$1k/day

[TexasHusker]

Since $1K/day is obviously $365K/year, this means that not only are you not saving, but are even deficit spending.

Or are you or I misunderstanding the scenario?

Every dollar that leaves the bank account - whether it is for a new shaver or an investment or Uncle Sam, is a spent dollar.

And I do need a new shaver.

[Singuy]

Every dollar that leaves the bank account - whether it is for a new shaver or an investment or Uncle Sam, is a spent dollar.

And I do need a new shaver.

What? Investment and taxes count? Then anyone making 365k/year is spending 1k/year based on that formula...

[disneysteve]

Every dollar that leaves the bank account - whether it is for a new shaver or an investment or Uncle Sam, is a spent dollar.

That makes no sense at all.

How can you count a dollar that you transfer from your checking account to your investment account as "spent"? You still have that dollar. You're just keeping it somewhere different.

[Singuy]

I know a family who lives pretty close to paycheck to paycheck with an annual household income of 200k/year post tax. So they are spending 550/day..not even close to 1k/day.

[TexasHusker]

That makes no sense at all.

How can you count a dollar that you transfer from your checking account to your investment account as "spent"? You still have that dollar. You're just keeping it somewhere different.

I only have the dollar if someone is willing to give it back to me should I decide to sell the investment. The only way the dollar is still mine is if I'm a "loaner" - I'm loaning my money to someone through a CD, bond, or note. And even then there is no guarantee I'm getting that dollar back, unless protected by the FDIC, SIPC, or similar.

[TexasHusker]

What? Investment and taxes count? Then anyone making 365k/year is spending 1k/year based on that formula...

Winner winner chicken dinner!

[Nutria]

I only have the dollar if someone is willing to give it back to me should I decide to sell the investment. The only way the dollar is still mine is if I'm a "loaner" - I'm loaning my money to someone through a CD, bond, or note. And even then there is no guarantee I'm getting that dollar back, unless protected by the FDIC, SPIC, or similar.

spend
verb
1. pay out (money) in buying or hiring [b]goods or services[/b].
"the firm has spent $100,000 on hardware and software"

Are equities and houses considered "goods"? This web site (specifically, #2 "economic goods") seems to think so.

But assets like this are typically not categorized in the same way as non-assets like socks, food and electricity.

[TexasHusker]

there are much more important topics than this, including how much do you shave per month.

[sv2007]

How much would you have to be making to spend $1k for one day? Either buying something or doing something that costs $1k/day?

Just curious as to answers.....I will explain later.

For how long?

If it's for only a few days, then I think any average income would do. For example, how many have taken a first-class vacation? I'd bet a lot of folks, e.g. honeymoon, anniversaries

If it is $1k/day everyday, then you only have to earn more than that, so $1k * 360 = $360k / .6 = $720k/yr pre-tax

[sv2007]

Hilarious. Most people are close to the number my DH said at least $500k or more. Nah a friend and her husband are taking sailing classes at the price of $1k/day per person so $4k for 2 all day classes for both of them.

This is part of a bigger story.

Well, that changes everything.

It can be done on very ordinary income. In fact, that's what saving $ is all about. To be able to do the things you want to in life.

BTW, I've taken some classes in Austin TX around 2005 and they were cheaper, like $500 for a packaged deal for ASA101/103 over 2 weekends. Has prices gone up so much?

[Nutria]

there are much more important topics than this, including how much do you shave per month.

I think it's interesting how people see differing meanings of words that we all think/assume that we know.

[Fishindude77]

I'm with Husker on this. When you take your own money and sink it in an investment, there is no guarantee that you are going to get it back, so technically it is "spent".

I wouldn't have horrible difficulty spending $1K per day, $365K per year and not do any saving. You just need to know how to have fun.

[corn18]

I guess I spend more than $1k a day.

$402.52 (24.5%) = Spend to live
$648.10 (39.4%) = Savings
$592.93 (36%) = Taxes (Federal, state, local, FICA, real estate)

$1,643.55 Total

The taxes are irritating, but the savings makes me happy.

[Singuy]

I'm with Husker on this. When you take your own money and sink it in an investment, there is no guarantee that you are going to get it back, so technically it is "spent".

I wouldn't have horrible difficulty spending $1K per day, $365K per year and not do any saving. You just need to know how to have fun.

Then we should rename this website into "spendingadvice.com"

[tripods68]

I guess I spend more than $1k a day.

$402.52 (24.5%) = Spend to live
$648.10 (39.4%) = Savings
$592.93 (36%) = Taxes (Federal, state, local, FICA, real estate)

$1,643.55 Total

The taxes are irritating, but the savings makes me happy.

1643.55 X 365 days = $599,895.75 Annual Gross Pay.