If yuo made a six figure salery...
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Re: Re: 6 figures
What he said !!!
Originally posted by jseah
true...six figures don't mean shit.......
I remember back when I was a pimply faced teen in high school, I used to think that if I could earn 40-50k a year, I would be loaded and would want for nothing. If I was told back then that I would be earning the money I do now, I would have said that you were crazy. But the more you make, the more "expensive" your lifestyle becomes.....so net net, you still don't have a whole lot of extra cash as the end of the day.
true...six figures don't mean shit.......
I remember back when I was a pimply faced teen in high school, I used to think that if I could earn 40-50k a year, I would be loaded and would want for nothing. If I was told back then that I would be earning the money I do now, I would have said that you were crazy. But the more you make, the more "expensive" your lifestyle becomes.....so net net, you still don't have a whole lot of extra cash as the end of the day.
Just weighing in.
FWIW, I am a relatively young single guy and make six figures (with 1 being the first digit).
After factoring in paying school loans, renting a one b/r apt in manhattan, garaging a car and an active social life, there isn't much dinero left over.
I'm at an age where I devote most of my expendable income to going out with friends, picking up and dating girls but one should not think that six figures gets you all that far.
Whats left at the end of the day doesn't allow me to hobby often, much less entertain thoughts of high end hookers (of course strippers are another thing entirely).
FWIW, I am a relatively young single guy and make six figures (with 1 being the first digit).
After factoring in paying school loans, renting a one b/r apt in manhattan, garaging a car and an active social life, there isn't much dinero left over.
I'm at an age where I devote most of my expendable income to going out with friends, picking up and dating girls but one should not think that six figures gets you all that far.
Whats left at the end of the day doesn't allow me to hobby often, much less entertain thoughts of high end hookers (of course strippers are another thing entirely).
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I wonder what fraction of "household incomes" in the US are $100,000 or greater? I'll bet it is pretty small, so 6-figures is the upper end in some sense.
Anyway, I suspect that one reason it does not feel like so much is that most people making that much get there gradually over a good number of years and also gradually increase their spending on almost everything to match their increasing incomes. They live in bigger houses, drive newer and nicer cars, eat in better restaurants, wear fancier clothes and shoes, take more expensive vacations and so forth. If, instead, someone jumped from some low income directly into the 6-figure range and was thus in a position to allocate their money in a more "zero-based" sense, I bet it would come out rather differently for most people. They might put a much bigger chunk of the increase into one or a few things that were really important to them (including perhaps the hobby for some).
-Ww
Anyway, I suspect that one reason it does not feel like so much is that most people making that much get there gradually over a good number of years and also gradually increase their spending on almost everything to match their increasing incomes. They live in bigger houses, drive newer and nicer cars, eat in better restaurants, wear fancier clothes and shoes, take more expensive vacations and so forth. If, instead, someone jumped from some low income directly into the 6-figure range and was thus in a position to allocate their money in a more "zero-based" sense, I bet it would come out rather differently for most people. They might put a much bigger chunk of the increase into one or a few things that were really important to them (including perhaps the hobby for some).
-Ww
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Originally posted by devils 1 fan
Here is my view:
The salary would have to be mid-6 figure to really enjoy the better things in life. If that was the case I would find one of the "high end" quality independents. There are a lot of them out there. I would see the provider once or twice a month.
Here is my view:
The salary would have to be mid-6 figure to really enjoy the better things in life. If that was the case I would find one of the "high end" quality independents. There are a lot of them out there. I would see the provider once or twice a month.
Would you see 2 $5,000 prostitutes a month or 50 $200 prostitutes a month ? (Or, etc, etc, etc)
At 500K you'd be able to see just about any lady you want just about as much as you want. (Unless of course you bought a penthouse at 50th and Madison, or some other extravagances like that (grin))
Originally posted by Wwanderer
I wonder what fraction of "household incomes" in the US are $100,000 or greater? I'll bet it is pretty small, so 6-figures is the upper end in some sense.
Anyway, I suspect that one reason it does not feel like so much is that most people making that much get there gradually over a good number of years and also gradually increase their spending on almost everything to match their increasing incomes. They live in bigger houses, drive newer and nicer cars, eat in better restaurants, wear fancier clothes and shoes, take more expensive vacations and so forth. If, instead, someone jumped from some low income directly into the 6-figure range and was thus in a position to allocate their money in a more "zero-based" sense, I bet it would come out rather differently for most people. They might put a much bigger chunk of the increase into one or a few things that were really important to them (including perhaps the hobby for some).
-Ww
I wonder what fraction of "household incomes" in the US are $100,000 or greater? I'll bet it is pretty small, so 6-figures is the upper end in some sense.
Anyway, I suspect that one reason it does not feel like so much is that most people making that much get there gradually over a good number of years and also gradually increase their spending on almost everything to match their increasing incomes. They live in bigger houses, drive newer and nicer cars, eat in better restaurants, wear fancier clothes and shoes, take more expensive vacations and so forth. If, instead, someone jumped from some low income directly into the 6-figure range and was thus in a position to allocate their money in a more "zero-based" sense, I bet it would come out rather differently for most people. They might put a much bigger chunk of the increase into one or a few things that were really important to them (including perhaps the hobby for some).
-Ww
If the latter, yes, still a pretty small percentage. But for the former, don't forget there are plenty of 2 income households right now. In many families husband and wife both have to work if they have any kids and even if they don't the wife still works a good bit of the time anyway.
But your points are well-taken. Income increases gradually and expenses seem to increase right along with it, leaving "luxury" items last for most (and these ladies ARE luxury items. (grin))
Let not let the facts get in the way of a good argument
According to the IRS's 1999 tax distribution tables, only 7% of New York state residents had household Agjusted Gross Incomes of over $100,000, 3% had over $200,000 and 1% made over $.5 million.
Now since these numbers are heavily depressed by a bunch of farmers from upstate, I think we could roughly double those percentages if we are talking about the NY Metro area.
According to the IRS's 1999 tax distribution tables, only 7% of New York state residents had household Agjusted Gross Incomes of over $100,000, 3% had over $200,000 and 1% made over $.5 million.
Now since these numbers are heavily depressed by a bunch of farmers from upstate, I think we could roughly double those percentages if we are talking about the NY Metro area.
Re: Let not let the facts get in the way of a good argument
PJ, since you seem to have these numbers at your fingertips, I wonder if you have the corresponding figures for the country as a whole?
(Also, is 1999 the most recent year for which they have made the figures available for some reason? It would be just like the govt; they are in no rush at all, but try paying your taxes several years late!)
-Ww
Originally posted by pjorourke
According to the IRS's 1999 tax distribution tables, only 7% of New York state residents had household Agjusted Gross Incomes of over $100,000, 3% had over $200,000 and 1% made over $.5 million.
According to the IRS's 1999 tax distribution tables, only 7% of New York state residents had household Agjusted Gross Incomes of over $100,000, 3% had over $200,000 and 1% made over $.5 million.
(Also, is 1999 the most recent year for which they have made the figures available for some reason? It would be just like the govt; they are in no rush at all, but try paying your taxes several years late!)
-Ww
For argument’s sake, let’s say that you earned $500,000 per year. This translates to $41,667 gross per month. Assuming the hypothetical person is single, using the 2003 tax rates, the federal income tax on this would be $139,863, NY state income tax is $36,938, NY city tax is 20,931, Social Security is $5,394 and Medicare tax is $7,250. So, from that $500,000, the after tax take home pay would be $289,624. This would translate to a net take home pay of $24,135 per month.
Now looking at other monthly expenses (all approximate values)
Rent - $5,000 (nice two bedroom in a doorman building in a nice neighborhood)
Car payment - $1,000 (you have to drive a nice car if you make that much money)
Gasoline & other auto maintenance - $200
Car insurance - $300
Renter’s insurance - $100
Parking - $300
Club dues - $200
Cell phone - $150
Cable - $125 (all premium channels plus cable modem)
Telephone - $40 (still need a land line)
Utilities - $100 (do you have to pay utilities in NYC if you rent?)
Food - $1,000 (this includes groceries to stock the fridge and eating out at least once a week)
Laundry - $300 (if you make that much, you can pay someone to wash your shorts)
Taxis & other public transportation - $200
Clothing - $300
Taking out these regular monthly expenses, this leaves $14,820 per month out of your income. Note that this does not take into account savings, planning for retirement, investments, saving for vacations, other mad money. If you were to stick with $300 per hour sessions, but have one every single day, this would knock off an additional $9,000 to $9,300 per month off the $14,280, but it also does not leave much left.
Of course this is a very simplified calc and does not take into account planning for the future (i.e. investing in a house, etc.), but it does give you an idea of how much the money can stretch.
Now looking at other monthly expenses (all approximate values)
Rent - $5,000 (nice two bedroom in a doorman building in a nice neighborhood)
Car payment - $1,000 (you have to drive a nice car if you make that much money)
Gasoline & other auto maintenance - $200
Car insurance - $300
Renter’s insurance - $100
Parking - $300
Club dues - $200
Cell phone - $150
Cable - $125 (all premium channels plus cable modem)
Telephone - $40 (still need a land line)
Utilities - $100 (do you have to pay utilities in NYC if you rent?)
Food - $1,000 (this includes groceries to stock the fridge and eating out at least once a week)
Laundry - $300 (if you make that much, you can pay someone to wash your shorts)
Taxis & other public transportation - $200
Clothing - $300
Taking out these regular monthly expenses, this leaves $14,820 per month out of your income. Note that this does not take into account savings, planning for retirement, investments, saving for vacations, other mad money. If you were to stick with $300 per hour sessions, but have one every single day, this would knock off an additional $9,000 to $9,300 per month off the $14,280, but it also does not leave much left.
Of course this is a very simplified calc and does not take into account planning for the future (i.e. investing in a house, etc.), but it does give you an idea of how much the money can stretch.
WW - Yes, tax & income distribution tables are near and dear to my heart. If you really want to get me apoplectic, just get me started on the share of total taxes by income level.
Anyways, to answer your question. The national data (based on preliminary 2001 AGI) shows the following pattern
>=$100,000 : 7.5%
>=$200,000 : 1.9%
>=$500,000 : 0.4%
>=$1,000,000 : 0.2%
>=$2,000,000 : 0.1%
The 7.5% of returns that show an AGI over $100,000 is down about 1% from the 1999 data. The difference is probably from missing stock option gains.
You can see for yourself at: http://www.irs.***/pub/irs-soi/01in03at.xls
p.s. The breakdown by state is not as current as the national data.
(replacing the *** with you know what)
Anyways, to answer your question. The national data (based on preliminary 2001 AGI) shows the following pattern
>=$100,000 : 7.5%
>=$200,000 : 1.9%
>=$500,000 : 0.4%
>=$1,000,000 : 0.2%
>=$2,000,000 : 0.1%
The 7.5% of returns that show an AGI over $100,000 is down about 1% from the 1999 data. The difference is probably from missing stock option gains.
You can see for yourself at: http://www.irs.***/pub/irs-soi/01in03at.xls
p.s. The breakdown by state is not as current as the national data.
(replacing the *** with you know what)
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Originally posted by jseah
Assuming the hypothetical person is single,
Assuming the hypothetical person is single,
-Ww
Originally posted by Wwanderer
If you assumed this hypothetical individual were married, the taxes would be lower, but you'd have to assume that the spouse was spending or at least "watching" almost all of their money. It is harder to make such a calculation of course, but I am afraid that it is the relevant one for most hobbyists with 6-figure incomes.
-Ww
If you assumed this hypothetical individual were married, the taxes would be lower, but you'd have to assume that the spouse was spending or at least "watching" almost all of their money. It is harder to make such a calculation of course, but I am afraid that it is the relevant one for most hobbyists with 6-figure incomes.
-Ww
Originally posted by pjorourke
If you really want to get me apoplectic, just get me started on the share of total taxes by income level.
If you really want to get me apoplectic, just get me started on the share of total taxes by income level.
But maybe an interesting variant (for General) would be the fraction of total national commercial sex expenditures by income level and average fraction of income spent on hobbying by income level and so forth.
-Ww
Originally posted by jseah
wwanderer,
If you really want to get depressed, you could always have pj pull up cost distribution of the average cost of commercial sex providers by geographic area.
wwanderer,
If you really want to get depressed, you could always have pj pull up cost distribution of the average cost of commercial sex providers by geographic area.
-Ww
Originally posted by Wwanderer
Feel free, of course...though Off Topic would be a better place. Maybe you will get lucky and skagen will appear and argue with you.
Feel free, of course...though Off Topic would be a better place. Maybe you will get lucky and skagen will appear and argue with you.
Skagen: [blah] [blah]
PJ: [ignore]
Skagen: [blah] [blah]
PJ: [ignore]
Skagen: [blah] [blah]
PJ: [ignore]
Skagen: [blah] [blah]
PJ: [ignore]