Is it possible to live paycheck-to-paycheck on $500,000? This 30-year old couple thinks so. Join us this week as we review the budget read around the world and try to figure out how a couple making $500,000 before taxes can only have $7,300 in annual take-home income each year. Check out Scraping By On $500,000 A Year: Why It’s So Hard For High Income Earners To Escape The Rat Race from FinancialSamurai.com. After reviewing the budget, Rich and Marcus discuss:
- $185,600 in taxes? Taxes? TAXES???
- How a Cost of Living Calculator can be used to help you determine how far your money will or won’t go before you move around the country
- How incorrectly managing your discretionary expenses led to this couple spending an estimated $134,000 or 48% of their take-home income due to their own self-imposed choices
Be sure to check out the article and give us your thoughts in the comment section below on this couple’s $500,000 “paycheck to paycheck” struggle, where you would cut expenses if you had this amount of income, or if you can relate. You can also always email us with more info or questions.
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Marcus’ book on how he buried and then dug his way out of over $30,000 in debt, Debt Free Or Die Trying, is available on Amazon. Check it out!
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