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RE: How should we pay ourselves?
$5000 is more than enough unless you're living in time square.
Unless you're buying prostitute-time or going and getting $100 meals at restaurants every week I really can't fathom even spending $5000/month living a location as an individual or without a huge family.
I'm in Boston and with taxes, retirement, rent, etc. it adds up pretty fast. $5,000 after taxes would definitely be doable though.