Reply to Who is unapologetically Rich

Forum Index » Money and Finances

Reply to "Who is unapologetically Rich"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]Its about asset growth. If you take the time to build a base of investments and aggressively manage your DTI you can live a pretty solid lifestyle on a remarkably reasonable income (by DC standards anyway). Our DTI for instance is under 5%.

--Drive luxury vehicles (BMW, Acura, Audi, Mercedes, etc.); [b]BMW X3[/b]
--Live in a 1 million or more house in a nice neighborhood (NW DC, Bethesda, Chevy Chase, Arlington, McLean, or even Capitol Hill). [b]Close enough, ours was $920K. [/b]
--Fully fund retirement [b]Depends what you mean fully fund, but we max out both 401Ks[/b]
--Fully fund 529s so your kid can go to the best college they can get into, even private school [b]Again, not sure what fully funds exactly entails but we have $120K and our kids are 2 years old.[/b]
--Send your kids to private schools like Sidwell, NCS, GDS, etc. [b]Kids too young for this yet, but its being built into the budget.[/b]
--Have elaborate vacations that frequently involve international travel, like most spring or Christmas breaks the Caribbean or Hawaii along with more occasional big trips to Europe, Africa, or Asia. [b]Generally speaking we do Europe 1x a year and the Caribbean 2 or 3x a year. We own property in France and in Vail for skiing so those are common destinations for us. That said, we fly economy. Occasional travel to fancypants resorts like Amankila, St Regis, Waldorf. but those are more of a treat for us when we dont bring our kids. I have hotel points on Hilton and SPG which can often fund all or some of those stays. 2013 included three international trips and two domestics[/b]
--Afford music lessons, travel sports, tutors, and other enrichment, including expensive camps [b]No real interest in camps from our kids  but we do have our kids in music enrichment classes. [/b]
--Allow your kids to wear designer labels, like a freshman in high school wearing $150 dollar jeans (7s, Diesel, etc.) [b]This is one we dont do because it just seems exceptionally stupid[/b]
--Buy handbags that are 1000+ on occasion [b]Rarely for similar reason to above[/b]
--Invest some money in taxable investments after maxing out 401K and IRA  [b]
--Have the occasional date night at a high end restaurant where you can blow $250 dollars on food and wine on a nice tasting menu [b]Weekly date night, although we spend more like $100 to $150. [/b]

HHI is $300K. Its high certainly but not amazingly so. Low debt to income ratio is the key ladies. 
[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics