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Old 12-06-2017, 02:37 AM   #141
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Excellent idea!

Hmmm... Robots have no need for stuff that humans do....

I say we confiscate all of their salary. What can they do? They don't even know to complain. If they do, we just pull their plug.
I can稚 resist....

[ 2001: A Space Odyssey (1968) - Quotes - IMDb ]
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Hard to live on $100K
Old 12-06-2017, 09:54 AM   #142
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Hard to live on $100K

The that thread is hilarious. I wouldn't have the energy either.
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Old 12-06-2017, 09:58 AM   #143
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We stayed at The Imperial Palace in Annecy in October. I was thinking of Robbie when we chose that place. Ferraris parked out front like Monaco. Over $1000 for 3 nights. 22 Euros for a Manhattan at their jazz bar. Yea baby! Bring it on.

Parking was free except for the tip (5 euros).
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Old 12-06-2017, 10:46 AM   #144
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Your taxes look a bit heavy... if $100k earned income and MFJ with standard deduction and 2 exemptions and California state tax (high tax state) then total taxes would be $24k... $6.2k SS, $1.45 medicare, $12.3k federal income and $3.7k Ca income per Income Tax Calculator - Tax-Rates.org

That leaves $76k take-home pay or over $6k a month for expenses and saving.
When I said overall taxes, it was just a stab which included property tax. In CA another 6-7k avg? A 1k/mo Mortgage is still low if it was just P&I.

My point was that those that are FIRE are not worried about saving for retirement and have a firm handle on living on their investments and minimizing costs and taxes, which is far above the capabilities of the average working Joe. 10 years ago I wouldn’t have imagined a group like this existed. I wish I had. Knowledge is power.
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Old 12-06-2017, 11:09 AM   #145
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We stayed at The Imperial Palace in Annecy in October. I was thinking of Robbie when we chose that place. Ferraris parked out front like Monaco. Over $1000 for 3 nights. 22 Euros for a Manhattan at their jazz bar. Yea baby! Bring it on.

Parking was free except for the tip (5 euros).
Yes, Europe is insanely expensive. Going to Asia in Feb and May and the 5 star hotels seem to be about 1/3 the price of Europe. I think the most expensive travel we have ever booked was the barge in Burgundy (Belmond, Fleur de Lys). Really blew the dough. Worth it though.
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Old 12-06-2017, 11:22 AM   #146
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There was an article a couple of years ago about a household with $200 or $250k income living in Brooklyn.
Was it this one?
And the funny reply (More eels)?
Attached Images
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File Type: jpg 500k_2.jpg (72.9 KB, 72 views)
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Old 12-06-2017, 11:34 AM   #147
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I'm having a hard time spending $24k/year here in the ATL.

It does help to be able to travel for basically nothing other than gas/food/car rentals.
Mortgage and utilities put me at almost $20k/year outside Atlanta. Add in food and I'm well over $24k/year and I haven't left the house yet or bought anything but groceries..
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Old 12-06-2017, 11:46 AM   #148
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We stayed at The Imperial Palace in Annecy in October. I was thinking of Robbie when we chose that place. Ferraris parked out front like Monaco. Over $1000 for 3 nights. 22 Euros for a Manhattan at their jazz bar. Yea baby! Bring it on.

Parking was free except for the tip (5 euros).
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Yes, Europe is insanely expensive. Going to Asia in Feb and May and the 5 star hotels seem to be about 1/3 the price of Europe. I think the most expensive travel we have ever booked was the barge in Burgundy (Belmond, Fleur de Lys). Really blew the dough. Worth it though.
I haven't been to Annecy but I'm sure there are cheaper accommodations, though it's close to expensive Geneva and I'm sure in peak winter and summer seasons, it gets pricey.

5-star hotels in Hong Kong and Singapore seems to be just as expensive. Bali seems to have resorts that are cheaper but they also have high-end properties for people who have money.
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Old 12-06-2017, 11:56 AM   #149
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I haven't been to Annecy but I'm sure there are cheaper accommodations, though it's close to expensive Geneva and I'm sure in peak winter and summer seasons, it gets pricey.

5-star hotels in Hong Kong and Singapore seems to be just as expensive. Bali seems to have resorts that are cheaper but they also have high-end properties for people who have money.
Agree about Hong Kong. We are going to India and Viet Nam where they still seem a more reasonable price.
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Old 12-06-2017, 02:18 PM   #150
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In Connecticut, I don't think I could get by on $200k, granted we have three kids, but taxes, sports, and general cost of living is just so high. If I lived in the heartland I am sure $100k would be just fine. Manhatten and lower Westchester is even more ridiculous.

One thing that amazes me is what people spend on groceries. We buy organic but also buy much of our bulk food at Costco and it is easily 15k per year. My real estate taxes are 33k!
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Old 12-06-2017, 02:27 PM   #151
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We spend over 100k a year. We could live on 100k but chose not to. I retired at 50 and have been retired for the last 10 years. Health insurance alone cost us $18600 and we still have deductibles. Add in housing cost, taxes, and other insurance and if we want to eat there is no way we could live on $24,000 like a earlier poster stated.

We do have some expensive hobbies, we own a small plane and belong to the local country club. And we drive nice cars I suppose. But I guess after working long hours to early retire I知 going to enjoy myself while I知 still happy and can enjoy it.

Thanks to the stock market my net worth is still 50% higher than it was 10 years ago. And I知 at a 50/50 allocation.

I知 also not concerned about burdening my kids with a large inheritance.
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Old 12-06-2017, 03:15 PM   #152
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I知 also not concerned about burdening my kids with a large inheritance.
Haha, post of the week!
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Old 12-06-2017, 04:37 PM   #153
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Poland is beautiful and cheap.
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Old 12-06-2017, 04:52 PM   #154
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Poland is beautiful and cheap.
Agreed.....and so is Bulgaria......cheaper and with fewer tourists.
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Old 12-06-2017, 10:32 PM   #155
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$100K in retirement for just DW and I, with a paid off house, no kids to support, and Medicare? Yeah, that will be more than enough.

$100K for a family of four, with mortgage, car payments, kids, groceries, vacations, health insurance, health care costs, taxes, more taxes, yet even more taxes, and then trying to save for retirement? It starts to get tight in many areas, not just the super HCOL areas.

Let's start at the top with $100K.
Now let's max out 401K for 2 parents who work. That is $24K right there.
Then let's take out FICA and Fed and State income taxes. Will vary depending on state, put let's say $20k there.
Now we are down to $56k we've taken home. $4667/month or around $1076 a week.

Mortgage, taxes, insurance. This is going to vary by location. I'm going to go with a modest $2000/month.

Health Insurance premiums, plus budget for actual health care expenses (co-pays, pre-deductible expenses, shared expenses, drug costs, dental work, braces, whatever) - $1000/month (you might be under some years, but one big surgery in the family and the average goes way up)

OK, so now we've $1667/month.

Utilities - gas + electric = $250/month. Town garbage, recycle, water $80/month. High Speed internet $80/month. Family cell plan $200/month Netlix + Playstation Vue $50/month. These are all pretty close to our actual numbers.
All that adds up to $660/month

A little over $1000/month left.
Out of that we still need to fund:
Food (groceries, eating out)
Gasoline and auto-related costs (tires, repairs, oil changes)
Car payments or occasional replacement cars
Miscellaneous big ticket items ever so often - laptop, tv, computers, phones, bicycles, etc.
Rainy day fund for home repairs
Vacations
Entertainment
Kid's activities/sports
Hobbies

The reality is, the math doesn't work once you start adding it all up. $400 for groceries/meals out, a $400 car payment, $200/mo towards a modest vacation budget, and all of a sudden you are already scraping by. How you buy a new computer when you need to? What do you do when you need a new furnace?

So you scale back the savings from $24k/yr to only $12k/yr to have some breathing room in your budget to actually take some decent vacations (you make $100k/yr, you should be able to take your kids to Disney World). Guess the kids are on their own when it comes to college.

And these numbers are based on my fairly modest, but not low, COL area. NY/NJ or SF/LA or something? Forget it.
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Old 12-06-2017, 11:01 PM   #156
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In Connecticut, I don't think I could get by on $200k, granted we have three kids, but taxes, sports, and general cost of living is just so high. If I lived in the heartland I am sure $100k would be just fine. Manhatten and lower Westchester is even more ridiculous.

One thing that amazes me is what people spend on groceries. We buy organic but also buy much of our bulk food at Costco and it is easily 15k per year. My real estate taxes are 33k!
I do all the grocery shopping and I track all my expenses to the penny on a phone app. Just because I want to know exactly what I'm spending after years of only guessing.

So I can say for the 2 of us, groceries this year are projected to be $3,100 of course we don't have 3 teenagers to feed
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Old 12-07-2017, 08:43 AM   #157
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Haha, post of the week!
Yes I am thinking that too. If we suddenly die in a plane crash, it will be a huge burden...
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Agreed.....and so is Bulgaria......cheaper and with fewer tourists.
also Croatia. Outside of Dubrovnik, few tourists.
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Old 12-07-2017, 10:20 AM   #158
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I do all the grocery shopping and I track all my expenses to the penny on a phone app. Just because I want to know exactly what I'm spending after years of only guessing.

So I can say for the 2 of us, groceries this year are projected to be $3,100 of course we don't have 3 teenagers to feed


Wow! I guess it depends what you buy, where you shop and how much you try to buy on sale, but our grocery budget for two in So CA is $800/month. Sometimes we spend less but always at least $600. We also eat out a lot. We don't buy that much organic food but we do buy fresh ahi, salmon, shellfish and filet mignon. Also fresh veggies and fruit including lots of blueberries. We shop at Trader Joe's and Vons mostly, occasionally Costco.
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Old 12-07-2017, 10:27 AM   #159
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also Croatia. Outside of Dubrovnik, few tourists.
I haven稚 been to Bulgaria, but Croatia is a wonderful destination. Even Zagreb.
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Old 12-07-2017, 10:56 AM   #160
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I haven’t been to Bulgaria, but Croatia is a wonderful destination.
In just over six months I'll report on Romania, which is also wonderful & inexpensive.

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Even Zagreb.
It's about 54 1/2 years since I was first in Zagreb.....sometimes it seems like such a long time ago...other times not.
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