5 mm dollar home in NYC. Lol.

Buy reliable vehicles and drive them until the wheels fall off (think Subaru). Camp in national parks where you don't even need to fly from NYC....Acadia in Maine, smokey mountains. Maybe if you're into the beach go down to the outer banks with a big group of friends and rent a house with multiple families. They could even move from NYC and buy a house in New Jersey the same size for half to 3/4 of the price in an amazing school district.

Multiple parts of that budget are totally reasonable for a 500k income.... just not ALL of those parts.

Between: luxury cars, super-pricey house, 3 vacations a year, outstanding high student loans, and living in a ridiculously high tax state. Just cut 2 of those out and they would be have a large cushion, save plenty and not feel squeezed.

Moving out of NYC to pretty much anywhere would instantly solve 2.

My own budget exceeds a couple of those line items (such as vacation and food, because I enjoy these things) but is a fraction for most line items--- and therefore still save a ton.

The point is.... with an income of 500k you can afford many things people would consider extravagant and that's fine. It's one of the nice things about making good money. You just have to choose carefully what those things are, based on the cashflow numbers.


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[deleted162650]

If it's just purely based on money, your spouse should go to work. Even if all her post tax money gets spent on child care, she still contributes to her retirement accounts, continues to progress in her job and career as she gains experience, and has a life where she feels equal by bringing some money to the home budget. By the time the kids are old enough to take care of themselves she has 10 years of seniority in her job. She also serves as a role model to her daughter where the daughter learns to be self sufficient and independent.

It's certainly not based purely on money. I will say, if my wife wanted to go back to work, I would support her 100%. That being said, she is doing what she has always wanted to do. She was born to be a mom, and it would kill her to leave the kids everyday. I'm happy (and she is grateful) that I make enough so that she isn't forced work. And trust me, there is no question as to how much she contributes to this family despite the fact that she does not bring home a paycheck. I readily admit that she works harder than I do everyday. We just don't see the logic in paying someone else to raise our kids for 8+ hours/day (especially when it would be at best a financial wash). Quantity of time with your kids matters - not just "quality." We have no desire to raise latchkey kids that spend more time with nannies and daycare than their own parents.

And I think she serves as a terrific role model to our daughter. My wife is educated (Bachelors degree), but she (and I) feel that being at home raising our kids is more important that "progressing" at some job and putting a few extra dollars into a retirement account. I think one of the saddest things to come out of the feminist movement was the notion that a woman isn't worth her weight if she is not out in the workforce bringing home the bacon. Women should have the right and support to choose which path they want to follow without having to be shamed into thinking they are somehow less of a woman for being a stay at home mom. Raising kids is tough work (especially when they are very young).

 

[doctalaughs]

It's certainly not based purely on money. I will say, if my wife wanted to go back to work, I would support her 100%. That being said, she is doing what she has always wanted to do. She was born to be a mom, and it would kill her to leave the kids everyday. I'm happy (and she is grateful) that I make enough so that she isn't forced work. And trust me, there is no question as to how much she contributes to this family despite the fact that she does not bring home a paycheck. I readily admit that she works harder than I do everyday. We just don't see the logic in paying someone else to raise our kids for 8+ hours/day (especially when it would be at best a financial wash). Quantity of time with your kids matters - not just "quality." We have no desire to raise latchkey kids that spend more time with nannies and daycare than their own parents.

And I think she serves as a terrific role model to our daughter. My wife is educated (Bachelors degree), but she (and I) feel that being at home raising our kids is more important that "progressing" at some job and putting a few extra dollars into a retirement account. I think one of the saddest things to come out of the feminist movement was the notion that a woman isn't worth her weight if she is not out in the workforce bringing home the bacon. Women should have the right and support to choose which path they want to follow without having to be shamed into thinking they are somehow less of a woman for being a stay at home mom. Raising kids is tough work (especially when they are very young).

Agree. My wife has the same level of education as me (terminal degree) but does not feel "unequal" because she chose to stay home.

The extra money we could have is far outweighed by knowing the kids are not being partially raised by someone else. I will also say that the amount of stress in a marriage drops significantly when you aren't trying to juggle 2 fairly high-stakes jobs where missing work isn't easy.

Some women (or men) would not be happy staying home. But others get enormous fulfillment from it and are great role-models.


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[Mman]

The analysis is pretty bad. First off, did anyone notice that they just took 40% off the top of the income? That's not quite how taxes work. Sure income over 250k is taxed at 40% but what about the income below this? That's part of the graduated tax system and will be getting taxed at significantly lower than 40%. This part of the calculation is conveniently left out and would leave the couple with significantly more income

That article didn't just take 40% tax off the top. They estimated 40% effective rate based on 39.6% marginal rate, 10% state, 4.25% city, 6.4% FICA on 1st 127K, Medicare, their hit of AMT, marriage penalty, etc. Now are there ways this hypothetical couple could decrease their taxation? Sure. But for a dual income married couple living in a high taxation area like NYC, 40% isn't far off from what they'd likely be paying.

 

[facted]

They could even move from NYC and buy a house in New Jersey the same size for half to 3/4 of the price in an amazing school district.

Do you know the area? It's HIGHLY unlikely you can move to a desirable suburb in the NYC area for the cost your implying. Plus, that makes no mention whatsoever of commuting. If you work in the city, commuting from Jersey or Westchester or LI can add s ton of commuting time (plus the cost of commuting!). Suburbs are definitely cheaper overall in that you get more for your money and typically easier to send to public schools, but there are so many factors to this equation.

 

[deleted697535]

New staff anaesthetists/ICU here earn just over 100k and pay 52% tax. Dry yere eyes!!

 

[facted]

New staff anaesthetists/ICU here earn just over 100k and pay 52% tax. Dry yere eyes!!

What does that even mean? They have 52% taken out of the paycheck? If so, they are clearly getting an enormous refund, so they might as well increase their deductions on the paycheck. Their effective rate for the year on 100k is not 52%... It might not even hit 20 or 25

 

[urge]

New staff anaesthetists/ICU here earn just over 100k and pay 52% tax. Dry yere eyes!!

In which country is this?

UK? Australia?

What's the cost of living like?

How much student debt do they have?

 

[anbuitachi]

New staff anaesthetists/ICU here earn just over 100k and pay 52% tax. Dry yere eyes!!

im jealous. is this UK

 

[facted]

Hadn't even considered this could be another country! That's definitely harsh but then again, college and medical school without debt... Still prefer the US situation though!

 

[Ezekiel2517]

Guess u aren't putting money into a defined benefits plan. Or solo 401k for spouse and u.

My brother puts 100k plus 40k something in his pretax account living in California to bring effective tax rate to well below 25% even with California 11.25% state income tax for those making over $500k (13.25% state income tax for those making over 1 mil)

DBP's and solo 401k's aren't available to everyone, especially if they're W2's.
I get the idea of socking away huge amounts in a DBP to save on taxes, but pretty dumb to do this if you're still relatively young imo. Once the house is paid for and you're retired, you won't even have the need for all this money you've stowed away. Expenses aren't even in the same ballpark. So you're just working your ass off to save massive sums for a future that's not guaranteed and for a period of your life when you were already likely to have more money than you know what to do with. Just fukn enjoy your life now.

 

[pgg]

New staff anaesthetists/ICU here earn just over 100k and pay 52% tax. Dry yere eyes!!

Got to admit, as ridiculous as I find that silly chart upthread, I have to admit I'm extra amused by the fact that a European, who enjoys the fruits of a high tax socialist country (education, healthcare, social services, safety nets, etc), is sarcastically trying to impart some "perspective" on the dirty unwashed Americans.



Bonus points could be awarded if you reside in one of the PIIGS ...

 

[AdmiralChz]

DBP's and solo 401k's aren't available to everyone, especially if they're W2's.
I get the idea of socking away huge amounts in a DBP to save on taxes, but pretty dumb to do this if you're still relatively young imo. Once the house is paid for and you're retired, you won't even have the need for all this money you've stowed away. Expenses aren't even in the same ballpark. So you're just working your ass off to save massive sums for a future that's not guaranteed and for a period of your life when you were already likely to have more money than you know what to do with. Just fukn enjoy your life now.

This is a great point. If child care is this much or if student loans are excessive then don't put 36K away in the 401K, maybe only put away 20 or 25.

This is sorta a rough conversation, though. A very small minority of Americans even sniff 500K, Id even argue that a minority of physicians approach this. I have friends who are teachers that make under 6 digits combined and live comfortably with two kids.

 

[Mman]

Got to admit, as ridiculous as I find that silly chart upthread, I have to admit I'm extra amused by the fact that a European, who enjoys the fruits of a high tax socialist country (education, healthcare, social services, safety nets, etc), is sarcastically trying to impart some "perspective" on the dirty unwashed Americans.



Bonus points could be awarded if you reside in one of the PIIGS ...

from his previous threads, Canadian, not European

 

[pgg]

from his previous threads, Canadian, not European

Hmmm ... I don't think Canadian anesthesiologists make $100K or use the word anaesthetist, do they?

Where ya from, Newtwo?

 

[Strider_91]

Do you know the area? It's HIGHLY unlikely you can move to a desirable suburb in the NYC area for the cost your implying. Plus, that makes no mention whatsoever of commuting. If you work in the city, commuting from Jersey or Westchester or LI can add s ton of commuting time (plus the cost of commuting!). Suburbs are definitely cheaper overall in that you get more for your money and typically easier to send to public schools, but there are so many factors to this equation.

Yeah I grew up across the river. You won't be able to live in the ultra wealthy towns (think alpine, saddle river), but you can certainly live in most bergen towns in a normal house for the cost I am implying. You can find a great home for 5-700k in tenafly, englewood, Oradell, old tappan, Harrington park...the list goes on. I also know people that live down by the shore in jersey, like long branch and will take the ferry in.. The commute into the city can be harsh, but tons and tons of people do it. It is obviously less possible in a medical specialty that requires you to take call and actually show up. Idk anything about the New York suburbs. New Jersey is by no means cheap, it's cost of living is on par with major desireable cities such as Seattle and Denver but it is significantly cheaper than NYC.

 

[Mman]

Hmmm ... I don't think Canadian anesthesiologists make $100K or use the word anaesthetist, do they?

Where ya from, Newtwo?

he's an anesthesia resident in Ontario that is originally from the UK

 

[urge]

New staff anaesthetists/ICU here earn just over 100k and pay 52% tax. Dry yere eyes!!

Aren't Canadian anesthesiologists paid more than the average US anesthesiologist (in Canadian Dollars), and not even working 40 hrs a week?

That is my understanding.

 

[urge]

Yeah I grew up across the river. You won't be able to live in the ultra wealthy towns (think alpine, saddle river), but you can certainly live in most bergen towns in a normal house for the cost I am implying. You can find a great home for 5-700k in tenafly, englewood, Oradell, old tappan, Harrington park...the list goes on. I also know people that live down by the shore in jersey, like long branch and will take the ferry in.. The commute into the city can be harsh, but tons and tons of people do it. It is obviously less possible in a medical specialty that requires you to take call and actually show up. Idk anything about the New York suburbs. New Jersey is by no means cheap, it's cost of living is on par with major desireable cities such as Seattle and Denver but it is significantly cheaper than NYC.

Doesn't New Jersey have the highest property taxes in the country?