Angel!
Senior Associate
Politics Admin
Joined: Dec 20, 2010 11:44:08 GMT -5
Posts: 10,722
|
Post by Angel! on Oct 3, 2014 17:19:56 GMT -5
|
|
happytraveler
Established Member
Joined: Jan 1, 2011 8:07:07 GMT -5
Posts: 262
|
Post by happytraveler on Oct 3, 2014 17:28:54 GMT -5
I had seen this earlier. It is always hard to believe that someone with such a high income could be "broke", but no matter what you make, you can always spend more.
|
|
HoneyBBQ
Junior Associate
Joined: Dec 27, 2010 10:36:09 GMT -5
Posts: 5,395 
Mini-Profile Background: {"image":"","color":"3b444e"}
|
Post by HoneyBBQ on Oct 3, 2014 17:30:04 GMT -5
LOL. I was interested because that's similar to my household, at least the beginning with the income and house cost but then there was this HUGGGGGGGGGGGGGGGGGE divergence. 25k in home maintenance? I pay my yard guy $100/month, that's about it. And they didn't add in daycare, which for us is 20k a year! There's only 3 of us, but our grocery bill is closer to 150$/week for mostly organic. 25k for vacations? Nope. I think we spent around 1k earlier this year when we slept in a tent for 2 weeks straight. I like that at the end all that's left is a 'modest' 401k contribution. I guess at least they save for their kid's college!  |
|
HoneyBBQ
Junior Associate
Joined: Dec 27, 2010 10:36:09 GMT -5
Posts: 5,395
Mini-Profile Background: {"image":"","color":"3b444e"}
|
Post by HoneyBBQ on Oct 3, 2014 17:32:41 GMT -5
I had seen this earlier. It is always hard to believe that someone with such a high income could be "broke", but no matter what you make, you can always spend more. It took me many, many years of having regular good income before I could break out of the mold and spend it without acting like a poor college student making 13k a year. I remember agonizing many years ago after my first REAL paycheck about buying a digital camera because I really wanted one (my first one!). It was $250 and I was making 100k a year. My, how things change. There's definitely been standard of living creep in my house at least to some extent. However, I'm also a firm believe of 'having fun cause tomorrow you may be dead' so I can only hope I am achieving an appropriate balance and haven't tipped to far the other way. |
|
justme
Senior Associate
Joined: Feb 10, 2012 13:12:47 GMT -5
Posts: 14,618
|
Post by justme on Oct 3, 2014 17:36:49 GMT -5
How many vehicles do you have to have to pay $9000/yr on auto insurance! Like 8 cars? Or maybe 2 Bentleys?
ETA: WTF about that ending? I'm going to talk about people living lavishly, call them broke, and the moral is you need to save for retirement?
|
|
Deleted
Joined: Jun 17, 2024 8:24:16 GMT -5
Posts: 0
|
Post by Deleted on Oct 3, 2014 17:37:08 GMT -5
30K/year for groceries?? ROFL How do 4 people eat that much??
So, yeah...if you make 400K and spend 400K you're going to feel broke. But those expenses were crazy excessive.
|
|
Cookies Galore
Senior Associate
I don't need no instructions to know how to rock
Joined: Dec 19, 2010 18:08:13 GMT -5
Posts: 10,780
|
Post by Cookies Galore on Oct 3, 2014 18:42:22 GMT -5
30K/year for groceries?? ROFL How do 4 people eat that much?? I will gladly accept that challenge! |
|
Ava
Senior Member
Joined: Jan 30, 2011 12:23:55 GMT -5
Posts: 4,200
|
Post by Ava on Oct 3, 2014 19:06:38 GMT -5
That video is beyond stupid and ridiculous.
Why do they need a 1.2 million house?
25k a year in vacations?
|
|
resolution
Junior Associate
Joined: Dec 20, 2010 13:09:56 GMT -5
Posts: 7,031
Mini-Profile Name Color: 305b2b
|
Post by resolution on Oct 3, 2014 20:30:30 GMT -5
They lost me on the million dollar house, which was about 4 seconds into the video.
|
|
HoneyBBQ
Junior Associate
Joined: Dec 27, 2010 10:36:09 GMT -5
Posts: 5,395
Mini-Profile Background: {"image":"","color":"3b444e"}
|
Post by HoneyBBQ on Oct 3, 2014 21:12:03 GMT -5
They lost me on the million dollar house, which was about 4 seconds into the video. Maybe they live in SF, or Seattle, or NY!? |
|
Lizard Queen
Senior Associate
103/2024
Joined: Jan 17, 2011 22:19:13 GMT -5
Posts: 14,659
|
Post by Lizard Queen on Oct 3, 2014 21:18:05 GMT -5
I don't mind the house price--I mind the groceries. I can't fathom it, unless they have a private chef come in to cook for them.
The grocery budget was on top of a ridiculous eating out budget, so we're not even talking 7 days a week.
And they must get a lot of speeding tickets to pay $9000/year for auto insurance...
|
|
resolution
Junior Associate
Joined: Dec 20, 2010 13:09:56 GMT -5
Posts: 7,031
Mini-Profile Name Color: 305b2b
|
Post by resolution on Oct 3, 2014 21:23:50 GMT -5
They lost me on the million dollar house, which was about 4 seconds into the video. Maybe they live in SF, or Seattle, or NY!? They are in Chicago and the house is like 1.2 million. |
|
Deleted
Joined: Jun 17, 2024 8:24:16 GMT -5
Posts: 0
|
Post by Deleted on Oct 3, 2014 21:29:46 GMT -5
Maybe they have twin 16 year olds?
|
|
happytraveler
Established Member
Joined: Jan 1, 2011 8:07:07 GMT -5
Posts: 262
|
Post by happytraveler on Oct 3, 2014 23:18:28 GMT -5
They lost me on the million dollar house, which was about 4 seconds into the video. A million dollars for a house is not totally nuts if you live in SF, NYC, Washington, DC, etc. you can certainly pay less, but it is not an unreasonable amount for a nice home in good school district, with a reasonable commute to the central business district. |
|
tallguy
Senior Associate
Joined: Apr 2, 2011 19:21:59 GMT -5
Posts: 14,252
|
Post by tallguy on Oct 4, 2014 1:57:35 GMT -5
We had this thread before. (And it is still a stupid video.)
Anyone who is "broke" on anything over $100,000 per year is an idiot. And you could certainly revise that number downward. No, you may not be able to live the life you want to on that but it is easily doable to live fairly well. No sympathy for idiots.
|
|
Angel!
Senior Associate
Politics Admin
Joined: Dec 20, 2010 11:44:08 GMT -5
Posts: 10,722
|
Post by Angel! on Oct 4, 2014 9:44:00 GMT -5
What - the 1.2 million dollar home wasn't enough? Or the 25k budgeted for vacations? I at least understand those. I cannot comprehend how someone can spend that amount on groceries. I go shopping about every two weeks, so am trying to picture a shopping trip where I spend $1100+ on food. Unless as someone else said, they have a personal chef. |
|
Angel!
Senior Associate
Politics Admin
Joined: Dec 20, 2010 11:44:08 GMT -5
Posts: 10,722
|
Post by Angel! on Oct 4, 2014 10:03:01 GMT -5
I at least understand those. I cannot comprehend how someone can spend that amount on groceries. I go shopping about every two weeks, so am trying to picture a shopping trip where I spend $1100+ on food. Unless as someone else said, they have a personal chef. I'm sure they are being somewhat extravagant - but just you wait till you have 3 teenagers to feed! you will be shocked by how much you spend on groceries!  Arch, don't remind me. I'm not sure I will make it through the teens years. Dd is a hellion at 3, don't want to picture her at 13. |
|
973beachbum
Senior Associate
Politics Admin
Joined: Dec 17, 2010 16:12:13 GMT -5
Posts: 10,501
|
Post by 973beachbum on Oct 4, 2014 10:19:17 GMT -5
I at least understand those. I cannot comprehend how someone can spend that amount on groceries. I go shopping about every two weeks, so am trying to picture a shopping trip where I spend $1100+ on food. Unless as someone else said, they have a personal chef. I'm sure they are being somewhat extravagant - but just you wait till you have 3 teenagers to feed! you will be shocked by how much you spend on groceries! I was thinking the same thing. We don't make anywhere near what they do and our kids are older but our grocery bills aren't that much less than theirs. I try very hard to keep it to under $200 a week but there are weeks where that just isn't possible. Well I guess it is but we wouldn't have nearly the well balanced life I would like. And if we did then all of you could talk about how getting fat and having diabetes and high blood pressure was all my fault, because I choose to buy all unhealthy empty carbs, just to be cheap.  |
|
Deleted
Joined: Jun 17, 2024 8:24:16 GMT -5
Posts: 0
|
Post by Deleted on Oct 4, 2014 10:52:16 GMT -5
As much of a joke the budget in that video is I have several friends that live in Chicago, one couple in particular that clears about 350k and I am betting their budget closely matches this one. They save almost nothing for retirement and are paycheck to paycheck. They bought a huge house for them and a kid on the way, have a boat, take lavish trips and have luxury cars they don't drive much in the city. I got a look of disbelief when I told him he was screwed if one of them got laid off and they would be working forever if they didn't get expenses in line. The whole "but I deserve it" really gets people into trouble no matter how high their income and folks like this think the gravy train lasts forever.
|
|
Lizard Queen
Senior Associate
103/2024
Joined: Jan 17, 2011 22:19:13 GMT -5
Posts: 14,659
|
Post by Lizard Queen on Oct 4, 2014 10:52:59 GMT -5
Didn't it say that they spent $570 per week on groceries? That's a far cry from $200.
|
|
Deleted
Joined: Jun 17, 2024 8:24:16 GMT -5
Posts: 0
|
Post by Deleted on Oct 4, 2014 11:39:43 GMT -5
I like the "modest 401K contribution". Even maxing two of them (assuming dual income), would be a drop in the bucket...and really dumb not to do at that income level.
|
|
Deleted
Joined: Jun 17, 2024 8:24:16 GMT -5
Posts: 0
|
Post by Deleted on Oct 4, 2014 12:10:45 GMT -5
The amount of assets you need on hand to replace 350k of income in retirement is pretty staggering. I just ran a rough calculation at the age of 30 and a retirement age of 67, with 200k already saved, you would need 19 million. According to my Phil Script, a yearly investment of $17,500.00 bearing an annual return of 11% could grow to $3,865,980.55 in 30 years! According to my Phil Script, a yearly investment of $17,500.00 bearing an annual return of 11% could grow to $11,301,971.34 in 40 years! Even maxing the 401k from age 25 to 65 doesn't get you there, although a 3% withdrawal rate would get you 330k/yr..... if they both put in $17,500, after 40 years they would have 22 million. |
|
Angel!
Senior Associate
Politics Admin
Joined: Dec 20, 2010 11:44:08 GMT -5
Posts: 10,722
|
Post by Angel! on Oct 4, 2014 12:28:29 GMT -5
Didn't it say that they spent $570 per week on groceries? That's a far cry from $200. That is what I was thinking. $200 per week is almost a third of this hypothetical budget. I could easily see $200 per week on a family. |
|
sunshinegal1981
Established Member
Joined: Jan 2, 2011 12:40:31 GMT -5
Posts: 373
|
Post by sunshinegal1981 on Oct 4, 2014 12:41:12 GMT -5
$12k for "club dues"? What are these clubs that people join?  |
|
TheHaitian
Senior Associate
Joined: Jul 27, 2014 19:39:10 GMT -5
Posts: 10,144
|
Post by TheHaitian on Oct 4, 2014 16:15:49 GMT -5
$12k for "club dues"? What are these clubs that people join? Country clubs |
|
swamp
Community Leader
Don't be a fool. Call me!
Joined: Dec 19, 2010 16:03:22 GMT -5
Posts: 45,393
|
Post by swamp on Oct 4, 2014 16:16:35 GMT -5
Country club.
|
|
TheHaitian
Senior Associate
Joined: Jul 27, 2014 19:39:10 GMT -5
Posts: 10,144
|
Post by TheHaitian on Oct 4, 2014 16:19:05 GMT -5
According to my Phil Script, a yearly investment of $17,500.00 bearing an annual return of 11% could grow to $3,865,980.55 in 30 years! According to my Phil Script, a yearly investment of $17,500.00 bearing an annual return of 11% could grow to $11,301,971.34 in 40 years! Even maxing the 401k from age 25 to 65 doesn't get you there, although a 3% withdrawal rate would get you 330k/yr..... if they both put in $17,500, after 40 years they would have 22 million. Hold up wait a minute... Back up, back it up... I cannot do the Phil button on my phone. So what if my wife and I so $17,500/each from 30 to 65... What do we get? |
|
Deleted
Joined: Jun 17, 2024 8:24:16 GMT -5
Posts: 0
|
Post by Deleted on Oct 4, 2014 16:45:05 GMT -5
According to my Phil Script, a yearly investment of $35,000.00 bearing an annual return of 11% could grow to $13,270,754.20 in 35 years!
|
|
Cookies Galore
Senior Associate
I don't need no instructions to know how to rock
Joined: Dec 19, 2010 18:08:13 GMT -5
Posts: 10,780
|
Post by Cookies Galore on Oct 4, 2014 21:24:43 GMT -5
if they both put in $17,500, after 40 years they would have 22 million. Hold up wait a minute... Back up, back it up... I cannot do the Phil button on my phone. So what if my wife and I so $17,500/each from 30 to 65... What do we get? Delayed gratification that isn't going to fly with the wife! ;-) |
|
TheHaitian
Senior Associate
Joined: Jul 27, 2014 19:39:10 GMT -5
Posts: 10,144
|
Post by TheHaitian on Oct 4, 2014 21:29:48 GMT -5
Hold up wait a minute... Back up, back it up... I cannot do the Phil button on my phone. So what if my wife and I so $17,500/each from 30 to 65... What do we get? Delayed gratification that isn't going to fly with the wife! ;-) What she doesn't know cannot hurt her  ***I am already maxing and she is contributing 25% ; just need to max hers  |
|
