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Old 12-04-2017, 10:00 AM   #81
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I was needling my sister for her ridiculous cost of living including two $ million+ homes, a personal Learjet 45, a fleet of Lexus automobiles and paying $80k a year for grandchildren private school tuition. Her granddaughter flies in the jet with her friends to rock concerts.

Her answer was, "Some people's sense of reality is just different from others."

.....
When I first read this, I was shocked. Yet this is nothing compared to what Bill Gates drops per year on life.
Perhaps it was because here was someone directly relating the spending of what I'll call a rich person.

After thinking on it, I'm glad your sister spends like that, it provides employment for people and is better than hoarding the $$$ in a big safe like Uncle Scrooge in the comics.
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Old 12-04-2017, 10:14 AM   #82
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Looks like our expenses are going to come in around $105K (not including income tax, FICA or college expenses). About normal for our family of 3. We're in a medium COL area. BUT, once the last kid is off the payroll, we can probably get that down to $90K easy enough. If we cut back on the discretionary expenses, we could probably get all the way down to maybe $60K, but don't see a reason for that.
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Old 12-04-2017, 10:56 AM   #83
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We buy most of our clothes at Costco these days. When we see things we like we just chuck them in the cart and at the end of the year we usually don't need much else. It makes life easier and we spend more like $300 a year instead of $300 a month. If I need a warm coat I just go to Costco and buy one of the two or three styles they have available instead of going downtown or to the mall and having thousands of choices. I did that this year then went online to see what other stores were charging for the same brand and style coat. I found the same brand/style coat at higher end stores and priced much for much more.
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Old 12-04-2017, 11:05 AM   #84
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Originally Posted by Amethyst View Post
They are loath to use anything for fear the kitchen will look "used," and will turn off future buyers! Kitchens must be pristine!
When we rented a condo in Berlin, the owner, a cover girl for Elle, was texted for instructions to start the glass cooktop. She said she had never used it!
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Old 12-04-2017, 11:15 AM   #85
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Is that the latest tiny home fad?
Maybe a shipping container...images.jpg
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Old 12-04-2017, 12:32 PM   #86
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...Do we choose to buy the cheapest food that will keep us alive? Food that we like the taste of but is still relatively inexpensive? Champagne and caviar style meals 3 times a day?

Do we choose to live in a Mcmansion in a HCOL city? A tiny home in the rural south 4 hours from the nearest "big city"? A moderate sized home in a suburb?

Do we choose to buy our clothes at Goodwill? Walmart? Georgio Armani?

Do we choose to only walk/bike or use public transportation? Drive a used low-priced sedan? A BMW? A Ferrari?

Do we travel across the street to the park or just stay home for our vacation? Fly economy to a discount hotel a couple hours away? Fly first class to a 5-star resort on the other side of the world? ...
I have been dying to post the following 1993 song by Alain Souchon, "Foule Sentimentale"

Foule Sentimentale / Sentimental Fool
Oh la la la vie en rose / Oh la la the rosy life
Le rose qu'on nous propose / The rose they sell us
D'avoir les quantités des choses / To have lots of stuff
Qui donnent envie d'autre chose / Which makes us want even more
Aïe, on nous fait croire / Aye, they make us believe
Que le bonheur c'est d'avoir / Happiness is to own
De l'avoir plein nos armoires / To have our chests full of stuff...

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Old 12-04-2017, 12:46 PM   #87
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But it is not "fun" living outside the city.
Depending on where you are in Queens the commute could easily be an hour taking public transportation. Going an hour outside of NYC doesn't get you much lower cost housing unless you go into the higher crime rate towns. $600k for a place in Queens seems about right. Don't knock it till you've tried it
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Old 12-04-2017, 12:54 PM   #88
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Yep. Plenty of the residents in the area I just described had 2-hour commutes into NYC. There were areas in that radius that cost less if you didn't mind subpar schools, high crime rates or suspicious disease clusters in formerly industrial areas.
I should have finishing reading the thread before I commented. I could have just said "ditto" had I done that !
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Old 12-04-2017, 02:42 PM   #89
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hh of four, 2 in daycare with a budget of 86-90k with a decent mtg payment. if you take out home and auto notes we have a budget of about $54k/year.

This includes going to quite a few concerts, shows, theater, movies, events with kids, road trip, and air travel across country and to Hawaii for family.

Also a couple trips for dad out to Steamboat, Vail, beaver creek some new gear, etc.

I spend money on experiences and health related things. Still save over 35% and in no way jeopardizing our ER.

I sacrifice to afford all of this by never paying retail, minimizing my mistakes and fees, buying things in bulk, minimizing my commuting miles, doing things myself that others would pay, living a healthy lifestyle and being active with inexpensive events, trying to avoid impulse buys and doing my research on expensive purchases.
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Old 12-04-2017, 03:03 PM   #90
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I have six kids (all in private school or college). Seven homes. 10 cars . We fly Netjets. I understand we live a different life from others. Our charitable giving alone is usually at least $250k per year. We couldnt even live a month on $100k.
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Old 12-04-2017, 03:13 PM   #91
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I have six kids (all in private school or college). Seven homes. 10 cars . We fly Netjets. I understand we live a different life from others. Our charitable giving alone is usually at least $250k per year. We couldnt even live a month on $100k.
Cheapskate!
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Old 12-04-2017, 03:51 PM   #92
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Gadzooks! This is living like the primitives!

or

perhaps: experiences > more stuff


Definitely experiences trump stuff for us! No room for any more stuff so if we buy something, something else has to go.
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Old 12-04-2017, 04:07 PM   #93
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I have six kids (all in private school or college). Seven homes. 10 cars . We fly Netjets. I understand we live a different life from others. Our charitable giving alone is usually at least $250k per year. We couldnt even live a month on $100k.
Yes, but are you FI/ER, or are you still slaving away at w**k?
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Old 12-04-2017, 04:08 PM   #94
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Depending on where you are in Queens the commute could easily be an hour taking public transportation. Going an hour outside of NYC doesn't get you much lower cost housing unless you go into the higher crime rate towns. $600k for a place in Queens seems about right. Don't knock it till you've tried it
I already know that I don't want to try it, living in NYC that is.

Even if I had enough to buy a penthouse apartment looking down on Central Park, I still would not like the crowded condition around me.

My nephew had to pay $600K for his tiny place to be close to work. His work place is somewhere close to the UN, I heard. It was his choice to work and live in NYC, as he is not from the area. He was born and raised in the Southwest, but wanted to experience life in a big city. It is his wish, and he's not complaining about the cost as he knew what it took. Nobody in the family tried to talk him out of it.
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Old 12-04-2017, 04:14 PM   #95
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We drive a new BMW or Mercedes every 3 years, own a ~$900k home in a Country Club community in Florida, travel when we feel like it, have quite a few new Tech toys and do not want for anything. We struggle to spend $50k a year. We could spend up to $120k pa and not even touch our Nest Egg, but choose not to. So in IMHO one has to be pretty extravagant or have VERY high expenses to have trouble living off `$100k.
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Old 12-04-2017, 04:22 PM   #96
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... one has to be pretty extravagant or have VERY high expenses to have trouble living off `$100k.
Some people have high expenses because they still work and have to pay SS and higher income tax. They have kids, and a mortgage. And they probably pay more for their health insurance with their employer than do people on ACA with subsidy.
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Old 12-04-2017, 04:25 PM   #97
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I have six kids (all in private school or college). Seven homes. 10 cars . We fly Netjets. I understand we live a different life from others. Our charitable giving alone is usually at least $250k per year. We couldnt even live a month on $100k.
Why are you here then?

(sounds like a busy lifestyle, though!)
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Old 12-04-2017, 04:25 PM   #98
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I know that we could "make it" on 100K, with house paid off and cheap/enjoyable things to do. heck, that's far more than my parents or siblings ever made in a year.

Plus, unlike RAchip, we've got little in the way of fixed expenses. (But, if my recollection of an old Boglehead "enough?" thread is accurate, he probably has a "." in front of his 1% income, which we lacked!)

Nonetheless, we choose not to live on 100k, and have no trouble spending more post-tax now than when we were working. Luckily, the majority of spending is in the discretionary travel category; if/when we have to slash expenditures, it won't be hard...
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Oh, Wait....
Old 12-04-2017, 04:35 PM   #99
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Oh, Wait....

It costs money to have kids? As DINKs, we are paying for your kids' education and your dependent tax deductions. No one ever says thanks, either.

As is everyone eventually, we're heroes!

Mike D.
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Old 12-04-2017, 04:36 PM   #100
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We drive a new BMW or Mercedes every 3 years, own a ~$900k home in a Country Club community in Florida, travel when we feel like it, have quite a few new Tech toys and do not want for anything. We struggle to spend $50k a year. We could spend up to $120k pa and not even touch our Nest Egg, but choose not to. So in IMHO one has to be pretty extravagant or have VERY high expenses to have trouble living off `$100k.
Not possible if you pay full prices for medical insurance. There goes the BMW every year.
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