Who Makes $500,000 A Year? Household CombinationsĪlthough making $500,000 a year may sound like a Herculean task, you’ll be surprised to know there are plenty of regular folks who hit the half million mark every year. Life is short and this pandemic has really motivated so many to live it up, finally. No wonder why more high-income households are looking to retire early and enjoy the YOLO Economy to the maximum. The SALT tax cap capped mortgage interest deduction and limited property tax deduction to $10,000.Īnd now, Joe Biden is looking at raising taxes for households making over $400,000! Can you imagine working 60+ hours a week, never seeing your family, and still paying more in taxes? Even the government agrees after compromising by raising the income level for when the highest marginal tax bracket kicks in to ~$400,000 from $200,000 back in 2013.īut starting in 2018, things got even more painful for the upper middle class. Anybody who thinks otherwise has no concept of financial reality. $500,000 a year or higher is a level which I think is considered rich. Judging others, after all, is an American pastime!

In this article, I’ll discuss how one couple is living paycheck to paycheck while making a combined $500,000 a year. They are a real couple who shared with me their financial details to anonymously share with you. I’ve highlighted in a previous article how living off $200,000 a year in an expensive city is really just an average lifestyle. No matter how much they make, these households tend to spend all their income and not save as much as they should. They’ve got big mortgages, private school tuition to pay, and fancy cars to drive. Thousands of households living in expensive cities are running on this never-ending treadmill.

Can you imagine scraping by on $500,000 a year? Well, believe it.

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