Author Topic: How a Sydney mum spends her 700k income  (Read 3594 times)

techjunkie91

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How a Sydney mum spends her 700k income
« on: August 08, 2018, 08:38:34 PM »
https://www.news.com.au/lifestyle/real-life/true-stories/cash-confessions-how-a-sydney-mum-spends-her-income/news-story/56cdbd4fabfbdd9cc96953798f60097b

Did the EarlyRetirement calculator, If they could live on 100k after tax, which here in Aus is alot, they could be FIRE is 3.8 years.

RWD

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Re: How a Sydney mum spends her 700k income
« Reply #1 on: August 08, 2018, 09:49:14 PM »
How the heck is she spending $10k/month on just "living expenses". Split that category up and identify the money leaks! The rest of her sixteen non-mortgage categories don't even amount to a third of that one single category.

At least the mortgages are building up equity...

onlykelsey

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Re: How a Sydney mum spends her 700k income
« Reply #2 on: August 09, 2018, 08:01:30 AM »
How the heck is she spending $10k/month on just "living expenses". Split that category up and identify the money leaks! The rest of her sixteen non-mortgage categories don't even amount to a third of that one single category.

Sometimes I see similar write ups of budgets for NYC/London/HK bankers, lawyers, etc and wonder if an expensive illicit item should be a sub-category.

I'm emotionally preparing myself to get back to budgeting (I have literally no idea what I've spent in the last 18 months) but at least I'm not this bad...

patchyfacialhair

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Re: How a Sydney mum spends her 700k income
« Reply #3 on: August 09, 2018, 09:18:17 AM »
She must have insane connections. 700k for each 90 minute session at $1500 a session is 466 sessions per year. Assuming 240 work days (48 weeks, 5 days per weeks), that's 2 sessions a day every work day.

Craziness...

honeybbq

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Re: How a Sydney mum spends her 700k income
« Reply #4 on: August 09, 2018, 10:20:04 AM »
I didn't understand what the second house was for???

magnet18

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Re: How a Sydney mum spends her 700k income
« Reply #5 on: August 09, 2018, 11:03:36 AM »
Cracks me up that they have Netflix on there


Mortgage 1, $5000
Mortgage 2, $4000
Misc living expenses, $10000
Netflix, $20

"See I'm just like everyone else!"

rbuck

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Re: How a Sydney mum spends her 700k income
« Reply #6 on: August 09, 2018, 11:09:27 AM »
Cracks me up that they have Netflix on there


Mortgage 1, $5000
Mortgage 2, $4000
Misc living expenses, $10000
Netflix, $20

"See I'm just like everyone else!"

Call me crazy but I for one think she might have been able to include Netflix in with her $10,000 living expenses category.

FIRE@50

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Re: How a Sydney mum spends her 700k income
« Reply #7 on: August 09, 2018, 11:19:03 AM »
That is funny

Tinker

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Re: How a Sydney mum spends her 700k income
« Reply #8 on: August 12, 2018, 07:22:00 AM »
Cracks me up that they have Netflix on there


Mortgage 1, $5000
Mortgage 2, $4000
Misc living expenses, $10000
Netflix, $20

"See I'm just like everyone else!"

Call me crazy but I for one think she might have been able to include Netflix in with her $10,000 living expenses category.
Nah, spending more than 10000 on living expenses would have made her look bad.

CrustyBadger

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Re: How a Sydney mum spends her 700k income
« Reply #9 on: August 12, 2018, 07:34:28 AM »
How the heck is she spending $10k/month on just "living expenses". Split that category up and identify the money leaks! The rest of her sixteen non-mortgage categories don't even amount to a third of that one single category.

At least the mortgages are building up equity...

She says that includes "school fees" -- would that be private school tuition?

talltexan

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Re: How a Sydney mum spends her 700k income
« Reply #10 on: August 13, 2018, 09:57:58 AM »
Could that possibly be an understanding with a spouse: "We'll make sure $10K gets into this account each month, and that can go for all the stuff you're doing to manage kids, food, pets, etc."?

marty998

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Re: How a Sydney mum spends her 700k income
« Reply #11 on: August 16, 2018, 07:32:35 AM »
https://www.news.com.au/lifestyle/real-life/true-stories/cash-confessions-how-a-sydney-mum-spends-her-170k-income/news-story/6b16c45d46cb5aecd8f69dab0559c744

Follow up story on a different Sydney resident.

(Might be paywalled).

This is all very infuriating. The things I could do on a household income of $300k...

smoghat

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Re: How a Sydney mum spends her 700k income
« Reply #12 on: August 17, 2018, 07:08:36 AM »
I didn’t add up the numbers but she spending about $22-23000 a month? So assuming a 50% tax rate in Australia, she should still be able to pocket $100,000 a year, no?

Freedomin5

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Re: How a Sydney mum spends her 700k income
« Reply #13 on: August 17, 2018, 08:49:56 AM »
It amuses me that they say things like “Sydney is so expensive! I don’t know how people live here!” “We’re just like normal folk” and “We don’t flaunt our wealth”, and then as you read further, gems surface, like, “I have to eat organic,” “dietary supplements,” and “I spend $1200 on handbags per year.”

Hmmm...maybe that’s why you don’t feel that you have enough to live on. And I doubt most normal folk spend $1200 per year on handbags.

Just Joe

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Re: How a Sydney mum spends her 700k income
« Reply #14 on: August 17, 2018, 08:54:56 AM »
Meanwhile spending $1000+ on something useful like a quality bicycle would give alot of ordinary folks the twitches. $1200 for fashion accessories? Maybe over a decade or more. Not a year.
« Last Edit: August 17, 2018, 09:29:21 AM by Just Joe »

Tass

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Re: How a Sydney mum spends her 700k income
« Reply #15 on: August 17, 2018, 09:26:27 AM »
Quote
“We budget. I know we need $10,000 monthly for living expenses. So we don’t really go and eat out, we now get Uber Eats which saves money on cabs."

Can you see me twitching from there?

Just Joe

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Re: How a Sydney mum spends her 700k income
« Reply #16 on: August 17, 2018, 09:50:05 AM »
I've figured it out. These subscription services that tell us that they represent value or quality or whatever - those are the words the consumer is taught to parrot to any skeptical friends who dare call them out for the high cost. Use these gimmick words and perhaps everyone will forget about the cost... Uber eats vs the cost of making dinner in your own kitchen for example.

its like listening to a sympathetic media outlet discussing their favorite politician. They won't call out the politician for foibles or lies. They are just priming the parrots to go forth to argue and support the larger political agenda.

sapphail

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Re: How a Sydney mum spends her 700k income
« Reply #17 on: August 18, 2018, 11:10:17 PM »
How the heck is she spending $10k/month on just "living expenses". Split that category up and identify the money leaks! The rest of her sixteen non-mortgage categories don't even amount to a third of that one single category.

At least the mortgages are building up equity...

She says that includes "school fees" -- would that be private school tuition?

Almost certainly. But even then, private school fees in Aus could conceivably be $10k a term for a Year 12 student. Her kid is only 8, so it's unlikely to be anywhere near that high (yet). I'd *really* like to see a proper breakdown of these 'living expenses.'

Little Aussie Battler

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Re: How a Sydney mum spends her 700k income
« Reply #18 on: August 19, 2018, 04:49:14 AM »
I don't believe a word of the article, but it's certainly a nice free plug for her business.

Yes, I'm a cynic...

a286

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Re: How a Sydney mum spends her 700k income
« Reply #19 on: August 20, 2018, 10:00:21 AM »
I like how they're all, we dont spend on luxury stuff... oh, I spend $400 a month on personal care for myself, or $500 on supplements. 4 designer hand bags a year. What the heck are in the $10k of living expenses for the one, she seemed to have all of the things I would consider living expenses separate from that...

Also, it sounds like her business made $700k, before any expenses were accounted for. She talked about paying for assistants, accountants, etc for the business, and she had thousands for courses for herself. That shouldn't come from your "personal" income...