Anonymous
Post 03/16/2016 15:59     Subject: so who actually shops at Bloomingdales? Stays at 4/5 star resorts for $1000/night?
To the OP, what I've observed is that a lot of people buy expensive but consume less on the whole. They may life in a small house, drive a older car, but they'll spend $2k on a purse or treat themselves to an expensive vacation by staying at an expensive $1k/night hotel because "they are worth it" and YOLO.

The successful types are separated into two camps: those who work for others, and those who work for themselves. The ones that work for others tend to be a mixed bag when it comes to money and spending habits. Some of them will spend heavily as allowed by their "successful" income. Those who work for themselves tend to be more disciplined, since they had to make good decisions in order for their business to be successful.
Anonymous
Post 03/16/2016 13:19     Subject: Re:so who actually shops at Bloomingdales? Stays at 4/5 star resorts for $1000/night?
Why is this confusing? 1% of the population is still more than 3 million people
Anonymous
Post 03/16/2016 12:54     Subject: Re:so who actually shops at Bloomingdales? Stays at 4/5 star resorts for $1000/night?
There are a lot of people. 1 percent of 300 million is 3 million. Then there are the new upper classes from China and other recently developed economies. New wealth likes to spend. And as a number of posters have pointed out, those in the top quartile can easily afford luxuries if they don't have kids and/or aren't spending too much on housing. When I was single I shopped at Saks, traveled internationally, and stayed at five star hotels. Now that I have a house and kids, I shop at Joseph Bank and vacation at moderately-price nearby resorts, even though I make 2 to 3x as much.
Anonymous
Post 03/16/2016 12:40     Subject: so who actually shops at Bloomingdales? Stays at 4/5 star resorts for $1000/night?
Don't forget those who bought houses before the boom and have much smaller mortgages. I can't afford my parents house but they bought in 99 when they made less than I make now.
Anonymous
Post 03/16/2016 12:35     Subject: so who actually shops at Bloomingdales? Stays at 4/5 star resorts for $1000/night?
The costs associated with 'family' travel are high and climbing. As PP mentioned, Disney isn't real luxury but during spring break it's $800/night for the Polynesian. But, we want to stay on the monorail and don't like taking the kids out of school to travel.

We also take a romantic couples trip around our anniversary every year. We splurge on the oceanfront rooms, couples massages, nice dinners, etc. for this annual trip.

Life is short. My Dad died in his mid-60s. Kids will have flown the nest within a decade. I'm maximizing the family travel while they can't opt out!
Anonymous
Post 03/16/2016 09:42     Subject: so who actually shops at Bloomingdales? Stays at 4/5 star resorts for $1000/night?
Anonymous wrote:I always wonder this.
We have a HHI of close to $400K. So by just about any standard we are doing well. Even in NW DC we're in the top 2%. I know we're not middle class.
But after we pay our mortgage, save for retirement (2 401ks), save a bit for college (3 kids), pay for our kids' extracurriculars, pay for home repairs and improvements as they come up, etc
we live a pretty simple life.
We buy clothing at the Gap on sale and only when things wear out, dinners out are at Nando Peri Peri (and maybe twice a year at someplace decent downtown).
We can afford to fly to Europe (5 tickets) every other year or so (but we watch fare sales for weeks and we scour the Airbnb listings to find a nice but cheap rental).
So while we live a very nice life we're also watching our spending at every turn so that we can afford things like international tickets every year or so.

If $400k gets you this, who can afford all those luxuries that surround us here in DC? I sometimes wonder. Are there that many people who just make an infinite amount of money?



We make what you make, but paid off our mortgage, have only 2 kids and are undoubtedly older. We have disposable income now, even with maxing our 401(k)s and kids' college funds.
Anonymous
Post 03/16/2016 06:12     Subject: so who actually shops at Bloomingdales? Stays at 4/5 star resorts for $1000/night?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I always wonder this.
We have a HHI of close to $400K. So by just about any standard we are doing well. Even in NW DC we're in the top 2%. I know we're not middle class.
But after we pay our mortgage, save for retirement (2 401ks), save a bit for college (3 kids), pay for our kids' extracurriculars, pay for home repairs and improvements as they come up, etc
we live a pretty simple life.
We buy clothing at the Gap on sale and only when things wear out, dinners out are at Nando Peri Peri (and maybe twice a year at someplace decent downtown).
We can afford to fly to Europe (5 tickets) every other year or so (but we watch fare sales for weeks and we scour the Airbnb listings to find a nice but cheap rental).
So while we live a very nice life we're also watching our spending at every turn so that we can afford things like international tickets every year or so.

If $400k gets you this, who can afford all those luxuries that surround us here in DC? I sometimes wonder. Are there that many people who just make an infinite amount of money?



ppl who don't have 3 kids...


Bingo! thats is where your money is going. Those of us that thoughtfully stopped at one child happily can afford to enjoy DC and beyond -- not every other year but every year. DH and I stopped complaining once we hit 100k and we kept growing financially. You are beyond blessed. Stop and smell the roses.



I really don't understand the folks who make 400k, have 3 kids, and complain that their money goes so fast. It's like they hit a certain income threshold and they brashly decide that they too can be like those rich folks we always see on TV who have 3 or 4 kids. A 400k income is common in this area and it doesn't get you far. It can put a roof over your head, food on the table, and lets you set aside a bit for later but you certainly can't do luxury shopping or travel all the time.
Anonymous
Post 03/16/2016 06:06     Subject: so who actually shops at Bloomingdales? Stays at 4/5 star resorts for $1000/night?
Anonymous wrote:
i guess the moral of the story is that you can't under estimate how expensive kids really are.
When I was in my 20's I went to Europe a lot and stayed in low end hotels or hostels. Now a trip to Europe is a giant expense because airfare alone for 5 people is $5K. Instead of buying fish and chips for one, we're feeding 5.
It's remarkable how you can earn what by standard is a great income ($400K) and still be no where near being able to afford luxury goods (aside from an occasional anniversary-type splurge). Sure, i could buy the $3K handbag. I have the money in the bank.
but it will stress me out because I have 3 looming college tutions, and then there is grad school......

Kids just suck up an unbelievable amount of money. My oldest son is turning out to be a great soccer player who is crazy obsessed with the game (4th grade). He plays travel soccer. Our local program just cost us $3500 (all fees, tournaments, required winter training, required week of summer camp etc) for this year. And we didn't go
looking for the most expensive, high end program. He just tried out for the travel team of our rec league and suddenly we're paying $3500 over the course of the next 12 months. Our youngest loves the piano. So we're paying weekly lessons.
At $36/week plus recital that's another $2K/year. It just all adds up and so our baseline lifestyle remains unchanged from what it was 10 years ago.
We're making a very respectable income (which I and the government and just about everyone on the planet would actually say is a HIGH income) and splurges are few and very far between.


I hope when the college tuition bubble crashes so does this idea that parents have to fund every cent of their children's education. You would seriously pay for grad school on top of college? Sorry. Not happening in my house. At a certain point I'm done bleeding out because you want 3 degrees. Perhaps covering one makes sense but funding advanced education for Masters and PhD's as parents seems nuts.
Anonymous
Post 03/16/2016 00:24     Subject: so who actually shops at Bloomingdales? Stays at 4/5 star resorts for $1000/night?
Anonymous wrote:
Anonymous wrote:I always wonder this.
We have a HHI of close to $400K. So by just about any standard we are doing well. Even in NW DC we're in the top 2%. I know we're not middle class.
But after we pay our mortgage, save for retirement (2 401ks), save a bit for college (3 kids), pay for our kids' extracurriculars, pay for home repairs and improvements as they come up, etc
we live a pretty simple life.
We buy clothing at the Gap on sale and only when things wear out, dinners out are at Nando Peri Peri (and maybe twice a year at someplace decent downtown).
We can afford to fly to Europe (5 tickets) every other year or so (but we watch fare sales for weeks and we scour the Airbnb listings to find a nice but cheap rental).
So while we live a very nice life we're also watching our spending at every turn so that we can afford things like international tickets every year or so.

If $400k gets you this, who can afford all those luxuries that surround us here in DC? I sometimes wonder. Are there that many people who just make an infinite amount of money?



ppl who don't have 3 kids...


Bingo! thats is where your money is going. Those of us that thoughtfully stopped at one child happily can afford to enjoy DC and beyond -- not every other year but every year. DH and I stopped complaining once we hit 100k and we kept growing financially. You are beyond blessed. Stop and smell the roses.
Anonymous
Post 03/15/2016 14:51     Subject: so who actually shops at Bloomingdales? Stays at 4/5 star resorts for $1000/night?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:::shyly raises hand::

DH and I are both trust fund babies. On top of that, I'm the only grandchild on both sides of my family. On top of that, my parents are divorced. On top of that my father feels a lot of guilt for how he handled his relationship with me during the divorce so threw money at that problem - I got ridiculously high child support through college AND grad school (both of which were paid for by trusts). I used that money to invest in real estate and then sold some at a profit.

I flew coach once, to see what it was like. But yes, we travel a lot (it'll be less once our kids are in school), we will buy clothing at full price, we take the nanny on vacation, etc.

That being said, DH and I both work. Real jobs with benefits - not like, managing our portfolios or like that Katie woman on RH of Potomac. That said, we shop at Costco, we totally have a hand-me-down network going with some close friends who also have daughters, etc.


If I had money I would totally fly 1st class or business. But are the $1000/night resorts really worth it?


Yes, yes they are. I have never cooked on vacation, except as a fun afternoon baking activity with DD4 while DD2 napped. But meals? Hell no.


You know you can spend $250-300 night and not have to cook on vacation either?
Anonymous
Post 03/15/2016 14:48     Subject: so who actually shops at Bloomingdales? Stays at 4/5 star resorts for $1000/night?
Anonymous wrote:I always wonder this.
We have a HHI of close to $400K. So by just about any standard we are doing well. Even in NW DC we're in the top 2%. I know we're not middle class.
But after we pay our mortgage, save for retirement (2 401ks), save a bit for college (3 kids), pay for our kids' extracurriculars, pay for home repairs and improvements as they come up, etc
we live a pretty simple life.
We buy clothing at the Gap on sale and only when things wear out, dinners out are at Nando Peri Peri (and maybe twice a year at someplace decent downtown).
We can afford to fly to Europe (5 tickets) every other year or so (but we watch fare sales for weeks and we scour the Airbnb listings to find a nice but cheap rental).
So while we live a very nice life we're also watching our spending at every turn so that we can afford things like international tickets every year or so.

If $400k gets you this, who can afford all those luxuries that surround us here in DC? I sometimes wonder. Are there that many people who just make an infinite amount of money?



ppl who don't have 3 kids...
Anonymous
Post 03/15/2016 14:10     Subject: so who actually shops at Bloomingdales? Stays at 4/5 star resorts for $1000/night?
I just booked a 4.5 star hotel in NYC for a weekend trip on Hotwire for $250/night.

Anyway, I spent a lot on certain things and not others. My dresses are cheap, my scarves, bags, and jewelry are high end. Came from a pretty rich family and make a lot of money, and I can be sort of eccentric in my spending as a result.
Anonymous
Post 03/15/2016 14:04     Subject: so who actually shops at Bloomingdales? Stays at 4/5 star resorts for $1000/night?

i guess the moral of the story is that you can't under estimate how expensive kids really are.
When I was in my 20's I went to Europe a lot and stayed in low end hotels or hostels. Now a trip to Europe is a giant expense because airfare alone for 5 people is $5K. Instead of buying fish and chips for one, we're feeding 5.
It's remarkable how you can earn what by standard is a great income ($400K) and still be no where near being able to afford luxury goods (aside from an occasional anniversary-type splurge). Sure, i could buy the $3K handbag. I have the money in the bank.
but it will stress me out because I have 3 looming college tutions, and then there is grad school......

Kids just suck up an unbelievable amount of money. My oldest son is turning out to be a great soccer player who is crazy obsessed with the game (4th grade). He plays travel soccer. Our local program just cost us $3500 (all fees, tournaments, required winter training, required week of summer camp etc) for this year. And we didn't go
looking for the most expensive, high end program. He just tried out for the travel team of our rec league and suddenly we're paying $3500 over the course of the next 12 months. Our youngest loves the piano. So we're paying weekly lessons.
At $36/week plus recital that's another $2K/year. It just all adds up and so our baseline lifestyle remains unchanged from what it was 10 years ago.
We're making a very respectable income (which I and the government and just about everyone on the planet would actually say is a HIGH income) and splurges are few and very far between.
Anonymous
Post 03/15/2016 14:02     Subject: so who actually shops at Bloomingdales? Stays at 4/5 star resorts for $1000/night?

I don't.

I prefer to spend the money on international travel, and as you said, as a family of 4, it gets expensive.

Anonymous
Post 03/15/2016 14:00     Subject: so who actually shops at Bloomingdales? Stays at 4/5 star resorts for $1000/night?
We are in the 400k bracket and so stay at the 1k resorts for big trips. For smaller trips, we spend much less. We fly business generally using points. We are all about the points. We save and both grew up comfortably. Our kids are in charters. We basically shop all over but rarely pay full price. That is the key.