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What kind of income do I need to earn to afford this lifestyle?
I'm currently in college and have recently been engaged in the process of planning my future lifestyle, as well as the level of income necessary to enable such a lifestyle. These are the items I would like to own: - Three cars: a Porsche Carrera, a Lamborghini (older, used model, of course) and a luxurious "daily driver," such as a Cadillac XLR - A $500,000-$600,000 home - Designer clothing (Versace, Armani, etc.) - Regular dining schedules at 4-star restaurants I realize that these are financially grueling luxuries that can only be afforded with the income earned by a job paying at least six-figures. However, my question is, what is an optimal income which will comfortably maintain the above aspects of my desired lifestyle? Currently, I plan to apply to medical or dental school, but I am interested in considering other opportunities, as these paths will take many years to complete. Are there any financial, etc. careers that don't require connections, etc.? So I'd need to make 7 figures just to afford a $500,000 house and the three cars I mentioned? When I wrote that I wanted a Lamborghini, I meant an older, used model -- such as a 1993 model for $80,000. I would also purchase a used Cadillac XLR, and, of course, I would purchase a used Carrera. I see so many people living in $500,000 (or more expensive) homes and driving two or three Mercedes, BMWs, etc. What are they doing that is so special? They don't strike me as "rich people," but they're doing something right. Hermoder -- Thanks a lot; that's the kind of answer I'm looking for. $300k is exactly the kind of money I could be looking to make as a doctor, especially if I become an anesthesiologist or radiologist. Dr. K -- You say to become a currency broker (or some other highly sought-after financial career), but do you realize that very few people actually break into the $250k+ level of income? Whereas, if I go to medical school and match into a competitive residency (such as anes. or rad.), I will be essentially guaranteed to make $250k/year or more. I think I'll go with the "guaranteed" path.
Public Comments
- I make six figures... You might want to try for 7. 6 isn't all that it' cracked up to be. From your taste you might want to try something in Major League Baseball. I hear the Yankees are always hiring. They also pay well.
- I would guess you would need closer to a 7 figure income ... don't forget all the extra taxes, maintenance fees, etc. that you would be paying for a lifestyle like that. Can you sing or act? May want to go to acting school... not medical!! ---more details to what you added: A LOT of people are living way beyond there means. It is not unusual for people these days to be several hundred thousand dollars in debt. OR they have a 2 income household where 2 people are making over $500k a year. But most likely, they are in debt up to their eyeballs. OH! I also wanted to say when my husband and I were both working (I am home with the kids now) we made 6 figures. We had 2 plain old cars (a pick up and a vibe with not many frills) and a $220 house. We were comfy .. not rolling in it but not poor either.
- You'd need millions a year. P.S. Also consider insurance on those cars and rememebr that Doctors, dentists, and the like pay gobs of money for malpractice insurance. It may be better renting/leasing one of the cars you mentioned.
- You could take the "fake it till you make it" approach and become deeply indebted like the rest of the country. You're going to find a lot of those dreams may evaporate once you get a spouse and kids. Nice things might make you feel good, but they're not worth the hassle. Remember for every one of those fancy things, there's going to be someone who is envious of you, and you're just going to be a target.
- I concur. You need a 7 figure income for that kind of lifestyle. I'm a doc, and even I don't have any of those except the house. Let's cut to the chase, shall we? You're obviously in it for the money. So do us a favor, don't be a doctor or any other health care provider. You'll do a lousy job and you'll be broke. Why? Because patients come first, even ahead of money. And patients can smell a greedy doctor a mile away. If you're truly in it for the money, go become a stock broker. It's easy to be a broker, you don't even need a HS diploma, just be 18yrs old, and pass the Series 7 & 63. You only need one skill... the ability to sell. If you can sell well, you can make 6 figures in a year, even 7 figures. If you truly want to make an insane amount of money and you can handle high stress very well, then go become a currency broker. My old college buddy makes $300-500k a month. That's right, a month, not a year.
- I disagree that more than $1 million/year would be required. If we assume that the combined value of your home and Vechile is $700,000, and that you borrow the entire sum at 7%, you will would make interest payments of ~$50,000/year. Additonal expenses would likely amount to at least twice this housing/vechile budget (particularly if you don't wan't to scrimp for the cars and house), so you would require an after-tax income of at least 150K. At a 40% total tax rate (federal and state), you pretax should be at least 250K. You will also wish to save for retirement, so we can arbitrarily round this to $300K.
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