How much money would one need to earn per year in order to afford the following lifestyle in suburban NY or LA
A family of 4 in, let’s say either Orange County, California, or Long Island New York, would need to earn how much to:
-Have a comfortable, tastefully furnished 4 bedroom home over 3000 square feet in area.
-At least 2 late model vehicles, one a SUV and the other a European sedan like a BMW
-2 children in private or parochial schools
-A summer cottage near a lake or ocean
-A boat of medium size
-a couple vacations a year
-dinner out at least once or twice a week
-enough income to pay all the bills with some extra to invest
-never having to concern themselves too often with financial matters
-more than enough income to put something away for a comfortable retirement, the kid’s college funds, a rainy day fund, and some extra to play the market.
In essence, to live a comfortable, upper-middle-class lifestyle, free from most financial worries.
Give me a good estimate or range of how much before taxes one would need to earn to afford such a life in NY/LA
AT LEAST $800,000/yr.
I have a 1 bedroom in a nice neighborhood in Long Beach and my rent is $1400/mo! My car is a 2004 Mazda…and i barely make it on $70,000/yr. I have no children.