High spenders what do you spend on?

Questions on how we spend our money and our time - consumer goods and services, home and vehicle, leisure and recreational activities
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Tingting1013
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High spenders what do you spend on?

Post by Tingting1013 »

Recently we have seen some posts of folks spending $150-$200k/yr, excluding housing, college tuition and daycare.

If you fit this description, I’m genuinely curious, what are you actually spending your money on?

For reference my HHI is $700-800k, excluding housing and daycare and charity, my spend is only $50k/year.

What am I doing wrong?
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SmileyFace
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Re: High spenders what do you spend on?

Post by SmileyFace »

You don't have a red wine habbit :)

Sounds like you are doing things right, not wrong.
Doctor Rhythm
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Re: High spenders what do you spend on?

Post by Doctor Rhythm »

Are you looking for novel ways to spend your income, or is there another actionable question?
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simplesimon
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Re: High spenders what do you spend on?

Post by simplesimon »

Tingting1013 wrote: Mon Mar 29, 2021 10:07 am Recently we have seen some posts of folks spending $150-$200k/yr, excluding housing, college tuition and daycare.

If you fit this description, I’m genuinely curious, what are you actually spending your money on?

For reference my HHI is $700-800k, excluding housing and daycare and charity, my spend is only $50k/year.

What am I doing wrong?
I'm not doing this now, but first-class travel, fine dining, and club memberships come to mind.
Last edited by simplesimon on Mon Mar 29, 2021 10:17 am, edited 1 time in total.
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arcticpineapplecorp.
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Re: High spenders what do you spend on?

Post by arcticpineapplecorp. »

what are you doing wrong?

nothing if you want to retire early.

something if you feel you're missing out on life but have too much money saved.

guess you have to figure what you want to spend on (nicer or more vacations should employment schedule allow, second home?, nicer cars, etc).

doesn't matter what other people spend their money on. what matters is what you want to spend your money on.

I have friends who make very good income but they just buy new cars every few years, and bought a beach house last year, got a new pet, etc. Now they have to get the new dog training so that's a new expense they didn't have before.

funny thing is, they never think they have enough money and one of them buys lottery tickets hoping one day to win it big.

don't worry about what others do, understand what you value and since you're trading your life energy for money, how do you wish to spend your life energy?

if you have more than you need remember there are those who have less than they need (sometimes due to no fault of their own). Consider donating that extra cash. Buffett does.
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hi_there
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Re: High spenders what do you spend on?

Post by hi_there »

Some not uncommon examples:

1) Private school for kids: $50k each
2) Summer in Hamptons: $30k-$40k
3) Lease for Porsche 911: $25k
4) Restaurants: $30k-$40k
5) Utilities and maintenance of large house: $25k
6) Family international vacation: $30k

Pick and choose among these or others and it can easily add up.
runner3081
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Re: High spenders what do you spend on?

Post by runner3081 »

I don't get this question.

If you are happy, why actively look to spend more? If you are not happy, then look to make changes that are impactful to you.
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22twain
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Re: High spenders what do you spend on?

Post by 22twain »

Bill Gross (yes, the "bond king") spent a lot of money on his stamp collection.

https://www.bloomberg.com/news/articles ... collection

On a somewhat lesser level, I've seen a lot of (presumably) very pricey collections exhibited at national and international stamp shows.

[added] As a long-time off-and-on stamp and postal history collector, I can see myself trying to develop an exhibition-worthy collection in some specialized area, now that I'm retired and have (in principle) time to do the research and writeup/presentation. I might give myself a budget of up to $30K-$40K per year for several years for this. Of course, I'd expect to be able to recoup much of this in the end, at least for the higher-end material, as Bill Gross did with his collection.
Last edited by 22twain on Mon Mar 29, 2021 2:59 pm, edited 2 times in total.
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Re: High spenders what do you spend on?

Post by LadyGeek »

This thread has run its course and is locked (not actionable). General comment threads are off topic in the forums with "Personal" in the title. See: A reminder that non-investing general comment threads are OT
- It must be personal. In other words, you must be asking about your own situation. You can also ask on behalf of someone specific, such as a family member.

- It must be actionable. You must be able to do something specific with the replies that will make a difference in your situation.
If you have a specific question, please ask directly and provide sufficient information for members to supply appropriate advice.

This thread is now in the Personal Consumer Issues forum (how you spend your money and your time). It's also off-topic in the personal finance forum, where the thread was moved from.

Update: See below.
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Re: High spenders what do you spend on?

Post by LadyGeek »

After receiving a PM, this thread is unlocked to continue the discussion.

Please provide sufficient details as it applies to your own situation.
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Topic Author
Tingting1013
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Re: High spenders what do you spend on?

Post by Tingting1013 »

Thank you LadyGeek.

To be clear, I am looking for what high earners spend their discretionary income on, excluding these items:

- housing
- education / childcare
- charity

This is personally actionable as I am considering how to ramp up my own discretionary spending.
flyingaway
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Re: High spenders what do you spend on?

Post by flyingaway »

A big house can have big property tax bill, big insurance bill, big utility bill, and big maintenance bill, etc.

Travel and entertainment can cost a lot if you do that frequently in retirement.

I do not spend that much, my current spending is about $50K, excluding income taxes and health insurance. My annual retirement budget is about $100K.

But I can see how to spend up to $200K annually and easily in retirement. I just don't want to work that long for that kind of spending.
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GerryL
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Re: High spenders what do you spend on?

Post by GerryL »

I am not a high spender, but I am spending considerably more than I was in my working days because I know what I can afford to spend -- and my discretionary budget is more than I need.

If I were you, I would reframe the question: What do I value that I can afford to spend more on?

I am spending (well, right now planning to spend) more on travel. I still look for good prices, but I don't force myself into the lowest cost budget accommodations anymore. And upgraded airline seats. Spending on comfort.

A few years ago I started buying a subscription to the symphony for two seats so I can invite people to join me. Spending on staying socially engaged.

I finally adopted the "spend on experiences not on things" philosophy, but this past year stymied that inclination. Upping charitable giving.
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Re: High spenders what do you spend on?

Post by AerialWombat »

.....
Last edited by AerialWombat on Thu Apr 01, 2021 10:15 pm, edited 1 time in total.
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Re: High spenders what do you spend on?

Post by WildBill »

Howdy

Whiskey, women and carousing.

All self correcting downward with age, unfortunately.

Laissez les bon temps roulet

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Re: High spenders what do you spend on?

Post by alfaspider »

I don't spend that kind of money excluding daycare and housing, but I easily could. Some ideas:

1) Full time live-in domestic help
2) Flying private and/or owning your own airplane
3) Expensive hobbies. For example, racing in the Ferrari Challenge (amatuer race series targeted at well-heeled customers) is about $50k per race, and that doesn't include the cost of coaching and family travel, or repairs if you wreck. If you'd like to blow more cash, you could sign up as a gentleman driver with a LeMans team ($1-2MM minimum).
4) Collecting (Wine, stamps, cars, etc.)
5) Gourmet meals on a regular basis. $300/person restaurant tabs adds up fast.

Anyhow, sort of reminds me of the movie "Brewster's Millions" where he had some crazy short amount of time to spend millions of dollars in order to inherit far greater sums. The rules were that you can't destroy anything and can't get a tangible asset in exchange. Among the ideas were using rare collector's stamps to actually send letters.
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Post by Bogle7 »

Wine (all colors). We keep upping our average cost per bottle.
Food. We buy locally. Meat and seafood.
Travel to Europe.
Charitable giving thanks to QCDs.

Those 4 total $50K/year.
Last edited by Bogle7 on Mon Mar 29, 2021 4:00 pm, edited 1 time in total.
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decapod10
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Re: High spenders what do you spend on?

Post by decapod10 »

Help for home maintenance (cleaning, gardening, etc)
Vacations

Those are probably the most common answers I've seen
BillWalters
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Re: High spenders what do you spend on?

Post by BillWalters »

Your typical NYC finance person or BigLaw partner often spends much more than that.

Let’s imagine a family of 4.

Private school: $50k per kid per year

Country club: $100k+ initiation, $20k+ dues

Property tax: can easily exceed $50k per year

First class travel: very easy to spend $50k a year

Dining: very easy to spend $25k a year

Need a summer Hamptons rental: $50k

Clothes, jewelry, car, on and on and on.

Lots and lots and lots of people making like $1-2 million live like this and save very little.
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Re: High spenders what do you spend on?

Post by MarkerFM »

In our case, we have two relatively expensive houses, so our housing cost is basically High X 2. Other than that, we gift up to the annual exclusion limit to two adult children. We spend quite a bit on travel (before COVID, will again after), and fly NetJets between our houses. Meals out add up to a chunk, as does home improvement/furnishings, which tend to be sporadic but costly. We don't have expensive hobbies or activities.
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Re: High spenders what do you spend on?

Post by sk2101 »

Removed
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Tingting1013
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Re: High spenders what do you spend on?

Post by Tingting1013 »

Thank you for the ideas!

I think I will look into personal chef. Healthier than restaurant meals every day.

Keep the ideas coming!
New Providence
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Re: High spenders what do you spend on?

Post by New Providence »

*We fly Biz class
*Stay in 5 start resorts
*Expensive restaurants
*State of the art household IT.
*Expensive, high quality, clothing
*Concerts, art functions, exclusive events.
Etc.

All worth every penny. Life is short and I ain't planning take the dough with me to the grave.
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Re: High spenders what do you spend on?

Post by Wannaretireearly »

Tingting1013 wrote: Mon Mar 29, 2021 1:15 pm Thank you LadyGeek.

To be clear, I am looking for what high earners spend their discretionary income on, excluding these items:

- housing
- education / childcare
- charity

This is personally actionable as I am considering how to ramp up my own discretionary spending.
Travel. In better times, upwards of 30/40 k a year. Economy class, 3/4 star hotels. Just upwards of 4-6 weeks a year total
This time next year, we'll be millionaires!
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Re: High spenders what do you spend on?

Post by runner540 »

Tingting1013 wrote: Mon Mar 29, 2021 2:47 pm Thank you for the ideas!

I think I will look into personal chef. Healthier than restaurant meals every day.

Keep the ideas coming!
Wish list (not real yet)
Personal trainer to come to me, on my schedule.
Same for massages, haircuts, etc.
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Re: High spenders what do you spend on?

Post by German Expat »

For us it is mainly travel with (before COVID) 3 long distance trips a year and some short trips. Around 25-50k per year.

Other larger spending is eating out at least once a week or more often and in Switzerland this is easily 200 and up for a family of 3 (also a lot less last 12 month).

Grocery bill runs 15-20k a year.

I like good Whisky but this is still less compared to what some friends spend on wine.

Go skiing for a weekend and stay at a nicer hotel and with ski passes and food for 2 nights can be 2k or more. A Chanel bag is 5k or up (ask me how I know).

Trying to buy a new gaming laptop for my son but with current graphic card prices he has to wait but even with list prices it’s 2-3k.

Our biggest items are taxes, then housing, private school and next is already travel.

Need more ideas :-).
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Re: High spenders what do you spend on?

Post by TomatoTomahto »

Annual gift tax exclusion 2 x 4 x $15

I hope to get back to traveling. Japan, African photo safari, Iceland, Australia, Mexico City are on the list. My wife’s trip to Japan two years ago was expensive; trip was okay but we had to install 5 Toto washlets and a Japanese soaking tub. :D

Does silly amounts spent on feeding birds, putting up birdhouses, etc. count? How about koi? It’s sort of charity and sort of housing, but I’m still going to mention it. I am afraid to add it up, but it makes my wife happy.

We are converting monoculture lawn to meadow and have a part-time gardener to help. Also planting lots of trees (only native species) to attempt to replace all of the red oaks we have lost.

It might count as housing, but we are in second phase of making our house grid agnostic by adding an additional 21 kWh of battery and more generators to charge batteries if stuff hits the fan (ie, grid down, sun doesn’t shine, batteries are drained).
I get the FI part but not the RE part of FIRE.
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Re: High spenders what do you spend on?

Post by mrspock »

I’ll chime in... I’m far from a big spender but here’s some ideas more middle ground:

1. Biz class flights or semi-private (JSX)
2. 4 star or higher hotels
3. Top of line electronics for home
4. Mountain cabin or 2nd home somewhere warm/tropical
5. Domestic help - cleaning service or landscaping (recently looking at this myself)
6. Car with latest safety and driver assistance tech
7. Top notch musical instruments

Honestly, it comes down to what makes you happy. And this is going to change as you grow older/move through phases of life.

In my 20s I was fine flying coach... but the service/seat pitch has degraded now to the point where biz class is the only thing I can tolerate for flights >= 4hrs. My knees just aren’t what they once were. An extra $300-400 per flight is irrelevant to me.... my knees/dignity are worth more.

Cars... well optimize for safety, you can’t spend money if you are dead.

2nd home, everyone says you can just rent, but most of these same people never rent. If you own — you go, you experience.
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unclescrooge
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Re: High spenders what do you spend on?

Post by unclescrooge »

Our HHI is about 50% of OPs.

Our biggest expense is taxes, followed by housing, retirement savings, child care.

Other than that, we spend money on high quality food, wine, travel and hobbies.

I just paid a landscaper to teach me how to prune a tree, and separate and replant aloes.

If we could afford it, we would spend money on a full time housekeeper.
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Re: High spenders what do you spend on?

Post by eye.surgeon »

10% to my church.
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sailaway
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Re: High spenders what do you spend on?

Post by sailaway »

Ne'er mind, didn't really read the OP. I am not anywhere near their categories.
Last edited by sailaway on Mon Mar 29, 2021 3:31 pm, edited 1 time in total.
coalcracker
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Re: High spenders what do you spend on?

Post by coalcracker »

mrspock wrote: Mon Mar 29, 2021 3:03 pm In my 20s I was fine flying coach... but the service/seat pitch has degraded now to the point where biz class is the only thing I can tolerate for flights >= 4hrs. My knees just aren’t what they once were. An extra $300-400 per flight is irrelevant to me.... my knees/dignity are worth more.
My HHI is close to OPs, but I can't bring myself to go business or first class just yet, in part because I'd have to buy 4 tix for my family. I can stomach coach and I worry I'd never go back once I switch to business class. Maybe when we are empty nesters and only need 2 tickets :D We do, however, spend on expensive restaurants and unique experiences (e.g. private tours, cooking classes) during our travels. Accommodations are somewhere in the middle, often at a nice AirBnb.

We outsource housekeeping and lawn care. Life was too busy once we had our second child. It has been worth every penny.

My newest hobby is woodworking. Once could spend a small fortune on power and hand tools.
Last edited by coalcracker on Mon Mar 29, 2021 3:53 pm, edited 1 time in total.
mw1739
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Re: High spenders what do you spend on?

Post by mw1739 »

Not quite in that group yet, but for those I know that are, their biggest expenses are annual gifting, 2nd/3rd homes, expensive hobbies and travel.
alfaspider
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Re: High spenders what do you spend on?

Post by alfaspider »

coalcracker wrote: Mon Mar 29, 2021 3:16 pm
mrspock wrote: Mon Mar 29, 2021 3:03 pm In my 20s I was fine flying coach... but the service/seat pitch has degraded now to the point where biz class is the only thing I can tolerate for flights >= 4hrs. My knees just aren’t what they once were. An extra $300-400 per flight is irrelevant to me.... my knees/dignity are worth more.
My HHI is close to OPs, but I can't bring myself to go coach or first class just yet, in part because I'd have to buy 4 tix for my family. I can stomach coach and I worry I'd never go back once I switch to business class. Maybe when we are empty nesters and only need 2 tickets :D We do, however, spend on expensive restaurants and unique experiences (e.g. private tours, cooking classes) during our travels. Accommodations are somewhere in the middle, often at a nice AirBnb.

We outsource housekeeping and lawn care. Life was too busy once we had our second child. It has been worth every penny.

My newest hobby is woodworking. Once could spend a small fortune on power and hand tools.
It's honestly not so bad to switch back and forth between business and coach. Many seasoned flyers do it regularly. I often fly business for work and have even flown on private jets for work (I'm far from a head honcho, but they were company planes that were otherwise unused and the destination was not well served by commercial flights). I've never paid for business/first out of pocket and so usually fly coach unless I'm lucky enough to get upgraded. Obviously, I'd rather be in businesses (or even better a private jet), but a few hours in Coach (even overseas) isn't going to kill me. Besides, I'm not sure I'd want to bother the business class section with my small children.
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Re: High spenders what do you spend on?

Post by Seasonal »

alfaspider wrote: Mon Mar 29, 2021 3:28 pm
coalcracker wrote: Mon Mar 29, 2021 3:16 pm
mrspock wrote: Mon Mar 29, 2021 3:03 pm In my 20s I was fine flying coach... but the service/seat pitch has degraded now to the point where biz class is the only thing I can tolerate for flights >= 4hrs. My knees just aren’t what they once were. An extra $300-400 per flight is irrelevant to me.... my knees/dignity are worth more.
... I worry I'd never go back once I switch to business class....
It's honestly not so bad to switch back and forth between business and coach...
Having gotten used to lie flat seats, a cramped coach seat is something I don't want to deal with.

For domestic flights traveling as a couple, in addition to the leg room issue, not having someone else sitting next to us is much more pleasant.

YMMV.
alfaspider
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Re: High spenders what do you spend on?

Post by alfaspider »

Seasonal wrote: Mon Mar 29, 2021 3:36 pm
alfaspider wrote: Mon Mar 29, 2021 3:28 pm
coalcracker wrote: Mon Mar 29, 2021 3:16 pm
mrspock wrote: Mon Mar 29, 2021 3:03 pm In my 20s I was fine flying coach... but the service/seat pitch has degraded now to the point where biz class is the only thing I can tolerate for flights >= 4hrs. My knees just aren’t what they once were. An extra $300-400 per flight is irrelevant to me.... my knees/dignity are worth more.
... I worry I'd never go back once I switch to business class....
It's honestly not so bad to switch back and forth between business and coach...
Having gotten used to lie flat seats, a cramped coach seat is something I don't want to deal with.

For domestic flights traveling as a couple, in addition to the leg room issue, not having someone else sitting next to us is much more pleasant.

YMMV.
Do I want to fly in coach? Of course not. But its' not going to kill me. Obviously, it's more of an issue if you are big/tall. My petite spouse who can sleep sitting up can't figure out why people pay for business class at all. But I can see how it would be a torture session for an NBA player to fit in a coach seat.
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Re: High spenders what do you spend on?

Post by Dottie57 »

alfaspider wrote: Mon Mar 29, 2021 3:39 pm
Seasonal wrote: Mon Mar 29, 2021 3:36 pm
alfaspider wrote: Mon Mar 29, 2021 3:28 pm
coalcracker wrote: Mon Mar 29, 2021 3:16 pm
mrspock wrote: Mon Mar 29, 2021 3:03 pm In my 20s I was fine flying coach... but the service/seat pitch has degraded now to the point where biz class is the only thing I can tolerate for flights >= 4hrs. My knees just aren’t what they once were. An extra $300-400 per flight is irrelevant to me.... my knees/dignity are worth more.
... I worry I'd never go back once I switch to business class....
It's honestly not so bad to switch back and forth between business and coach...
Having gotten used to lie flat seats, a cramped coach seat is something I don't want to deal with.

For domestic flights traveling as a couple, in addition to the leg room issue, not having someone else sitting next to us is much more pleasant.

YMMV.
Do I want to fly in coach? Of course not. But its' not going to kill me. Obviously, it's more of an issue if you are big/tall. My petite spouse who can sleep sitting up can't figure out why people pay for business class at all. But I can see how it would be a torture session for an NBA player to fit in a coach seat.
Last time I flew, I went first class. Best flying trip ever. I hate squished seats, no leg room. If I can’t go higher class than coach, I don’t want to go.
alfaspider
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Re: High spenders what do you spend on?

Post by alfaspider »

Dottie57 wrote: Mon Mar 29, 2021 3:52 pm
alfaspider wrote: Mon Mar 29, 2021 3:39 pm
Seasonal wrote: Mon Mar 29, 2021 3:36 pm
alfaspider wrote: Mon Mar 29, 2021 3:28 pm
coalcracker wrote: Mon Mar 29, 2021 3:16 pm

... I worry I'd never go back once I switch to business class....
It's honestly not so bad to switch back and forth between business and coach...
Having gotten used to lie flat seats, a cramped coach seat is something I don't want to deal with.

For domestic flights traveling as a couple, in addition to the leg room issue, not having someone else sitting next to us is much more pleasant.

YMMV.
Do I want to fly in coach? Of course not. But its' not going to kill me. Obviously, it's more of an issue if you are big/tall. My petite spouse who can sleep sitting up can't figure out why people pay for business class at all. But I can see how it would be a torture session for an NBA player to fit in a coach seat.
Last time I flew, I went first class. Best flying trip ever. I hate squished seats, no leg room. If I can’t go higher class than coach, I don’t want to go.
Not to belabor the point too much, but I find most domestic first class to be a pretty lackluster experience. Call me jaded, but legroom isn't that great (someone still has to get up to let a seatmate out), and the meals are mediocre at best. You can sometimes get more legroom than business in coach if you can snag an exit row or bulkhead seat (in certain airplane configurations). International business is better, but it's still a far cry from a truly luxurious feeling experience. True international first is almost an extinct species except on certain limited routes. Inter-Europe "business" class is a joke- it's coach with the middle seat blocked off and a meal.
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Re: High spenders what do you spend on?

Post by coalcracker »

alfaspider wrote: Mon Mar 29, 2021 3:57 pm Not to belabor the point too much, but I find most domestic first class to be a pretty lackluster experience. Call me jaded, but legroom isn't that great (someone still has to get up to let a seatmate out), and the meals are mediocre at best. You can sometimes get more legroom than business in coach if you can snag an exit row or bulkhead seat (in certain airplane configurations). International business is better, but it's still a far cry from a truly luxurious feeling experience. True international first is almost an extinct species except on certain limited routes. Inter-Europe "business" class is a joke- it's coach with the middle seat blocked off and a meal.
I am a terrible sleeper except for in a bed. Once I flew semi-business to Taiwan (EVA air, forget what they called it) in which I could recline near a 45 degree angle and get my feet off the floor, but I still couldn't sleep other than a few brief winks. Unless it is a true, comfortable flat bed, the business/first class experience would likely be lost of me. And with a 7 and 3 year old in tow, I'm just staying in coach for the sake of others
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Re: High spenders what do you spend on?

Post by lthenderson »

Not big spenders by any means but as we have gotten older, we spend more on motel rooms, food and vehicles. But our idea of spending more is a Marriott versus Quality Inn, organic local food versus stuff imported from countries of unknown quality and buying the top level Toyota versus a Lexus.
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Re: High spenders what do you spend on?

Post by MAKsdad »

If you have exquisite, high-end taste in all things, I think this could be easy.

I read an menswear blog that once suggested spending 5-10% of your income on your wardrobe annually. A couple bespoke suits per year and all the trimmings is going to add up.

Flying first class, staying in 5 star hotels, eating $500 meals every night on vacation.

Not just an expensive home, but expensive home furnishings...often redecorating on a semi-regular basis.

If I had a less frugal spouse, I would happily buy a $10 - $50k wristwatch every couple of years. Have you seen what some people spend on fancy fountain pens, or tea sets, or ... or ... or ...

But don't just spend to spend. Find things you treasure and that make you happy and spend wildly on those things.
mancich
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Re: High spenders what do you spend on?

Post by mancich »

interwebopinion
Posts: 141
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Re: High spenders what do you spend on?

Post by interwebopinion »

Tingting1013 wrote: Mon Mar 29, 2021 10:07 am Recently we have seen some posts of folks spending $150-$200k/yr, excluding housing, college tuition and daycare.

If you fit this description, I’m genuinely curious, what are you actually spending your money on?

For reference my HHI is $700-800k, excluding housing and daycare and charity, my spend is only $50k/year.

What am I doing wrong?
This is actually a superpower - don't wish for kryptonite. Most of the spending is done to fit in with the others in one's social circle, very often for the instagram shot. See Veblen goods - https://en.wikipedia.org/wiki/Veblen_good

Both first class and coach arrive at the same exact time.

Also: https://www.eatthis.com/news-study-expe ... te-better/
alfaspider
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Re: High spenders what do you spend on?

Post by alfaspider »

interwebopinion wrote: Mon Mar 29, 2021 4:12 pm
Tingting1013 wrote: Mon Mar 29, 2021 10:07 am Recently we have seen some posts of folks spending $150-$200k/yr, excluding housing, college tuition and daycare.

If you fit this description, I’m genuinely curious, what are you actually spending your money on?

For reference my HHI is $700-800k, excluding housing and daycare and charity, my spend is only $50k/year.

What am I doing wrong?
This is actually a superpower - don't wish for kryptonite. Most of the spending is done to fit in with the others in one's social circle, very often for the instagram shot. See Veblen goods - https://en.wikipedia.org/wiki/Veblen_good

Both first class and coach arrive at the same exact time.

Also: https://www.eatthis.com/news-study-expe ... te-better/
The plane lands at the same time, but you can sometimes get to your destination 30 minutes or more earlier at certain airports like Heathrow because business class customers get a fast pass through the immigration line. If you spend the big bucks, a private jet can get you somewhere much faster because it departs immediately after you arrive and no security screening. For private jet international arrivals, immigration/customs will meet you at the plane and sign you out in under 5 minutes.
Gill
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Location: Florida

Re: High spenders what do you spend on?

Post by Gill »

Large house, country club, family gifts, charity, medical, alimony, taxes, restaurant dining, travel, expensive cars...
Gill
Cost basis is redundant. One has a basis in an investment | One advises and gives advice | One should follow the principle of investing one's principal
JBTX
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Re: High spenders what do you spend on?

Post by JBTX »

There are some years where we got close to that range.

Above average expenses for us:
- we dine at restaurants and fast food quite a bit
- spouse makes more trips to casino than I'd prefer.
- some years medical expenses for kids were pretty high for some specific issues
- one teen was a spend thrift and really rough on cars

We are pretty modest in terms of house and car purchases but are sometimes loose on frivolous expenses.
tim1999
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Re: High spenders what do you spend on?

Post by tim1999 »

I have a friend who makes about $700k/yr (exec in a publicly traded company, his salary and bonus is listed in the annual report) but moans to me that he has little to save for retirement and he will be working in his 70s. The bulk of his free cash flow after taxes goes to alimony, child support, and college tuition for 3 kids. (This alone is over 200k/yr.) Much of what is left after that goes towards a lease on an Escalade, two private golf course memberships, and a hobby of playing blackjack really poorly in the high limit room at the local casino. He owns a very modest house in a MCOL area that he bought after his divorce.
delamer
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Re: High spenders what do you spend on?

Post by delamer »

tim1999 wrote: Mon Mar 29, 2021 5:20 pm I have a friend who makes about $700k/yr (exec in a publicly traded company, his salary and bonus is listed in the annual report) but moans to me that he has little to save for retirement and he will be working in his 70s. The bulk of his free cash flow after taxes goes to alimony, child support, and college tuition for 3 kids. (This alone is over 200k/yr.) Much of what is left after that goes towards a lease on an Escalade, two private golf course memberships, and a hobby of playing blackjack really poorly in the high limit room at the local casino. He owns a very modest house in a MCOL area that he bought after his divorce.
Except possibly for the alimony, those items are all obligations that he chose to take on (children) or habits that he chooses to engage in. No sympathy from me (not that you or he asked for it).

Getting back to the original question, paying other people to make my life easier would be high on my list if I was trying to spend more.

Employing a landscaper/lawn care, housekeeper, chef, personal trainer, and/or hair stylist come to mind.

More luxurious travel would be another way to spend.
BillWalters
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Re: High spenders what do you spend on?

Post by BillWalters »

Sure seems like you can get a lot of other stuff really wrong if you just manage to stick to one house and one spouse.
WhiteMaxima
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Re: High spenders what do you spend on?

Post by WhiteMaxima »

One kids privite pilot lesson and other licences for single engine, twin engine and commercial licence $58000
One kid piano lesson and one grand piano $20000
Europe and Asian trip $20000
Audiphile equipments , speakers, amp , wire $10000
SACD music CD $1000
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