$1k/day

[LivingAlmostLarge]

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.

[~bs]

Depends on what type of spending it is. If youre spending money to make money, its a different story from spending simply to consume items. With a 2 week business cycle, youd only need 14k to support that type of spending. I spend a lot more than 1k per day. Unfortunately I dont have an income that supports spending that amount in personal expenses. Lol

[kork13]

If I were spending $1k/day ($365k/yr), I'd want to have at least $750,000 per year in gross income.

Assuming a 25% effective tax rate (I have no idea if that's a reasonable guesstimate, but I'm gonna roll with it), that's $187.5k right off the top to Uncle Sam. Beyond that, I'd still want to save/invest at least 25% of my gross, because let's face it -- if I'm able to blow through $1k/day, I'm going to want to be able to continue doing that when I'm old, wrinkled, and crotchety. So that's another $187.5k I'll need every year. Add in my bare-bones budget of $365k in annual expenses, and that will leave me with a measly $10k in unallocated income. Pocket change!!! But if I truly HAD to go with my ABSOLUTE minimum, it would have to be not a cent less than $750k/year. Anything less, and it's just not doable.

[bjl584]

Probably somewhere approaching a million a year. But, i think that I'd run out of stuff to buy pretty quit. I can't see myself spending $1K a day every single day even if I had the means to do so.

[Chart_oasis_man]

So just out of curiousity, why did you ask this, LivingAlmostLarge? :-)

[MonkeyMama]

At no amount of income would I spend $365k per year.

& keep in mind those big incomes are BIG taxed. It's never near as much as it sounds once the IRS takes their share.

[disneysteve]

We currently live on about 50% of our gross income minus taxes, health insurance, and savings. So to live on a measly $1,000/day and maintain that same ratio, we'd need to earn about $730,000. Now that is not an accurate estimate because the cost of health insurance wouldn't scale up with our income, taxes would be higher but not that much higher, and many basic living costs wouldn't change (a gallon of gas would still be the same price, for example). So in reality, we could probably earn considerably less, still maintain our savings rate, and have enough to comfortably spend that $1,000/day. I'll take a guess and say $650,000.

[UnknownXV]

If spending $1,000 a day includes everything, mandatory expenses as well as fun, then I would clock your total annual income (after taxes) at $467,600. Before taxes you're looking at about $650,000.

This way, you could spend $1,000 a day, as well as save $8,550 a month. At this rate, assuming an average 5% return for 35 years (I'm assuming you're 30 with 10k in savings and will retire at 65), you will be able to withdraw $20,000 a month in your retirement years for 30 years. Your total retirement fund will be $9,543,585.

[LivingAlmostLarge]

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.

[MonkeyMama]

Is this just a one-time expenditure though? I think we all took this question to mean spending $365k per year. I mean, you obviously don't need a huge income to make a $4,000 splurge. People do it all the time with vacations and such.

[BuckyBadger]

I read your other thread. You seem to have a strange obsession with how your friend spends her money. What does it matter toyou? Is she hitting you up for loans?

I also agree that spending $1k a day is vastly different than spending $1k EVERY day. I often spend $1k in a day, but never have I dine it for 365 consecutive days. Neither has your friend apparently.

[TexasHusker]

We spend around $1K a day, but that includes taxes and everything else. We are trending toward $360K income this year.

[Nutria]

We spend around $1K a day, but that includes taxes and everything else. We are trending toward $360K income this year.

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?

[Koolmagicguy]

And I thought spending $30/day was a lot. Costs me $30 a day for bills, rent and food combined. If I took home only $1K per MONTH I'd still be able to save 15% of my gross income. Granted I'm a cheap bastard, but still.

[disneysteve]

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

We spend around $1K a day, but that includes taxes and everything else. We are trending toward $360K income this year.

I was surprised to see this thread pop up after 3 years. Usually only spammers do that. But we do have a lot of new people on the boards since then so it's an interesting question.

I looked back and saw that I, like most, had answered what we'd need to spend $1,000/day every day. Since the question was actually about spending $1,000 for a one-time event, I'd say I earn enough now to do that now. I'm trying to think if we've ever actually spent that much for one day. We've definitely spent that much for a weekend.

In fact, we just booked a trip to NYC that will top $1,000. We're splurging a bit on the hotel and actually staying in Manhattan (we usually stay in NJ and take the bus into the city). So the hotel alone, including parking, will be about $675. While in NYC, we are seeing a Broadway show. Three tickets will run about $450. So that puts us over $1,100 and that doesn't count getting to and from NYC, eating while we're there, or any spending money. That will be for a trip that will span probably less than 48 hours.