Comments on: Will $100K/year be enough for your style?

By: No Credit Needed » Blog Archive » Carnival Of Debt Reduction

No Credit Needed » Blog Archive » Carnival Of Debt Reduction — Tue, 12 Jun 2007 11:34:59 +0000

[...] Aridni: Asks if you can make it on 100k a year. My answer? YES! [...]

By: ChippingAway

ChippingAway — Wed, 02 Aug 2006 15:53:07 +0000

I don’t know if I agree with you, necessarily, Mark. The mechanic’s house WILL appreciate. Maybe not at the rate of a city dwelling, but it’s not losing him money or even remaining stagnant over, say, ten years. So if you take that into account, and if we assume that his other investment vehicles can make 10% annually over those ten years, is the city dwelling going to appreciate 10% more a year than the mechanic’s home? if not, then the mechanic truly is building more wealth.

By: Mark James

Mark James — Mon, 20 Mar 2006 19:26:54 +0000

One comment that is usually ignored in these discussions, is equity building.

Your mechanic who saves all his money is not going to accumulate as much wealth as the free-spending attorney, even if they keep similar income streams, simply because the high spending city person’s residence is going to accumulate wealth at a far faster rate than any investment vehicle.

What needs to be preached is a combination of frugality and WHERE/HOW to spend lavishly. (residences, anotherwards, in high growth areas)

By: My Boaz's Ruth

My Boaz's Ruth — Mon, 13 Mar 2006 15:29:12 +0000

My dad was mostly ALL in the corporate setting. He was suggested to wear suits, but no one ever said ANYTHING about his car. (He kept three beaters up so two would be running at any one time.)

We didn’t have a glitzy house. (Nice lower-middle class house)

Some of what is “expected” is in the mind. you see what others at your level in the business are buying/doing and think you have to do the same, that it is “expected” — but no company expects you to go bankrupt, that could adversely affect your working with them.

If you truly think there are expectations, sit down and find out what the concrete expectations are. And then figure out how you can do them perhaps differently — does the glitzy place to entertain HAVE to be your own house? Could you rent a place for the glitzy get togethers, or meet at a nice restaurant? Then you can have the house you want and won’t have to clean it up either.

By: claire

claire — Wed, 08 Mar 2006 15:47:50 +0000

An interesting post. To a certain extent, you have control over how glitzy your lifestyle is. But I agree with you that some careers require a certain amount of glitz if you want to do well. This is one of my hesitations about going from working in a university library to a corporate setting. I’d have to make A LOT more money if I was expected to wear suits, etc, but maybe I’d even have to replace my car. I don’t really know.