Reply to Your income, HHI, and spending on “luxuries”

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[quote=Anonymous][quote=Anonymous]Curious about how much folks spend on things like jewelry, designer clothing, bags, cars and the like. If you want throw in travel, too. Curious in relation to your own personal income as well as HHI.

Realize everyone’s priorities are different, but I’m very curious about how much folks who, say, spend $10K on a piece of non-engagement jewelry are making.

Personally I make $280K, with a HHI around $400 and I still feel anxious about a $1K purchase let alone more than that! [/quote]

We are in our 30s with HHI $680K (lots of growth potential over next 4-5 years) and $5 million trust we hopefully won’t touch. NW is around $7 million. We have 3 kids under 5, oldest turning 5 in a few months. $0 spending on purses, jewelry, or cars. We drive Toyotas and plan to replace after 10-11 years and will pay cash. My husband works at an investment bank and spent about $1K this year on office clothes  :roll: . I am remote so don’t dress to impress. I replace clothing when needed and mostly use gift cards I receive for holidays. Our luxuries are having three children, paying for a nanny for our three children (45 hours/week), affording small group tennis and swim classes as well as other sports offerings for our kids, house cleaning twice a month, outsourcing yard maintenance, and providing our kids with a great education (grandparents are paying for college, so we are covering private and good preschool starting at 2).

We are not spending much on vacation right now but in the next few years it will be a line item and I would estimate it will be about $6K (flights to FL and week-long rental car to stay at family vacation home and house rental for 5 days in coastal New England).

Our goals in the next decade are to save to do large (luxury) renovations on our house, invest as much as we can ($150K+), and cover great childcare, education, and enrichment for our kids. Hopefully in the two decades after that we will be able to invest even more and take a few bigger international vacations with our kids.

I might get a luxury handbag or car when my kids are out of school but I would much rather channel that money to support philanthropic causes that are close to my heart. [/quote]

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