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
Topic Author
Tingting1013
Posts: 1594
Joined: Mon Aug 24, 2020 5:44 pm

Re: High spenders what do you spend on?

Post by Tingting1013 »

mikejuss wrote: Tue Mar 30, 2021 9:41 am
Tingting1013 wrote: Tue Mar 30, 2021 9:33 am
mikejuss wrote: Tue Mar 30, 2021 9:30 am
Tingting1013 wrote: Tue Mar 30, 2021 9:00 am
mikejuss wrote: Tue Mar 30, 2021 8:39 am This has gotta be the weirdest thread I've read on this forum. :?:
I don’t see any difference between my thread and these threads:

What lifestyle creep made you happier?

What is the BEST thing you spent money on?

Except for a higher barrier to entry
With all due respect, it seems odd that a person wouldn't know how to spend his own money. It doesn't take much imagination. Or is there a particular product, or a genre of product, that you're thinking of investing in and are unsure about?
For Bogleheads who take more joy in saving than spending, it shouldn’t seem odd at all.
Then you've answered your own question (and a good answer it is): save your money.
Exactly what I’ve been trying to avoid.

Let me lay it out more explicitly for you.

I save $300k per year. Not because I need to or want to but because I don’t know what to spend it on. Every day that money sits in the bank / investments is a day of lost utility - it could have been spent on something I enjoy, but how would I know what I would enjoy buying if I’ve never bought those things before?

This is the same motivation as the two threads I’ve linked to above, but again, with a higher entry point.
stoptothink
Posts: 15368
Joined: Fri Dec 31, 2010 8:53 am

Re: High spenders what do you spend on?

Post by stoptothink »

Tingting1013 wrote: Tue Mar 30, 2021 9:05 am
stoptothink wrote: Tue Mar 30, 2021 9:01 am
mikejuss wrote: Tue Mar 30, 2021 8:39 am This has gotta be the weirdest thread I've read on this forum. :?:
Ditto, if you can't figure out how to spend the money you are earning, maybe take a year off and figure it out?
Well this is a strange response, if I quit my job I wouldn’t have the money to spend would I?
Your posts are framed in a way that makes it sound like you already have more money than you'll every spend. Apparently that isn't the case? Either way, it's really hard to understand the point and for this not to just be a humblebrag thread (and we're mid-late 30's and probably have more than we'll ever spend, for our simple life).
delamer
Posts: 17459
Joined: Tue Feb 08, 2011 5:13 pm

Re: High spenders what do you spend on?

Post by delamer »

tim1999 wrote: Tue Mar 30, 2021 7:34 am
scorcher31 wrote: Mon Mar 29, 2021 10:41 pm
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.
This sounds super depressing to me for some reason.
Oh trust me, he puts on a good face at work but outside of there he is pretty despondent/depressed.
Money to me provides security (from want) and options. Sounds like he has neither, despite all the earnings.
One thing that humbles me deeply is to see that human genius has its limits while human stupidity does not. - Alexandre Dumas, fils
stoptothink
Posts: 15368
Joined: Fri Dec 31, 2010 8:53 am

Re: High spenders what do you spend on?

Post by stoptothink »

Tingting1013 wrote: Tue Mar 30, 2021 9:42 am
mikejuss wrote: Tue Mar 30, 2021 9:41 am
Tingting1013 wrote: Tue Mar 30, 2021 9:33 am
mikejuss wrote: Tue Mar 30, 2021 9:30 am
Tingting1013 wrote: Tue Mar 30, 2021 9:00 am

I don’t see any difference between my thread and these threads:

What lifestyle creep made you happier?

What is the BEST thing you spent money on?

Except for a higher barrier to entry
With all due respect, it seems odd that a person wouldn't know how to spend his own money. It doesn't take much imagination. Or is there a particular product, or a genre of product, that you're thinking of investing in and are unsure about?
For Bogleheads who take more joy in saving than spending, it shouldn’t seem odd at all.
Then you've answered your own question (and a good answer it is): save your money.
Exactly what I’ve been trying to avoid.

Let me lay it out more explicitly for you.

I save $300k per year. Not because I need to or want to but because I don’t know what to spend it on. Every day that money sits in the bank / investments is a day of lost utility - it could have been spent on something I enjoy, but how would I know what I would enjoy buying if I’ve never bought those things before?

This is the same motivation as the two threads I’ve linked to above, but again, with a higher entry point.
Then try them. How to spend money isn't some secret held by the super wealthy. As you can see, you are getting the logical answers: more house, fancy cars, travel, fancy clothes, services (house cleaning, chef, etc.). Is there really anything posted in this thread that you weren't aware of?
mikejuss
Posts: 2833
Joined: Tue Jun 23, 2020 1:36 pm

Re: High spenders what do you spend on?

Post by mikejuss »

Tingting1013 wrote: Tue Mar 30, 2021 9:42 amI save $300k per year. Not because I need to or want to but because I don’t know what to spend it on. Every day that money sits in the bank / investments is a day of lost utility - it could have been spent on something I enjoy, but how would I know what I would enjoy buying if I’ve never bought those things before?
No one here can predict what you'll enjoy in life. Follow your interests (assuming you have some). It'll all work out fine; maybe you'll actually learn that the greatest satisfaction you experience is through saving.
Last edited by mikejuss on Tue Mar 30, 2021 10:02 am, edited 1 time in total.
50% VTSAX | 25% VTIAX | 25% VBTLX (retirement), 25% VTEAX (taxable)
mikejuss
Posts: 2833
Joined: Tue Jun 23, 2020 1:36 pm

Re: High spenders what do you spend on?

Post by mikejuss »

stoptothink wrote: Tue Mar 30, 2021 9:50 amThen try them. How to spend money isn't some secret held by the super wealthy. As you can see, you are getting the logical answers: more house, fancy cars, travel, fancy clothes, services (house cleaning, chef, etc.). Is there really anything posted in this thread that you weren't aware of?
To be fair, by browsing this thread, I learned it's possible to go on a rocket ride.
Last edited by mikejuss on Tue Mar 30, 2021 10:03 am, edited 1 time in total.
50% VTSAX | 25% VTIAX | 25% VBTLX (retirement), 25% VTEAX (taxable)
User avatar
Elsebet
Posts: 1606
Joined: Mon Feb 08, 2016 1:28 pm
Location: Erie, PA

Re: High spenders what do you spend on?

Post by Elsebet »

We have a newer home and beautiful deck for the first time in our lives (age 44/45). We bought a brand new patio set and Weber grill from Costco for about $4k combined - first new purchases of both, previously we bought those things used. I feel like a high spender this month! :)

Reading this thread is entertaining, to me it's almost like reading science fiction.
"...the man who adapts himself to his slender means and makes himself wealthy on a little sum, is the truly rich man..." ~Seneca
kleiner
Posts: 346
Joined: Tue Jun 02, 2020 8:45 am

Re: High spenders what do you spend on?

Post by kleiner »

TomatoTomahto wrote: Tue Mar 30, 2021 9:29 am
kleiner wrote: Tue Mar 30, 2021 9:23 am 1. Property tax of $15k: we like our house and have fixed it up to our needs. No plan to move and we can afford this very easily.
You, Mr Kleiner, deserve an award for having property tax of $15k in NJ, close to NYC. Good on ‘ya.
kleiner wrote: Tue Mar 30, 2021 9:23 am
We don't live in a McMansion :happy and our town is not anywhere close to the wealthiest in the region. Just a few miles away, there is a town with a median income over $170k with genuine mansions with over $30k property taxes
CoAndy
Posts: 902
Joined: Thu Jun 06, 2013 4:45 pm

Re: High spenders what do you spend on?

Post by CoAndy »

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!
Might I recommend the 2021 Corvette Stingray? The drive is an incredible experience.
User avatar
Meg77
Posts: 2835
Joined: Fri May 22, 2009 1:09 pm
Location: Dallas, TX

Re: High spenders what do you spend on?

Post by Meg77 »

I think my mother would provide a relevant example for OP. Her basic living expenses (utilities, groceries, home maintenance, property and income taxes, insurance) are around $50K a year, but her total expenses are around $224K.

Her discretionary spending fluctuates but is roughly as follows:

Annual exclusion gifts to her 4 kids - $60K
Other giving (tithe, holidays) - $45K
Travel - $30K (one big trip abroad every 2 years or so includes business class flights where she pays for a child or two to accompany her; renting out a house for 2 weeks so the family can gather in the summer, etc - additional domestic travel usually covered by miles/points).
Restaurants - $10K
Country club - $6K
Shopping - $12K
spa/salon/nails - $6K

If giving and travel aren't your thing, other ways to spend income to reflect your values could include hiring a nutritionist/masseuse/personal trainer, outsourcing household maintenance/cleaning to others to provide them income and free up your time, or upgrading your home or buying a second home.
"An investment in knowledge pays the best interest." - Benjamin Franklin
Topic Author
Tingting1013
Posts: 1594
Joined: Mon Aug 24, 2020 5:44 pm

Re: High spenders what do you spend on?

Post by Tingting1013 »

stoptothink wrote: Tue Mar 30, 2021 9:50 am
Tingting1013 wrote: Tue Mar 30, 2021 9:42 am
mikejuss wrote: Tue Mar 30, 2021 9:41 am
Tingting1013 wrote: Tue Mar 30, 2021 9:33 am
mikejuss wrote: Tue Mar 30, 2021 9:30 am

With all due respect, it seems odd that a person wouldn't know how to spend his own money. It doesn't take much imagination. Or is there a particular product, or a genre of product, that you're thinking of investing in and are unsure about?
For Bogleheads who take more joy in saving than spending, it shouldn’t seem odd at all.
Then you've answered your own question (and a good answer it is): save your money.
Exactly what I’ve been trying to avoid.

Let me lay it out more explicitly for you.

I save $300k per year. Not because I need to or want to but because I don’t know what to spend it on. Every day that money sits in the bank / investments is a day of lost utility - it could have been spent on something I enjoy, but how would I know what I would enjoy buying if I’ve never bought those things before?

This is the same motivation as the two threads I’ve linked to above, but again, with a higher entry point.
Then try them. How to spend money isn't some secret held by the super wealthy. As you can see, you are getting the logical answers: more house, fancy cars, travel, fancy clothes, services (house cleaning, chef, etc.). Is there really anything posted in this thread that you weren't aware of?
I am pretty sure the super wealthy spend money in ways few of us know about.

And some ways of spending large amounts of money come with downsides that you wouldn’t know ahead of time.

Hence I am asking for personal advice from those who have been there and done it.
jebmke
Posts: 25478
Joined: Thu Apr 05, 2007 2:44 pm
Location: Delmarva Peninsula

Re: High spenders what do you spend on?

Post by jebmke »

Tingting1013 wrote: Tue Mar 30, 2021 10:28 am I am pretty sure the super wealthy spend money in ways few of us know about.
Around me it is jets and land. Biggest money across the creek is buying up farm land and restoring wetlands, grasslands and some riparian forest. He is over 2,000 acres now.
Don't trust me, look it up. https://www.irs.gov/forms-instructions-and-publications
User avatar
beernutz
Posts: 978
Joined: Sun May 31, 2015 12:50 pm

Re: High spenders what do you spend on?

Post by beernutz »

lhl12 wrote: Tue Mar 30, 2021 8:31 am
beernutz wrote: Mon Mar 29, 2021 6:12 pm
sailaway wrote: Mon Mar 29, 2021 6:11 pm
beernutz wrote: Mon Mar 29, 2021 6:09 pm I am not a high spender but imo if you want to run through dollars like candy then buy a boat.
And here I deleted my boat post because our total annual spend has never been over $120k and averages in the mid $60k range, putting us well below OP's targets.
There are boats and there are boats.
I wish I know who said it, but "owning a large sailboat is equivalent to standing under a cold shower fully clothed while ripping up thousand dollar bills".
I have only owned a Hobie cat so I'll take your word for that. My moderately sized center console is probably like ripping hundred dollar bills.
AA: 40/41/19 - equities/positive return-zero volatility/bonds
User avatar
TomatoTomahto
Posts: 17158
Joined: Mon Apr 11, 2011 1:48 pm

Re: High spenders what do you spend on?

Post by TomatoTomahto »

jebmke wrote: Tue Mar 30, 2021 10:53 am
Tingting1013 wrote: Tue Mar 30, 2021 10:28 am I am pretty sure the super wealthy spend money in ways few of us know about.
Around me it is jets and land. Biggest money across the creek is buying up farm land and restoring wetlands, grasslands and some riparian forest. He is over 2,000 acres now.
That’s a great use of money. 👍
I get the FI part but not the RE part of FIRE.
Seasonal
Posts: 3045
Joined: Sun May 21, 2017 1:49 pm

Re: High spenders what do you spend on?

Post by Seasonal »

interwebopinion wrote: Mon Mar 29, 2021 4:12 pmBoth first class and coach arrive at the same exact time.
CoAndy wrote: Tue Mar 30, 2021 10:13 am Might I recommend the 2021 Corvette Stingray? The drive is an incredible experience.
I sometimes wonder why I hear the first with some frequency and rarely if ever hear that a Stingray and a Chevy Spark ($50,000 or more less expensive) arrive at the same time (in normal driving).
smitcat
Posts: 13308
Joined: Mon Nov 07, 2016 9:51 am

Re: High spenders what do you spend on?

Post by smitcat »

Tingting1013 wrote: Tue Mar 30, 2021 9:42 am
mikejuss wrote: Tue Mar 30, 2021 9:41 am
Tingting1013 wrote: Tue Mar 30, 2021 9:33 am
mikejuss wrote: Tue Mar 30, 2021 9:30 am
Tingting1013 wrote: Tue Mar 30, 2021 9:00 am

I don’t see any difference between my thread and these threads:

What lifestyle creep made you happier?

What is the BEST thing you spent money on?

Except for a higher barrier to entry
With all due respect, it seems odd that a person wouldn't know how to spend his own money. It doesn't take much imagination. Or is there a particular product, or a genre of product, that you're thinking of investing in and are unsure about?
For Bogleheads who take more joy in saving than spending, it shouldn’t seem odd at all.
Then you've answered your own question (and a good answer it is): save your money.
Exactly what I’ve been trying to avoid.

Let me lay it out more explicitly for you.

I save $300k per year. Not because I need to or want to but because I don’t know what to spend it on. Every day that money sits in the bank / investments is a day of lost utility - it could have been spent on something I enjoy, but how would I know what I would enjoy buying if I’ve never bought those things before?

This is the same motivation as the two threads I’ve linked to above, but again, with a higher entry point.
"it could have been spent on something I enjoy, but how would I know what I would enjoy buying if I’ve never bought those things before?"
Can be a self fulfilling outcome - if you do not try new things you will never know what you are missing. If you don't know what you are missing you will never miss it. The less you do ...the less you will do in the future.
At the end of the day - what was the purpose of money?
smitcat
Posts: 13308
Joined: Mon Nov 07, 2016 9:51 am

Re: High spenders what do you spend on?

Post by smitcat »

Seasonal wrote: Tue Mar 30, 2021 11:21 am
interwebopinion wrote: Mon Mar 29, 2021 4:12 pmBoth first class and coach arrive at the same exact time.
CoAndy wrote: Tue Mar 30, 2021 10:13 am Might I recommend the 2021 Corvette Stingray? The drive is an incredible experience.
I sometimes wonder why I hear the first with some frequency and rarely if ever hear that a Stingray and a Chevy Spark ($50,000 or more less expensive) arrive at the same time (in normal driving).
In normal driving they would never arrive at the same time.
FWIW - they are not $50,000 apart in price.
michaeljc70
Posts: 10843
Joined: Thu Oct 15, 2015 3:53 pm

Re: High spenders what do you spend on?

Post by michaeljc70 »

Bigger/better/more houses, vacations, help, cars, food, liquor, hobbies, etc. It doesn't take much looking to see the difference in a coach ticket, business class ticket and flying private. Same for a Toyota Corolla and a Bentley. Just at Costco I can see wines from $4/750 ml to $200/750ml. On all these things were are not talking 10% or 30% more expensive. Sometimes it is 1,000% or 10,000% more expensive.

Disclaimer: I've never made/spent that kind of money. :shock:
chenzi
Posts: 195
Joined: Thu Aug 06, 2015 3:07 pm

Re: High spenders what do you spend on?

Post by chenzi »

Last 2 years our annual family income has been around $1-1.4m.
pre-covid our highest expense was travel and tickets for our parents and in-laws from Asia (business class.) In 2019, we spent around $50-60K for travel and had memorable, reasonably luxury vacations (of course separately) with our parents and in-laws. And then covid hit, we have not seen them for more than a year now. We have been doing that for the last 3-4 years but 2019 was our first year of 7 digit income, so booked a business class for them! Also hired daily home help & cleaner ($1500/month) for the total of 8 months they were with us in 2019. Those were the biggest expenses (Excluding school/daycare/etc)
My kids, spouse, and I do travel economy though.

Since all those travel expenses were "saved" in 2020, I did spend around $20-25K on audiophile equipment ( Kef R series speakers, Tube amps, Expensive headphones), nice ergonomic office setup for my spouse and me, etc
MAKsdad
Posts: 366
Joined: Wed Mar 17, 2021 7:43 am

Re: High spenders what do you spend on?

Post by MAKsdad »

Tingting1013 wrote: Tue Mar 30, 2021 10:28 am
stoptothink wrote: Tue Mar 30, 2021 9:50 am
Tingting1013 wrote: Tue Mar 30, 2021 9:42 am
mikejuss wrote: Tue Mar 30, 2021 9:41 am
Tingting1013 wrote: Tue Mar 30, 2021 9:33 am

For Bogleheads who take more joy in saving than spending, it shouldn’t seem odd at all.
Then you've answered your own question (and a good answer it is): save your money.
Exactly what I’ve been trying to avoid.

Let me lay it out more explicitly for you.

I save $300k per year. Not because I need to or want to but because I don’t know what to spend it on. Every day that money sits in the bank / investments is a day of lost utility - it could have been spent on something I enjoy, but how would I know what I would enjoy buying if I’ve never bought those things before?

This is the same motivation as the two threads I’ve linked to above, but again, with a higher entry point.
Then try them. How to spend money isn't some secret held by the super wealthy. As you can see, you are getting the logical answers: more house, fancy cars, travel, fancy clothes, services (house cleaning, chef, etc.). Is there really anything posted in this thread that you weren't aware of?
I am pretty sure the super wealthy spend money in ways few of us know about.

And some ways of spending large amounts of money come with downsides that you wouldn’t know ahead of time.

Hence I am asking for personal advice from those who have been there and done it.
How about season tickets for sports or theater? Annual trips to the Super Bowl, Final Four, World Series?
interwebopinion
Posts: 273
Joined: Thu Aug 13, 2020 6:21 pm

Re: High spenders what do you spend on?

Post by interwebopinion »

TomatoTomahto wrote: Tue Mar 30, 2021 11:06 am
jebmke wrote: Tue Mar 30, 2021 10:53 am
Tingting1013 wrote: Tue Mar 30, 2021 10:28 am I am pretty sure the super wealthy spend money in ways few of us know about.
Around me it is jets and land. Biggest money across the creek is buying up farm land and restoring wetlands, grasslands and some riparian forest. He is over 2,000 acres now.
That’s a great use of money. 👍
Totally agree.
User avatar
willthrill81
Posts: 32250
Joined: Thu Jan 26, 2017 2:17 pm
Location: USA
Contact:

Re: High spenders what do you spend on?

Post by willthrill81 »

Americans spend more on transportation and food than anything else (except housing). Data from the BLS Consumer Expenditure Survey indicates that those with higher than average total spending spend more on these categories.
The Sensible Steward
H-Town
Posts: 5911
Joined: Sun Feb 26, 2017 1:08 pm

Re: High spenders what do you spend on?

Post by H-Town »

Our annual spending is way too low to get an entry to this thread. But percentage wise, we spend a good portion on traveling and charity. It’s your money, spend on things that you value most.
Time is the ultimate currency.
bogledogle
Posts: 656
Joined: Wed May 07, 2014 4:34 pm

Re: High spenders what do you spend on?

Post by bogledogle »

smitcat wrote: Tue Mar 30, 2021 11:26 am
Seasonal wrote: Tue Mar 30, 2021 11:21 am
interwebopinion wrote: Mon Mar 29, 2021 4:12 pmBoth first class and coach arrive at the same exact time.
CoAndy wrote: Tue Mar 30, 2021 10:13 am Might I recommend the 2021 Corvette Stingray? The drive is an incredible experience.
I sometimes wonder why I hear the first with some frequency and rarely if ever hear that a Stingray and a Chevy Spark ($50,000 or more less expensive) arrive at the same time (in normal driving).
In normal driving they would never arrive at the same time.
FWIW - they are not $50,000 apart in price.
Also, who is driving? If it were my normal driving they would arrive at different times ...lol :D
mr_brightside
Posts: 897
Joined: Sat Oct 17, 2020 3:23 pm

Re: High spenders what do you spend on?

Post by mr_brightside »

funny clip here from the movie 'Margin Call'

https://www.youtube.com/watch?v=xW1CrQu_H6E

(answer comes at 1:30) :D

--------------------------------
H-Town
Posts: 5911
Joined: Sun Feb 26, 2017 1:08 pm

Re: High spenders what do you spend on?

Post by H-Town »

mr_brightside wrote: Tue Mar 30, 2021 1:35 pm funny clip here from the movie 'Margin Call'

https://www.youtube.com/watch?v=xW1CrQu_H6E

(answer comes at 1:30) :D

--------------------------------
Yup. $2.5 million can go by quickly. Will is very kind to send good chunk of money back home to his parents to keep them going. He also set aside 400k for rainy day. Smart guy.

He's wrong about claiming half of entertainment back though. At least not through 1040.
Time is the ultimate currency.
phxjcc
Posts: 1329
Joined: Thu Aug 23, 2018 3:47 pm

Re: High spenders what do you spend on?

Post by phxjcc »

Get sick.

Medical: $26,000 per year, unreimbursed, mostly for Rx's.

Buy a second/third residence....however, if you do it right your NW will increase more than cash decreases.

Get expensive toys and use them.
Planes are number one
Boats
Race cars
RV's
Golf vacations
Art collections
Car collections

But...medical issues will outspend them all.
Seasonal
Posts: 3045
Joined: Sun May 21, 2017 1:49 pm

Re: High spenders what do you spend on?

Post by Seasonal »

smitcat wrote: Tue Mar 30, 2021 11:26 am
Seasonal wrote: Tue Mar 30, 2021 11:21 am
interwebopinion wrote: Mon Mar 29, 2021 4:12 pmBoth first class and coach arrive at the same exact time.
CoAndy wrote: Tue Mar 30, 2021 10:13 am Might I recommend the 2021 Corvette Stingray? The drive is an incredible experience.
I sometimes wonder why I hear the first with some frequency and rarely if ever hear that a Stingray and a Chevy Spark ($50,000 or more less expensive) arrive at the same time (in normal driving).
In normal driving they would never arrive at the same time.
FWIW - they are not $50,000 apart in price.
MSRP for base models is $13,400 and $59,900. I rounded up a bit on the theory a Stingray would typically come with more options and the car's web page shows $79,935 and $90,125 versions.

No two cars would ever arrive at the same time. Both can drive at typical city and highway speed. Which would arrive first really depends on traffic and the driver.
smitcat
Posts: 13308
Joined: Mon Nov 07, 2016 9:51 am

Re: High spenders what do you spend on?

Post by smitcat »

bogledogle wrote: Tue Mar 30, 2021 1:26 pm
smitcat wrote: Tue Mar 30, 2021 11:26 am
Seasonal wrote: Tue Mar 30, 2021 11:21 am
interwebopinion wrote: Mon Mar 29, 2021 4:12 pmBoth first class and coach arrive at the same exact time.
CoAndy wrote: Tue Mar 30, 2021 10:13 am Might I recommend the 2021 Corvette Stingray? The drive is an incredible experience.
I sometimes wonder why I hear the first with some frequency and rarely if ever hear that a Stingray and a Chevy Spark ($50,000 or more less expensive) arrive at the same time (in normal driving).
In normal driving they would never arrive at the same time.
FWIW - they are not $50,000 apart in price.
Also, who is driving? If it were my normal driving they would arrive at different times ...lol :D
Agreed - we always arrive much later driving a car like the corvette.
smitcat
Posts: 13308
Joined: Mon Nov 07, 2016 9:51 am

Re: High spenders what do you spend on?

Post by smitcat »

Seasonal wrote: Tue Mar 30, 2021 2:52 pm
smitcat wrote: Tue Mar 30, 2021 11:26 am
Seasonal wrote: Tue Mar 30, 2021 11:21 am
interwebopinion wrote: Mon Mar 29, 2021 4:12 pmBoth first class and coach arrive at the same exact time.
CoAndy wrote: Tue Mar 30, 2021 10:13 am Might I recommend the 2021 Corvette Stingray? The drive is an incredible experience.
I sometimes wonder why I hear the first with some frequency and rarely if ever hear that a Stingray and a Chevy Spark ($50,000 or more less expensive) arrive at the same time (in normal driving).
In normal driving they would never arrive at the same time.
FWIW - they are not $50,000 apart in price.
MSRP for base models is $13,400 and $59,900. I rounded up a bit on the theory a Stingray would typically come with more options and the car's web page shows $79,935 and $90,125 versions.

No two cars would ever arrive at the same time. Both can drive at typical city and highway speed. Which would arrive first really depends on traffic and the driver.
"MSRP for base models is $13,400 and $59,900. I rounded up a bit on the theory a Stingray would typically come with more options and the car's web page shows $79,935 and $90,125 versions."
Would you please advise where you can purchase and get delivery on a new corvette at MSRP today?

"Which would arrive first really depends on traffic and the driver."
Given the same destination I would always arrive later in a sports car then an econobox.
YMMV
gerntz
Posts: 695
Joined: Fri May 06, 2011 3:37 pm

Re: High spenders what do you spend on?

Post by gerntz »

I super size Big Mac meals.
financialheadache
Posts: 24
Joined: Mon Mar 22, 2021 9:32 pm

Re: High spenders what do you spend on?

Post by financialheadache »

We spend 250k-300k a year on a variety of things:

1) Twice a week house cleaner (17k)
2) Property Taxes (25k)
3) Daughter's rent (30k - previously her medical school tuition - temporary)
4) Cable internet/tv (3k)
5) Garden upkeep/arborists (5-10k)
6) Cell phone bill including phones (3k)
7) Groceries (15-20k)
8) Prescriptions and other healthcare (5k)
9) Miscellaneous purchases (amazon, etc) (10-20k)
10) Life insurance + Home + auto insurance (16k)
11) Home maintenance (repair roofing, caulking, AC units, etc) (10k)

Eesh it adds up fast. Even without flying first class, or renting a house in the Hamptons, you can still spend a few hundred K a year with ease.
New Providence
Posts: 555
Joined: Fri Mar 27, 2020 7:10 am

Re: High spenders what do you spend on?

Post by New Providence »

alfaspider wrote: Mon Mar 29, 2021 3:57 pm
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

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.
Travelers demand that airlines compete on price, not quality. As long as the ticket is cheap, customers will accept the worse flying conditions.

Domestic Biz class is for frequent flyer upgrades, not for paying clients and therefore there's no incentive for airlines to provide quality. We get what we pay for. And when it comes to flying most people want nothing but cheap.
dboeger1
Posts: 1411
Joined: Fri Jan 13, 2017 6:32 pm

Re: High spenders what do you spend on?

Post by dboeger1 »

I realize gambling is almost sacrilegious around these parts, but it's almost infinitely scalable. You can blow through obscene amounts of money at casinos and get some nice perks out of it, plus you have enough bankroll to last a while at lower denominations and enjoy some exciting wins. They also do a good job of employing people. I wouldn't go so far as to claim they're good for the world (they probably have a terrible impact on the environment and they feed poor people's addictions), but if you want to spend huge sums of money on entertainment and support jobs, it's not the worst way to go about it. Most of us don't have enough for gambling to improve our lives, lol.
Jacotus
Posts: 586
Joined: Sun Jun 14, 2009 2:07 pm

Re: High spenders what do you spend on?

Post by Jacotus »

One thing I haven't seen mentioned is involvement in a cause you are passionate about. I'm trying to draw a distinction from charitable donations where you are just sending off money to some organization. But if there is some cause that excites you or you care about, such as something in your local community then you can be more actively involved and also make a big difference with your money.

Another option - Angel investing.

I don't make anything close to enough for the high flying suggestions here, but trading money for time by paying for housekeeping, landscaping, etc. resonates with me. Beyond that, I've learned money does not buy happiness.
rockstar
Posts: 6326
Joined: Mon Feb 03, 2020 5:51 pm

Re: High spenders what do you spend on?

Post by rockstar »

Definitely don't donate. If you want to give, give your time to charity. I volunteer at an animal rescue.

As for what to spend money on, I tried to snag a pair of Satan shoes yesterday and failed.

If you want to see what really rich people spend money on, check out Architectural Digest on YouTube.

https://www.youtube.com/user/ArchitecturalDigest
bluebolt
Posts: 2137
Joined: Sat Jan 14, 2017 8:01 am

Re: High spenders what do you spend on?

Post by bluebolt »

rockstar wrote: Tue Mar 30, 2021 7:56 pm Definitely don't donate. If you want to give, give your time to charity. I volunteer at an animal rescue.
Time is not the most effective thing you can give to many charities. Nor are goods. Money is. I've been volunteering for and running (on a volunteer basis) charities for many years. And while we depend heavily on committed volunteers and are keenly appreciative of their work, volunteer hours don't pay rent, electricity, insurance, salaries, or for assistance. Food donations are expensive to sort through and much of it has to be discarded. With cash, charities can get bulk discounts on food or donations from retailers and spend the money on transportations.

While I appreciate your volunteer ethic, it's unwise to discourage folks from donating. Your animal rescue wouldn't exist without revenue.
User avatar
ResearchMed
Posts: 16795
Joined: Fri Dec 26, 2008 10:25 pm

Re: High spenders what do you spend on?

Post by ResearchMed »

rockstar wrote: Tue Mar 30, 2021 7:56 pm Definitely don't donate. If you want to give, give your time to charity. I volunteer at an animal rescue.

As for what to spend money on, I tried to snag a pair of Satan shoes yesterday and failed.

If you want to see what really rich people spend money on, check out Architectural Digest on YouTube.

https://www.youtube.com/user/ArchitecturalDigest
Yes, personally volunteering might be especially rewarding, if you have some special interest.

But as for "upscale ideas", also check the Robb Report:

https://robbreport.com

Uh, no, we've never subscribed.

More to the point, think about what IS of interest to you, for starters.
Do you like certain types of music or art?
Does seeing any special part of the world, or type of geography, interest you?
Spending time at a Buddhist Monastery in Japan?
Have a private after hours tour of some museum? Or a zoo?
Hire a catamaran with several separate bedrooms (and bathrooms) for a few days or weeks lounging in some tropical waters?
Do some "volunteer tourism" (helping out where you are, rather than "playing tourist")?
Volunteer in a school, and also provide extra resources for the school and the children?
Take music lessons? (Cello? Piano? Voice?) Art lessons?
Have a private trainer work with you at your home, weekly or more often?
(Health is *everything*!)
Work up to doing a marathon or triathlon?
Would driving a race car interest you?
Hiking in any particular area?
Learn to cook?
Hire a private cook?

What *interests* you? What do you enjoy? :happy
(Then start thinking of ways to get involved or "do more of it", etc. Or ask more here...)

For things of interest, there often are indeed ways to get "background info/access", in ways small or large.

Find something to enjoy, or to relax.

RM
This signature is a placebo. You are in the control group.
Cruise
Posts: 2750
Joined: Mon Nov 21, 2016 6:17 pm

Re: High spenders what do you spend on?

Post by Cruise »

Here is our list of big ticket items, mostly related to purchasing experiences:

Three-week luxury cruises: Antarctica, Arctic, etc.

International F or J cabin (although we have been fortunate enough to mostly get these on reward redemptions. Going forward, there probably won't be many reward F or J seats available for reservation far in advance, so we will pay up in real money).

Luxury hotel rooms/suites: Nothing like coming back from a long day of touring and being fawned over by club-level employees in nearly-empty clubs. Also, great concierge services.

$700 bottles of wine (once :) )

Aside from the occasional upgrade purchase, we don't spend a lot on "stuff."
2tall4economy
Posts: 739
Joined: Thu Jan 08, 2015 6:55 am
Location: Global

Re: High spenders what do you spend on?

Post by 2tall4economy »

Cars. I have spent an embarrassing amount on cars. Not like collector cars or luxury cars (generally), Like brand new every 1.5 years random chevys and fords (to be fair I get an employee discount). And eat the depreciation. I’m in recovery though; after 20 years I finally bought my first used car, realized it wasn’t a death trap, and that opened me up to collector cars that don’t deprecate off you don’t drive them. Lately I’ve been looking at cars as an “emotional investment” I think they call it. I set aside up to 10% of my net worth for cars. I have a late model ferrari and eyes on a second one, perhaps taking delivery this week, trading in a Bentley and a collector mustang. Makes me happy and keeps the income flowing to the better investments.

Excluding cars, family will typically spend about 70k per year if memory serves when you also exclude house expense. Usually that consists of one $25k ish huge purchase (life size family portrait one year, solar panels one year, etc) about $25k of food generally groceries - which still blows my Mind but wife in charge there - and a few entertainment evenings with my team at work or nice dinners our with visiting relatives, and the last $25k is healthcare or just generally pissed away (toys for kids, fuel, clothing etc).
You can do anything you want in life. The rub is that there are consequences.
2tall4economy
Posts: 739
Joined: Thu Jan 08, 2015 6:55 am
Location: Global

Re: High spenders what do you spend on?

Post by 2tall4economy »

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.
This. As my forum name suggests, I’m 6’8” and anything not business class is misery. I flew 13 hours from Korea to Switzerland in economy once. Quite possibly the single worst experience of my life.
You can do anything you want in life. The rub is that there are consequences.
User avatar
Sandtrap
Posts: 19591
Joined: Sat Nov 26, 2016 5:32 pm
Location: Hawaii No Ka Oi - white sandy beaches, N. Arizona 1 mile high.

Re: High spenders what do you spend on?

Post by Sandtrap »

Having spend much of our "raising a family" years shopping at Savers and Goodwill because all of our funds were redirected into small businesses, now, in retirement, we're able to shop for groceries and things in stores like Kohls and Walmart (or anything else) with no spending limit. It definitely feels like we are "high spenders".

Frugality is a lifestyle baked in but knowing and feeling that there are no spending limits to anything certainly has the aura of being a "high spender"/wealthy (without having to spend on expensive things).

j :D
Wiki Bogleheads Wiki: Everything You Need to Know
alfaspider
Posts: 4817
Joined: Wed Sep 09, 2015 4:44 pm

Re: High spenders what do you spend on?

Post by alfaspider »

New Providence wrote: Tue Mar 30, 2021 5:36 pm
alfaspider wrote: Mon Mar 29, 2021 3:57 pm
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
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.
Travelers demand that airlines compete on price, not quality. As long as the ticket is cheap, customers will accept the worse flying conditions.

Domestic Biz class is for frequent flyer upgrades, not for paying clients and therefore there's no incentive for airlines to provide quality. We get what we pay for. And when it comes to flying most people want nothing but cheap.
To some extent, it makes sense that few pay for domestic first. For short flights, the experience difference usually isn't worth hundreds of dollars unless hundreds of dollars is nothing to you.
f35phixer
Posts: 444
Joined: Wed Feb 18, 2015 11:41 am

Re: High spenders what do you spend on?

Post by f35phixer »

jebmke wrote: Tue Mar 30, 2021 10:53 am
Tingting1013 wrote: Tue Mar 30, 2021 10:28 am I am pretty sure the super wealthy spend money in ways few of us know about.
Around me it is jets and land. Biggest money across the creek is buying up farm land and restoring wetlands, grasslands and some riparian forest. He is over 2,000 acres now.
we are in same area, I'm at mouth of Patuxent River.... Last night on MPT Channel Maryland Farm and Harvest Season 8 Episode 3, there was story about company Ecotone which restores creeks back to their original meandering ways. e.g. Taking away the five foot cliffs, making the streams able to expand during a flooding rain, curving and adding rock at those turns, and having grasses, trees etc at what looked like a +/20 ft either side of stream. This will help keeping the Bay clean !!!!!!!!!!!!!!!!!!!!! Also talked about the way farmers are using winter rotating winter and summer plantings to help carbon emissions....
finfire
Posts: 322
Joined: Tue Aug 14, 2018 1:52 pm

Re: High spenders what do you spend on?

Post by finfire »

My pool and pool care. My kids extra-curricular activities. Alcohol.Vacations.

Life insurance.

Food at the local butcher shop..that gets expensive but it tastes and looks like real meat...
Jack FFR1846
Posts: 18503
Joined: Tue Dec 31, 2013 6:05 am
Location: 26 miles, 385 yards west of Copley Square

Re: High spenders what do you spend on?

Post by Jack FFR1846 »

Seasonal wrote: Tue Mar 30, 2021 11:21 am
interwebopinion wrote: Mon Mar 29, 2021 4:12 pmBoth first class and coach arrive at the same exact time.
CoAndy wrote: Tue Mar 30, 2021 10:13 am Might I recommend the 2021 Corvette Stingray? The drive is an incredible experience.
I sometimes wonder why I hear the first with some frequency and rarely if ever hear that a Stingray and a Chevy Spark ($50,000 or more less expensive) arrive at the same time (in normal driving).
Let me provide answers to both of these expenditures.

I've flown from Boston to Aruba many times. When I fly coach, I get there sore, tired and ready to go to sleep at 4 in the afternoon for 15 hours.

When I've flown first class, I've avoided the long security lines, making everything from the start easier and more comfortable. Of course the seats have plenty of room, rather than fighting with the teenager in front of me who wants to recline into my lap. I get to Aruba at 4pm and am ready to go to the beach, maybe check out the places to rent a Jeep and take a drive from California light house out to the offroad trails just past natural bridge, then get some Pizza Hut pizza. Worth the extra? Maybe it is.

Sure, a Spark and Corvette might get you from point A to point B at the same time. But the difference in experience is similar to sitting at the DMV for 3 hours waiting for an eye test and license renewal vs being in the fast pass lane at 6 Busch Gardens Williamsburg to get another ride on the Loch Ness Monster, then going to all the other roller coasters before that 3 hours expire. Worth the extra for the experience? Maybe it is.

Everyone values things differently. To each, what they like is what they like. It's nobody's business to tell them it's better to do something that someone else would rather do.
Bogle: Smart Beta is stupid
lightheir
Posts: 2684
Joined: Mon Oct 03, 2011 11:43 pm

Re: High spenders what do you spend on?

Post by lightheir »

Not typically big spender here but I just dropped $7k+ on a bicycle :shock:

To be fair, the 'other' bike I was looking at was $12k!
flyingaway
Posts: 3908
Joined: Fri Jan 17, 2014 9:19 am

Re: High spenders what do you spend on?

Post by flyingaway »

If you go to casinos regularly, money flows out your pocket quickly.
HomeStretch
Posts: 11423
Joined: Thu Dec 27, 2018 2:06 pm

Re: High spenders what do you spend on?

Post by HomeStretch »

Splurges to make our home more comfortable, fun and functional including installation of a whole house standby generator this week.
MAKsdad
Posts: 366
Joined: Wed Mar 17, 2021 7:43 am

Re: High spenders what do you spend on?

Post by MAKsdad »

Jack FFR1846 wrote: Wed Mar 31, 2021 10:36 am Everyone values things differently. To each, what they like is what they like. It's nobody's business to tell them it's better to do something that someone else would rather do.
I wish this could be pasted at the top of every thread. There would be almost no need for the internet if people subscribed to this line of thinking :)
Post Reply