Poll

$2500-$3500
42 (14.9%)
$3501-$4500
41 (14.5%)
$4501-$5500
44 (15.6%)
$5501-$7000
53 (18.8%)
$7001+
102 (36.2%)

Total Members Voted: 282

Author Topic: Those of you with $200k+ income, whatís your typical monthly spending like?  (Read 18004 times)

letsdoit

  • Bristles
  • ***
  • Posts: 410
Re: Those of you with $200k+ income, whatís your typical monthly spending like?
« Reply #150 on: September 11, 2018, 08:53:41 AM »
what is bracket spend?

onlykelsey

  • Handlebar Stache
  • *****
  • Posts: 2171
Re: Those of you with $200k+ income, whatís your typical monthly spending like?
« Reply #151 on: September 11, 2018, 08:56:51 AM »
Wow... I'm blown away by how much people on this forum in this income bracket spend. 

I know I'm unusual for the general population, but I didn't expect to be unusual here.

I live in a HCOL area, but rent a modest apartment and do not own a car.  My annual spend last year was $23,500, so a bit under $2k/month. All (after tax) income in excess was saved and invested...

I'm blown away that more people in this forum in general, and this high income bracket specifically, don't give more money to charity.  I know this is going to come off braggy, but charity has been my highest annual expense for the last 4 years (more than you spend in total every year GP).  Quit being a miser and give some of that money away!
I actually don't think of charity as part of my monthly spend, I categorize it more like taxes.  If I set up that DAF I've been thinking about, I imagine i"ll start making it a monthly item, though.

obstinate

  • Pencil Stache
  • ****
  • Posts: 947
Re: Those of you with $200k+ income, whatís your typical monthly spending like?
« Reply #152 on: September 11, 2018, 09:20:33 AM »
I'm blown away that more people in this forum in general, and this high income bracket specifically, don't give more money to charity.  I know this is going to come off braggy, but charity has been my highest annual expense for the last 4 years (more than you spend in total every year GP).  Quit being a miser and give some of that money away!
Not to derail, but I personally feel that my social obligations are largely discharged by paying my taxes. I will consider doing a little more donating once I am actually financially independent, but I'm putting on my own life vest first (subject to the caveat that I don't do scummy things to reduce my tax burden semi-legally). I will also observe that a lot of people count giving to their church as giving to charity, but that's not actually charity.
« Last Edit: September 11, 2018, 09:23:01 AM by obstinate »

Paul der Krake

  • Magnum Stache
  • ******
  • Posts: 4784
  • Age: 12
  • Location: UTC-10:00
Re: Those of you with $200k+ income, whatís your typical monthly spending like?
« Reply #153 on: September 11, 2018, 09:34:55 AM »
Donating to charity in your accumulation years is inefficient, so I generally don't donate anything more than token amounts here and there. It's not like there won't be anyone left to help by the time I start to donate for real.

use2betrix

  • Handlebar Stache
  • *****
  • Posts: 1978
Re: Those of you with $200k+ income, whatís your typical monthly spending like?
« Reply #154 on: September 11, 2018, 09:44:14 AM »
Wow... I'm blown away by how much people on this forum in this income bracket spend. 

I know I'm unusual for the general population, but I didn't expect to be unusual here.

I live in a HCOL area, but rent a modest apartment and do not own a car.  My annual spend last year was $23,500, so a bit under $2k/month. All (after tax) income in excess was saved and invested...

I'm blown away that more people in this forum in general, and this high income bracket specifically, don't give more money to charity.  I know this is going to come off braggy, but charity has been my highest annual expense for the last 4 years (more than you spend in total every year GP).  Quit being a miser and give some of that money away!

Higher incomes pay a ton more in taxes, and those taxes are also used to support those in need.

Maybe lower incomes should start paying an equal amount in taxes so weíre all contributing equally to the public and government services much of us equally use?

mak1277

  • Pencil Stache
  • ****
  • Posts: 788
I'm blown away that more people in this forum in general, and this high income bracket specifically, don't give more money to charity.  I know this is going to come off braggy, but charity has been my highest annual expense for the last 4 years (more than you spend in total every year GP).  Quit being a miser and give some of that money away!
Not to derail, but I personally feel that my social obligations are largely discharged by paying my taxes. I will consider doing a little more donating once I am actually financially independent, but I'm putting on my own life vest first (subject to the caveat that I don't do scummy things to reduce my tax burden semi-legally). I will also observe that a lot of people count giving to their church as giving to charity, but that's not actually charity.

Mentally, I assume that 100% of my taxes go into the defense budget or to fund national parks.  It's more palatable that way.

obstinate

  • Pencil Stache
  • ****
  • Posts: 947
Re: Those of you with $200k+ income, whatís your typical monthly spending like?
« Reply #156 on: September 11, 2018, 11:39:03 AM »
Mentally, I assume that 100% of my taxes go into the defense budget or to fund national parks.  It's more palatable that way.
Why would you assume that when in fact 75% or so goes to social services?

mak1277

  • Pencil Stache
  • ****
  • Posts: 788
Re: Those of you with $200k+ income, whatís your typical monthly spending like?
« Reply #157 on: September 11, 2018, 11:53:44 AM »
Mentally, I assume that 100% of my taxes go into the defense budget or to fund national parks.  It's more palatable that way.
Why would you assume that when in fact 75% or so goes to social services?

Because it's nicer for me to imagine I can direct my tax dollars to the places I want them to go...I know it's not actually that way.

SimpleCycle

  • Pencil Stache
  • ****
  • Posts: 999
  • Location: Chicago
Re: Those of you with $200k+ income, whatís your typical monthly spending like?
« Reply #158 on: September 11, 2018, 12:39:59 PM »
Mentally, I assume that 100% of my taxes go into the defense budget or to fund national parks.  It's more palatable that way.
Why would you assume that when in fact 75% or so goes to social services?

65% goes to what I would classify as social programs, mostly Social Security and Medicare.  Those aren't really services, but I digress.

Captain FIRE

  • Bristles
  • ***
  • Posts: 492
Re: Those of you with $200k+ income, whatís your typical monthly spending like?
« Reply #159 on: September 11, 2018, 01:04:48 PM »
Mentally, I assume that 100% of my taxes go into the defense budget or to fund national parks.  It's more palatable that way.
Why would you assume that when in fact 75% or so goes to social services?

Because it's nicer for me to imagine I can direct my tax dollars to the places I want them to go...I know it's not actually that way.

So you don't support social programs and yet, you want to make people feel bad for not contributing "enough" to charities?

I'm blown away that more people in this forum in general, and this high income bracket specifically, don't give more money to charity.  I know this is going to come off braggy, but charity has been my highest annual expense for the last 4 years (more than you spend in total every year GP).  Quit being a miser and give some of that money away!
Not to derail, but I personally feel that my social obligations are largely discharged by paying my taxes. I will consider doing a little more donating once I am actually financially independent, but I'm putting on my own life vest first (subject to the caveat that I don't do scummy things to reduce my tax burden semi-legally). I will also observe that a lot of people count giving to their church as giving to charity, but that's not actually charity.

+1

I choose to donate more than required by my taxes, but I don't feel obligated to do so because I make a good salary / have saved a lot, etc.  If people think that charities need more support, then the tax laws should be changed.  Oh wait, we did just change them - to make it less likely people will donate to charities.

That's why I'm perfectly happy to live in a state which has higher taxes to support its social programs, so those who need help can get it.  I'm also in a state that receives back much fewer federal dollars than it contributes to the community pot. 
https://wallethub.com/edu/states-most-least-dependent-on-the-federal-government/2700/

mak1277

  • Pencil Stache
  • ****
  • Posts: 788
Re: Those of you with $200k+ income, whatís your typical monthly spending like?
« Reply #160 on: September 11, 2018, 01:40:48 PM »
Mentally, I assume that 100% of my taxes go into the defense budget or to fund national parks.  It's more palatable that way.
Why would you assume that when in fact 75% or so goes to social services?

Because it's nicer for me to imagine I can direct my tax dollars to the places I want them to go...I know it's not actually that way.

So you don't support social programs and yet, you want to make people feel bad for not contributing "enough" to charities?

I'm blown away that more people in this forum in general, and this high income bracket specifically, don't give more money to charity.  I know this is going to come off braggy, but charity has been my highest annual expense for the last 4 years (more than you spend in total every year GP).  Quit being a miser and give some of that money away!
Not to derail, but I personally feel that my social obligations are largely discharged by paying my taxes. I will consider doing a little more donating once I am actually financially independent, but I'm putting on my own life vest first (subject to the caveat that I don't do scummy things to reduce my tax burden semi-legally). I will also observe that a lot of people count giving to their church as giving to charity, but that's not actually charity.

+1

I choose to donate more than required by my taxes, but I don't feel obligated to do so because I make a good salary / have saved a lot, etc.  If people think that charities need more support, then the tax laws should be changed.  Oh wait, we did just change them - to make it less likely people will donate to charities.

That's why I'm perfectly happy to live in a state which has higher taxes to support its social programs, so those who need help can get it.  I'm also in a state that receives back much fewer federal dollars than it contributes to the community pot. 
https://wallethub.com/edu/states-most-least-dependent-on-the-federal-government/2700/

Why do you assume that the only worthwhile charities are social programs?  Or social programs that only benefit Americans? 

letsdoit

  • Bristles
  • ***
  • Posts: 410
Re: Those of you with $200k+ income, whatís your typical monthly spending like?
« Reply #161 on: September 11, 2018, 02:22:20 PM »
i dont make near 200k but i have always had trouble putting $ where mouth is re: charity

boarder42

  • Walrus Stache
  • *******
  • Posts: 7848
Re: Those of you with $200k+ income, whatís your typical monthly spending like?
« Reply #162 on: September 11, 2018, 02:47:23 PM »
Silly question: does it matter whether your daycare is licensed? I understand not wanting to send your kids to a methhead, but how is that different from leaving them with an unlicensed family member?

There may be issues using the childcare reimbursement benefit through work if they aren't licensed (especially if they aren't reporting the income).

It just depends what you are comfortable with. If it is licensed someone is checking the house for fire exits, safe cribs, background checking people living in the house,etc. If you know the daycare person well enough to trust all that, then it doesn't matter.

it actually depends on the FSA my FSA only pays licensed providers its stated and was confirmed by HR - my wife's HSA pays whoever will fill out the paperwork.  you have to put their tax number on it so its a way the IRS can figure out who's avoiding taxes.

obstinate

  • Pencil Stache
  • ****
  • Posts: 947
Re: Those of you with $200k+ income, whatís your typical monthly spending like?
« Reply #163 on: September 11, 2018, 03:00:24 PM »
Why do you assume that the only worthwhile charities are social programs?  Or social programs that only benefit Americans?
I don't think that assumption is anywhere in the reply. That is, the person you're replying to you said nothing to imply the only worthwhile charities were those that benefitted Americans or were social programs. Rather, they registered surprise that you actively dislike portions of the American budget engaged in what would traditionally be thought of as charity or charity-adjacent, but at the same time are calling people out for not donating enough. It's not completely inconsistent (for example, maybe you think that we should only donate to wildlife-focused charities, and you are a human extinctionist). But it is at a minimum idiosyncratic.

To de-meta-ify the conversation, perhaps you could instead simply share what you think people should be donating to?
« Last Edit: September 11, 2018, 03:06:40 PM by obstinate »

BiggerFishToFI

  • Stubble
  • **
  • Posts: 143
Re: Those of you with $200k+ income, whatís your typical monthly spending like?
« Reply #164 on: September 11, 2018, 03:05:04 PM »
240k gross, varies between $3500-$4500/mo. Largest expense is housing @ 2k/mo

Retire-Canada

  • Walrus Stache
  • *******
  • Posts: 7382
Re: Those of you with $200k+ income, whatís your typical monthly spending like?
« Reply #165 on: September 11, 2018, 03:07:52 PM »
I'm blown away that more people in this forum in general, and this high income bracket specifically, don't give more money to charity.

I'm donating 100% of my wealth to charity...when I die. At a 4%WR that could be many multiples of my current NW if I get a bit lucky with the markets. That said during my accumulation phase I am not giving away any of my money to charity. I need it at the moment, but as soon as I don't they can have every penny. That seems reasonable to me.

Turkey Leg

  • Stubble
  • **
  • Posts: 212
  • Location: US
Wow... I'm blown away by how much people on this forum in this income bracket spend. 

I know I'm unusual for the general population, but I didn't expect to be unusual here.

I live in a HCOL area, but rent a modest apartment and do not own a car.  My annual spend last year was $23,500, so a bit under $2k/month. All (after tax) income in excess was saved and invested...

I'm blown away that more people in this forum in general, and this high income bracket specifically, don't give more money to charity.  I know this is going to come off braggy, but charity has been my highest annual expense for the last 4 years (more than you spend in total every year GP).  Quit being a miser and give some of that money away!
Gifts & donations have been our biggest expense for several years. Many people who give large amounts of money to charity often keep that information to themselves. (Other than divulging once or twice that we give a lot on these forums, no one else has any idea that we do. I assume some may be suspicious.)

Acorns

  • Stubble
  • **
  • Posts: 103
Re: Those of you with $200k+ income, whatís your typical monthly spending like?
« Reply #167 on: September 11, 2018, 03:22:40 PM »
I'm blown away that more people in this forum in general, and this high income bracket specifically, don't give more money to charity.  I know this is going to come off braggy, but charity has been my highest annual expense for the last 4 years (more than you spend in total every year GP).  Quit being a miser and give some of that money away!
Not to derail, but I personally feel that my social obligations are largely discharged by paying my taxes. I will consider doing a little more donating once I am actually financially independent, but I'm putting on my own life vest first (subject to the caveat that I don't do scummy things to reduce my tax burden semi-legally). I will also observe that a lot of people count giving to their church as giving to charity, but that's not actually charity.
Mentally, I assume that 100% of my taxes go into the defense budget or to fund national parks.  It's more palatable that way.
Why would you assume that when in fact 75% or so goes to social services?

Because it's nicer for me to imagine I can direct my tax dollars to the places I want them to go...I know it's not actually that way.

I hate to break it to you all, but most of your (our) tax dollars are probably wasted by inefficient government bureaucrats, not spent on national defense, national parks, or social welfare programs. (Source: my observations after 15+ years working for the fed gov't). A few years ago my area had a vote on a new tax to support arts programs. I love the arts and regularly donate to the local symphony and children's arts programs, but this tax bugs the heck out of me because I bet dollars for donuts less than 50% of the monies raised actually goes to local arts programs. Most of it probably goes to the administrators and managers who were hired to distribute the new funds. I much prefer to make direct donations to causes I care about, than to pat myself on the back for paying my taxes. /gets off soapbox

obstinate

  • Pencil Stache
  • ****
  • Posts: 947
Re: Those of you with $200k+ income, whatís your typical monthly spending like?
« Reply #168 on: September 11, 2018, 03:57:25 PM »
I hate to break it to you all, but most of your (our) tax dollars are probably wasted by inefficient government bureaucrats, not spent on national defense, national parks, or social welfare programs. (Source: my observations after 15+ years working for the fed gov't).
You could just look up the information instead of relying on your own estimates. The administrative costs of social security and Medicare are below 2% each. Medicaid is on the order of four to six percent.
« Last Edit: September 11, 2018, 03:59:43 PM by obstinate »

mak1277

  • Pencil Stache
  • ****
  • Posts: 788
Re: Those of you with $200k+ income, whatís your typical monthly spending like?
« Reply #169 on: September 12, 2018, 07:41:52 AM »
Why do you assume that the only worthwhile charities are social programs?  Or social programs that only benefit Americans?
I don't think that assumption is anywhere in the reply. That is, the person you're replying to you said nothing to imply the only worthwhile charities were those that benefitted Americans or were social programs. Rather, they registered surprise that you actively dislike portions of the American budget engaged in what would traditionally be thought of as charity or charity-adjacent, but at the same time are calling people out for not donating enough. It's not completely inconsistent (for example, maybe you think that we should only donate to wildlife-focused charities, and you are a human extinctionist). But it is at a minimum idiosyncratic.

To de-meta-ify the conversation, perhaps you could instead simply share what you think people should be donating to?

I think you're right...the quote I was really addressing was "but I personally feel that my social obligations are largely discharged by paying my taxes". 

My point of view is that the people should donate to things they believe in and care about.  I wouldn't suggest that you donate to the same charities that I do, because our values are likely different.  One example...I donate to a charity that offers free house cleaning for people with cancer.  I do that because they cleaned my mom's house when she was going through chemo and it genuinely meant a lot to her.  All of my charitable donations are similar...I send money to groups that have a personal impact for me.  I would guess that almost none of the charities I donate to receive federal tax money, nor do they provide services or take actions that are replicated by governmental social programs, so I reject the idea that my taxes are a sufficient proxy for charitable giving.  YMMV.

Arbitrage

  • Pencil Stache
  • ****
  • Posts: 599
Re: Those of you with $200k+ income, whatís your typical monthly spending like?
« Reply #170 on: September 12, 2018, 08:09:17 AM »
Budgeted between $7500-$8000 in HCOLA for a family of 4.  Some of that is money reserved for bigger expenses such as house repair bills, and isn't really being spent.

Of that, the mortgage is about $2500, childcare is $1100, charity $200, and student loans $250, expenses which I expect to disappear in FIRE (or shortly thereafter). 

edit: Missed the charged discussion above about charity.  Mine should disappear due to DAF when I take the plunge and open one - I'd rather get the tax benefit when we're relatively high income, than to donate once we're FIRE and won't be itemizing.
« Last Edit: September 12, 2018, 08:13:26 AM by Arbitrage »

Captain FIRE

  • Bristles
  • ***
  • Posts: 492
Re: Those of you with $200k+ income, whatís your typical monthly spending like?
« Reply #171 on: September 12, 2018, 08:25:19 AM »
Why do you assume that the only worthwhile charities are social programs?  Or social programs that only benefit Americans?
I don't think that assumption is anywhere in the reply. That is, the person you're replying to you said nothing to imply the only worthwhile charities were those that benefitted Americans or were social programs. Rather, they registered surprise that you actively dislike portions of the American budget engaged in what would traditionally be thought of as charity or charity-adjacent, but at the same time are calling people out for not donating enough. It's not completely inconsistent (for example, maybe you think that we should only donate to wildlife-focused charities, and you are a human extinctionist). But it is at a minimum idiosyncratic.

To de-meta-ify the conversation, perhaps you could instead simply share what you think people should be donating to?

I think you're right...the quote I was really addressing was "but I personally feel that my social obligations are largely discharged by paying my taxes". 

My point of view is that the people should donate to things they believe in and care about.  I wouldn't suggest that you donate to the same charities that I do, because our values are likely different.  One example...I donate to a charity that offers free house cleaning for people with cancer.  I do that because they cleaned my mom's house when she was going through chemo and it genuinely meant a lot to her.  All of my charitable donations are similar...I send money to groups that have a personal impact for me.  I would guess that almost none of the charities I donate to receive federal tax money, nor do they provide services or take actions that are replicated by governmental social programs, so I reject the idea that my taxes are a sufficient proxy for charitable giving.  YMMV.

Yes, to obstinate's post.  Basically, I don't particularly like it when people try to shame others into changing behavior, which is what I felt like you were trying to do with your initial post.  So that struck a nerve and it was exacerbated because I found it particularly inconsistent that you objected to taxes supporting charity-like government programs for helping people.  Unlike you, a lot of the things I care about, like people getting health care and food, are provided by government programs.  Others are not, or not as well as I like, and sometime I choose to support them financially or with time.  In my opinion, if you feel that certain things ought to happen more - like charitable support - then make it mandatory so we're not reliant on generosity - or what I find objectionable, shaming - or at the least encourage the behavior more with various government incentives like tax breaks.

But, basically:

You get to choose how to spend your money.
I get to choose how to spend mine.

mak1277

  • Pencil Stache
  • ****
  • Posts: 788
Re: Those of you with $200k+ income, whatís your typical monthly spending like?
« Reply #172 on: September 12, 2018, 08:49:15 AM »
Why do you assume that the only worthwhile charities are social programs?  Or social programs that only benefit Americans?
I don't think that assumption is anywhere in the reply. That is, the person you're replying to you said nothing to imply the only worthwhile charities were those that benefitted Americans or were social programs. Rather, they registered surprise that you actively dislike portions of the American budget engaged in what would traditionally be thought of as charity or charity-adjacent, but at the same time are calling people out for not donating enough. It's not completely inconsistent (for example, maybe you think that we should only donate to wildlife-focused charities, and you are a human extinctionist). But it is at a minimum idiosyncratic.

To de-meta-ify the conversation, perhaps you could instead simply share what you think people should be donating to?

I think you're right...the quote I was really addressing was "but I personally feel that my social obligations are largely discharged by paying my taxes". 

My point of view is that the people should donate to things they believe in and care about.  I wouldn't suggest that you donate to the same charities that I do, because our values are likely different.  One example...I donate to a charity that offers free house cleaning for people with cancer.  I do that because they cleaned my mom's house when she was going through chemo and it genuinely meant a lot to her.  All of my charitable donations are similar...I send money to groups that have a personal impact for me.  I would guess that almost none of the charities I donate to receive federal tax money, nor do they provide services or take actions that are replicated by governmental social programs, so I reject the idea that my taxes are a sufficient proxy for charitable giving.  YMMV.

Yes, to obstinate's post.  Basically, I don't particularly like it when people try to shame others into changing behavior, which is what I felt like you were trying to do with your initial post.  So that struck a nerve and it was exacerbated because I found it particularly inconsistent that you objected to taxes supporting charity-like government programs for helping people.  Unlike you, a lot of the things I care about, like people getting health care and food, are provided by government programs.  Others are not, or not as well as I like, and sometime I choose to support them financially or with time.  In my opinion, if you feel that certain things ought to happen more - like charitable support - then make it mandatory so we're not reliant on generosity - or what I find objectionable, shaming - or at the least encourage the behavior more with various government incentives like tax breaks.

But, basically:

You get to choose how to spend your money.
I get to choose how to spend mine.

I don't personally think there's anything wrong with "shaming", and I find it silly that any point of view that disagrees with someone nowadays is somehow "shaming".  Whatever. 

I agree with your last statement about getting to choose how we each spend our money.  I also think that I'm always going to think a certain way about rich people who don't give to charity.  If that makes you think I'm an asshole then I'll wear that badge with pride.

Fiserkre

  • 5 O'Clock Shadow
  • *
  • Posts: 3
Re: Those of you with $200k+ income, whatís your typical monthly spending like?
« Reply #173 on: September 12, 2018, 10:59:46 AM »

Iíve noticed that different people latch on to very diffeeent apsects of Mustachianism.
ERE is about minimizing spending, Bogleheads is about maximizing financial outcomes, MMM is in the nebulous in between where health and happiness play a huge role and itís more about challenging your own attitudes about money, and consuming less for not only greater personal satisfaction, but also for the environment.

Itís all a pretty broad strokes stuff.

Some people focus more on the savings rate aspect, some people focus on DIY some on minimalism, some people focus more on the analysis of strategies and things like AA and SORR, some are racing to retire as quickly as possible by working themselves into the ground and putting off self care while others are focusing on establishing balance and wellness early on at the expense of delaying FI.
 
It really struck me when I joined here how little consensus their was with respect to what Mustachianism actually means, and Iíve certainly come across very very few people who share my version of it.

Personally, despite feeling like an outsider among the outsiders, I just try to find commonality with everyone. Sure, I cannot wrap my mind around having a large Amazon/Target spending habit and not knowing where the money is going, but that doesnít mean that I canít relate to a high income earner living well below their means in a culture that pushes as much spending as possible.

Some of these people spending 100K+ may actually be much bigger social rebels in their worlds than some people living on under 25K. Who knows.

For me, the central theme of Mustachianism is critical thinking. Itís a willingness to look at what we are doing and an openness to see where we may be fooling ourselves.
I come here to have my thinking challenged.
I gotta say that even though I'm new here I've got a good bit of experience participating in other forums on various topics, and this is one of the best posts I have read in a while on any forum.  I also am not a full "mustachian" and may never be.   However the blog and threads in the forums here have caused me to reflect on a lot of the choices I have made, and put serious thought into how I want to do things going forward.  I love the last sentence in the post above, thanks for posting this.

seattlecyclone

  • Walrus Stache
  • *******
  • Posts: 5210
  • Age: 35
  • Location: Seattle, WA
    • My blog
Re: Those of you with $200k+ income, whatís your typical monthly spending like?
« Reply #174 on: September 12, 2018, 01:21:00 PM »
We've been over $200k AGI for the past four years, though we'll likely dip below that threshold this year depending on how investment income works out.

Here's our trailing monthly average spending by category for the past 12 months:
Income/payroll taxes: $2,599
Mortgage interest: $2,073
Child care: $1,315
Home maintenance/improvement: $1,270
Charity: $948
Property tax: $650
Grocery store (including booze and toilet paper/soap/etc.): $531
Dining out: $78
Medical/dental expenses/insurance: $353
Local transportation (car registration/insurance/gas/repair, bus fare): $270
Utilities (electric/gas/water/sewer/trash/phone/internet): $211
Travel: $155
Entertainment: $107
Homeowners/umbrella insurance: $64
Everything else (clothing, gifts, other): $115
---------------------------------------------------
Total: $10,675

That's a lot! On the other hand, I think a lot of us might tend to handwave away some of the bigger items on here. Income taxes aren't optional and will also drop precipitously during FIRE. Mortgage interest is purely optional since I have taxable investments offsetting it that could be used to eliminate the mortgage if I thought that was a prudent move. Child care is temporary. Most of the home maintenance cost was catching up on stuff the previous owners deferred.

As to charity, I tend to agree with @Paul der Krake that there will still be plenty of people needing help in a couple decades once my investments have appreciated a bunch, but while I'm working I do make sure to max out the amount my employer will match.

RelaxedGal

  • Bristles
  • ***
  • Posts: 349
  • Age: 42
  • Location: 495 corridor, Massachusetts, USA
Re: Those of you with $200k+ income, whatís your typical monthly spending like?
« Reply #175 on: September 13, 2018, 12:13:01 PM »
Chiming in with "At least we spend less than we pay in taxes." 

We haven't closely tracked expenses in a while, but we have an average outflow of $9,000/month.

TL8

  • 5 O'Clock Shadow
  • *
  • Posts: 26
Re: Those of you with $200k+ income, whatís your typical monthly spending like?
« Reply #176 on: September 19, 2018, 03:32:29 PM »
This thread makes me feel less concerned with my own spending. Wife and I make about $400K/year and spend around $10-11K/month. HCOL city.

brian.ellwood

  • 5 O'Clock Shadow
  • *
  • Posts: 15
  • Age: 36
  • Location: Denver
    • BrianEllwood.net
Re: Those of you with $200k+ income, whatís your typical monthly spending like?
« Reply #177 on: September 19, 2018, 05:50:53 PM »
I hide my money from myself, in other bank accounts, and invest as much as possible into rental properties. Some years I lived on only 50% of my income, but I believe that was the secret to me being able to replace my income with passive income.

Arbitrage

  • Pencil Stache
  • ****
  • Posts: 599
Re: Those of you with $200k+ income, whatís your typical monthly spending like?
« Reply #178 on: September 20, 2018, 09:30:40 AM »
Budgeted between $7500-$8000 in HCOLA for a family of 4.  Some of that is money reserved for bigger expenses such as house repair bills, and isn't really being spent.

Of that, the mortgage is about $2500, childcare is $1100, charity $200, and student loans $250, expenses which I expect to disappear in FIRE (or shortly thereafter). 

edit: Missed the charged discussion above about charity.  Mine should disappear due to DAF when I take the plunge and open one - I'd rather get the tax benefit when we're relatively high income, than to donate once we're FIRE and won't be itemizing.

Ooh, if I use MMM accounting for my mortgage, which some are (not counting the P part of the payment as an expense), then I drop down to about $6000-$6500. 

Of course, I'm not feeling particularly good about our expenses when we just committed to drop close to $1k on my son's birthday party + gift, as well as signed him up for $60 and $135 activities over the next two months.  However, they all are things that he's interested in, so I want to encourage that without falling into the upper middle class trap of filling kids' days with structured (and paid) activities.  I guess what's really grinding my gears is the 15% non-gratuity fee that was added onto the $750 party.  What exactly is the fee if it's not part of the base price or a gratuity?  It's a 'non-tip wage fee.'  Can't say that I know what the hell that means, but I'll be thinking long and hard about what sort of tip to add in light of that BS fee.  One problem with stiffing them is that we'll have a continuing relationship with the place, as part of that party price is a year-long membership for my son (the aforementioned gift). 

EnjoyIt

  • Handlebar Stache
  • *****
  • Posts: 1399
Re: Those of you with $200k+ income, whatís your typical monthly spending like?
« Reply #179 on: September 20, 2018, 09:57:31 AM »
Budgeted between $7500-$8000 in HCOLA for a family of 4.  Some of that is money reserved for bigger expenses such as house repair bills, and isn't really being spent.

Of that, the mortgage is about $2500, childcare is $1100, charity $200, and student loans $250, expenses which I expect to disappear in FIRE (or shortly thereafter). 

edit: Missed the charged discussion above about charity.  Mine should disappear due to DAF when I take the plunge and open one - I'd rather get the tax benefit when we're relatively high income, than to donate once we're FIRE and won't be itemizing.

Ooh, if I use MMM accounting for my mortgage, which some are (not counting the P part of the payment as an expense), then I drop down to about $6000-$6500. 

Of course, I'm not feeling particularly good about our expenses when we just committed to drop close to $1k on my son's birthday party + gift, as well as signed him up for $60 and $135 activities over the next two months.  However, they all are things that he's interested in, so I want to encourage that without falling into the upper middle class trap of filling kids' days with structured (and paid) activities.  I guess what's really grinding my gears is the 15% non-gratuity fee that was added onto the $750 party.  What exactly is the fee if it's not part of the base price or a gratuity?  It's a 'non-tip wage fee.'  Can't say that I know what the hell that means, but I'll be thinking long and hard about what sort of tip to add in light of that BS fee.  One problem with stiffing them is that we'll have a continuing relationship with the place, as part of that party price is a year-long membership for my son (the aforementioned gift).

It is amazing how expensive kids can be if you let it happen.  I see high income parents easily spending $50k+ a year on their kids between activities, clothes, day care or private school, nannies and so forth.  That is $50k after taxes which for high income professionals can be close to $75k/yr in pre-tax income.

dogboyslim

  • Bristles
  • ***
  • Posts: 478
Re: Those of you with $200k+ income, whatís your typical monthly spending like?
« Reply #180 on: September 20, 2018, 03:07:43 PM »
Outflows from my bank are ~100k, of which about 33k is A/T investments, so spending of about 67k.  Prior to my paycheck, I pay out another 5.5k in insurance, so that brings us to $72.5k in spending, or just over 6k per month.

I'm not counting our other medical expenditures because they come out of our HSA and I don't track them as easily in YNAB.

So all that said, I still put >7k because we buy expensive stuff every other year or so, like clown cars, clown vacations etc. that come from bonuses that never really get entered into our cash flow recordings.

A440

  • Stubble
  • **
  • Posts: 102
Re: Those of you with $200k+ income, whatís your typical monthly spending like?
« Reply #181 on: September 22, 2018, 12:17:54 PM »
I used to be better at tracking this.  Right now appears to be about 6800.

$2600--kids, 2 in daycare and 1 in private school.  The plan is to move and get into public school in the next 1-3 years.
$900--food
$400--"shopping"
$400--husband college tuition
$360--Utilities: includes all electric, natural gas, cell phones, also purchase of one cell phone in the past year, water, garbage
$1150--gifts and donations--mostly charity
$300--Life and disability insurance.  This is mostly expensive due to disability insurance for a specialized field.
$280-Cars: Gas and Insurance.   
$250--House cleaning
$200--Doctor/Dentist. 

This list doesn't include payroll deductions.  We were paying $900 per month for health insurance through my employer, but my husband has a new job, so we moved him and the kids to his insurance which will cost much less.  Also he has dental coverage, which should bring down the dental bills.


big_slacker

  • Handlebar Stache
  • *****
  • Posts: 1356
Re: Those of you with $200k+ income, whatís your typical monthly spending like?
« Reply #182 on: September 22, 2018, 01:01:28 PM »
Indeed. My kids go to public school (which is really good in our area) we watch them during the summer (I'll WFH if my wife works that day), we limit it to like a 1 or 2 week day camp in the summer. The major kid expense for us is just having a larger house, that's offset a bit by appreciation though.

Budgeted between $7500-$8000 in HCOLA for a family of 4.  Some of that is money reserved for bigger expenses such as house repair bills, and isn't really being spent.

Of that, the mortgage is about $2500, childcare is $1100, charity $200, and student loans $250, expenses which I expect to disappear in FIRE (or shortly thereafter). 

edit: Missed the charged discussion above about charity.  Mine should disappear due to DAF when I take the plunge and open one - I'd rather get the tax benefit when we're relatively high income, than to donate once we're FIRE and won't be itemizing.

Ooh, if I use MMM accounting for my mortgage, which some are (not counting the P part of the payment as an expense), then I drop down to about $6000-$6500. 

Of course, I'm not feeling particularly good about our expenses when we just committed to drop close to $1k on my son's birthday party + gift, as well as signed him up for $60 and $135 activities over the next two months.  However, they all are things that he's interested in, so I want to encourage that without falling into the upper middle class trap of filling kids' days with structured (and paid) activities.  I guess what's really grinding my gears is the 15% non-gratuity fee that was added onto the $750 party.  What exactly is the fee if it's not part of the base price or a gratuity?  It's a 'non-tip wage fee.'  Can't say that I know what the hell that means, but I'll be thinking long and hard about what sort of tip to add in light of that BS fee.  One problem with stiffing them is that we'll have a continuing relationship with the place, as part of that party price is a year-long membership for my son (the aforementioned gift).

It is amazing how expensive kids can be if you let it happen.  I see high income parents easily spending $50k+ a year on their kids between activities, clothes, day care or private school, nannies and so forth.  That is $50k after taxes which for high income professionals can be close to $75k/yr in pre-tax income.

obstinate

  • Pencil Stache
  • ****
  • Posts: 947
Re: Those of you with $200k+ income, whatís your typical monthly spending like?
« Reply #183 on: September 23, 2018, 11:44:08 AM »
I guess what's really grinding my gears is the 15% non-gratuity fee that was added onto the $750 party.  What exactly is the fee if it's not part of the base price or a gratuity?  It's a 'non-tip wage fee.'  Can't say that I know what the hell that means
That's a "fuck you, people who voted to raise the minimum wage," fee.

Arbitrage

  • Pencil Stache
  • ****
  • Posts: 599
Re: Those of you with $200k+ income, whatís your typical monthly spending like?
« Reply #184 on: September 24, 2018, 08:20:11 AM »
I guess what's really grinding my gears is the 15% non-gratuity fee that was added onto the $750 party.  What exactly is the fee if it's not part of the base price or a gratuity?  It's a 'non-tip wage fee.'  Can't say that I know what the hell that means
That's a "fuck you, people who voted to raise the minimum wage," fee.

Yeah, you're probably right.  Doesn't align with when the hikes are taking effect, but this is certainly the type of place that would have some minimum wage workers.