Comments on My Open Wallet: How Much More...

Also, if she is making that much, no way she is ta...

2007-08-28T21:31:00.000-04:00

Also, if she is making that much, no way she is taking home 70%. After taxes, especially in NYC where you get the added city taxes, she is likely taking home more like 60-65%.

200K/year in the San Francisco makes you feel lowe...

2007-08-22T00:18:00.000-04:00

200K/year in the San Francisco makes you feel lower middle class. In Manhattan, it would feel even tighter.

I don't think you can compare lifestyles either.Sh...

2007-08-21T19:45:00.000-04:00

I don't think you can compare lifestyles either.

She may have had very highly paid jobs in the past, had an inheritance, a fat divorce settlement, a compensation pay out, any number of things.

Of course, she may also be in debt up to her eyeballs.

I totally think you can get to that point someday ...

2007-08-21T13:03:00.000-04:00

I totally think you can get to that point someday (key word: someday); envision it .

You already have the habits in place now it's just a matter of time.

She may have inherited the place in the hamptons, or it might of been a fixer upper, or...she may have bought when the market was way down...she likely had some kind of help with both properties though...

Thinking out loud: if you still have a good relationship with this former boss, how about inviting her out to lunch and asking her to advise you on real estate (to get more info and find out if she has any tips)?

I think it's also important to consider that a lot...

2007-08-20T22:21:00.000-04:00

I think it's also important to consider that a lot of people (or so it seems to me) live above their means. Many of the people I know that have luxurious things and look as if they make a lot of money don't make that much, and in some cases I know for a fact they make less than I do (granted, these people are all young like myself and may not be concerning themselves with retirement or other savings yet). It's hard to tell sometimes if a person is the type to spend more than they make and take on debt.

Also, the people I know of who have that kind of l...

2007-08-20T22:07:00.000-04:00

Also, the people I know of who have that kind of lifestyle (ie. home in the Hamptons) earn over $500K. Of course, that doesn't tell you the minimum amount you need to earn to have such a lifestyle.

As a former New Yorker I also think you're underes...

2007-08-20T22:04:00.000-04:00

As a former New Yorker I also think you're underestimating. I didn't own property and I certainly didn't earn over $100,000 a year, but I did know plenty of people who made in excess of $250,000, and they still would complain about not earning enough - and they weren't that extravagant! I guess it all depends on what you consider luxuries or what you think you "need".

I also feel you must be underestimating her expens...

2007-08-20T22:02:00.000-04:00

I also feel you must be underestimating her expenses. The maintenance alone in decent size 2 bedrooms would be close to $2000. And I would imagine the lifestyle of someone with a second home in the hamptons would require more than $20,000 in food, clothing, entertainment, travels etc...

And unless you assume she had help in purchasing those properties, she must have enough room in her budget that she was able to save for the downpayments as well.

I think you're underestimating as well. My husband...

2007-08-20T21:20:00.000-04:00

I think you're underestimating as well. My husband and I make about $200k and we live in the burbs. You'd think that's a decent amount, right?

We have 1 house with a monthly mortgage payment of about $2300, add another $1200 in utilities and food, car payments for 2 cars (toyota and a mazda), insurance, gas, plus childcare costs.

Add saving for college and retirement and I'm shopping at Target for my clothes.

I've found it's not worth it to try and figure out how people do it -- I assume they're allllll part of the debt crisis. Carrying thousands in credit card debt. ...

I think you're underestimating her housing and uti...

2007-08-20T18:48:00.000-04:00

I think you're underestimating her housing and utilities costs. I'm not from Manhatten, but I know that in Texas it costs over $2000 a month (mortgage, taxes, condo fees, and insurance) to own a pretty nice $250,000 2bdrm condo in a nice urban metro. So I would think that in NY it would cost more than that. Also, consider what she has to spend on transportation (valet, parking, gas, taxis) not to mention food and shopping and spa/beauty stuff.

In any event, you never know who has a secret $150,000 credit card debt--or a secret inherited trust fund. There's no point in comparing based on lifestyle.

Is she single?I always think that rich people buy ...

2007-08-20T17:53:00.000-04:00

Is she single?
I always think that rich people buy their cars, but I'm not sure in Manhattan considering you don't have to drive a lot.
She may have been saving all her life, so now that she is older, she can afford those nice things and not flinch. I guess we'll never know.