Ah, there is more information about this WSJ article. 1. Its partially from Northern Trust. 2. Its their Wealth Advisor. 3. Its directed at folks in Chicago and 4. It is directed very much at someone in the upper class. They start with $400K in gross income, and add up expenses to $293K a year, which they state as being your income after taxes and 401K. The max 401k a year is $17K for 2014. So lets say they are bringing $310K in post-tax income. Thats a tax rate of 22%. I doubt that but Ill give you that. This is meant to help those with $400K type jobs save money, and in one way it does expose how expensive that kind of life can be. Club dues are necessary if you want to network with folks in the 400K club. Your kids are likely in very nice private schools, which require donations and whatnot to stay in the minds of the higher ups there. Your kids will have college funds that are stock-market based, and require a consistent sum to grow in time. i am not being snarky by saying that this is stressful just reading about it. We all imagine that making $400K is amazing because we imagine nothing else in our life changing. And its still amazing anyway, but its also expensive to upkeep - in that way its like XCOM or Warcraft or SimCity - its not an infinite money cheat - the more stuff you have, the more you need to spend to keep it all going. You kind of lose me at the $12.5K a family vacation, twice a year, but again 4 people flying to Nice, FRANCE biz class for 10 days will ring you up $12K. Or the $15K new car every year. But there are plenty of folks in Deerfield, or Highland Park, or Lake Forest, etc who are living this life. chicagoist/2014/09/11/wall_street_journal_plutocratic_dis.php
Posted on: Thu, 11 Sep 2014 17:27:44 +0000
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