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Re: What's life like with 100K/year or more?
Old 10-08-2006, 06:24 PM   #41
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Re: What's life like with 100K/year or more?

I could easily spend the money!

First class travel would be a must, a big house, nice cars, etc.

Right now we spend 75K per year net on child support and college. ugh
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Re: What's life like with 100K/year or more?
Old 10-08-2006, 11:20 PM   #42
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Re: What's life like with 100K/year or more?

Quote:
Originally Posted by Callie
Right now we spend 75K per year net on child support and college. ugh
I figure college cost next year will be about $50K. It's amasing that nearly 50% of the students recieve some financial aid (in grants) to cover most of the expenses. It's unfortunate or fortunate that we are not quilified for any financial aid.
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Re: What's life like with 100K/year or more?
Old 10-09-2006, 09:09 AM   #43
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Re: What's life like with 100K/year or more?

I dunno about $100K, but with $500K income and $5+ million in savings:

- Fly private instead of commercial (~$3500/hr) - never done this, but want to
- Have a condo in caribbean - been looking
- Have a 'nanny' - wife won't let me ... yet
- Have multiple expensive cars - do have this, but I've collected over a few years
- House on the lake - do have this, mucho maintenance
- pool hottub - maintenance drain and you don't use as much as you think
- boat, jet skis - another maint drain and you use these even less than the pool

Be able to afford all of the 'little' things like:
- monthly dog grooming,
- eating out whenever and wherever you like
- house cleaning services
- specialty car products like radar detectors, window tint, expensive wax, etc.

All of the little things you don't really worry about. It is only the 'big' expenses like buying a second home or buying an expensive car that you have to see if you can/want to afford.

I will also attest to the fact that money does not make you happy, however it does mean that my wife and I never argue about it. She is a thrifty saver by nature so I don't have to worry about her splurging on anything stupid. She does keep me balanced so I don't go out and buy that lambo I've been wanting.

As everyone suggests, even with $5+ million I don't feel 'rich'. I am looking at starting another business and figuring out how to turn the $5M into $50M. To me, rich is $50M +. I'm sure when I get there it might be $500M+.
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Re: What's life like with 100K/year or more?
Old 10-09-2006, 10:33 AM   #44
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Re: What's life like with 100K/year or more?

Why is our first inclination so often to spend money on ourselves? With $100K+ in disposable income and being FIRE, why not look at how we can help others less fortunate?

Also, IMO, if our security is coming from a large bank account, it's an illusion too.
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Re: What's life like with 100K/year or more?
Old 10-09-2006, 10:57 AM   #45
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Re: What's life like with 100K/year or more?

Be my guest.

Audrey
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Re: What's life like with 100K/year or more?
Old 10-09-2006, 11:03 AM   #46
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Re: What's life like with 100K/year or more?

Quote:
Originally Posted by CybrMike
I dunno about $100K, but with $500K income and $5+ million in savings:

- Fly private instead of commercial (~$3500/hr) - never done this, but want to
- Have a condo in caribbean - been looking
- Have a 'nanny' - wife won't let me ... yet
- Have multiple expensive cars - do have this, but I've collected over a few years
- House on the lake - do have this, mucho maintenance
- pool hottub - maintenance drain and you don't use as much as you think
- boat, jet skis - another maint drain and you use these even less than the pool

Be able to afford all of the 'little' things like:
- monthly dog grooming,
- eating out whenever and wherever you like
- house cleaning services
- specialty car products like radar detectors, window tint, expensive wax, etc.

All of the little things you don't really worry about. It is only the 'big' expenses like buying a second home or buying an expensive car that you have to see if you can/want to afford.

I will also attest to the fact that money does not make you happy, however it does mean that my wife and I never argue about it. She is a thrifty saver by nature so I don't have to worry about her splurging on anything stupid. She does keep me balanced so I don't go out and buy that lambo I've been wanting.

As everyone suggests, even with $5+ million I don't feel 'rich'. I am looking at starting another business and figuring out how to turn the $5M into $50M. To me, rich is $50M +. I'm sure when I get there it might be $500M+.
To me the question isn't... How great would it be to spend $100k or $500k per year.

The real question is can I meet my needs and then some. If I were to go for the next brass ring what would I give up in my life to get there.

After thinking about this quite a bit it seems like I have enough now and that I just can't see getting on someone else's treadmill to get to the next level.

That extra $100k per year won't make you happy (or much more happy) but getting there will sure take it's toll.

Is it really worth it ? Now that's the more interesting question
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Re: What's life like with 100K/year or more?
Old 10-09-2006, 11:05 AM   #47
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Re: What's life like with 100K/year or more?

Ive gone over the 100k mark the last two years. New cars are what put us over the top. I bought myself a new truck last year and my wife got a Porsche this year. Hopefully we wont be buying any new vehicles for a few years. Other things that we splurged on are Country Club membership, Slip fees for the boat, invisible braces, college classes, vintage sports cars and parts, and we eat out alot.

We have no debt so no payments except insurance and taxes that have to be paid. We should be back to spending around 60k to 70k after my wife gets her doctorate and we stop buying cars for a few years.

We could get by with much less but we enjoy the sports cars and the country club. I golf 3 or 4 times a week and its just a lot nicer at the club, but it is expensive. The boat I could live without, it is for sale now.
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Re: What's life like with 100K/year or more?
Old 10-09-2006, 11:13 AM   #48
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Re: What's life like with 100K/year or more?

You're retired, but your wife is getting her doctorate? Is she going to work after that?

Yeah, boats and slip fees can be a major cash drain. Only worth it if you use your boat a LOT.

Sounds like you're getting your money's worth out of the country club membership.

Audrey
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Re: What's life like with 100K/year or more?
Old 10-09-2006, 11:36 AM   #49
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Re: What's life like with 100K/year or more?

What...not many who spend $100K/yr in the LBYM crowd? Surprise, surprise! :

DW and I will end up making about $360K this year, but will spend only the usual $70K plus my daughter's college tuition. We own our home and drive a minivan and small pickup built in the previous century. Our two other kids attend public school, and we eat out only occasionally. I'm afraid that you'll need to go to the early-bankuptcy.org discussion forum to get much insight into what it's like to spend $100K or $200K/yr.
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Re: What's life like with 100K/year or more?
Old 10-09-2006, 11:44 AM   #50
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Re: What's life like with 100K/year or more?

Quote:
Originally Posted by scrinch
I'm afraid that you'll need to go to the early-bankuptcy.org discussion forum to get much insight into what it's like to spend $100K or $200K/yr.
That's so funny and so true.
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Re: What's life like with 100K/year or more?
Old 10-09-2006, 11:56 AM   #51
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Re: What's life like with 100K/year or more?

even before lbym became popular, as Dickens wrote: "Annual income twenty pounds, annual expenditure nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pound ought and six, result misery."
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Re: What's life like with 100K/year or more?
Old 10-09-2006, 12:20 PM   #52
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Re: What's life like with 100K/year or more?

Quote:
Originally Posted by audreyh1
You're retired, but your wife is getting her doctorate? Is she going to work after that?

Yeah, boats and slip fees can be a major cash drain. Only worth it if you use your boat a LOT.

Sounds like you're getting your money's worth out of the country club membership.

Audrey
Its just something she want's to do. We can afford it. We still live below our means. She would like to teach a class or two at the local college and she feels having her doctorate would help.
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Re: What's life like with 100K/year or more?
Old 10-09-2006, 12:53 PM   #53
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Re: What's life like with 100K/year or more?

Quote:
Originally Posted by dm
Its just something she want's to do. We can afford it. We still live below our means. She would like to teach a class or two at the local college and she feels having her doctorate would help.
A ph.D is not needed to teach at the local college level. However, it does not hurt to have it.
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Re: What's life like with 100K/year or more?
Old 10-09-2006, 02:16 PM   #54
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Re: What's life like with 100K/year or more?

Fortunately I did not necessarily have to work harder, just took more risk (easy when you have nothing to lose) and got luckier than most.

I will say that you'd be surprised how little some of the folks that make $200 - $300K per year actually work. Mostly managerial.

In my experience, the people at the top work a lot less than the people at the bottom, not the reverse.

Michael
Quote:
Originally Posted by MasterBlaster
To me the question isn't... How great would it be to spend $100k or $500k per year.

The real question is can I meet my needs and then some. If I were to go for the next brass ring what would I give up in my life to get there.

After thinking about this quite a bit it seems like I have enough now and that I just can't see getting on someone else's treadmill to get to the next level.

That extra $100k per year won't make you happy (or much more happy) but getting there will sure take it's toll.

Is it really worth it ? Now that's the more interesting question
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Re: What's life like with 100K/year or more?
Old 10-09-2006, 02:21 PM   #55
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Re: What's life like with 100K/year or more?

My expenses this year will be in the $300K range. Hat off to you for only spending like 20% of what you make. Guess it depends on how much you have in savings.


Quote:
Originally Posted by scrinch
What...not many who spend $100K/yr in the LBYM crowd? Surprise, surprise! :

DW and I will end up making about $360K this year, but will spend only the usual $70K plus my daughter's college tuition. We own our home and drive a minivan and small pickup built in the previous century. Our two other kids attend public school, and we eat out only occasionally. I'm afraid that you'll need to go to the early-bankuptcy.org discussion forum to get much insight into what it's like to spend $100K or $200K/yr.
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Re: What's life like with 100K/year or more?
Old 10-09-2006, 02:31 PM   #56
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Re: What's life like with 100K/year or more?

Quote:
Originally Posted by CybrMike

In my experience, the people at the top work a lot less than the people at the bottom, not the reverse.

Michael
Sorry Michael.........my experience is that the people at the top
(generalizing here) work a lot harder. I will concede that it may not
seem that much of a hardship to them. I know for sure in the small companies I ran; no one worked harder than I did. I was the
"James Brown" of small manufacturing. That's a long time ago now.

JG
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Re: What's life like with 100K/year or more?
Old 10-09-2006, 03:47 PM   #57
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Re: What's life like with 100K/year or more?

Quote:
Originally Posted by Mr._johngalt
Sorry Michael.........my experience is that the people at the top
(generalizing here) work a lot harder. I will concede that it may not
seem that much of a hardship to them. I know for sure in the small companies I ran; no one worked harder than I did. I was the "James Brown" of small manufacturing. That's a long time ago now.
JG
I think CyberMike was referring to larger companies in middle management (Dilbert territory), a declining breed no doubt but they are still around. There have been books written about them (Danger in the Comfort Zone).
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Re: What's life like with 100K/year or more?
Old 10-09-2006, 04:09 PM   #58
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Re: What's life like with 100K/year or more?

Quote:
Hat off to you for only spending like 20% of what you make.
You just made me realize that taxes will be considerably higher than (non-tax) expenses this year.


Quote:
Guess it depends on how much you have in savings.
No, it's just a matter of becoming accustomed to a certain lifestyle. We spend as much as we want to, and don't really have time to spend much more right now. Like Sam (the OP) we would have to figure out how to spend double what we spend now. Our current habits just don't call for that kind of money.
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Re: What's life like with 100K/year or more?
Old 10-09-2006, 04:21 PM   #59
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Re: What's life like with 100K/year or more?

Quote:
Originally Posted by kcowan
I think CyberMike was referring to larger companies in middle management (Dilbert territory), a declining breed no doubt but they are still around. There have been books written about them (Danger in the Comfort Zone).
In my experience in Dilbert territory (Federal Government) senior executives worked as hard or harder than line and mid-management employees. They were not all effective (the Peter Principle does have some validity) but they tended to get selected for a combination of hard work, intelligence, and playing well with others (in some cases the later amounted to sucking up and/or getting along by going along). But regardless of their effectivenes or ineffectiveness most worked hard and tried to do a good job.
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Re: What's life like with 100K/year or more?
Old 10-09-2006, 05:33 PM   #60
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Re: What's life like with 100K/year or more?

In my work experience, people with people skills usually end up in management. They were not the smartest, but usually above average in smarts, even more usually among the hard working and very organized, and always excellent at managing upward--and occasionally, downward
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