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Re: What's life like with 100K/year or more?
Old 10-07-2006, 03:58 PM   #21
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Re: What's life like with 100K/year or more?

I think that I could easily spend $100k/year and more on travel. But since I'm still working to do that I would need more time.

More stuff such as cars, clothes, etc. is of little value. The closets and garage are already full. (Now a new mountain bike is a different story!)

MB
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Re: What's life like with 100K/year or more?
Old 10-07-2006, 04:00 PM   #22
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Re: What's life like with 100K/year or more?

DW and I are about in the middle of y'all spending ~$50k/yr (outside the 2 new vehicle purchases we made this year). So far, the spending numbers have not changed much since retirement earlier this year from a 6 figure executive position.
- We are not consciously budgeting given our consistency of spending in the $50k range for some time. A quarterly or annual check via Quicken is all we need to validate that we are consistent and on track.
- We do the little projects around the house, but contract out anything requiring substantial work or skill, e.g. plumbing, heavy duty yard work
- I don't do any car maintainance myself any more - been there, done that
- We each bought ourselves a new vehicle this year as 'retirement' gifts (DW - loaded '06 Toyota RAV4, me - loaded '07 Infiniti M35X). No qualms about spending that cash while we are young enough (57) to enjoy travelling and our new vehicles.
- We enjoy eating out a few times a week, but do not go to expensive restaurants or buy expensive wine ($35-60 tabs at most).
- We have yet to do extensive travelling since retirement. That could add $10-20k/yr to the annual bill.

Could DW and I bump up the spending to $100k/yr per Sam's original post? Maybe, but anything beyond ~$75k would probably get us real uncomfortable. We would at least subconsciously feel we are simply thowing money away for no value.
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Re: What's life like with 100K/year or more?
Old 10-07-2006, 04:07 PM   #23
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Re: What's life like with 100K/year or more?

Quote:
Originally Posted by rodmail
A lot of the guys talking about flying first class as a worthy way to spend extra money ARE RIGHT. It has nothing to do with the food or the legroom or the cachet. It's about sleep. Any time you go across the ocean the jetlag is brutal.
EXACTLY !!!

Flew first class to Australia a couple of years ago. (It was on the company.) Left SFO around mid-night. Got up in the middle of the night and walked through the coach section. Everyone in first class looked like they were sleeping comfortably. In coach they all looked miserable. Arrived in Sydney about 8AM with a good night's sleep and fully adjusted to local time. I suspect that it took the coach passengers a couple of days to adjust.

One took a (coach) red-eye from LA to MD, got off the plane and went directly to work. Boss walked in that afternoon took one look and told me to go home because "You're not doing me anygood, anyway."

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Re: What's life like with 100K/year or more?
Old 10-07-2006, 05:30 PM   #24
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Re: What's life like with 100K/year or more?

Quote:
Originally Posted by Sam
There are material things that I'd love to have, such as driving a 50K Lexus instead of my Maxima, having a brand new Lazy Daze in the big garage, fly first class all the times. If I did get those, would I be much happier?
External things, such as money, fame, power, financial success and material possessions, will only make you wanting more. Happiness is when you realize that you already have enough and be glad with whatever you have.

Quote:
So, for those who live the high life, with 100K, 200K, or even more a year, how do you manage to spend that money?
The amount of money that you spend is relative to the amount of money that you make. If your income is over $1 million, for example, $100K spending is insignificant. It's easy to spend even $1 million. Just look at the rich and famous on TV and magazine. Some of the celebrities spend that much just on one wedding or a vacation. They rent the entire resort or an island, hire top chefs, bands, drink expensive wine ....... Are they happier? I am not sure - only they can answer that.

I personally do not see how an extravangant life style can make me feel any happier. Happiness, after all, is a state of mind - which is internal. You cannot fill an inner void with external things.
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Re: What's life like with 100K/year or more?
Old 10-07-2006, 08:09 PM   #25
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Re: What's life like with 100K/year or more?

I can think of a few things I would buy if I had an extra 100K/year.

1. Classic Muscle cars
2. Original Painting or Prints
3. Rare Pottery or Vases
4. Original American Furniture

oh, and I'll also need some Hi-End Real Estate to store my collection.
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Re: What's life like with 100K/year or more?
Old 10-07-2006, 09:08 PM   #26
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Re: What's life like with 100K/year or more?

I'd buy more seashells to add to my collection.

I already have the world's largest collection of seashells. I keep them scattered on beaches all over the world... perhaps you've seen some of them.
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Re: What's life like with 100K/year or more?
Old 10-07-2006, 09:31 PM   #27
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Re: What's life like with 100K/year or more?

Quote:
Originally Posted by rodmail
Well, when it comes to this know what you're doing. Do not spend your miles on First Class tickets and do not pay the $5000 First Class fare. Buy your usual vacation coach ticket and then use miles to upgrade it in the same phone call. The difference in price and miles burned is huge AND you earn more miles with the coach ticket. A lot of folks have trouble getting FC tix with miles, but that is because they are not retired. If you're retired you have date flexibility. You can find the award seat that is available.
People who don't travel that much don't have to worry about mileage upgrades. I'm on a plane once or twice a year so I doubt I even have 25K among all the airlines, let alone with one airline. I wonder what the airlines value their frequent flyer accounts-- a couple cents a mile?

Most of our travel these days is to family events or scheduled conventions, so date flexibility is out. If we travel on our own we'd book a good price/date around a discounted deal.
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Re: What's life like with 100K/year or more?
Old 10-07-2006, 09:46 PM   #28
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Re: What's life like with 100K/year or more?

I earn >$100K but am so busy I can't spend it. I'm working as hard now as I did when I was an intern. So I sock it all away for ER. I do have to buy time, e.g. lawn care, because I'm never home to do the lawn. Of late, I am getting lots of travel opportunities at other people's expense (public speaking, consulting, etc) and am accumulating frequent flyer miles for use on vacation travel.

When I ER I will not have to pay hefty professional fees and will have time to mow the lawn (savings) but also time to play golf (spending) so I may well spend as much or more than I do now. But since that's <$50K Canadian and well below 4% SWR, I think I'll be fine.

Meadbh
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Re: What's life like with 100K/year or more?
Old 10-07-2006, 10:51 PM   #29
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Re: What's life like with 100K/year or more?

It's nice.
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Re: What's life like with 100K/year or more?
Old 10-08-2006, 12:12 AM   #30
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Re: What's life like with 100K/year or more?

I just don't feel compelled to spend that much. We live very comfortably on much less. Just because I may be able to withdraw that much doesn't mean I HAVE to spend it all. It's not some kind of spending race. I can "save up" for a big ticket item, or, if enough accumulates I can choose to play philanthropist in a way that makes a difference.

I never EVER considered flying first class all the time. It seems like such an outrageous price for a slightly bigger seat. You still have to go through all that security crap. I don't really fly anymore anyway - not a pleasant experience (mostly the airports). Traveling by RV is so much more enjoyable.

There are SO many ways to blow money, but it doesn't mean you enjoy yourself doing it. Travel is a good example where you can lay out the big bucks for a top flight cabin on a cruise, but get only a marginally better experience than someone in a low cost cabin. Same decks, same dining room, same views. I remember on one boat people in the fancy cabins on the top deck being seasick. Those of us just above water level didn't notice much boat movement. I bet the folks on the lower decks noticed even less. I observe a lot of parallels in different types of entertainment/travel experiences. There is definitely a law of diminishing returns.

It's nice to have enough to not worry about how often you eat out or other budget issues, and to be able to help out family members in emergencies. But beyond that - how much does anyone really need?

Audrey
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Re: What's life like with 100K/year or more?
Old 10-08-2006, 02:15 AM   #31
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Re: What's life like with 100K/year or more?

I will throw in my two cents....

I doubt if I would ever spend $100K a year even if I could... it is just not in me to do so...

About air travel.. I have done maybe a dozen to 20 overseas flights with 3 or 4 first class... I do not see much difference besides the space... I can't sleep well on the plane up front or in the back.. but yes, in the back you are struggling with where to put your arms etc... but I still do not think that the extra cost is worth the space.. I will try and get a seat that is next to an empty one... and it is for between 6 and 9 hours from where I fly.. now, maybe to OZ or NZ I would say FC is better.. but have not been there yet and do not know the extra costs..

I will be flying overseas in a little over a month.. I will see how easy it is to upgrade with miles as I do have a good amount..
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Re: What's life like with 100K/year or more?
Old 10-08-2006, 10:00 AM   #32
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Re: What's life like with 100K/year or more?

Quote:
Originally Posted by Texas Proud
I do not see much difference besides the space... I can't sleep well on the plane up front or in the back.. but yes, in the back you are struggling with where to put your arms etc... but I still do not think that the extra cost is worth the space.
Quote:
Originally Posted by audreyh1
I never EVER considered flying first class all the time. It seems like such an outrageous price for a slightly bigger seat. You still have to go through all that security crap. I don't really fly anymore anyway - not a pleasant experience (mostly the airports).
The extra space is definitely not worth the cost, but that space makes all the difference in my perspective of the flying "experience".

I could fly coach and donate the savings to charity, too, but this seems like an area where a little more spending drastically improves my quality of life. I even feel like I'm providing a valuable service to the coach passengers by not inflicting my presence on them.

Quote:
Originally Posted by audreyh1
There are SO many ways to blow money, but it doesn't mean you enjoy yourself doing it. Travel is a good example where you can lay out the big bucks for a top flight cabin on a cruise, but get only a marginally better experience than someone in a low cost cabin. Same decks, same dining room, same views. I remember on one boat people in the fancy cabins on the top deck being seasick.
Last year friends of our parents-in-law were on a cruise hit by the Norwalk virus. The outbreak clogged one of the toilet-flushing lines so they were upgraded to the suites apartments.

It was a dramatically different experience-- several decks higher, room service, and a high-rise view. No motion was detectable (not an engine vibration was noted, either). However PIL's friends (think of the Barone parents on "Everybody Loves Raymond") were so uncomfortable at all the high-touch amenities-- especially the butler-- that they found it hard to enjoy the luxury.

Our teenager, though, has watched enough Disney Channel to be able to not only settle right in but to offer a few helpful hints for improvement.
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Re: What's life like with 100K/year or more?
Old 10-08-2006, 10:22 AM   #33
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Re: What's life like with 100K/year or more?

First-class is definitely a wonderful experience. A few years ago, we did not confirm our flight from Hawaii to San Francisco. The airline said our seats were no longer available but gave us two first-class seats on a 747 (upper deck) . It was made a big difference, wider seat, more leg room, more quiet, better food, free drinks.

A nice cabin on a cruise is also great. We had a suite with a balcony. We loved to listen to the sound of the ocean and to watch the stars at the balcony.
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Re: What's life like with 100K/year or more?
Old 10-08-2006, 10:51 AM   #34
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Re: What's life like with 100K/year or more?

I could easily spend the 100k+ I make but it wouldn't make me any happier than I am now, if it would I'd be spending it.
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Re: What's life like with 100K/year or more?
Old 10-08-2006, 11:06 AM   #35
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Re: What's life like with 100K/year or more?

It's funny. I can afford the upgraded cabins/seats, etc. but I can't bring myself to pay for them. I guess the few times we did decide to go with higher grade facilities, I didn't feel like it contributed much to the enjoyment of the experience.

I don't enjoy being around a lot of other people (large cruises, tours, etc.), so that cuts out lots of expensive travel options right there!

On the other hand, I have to admit I expect to do some of the Zegrahm Expeditions http://www.zeco.com/about/travel_a.asp (pretty high class way to go) - one of these days when I'm older and will appreciate assistance in travel. These days I have too much fun doing things my way, not on someone else's schedule. I guess I prefer to upgrade by going on a more expensive small group trip, but booking mid-level or just under mid-level accommodations.

Audrey

P.S. I've had my eye on this one for a while: http://www.zeco.com/destinations/Kam...ka-cruise.asp#
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Re: What's life like with 100K/year or more?
Old 10-08-2006, 12:05 PM   #36
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Re: What's life like with 100K/year or more?

Quote:
Originally Posted by donheff
... We have a weekend house on the water...
Our place is a penthouse overlooking Stanley Park in Vancouver with 180 degree views that include English Bay, Vancouver Island, and Cypress Mountain. Check out our web site at:
http://members.shaw.ca/beachis

Like I say, we do home swaps: 2000 sq.ft. indoors with a 1350 sq.ft. patio. From the patio there are views of the Lions Gate bridge and downtown skyline. We have friends in Ocean City and so are looking in that area.
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Re: What's life like with 100K/year or more?
Old 10-08-2006, 12:47 PM   #37
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Re: What's life like with 100K/year or more?

Folks, you're a little bit out of date.

First Class and Business Elite class are not about extra seat size and legroom.

They have transitioned generally to flat bed seats in the very recent past. The transition is ongoing, but odds are you can get a seat now that reclines to nearly 180 degrees. That DOES make the difference for sleep. Sleeping sitting up in a big, old style, FC seat is not much easier than in coach, but laying down with a blanket over you puts you into your destination with a 2 day jump on jetlag recovery.

People, the US to Singapore is 23 hrs door to door. You need to lay down. It's worth the 25,000 miles tacked onto a coach fare to get that.
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Re: What's life like with 100K/year or more?
Old 10-08-2006, 12:56 PM   #38
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Re: What's life like with 100K/year or more?

Kcowan,

Very, very nice penthouse. We spent about 1 week in Vancouver at Quality Inn by the airport. We did not spend too much time at the motel. However, we had a great time visiting beautiful gardens (including the Butchart Gardens at Victoria Island) , museums, aquarium, and dinning at fine restauarants. I have been contemplating renting a condo with a view of the ocean in Victoria Island for our next visit.

Spanky
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Re: What's life like with 100K/year or more?
Old 10-08-2006, 03:00 PM   #39
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Re: What's life like with 100K/year or more?

Quote:
Originally Posted by ladelfina
Big houses mean paying a maid, lawn service/gardener, pool cleaner, etc. in addition to big property taxes and big heating/electric bills, even if you can swing the big mortage payments. I can see a McMansion sucking up $100k easy, all on its own..
The problem is that in many cities where one can earn a big income, you don't get a McMansion for your $100,000 pa occupancy expense. In Seattle, if you want to have a not intolerable but merely lousy commute, you have trouble finding any house that isn't a disaster that could contain a family for much if any less than $1mm. This is likely a house built in the '20s, and selling for at most $40,000 or so a generation ago.

I feel for young people today. They have huge taxes, huge childcare expenses, huge time demands at their jobs, giant traffic tie-ups everywhere they go, huge home-owing costs, Mom and Dad working themselves very hard.

By contrast, everything in my life seems very easy looking back.

Ha
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Re: What's life like with 100K/year or more?
Old 10-08-2006, 04:32 PM   #40
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Re: What's life like with 100K/year or more?

Food for thought, about wealth and money, from my personal perspective:
spending money does not make me happy. Having, possessing, investing money makes me feel more secure and more in control. When I feel secure I am less anxious about the future and more focused on the present moment. Living more and spending more time "In the present moment"- is my ultimate goal.
happy sunday!
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