It's not about money, it's more about distance and time with his family. I'm guessing it's a 6-7 hour drive to and from Newcastle or whatever it takes with the train. That's 6-7 hours he could spend with his family daily.
Yes, he doesn't need to coach Everton, he could coach Tranmere, Bolton, Wigan, Blackburn, Crewe or Blackpool.
But we're talking top tier teams here.
I know it's not about money (although you just referenced crossing Stanley Park for millions of pounds kind of contradicting yourself there) and he wants to keep working to prove himself as a coach, but what I'm saying is he could easily live in Liverpool and not coach.