Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > New York City
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 07-17-2018, 12:12 PM
 
Location: New York, NY
12,742 posts, read 8,193,542 times
Reputation: 7054

Advertisements

Quote:
Originally Posted by jad2k View Post
I’m not old. I’m in my 30s but my situation is atypical (from most posters on this board) in that I have enough disposable income to invest additional amounts on top of what I’m supposed to save. This is on top of the disposable income that I already “dispose of” on things like shopping and vacations. I’m putting some of that disposable money towards a redecoration project. Mind you it’s nothing excessive or lavish with my shopping, vacations or redecorating, but I have an “I’m comfortable” relationship with money. I already own two properties in nyc- one that I live in the other that I rent out- so I don’t need to save for that either. What would you suggest for the excess money?

For me, I invest the excess money becase it would be foolish to have it sitting in a checking account doing nothing. I’m “making my money make money” which quite frankly is the mentality of the wealthy.
I see where you're at... You sound like one of those Susie Orman types... I was like that for a while... Constantly trying to get my credit score higher than 720 (when you're in you're late 20s as I was at the time, that isn't terrible at all). Reviewing my Amex platinum statements to ensure that I wasn't overpaying for this or that and making sure it was paid off in full each month (it's tempting to use the pay later option when they offer it), etc. If you're already living the life then I suppose you really have no wants (that seems to be what you're saying). If that's the case then yeah put it away, but it sounds like you don't have kids, so what are you saving all of this money for? Just to say you have it? I totally understand if that's the case. My life dream was to live in Italy, and I did that at 23 with a beautiful apartment in Florence that I had to myself, so as long as I can retire and travel back and forth between Europe and NYC, I'd be happy with that. I've become accustomed to the good life too... Living in Europe tends to do that.

Quote:
Originally Posted by Mr. Ryu View Post
Go drink an Artisan coffee, Eyetalian.
Too hot for that, but when the humidity goes down, Blue Coffee here I come!
Reply With Quote Quick reply to this message

 
Old 07-17-2018, 12:15 PM
 
Location: New Jersey
11,195 posts, read 9,023,735 times
Reputation: 13948
Quote:
Originally Posted by pierrepont7731 View Post
I see where you're at... You sound like one of those Susie Orman types... I was like that for a while... Constantly trying to get my credit score higher than 720 (when you're in you're late 20s as I was at the time, that isn't terrible at all). Reviewing my Amex platinum statements to ensure that I wasn't overpaying for this or that and making sure it was paid off in full each month (it's tempting to use the pay later option when they offer it), etc. If you're already living the life then I suppose you really have no wants (that seems to be what you're saying). If that's the case then yeah put it away, but it sounds like you don't have kids, so what are you saving all of this money for? Just to say you have it? I totally understand if that's the case. My life dream was to live in Italy, and I did that at 23 with a beautiful apartment in Florence that I had to myself, so as long as I can retire and travel back and forth between Europe and NYC, I'd be happy with that. I've become accustomed to the good life too... Living in Europe tends to do that.

Too hot for that, but when the humidity goes down, Blue Coffee here I come!
Have you tried Bluestone Lane?
Reply With Quote Quick reply to this message
 
Old 07-17-2018, 12:24 PM
 
Location: New York, NY
12,742 posts, read 8,193,542 times
Reputation: 7054
Quote:
Originally Posted by Mr. Ryu View Post
Have you tried Bluestone Lane?
I've passed by it several times. That's the store near 6th Avenue by 43rd right near the Grace building? I didn't know they were Aussies. I'll have to try that place. Their shop on 6th looks a little tiny though, and I hate going to tiny coffee shops where as you're waiting for your drink, people are constantly banging into you because there's nowhere to stand. Blue Coffee by Grand Central is like that. The one by Bryant Park is a little better.

Speaking of budgets, coffee is one thing I've been trying to spend less money on. I have one of those Bialetti "Made in Italy" espresso makers at home sitting new in the box that I got from Williams & Sonoma years ago, along with Italian espresso glasses from Italy, but I don't think I drink enough coffee for it to stay fresh long enough. I did rough calculations and I must average about over $100 a month just on coffee, not including anything else I buy while I'm there, and that isn't something that I put into my $800 food budget either. lol I don't do more than two coffees a day, but on Saturdays I'll usually have one before going to Whole Foods and then another espresso or something afterwards. Don't ask me why, but if I'm in TriBeCa it's almost impossible for me not to stop at Le Pain Quotidien.
Reply With Quote Quick reply to this message
 
Old 07-17-2018, 12:29 PM
 
Location: New Jersey
11,195 posts, read 9,023,735 times
Reputation: 13948
Quote:
Originally Posted by pierrepont7731 View Post
I've passed by it several times. That's the store near 6th Avenue by 43rd right near the Grace building? I didn't know they were Aussies. I'll have to try that place. Their shop on 6th looks a little tiny though, and I hate going to tiny coffee shops where as you're waiting for your drink, people are constantly banging into you because there's nowhere to stand. Blue Coffee by Grand Central is like that. The one by Bryant Park is a little better.

Speaking of budgets, coffee is one thing I've been trying to spend less money on. I have one of those Bialetti "Made in Italy" espresso makers at home sitting new in the box that I got from Williams & Sonoma years ago, along with Italian espresso glasses from Italy, but I don't think I drink enough coffee for it to stay fresh long enough. I did rough calculations and I must average about over $100 a month just on coffee, not including anything else I buy while I'm there, and that isn't something that I put into my $800 food budget either. lol I don't do more than two coffees a day, but on Saturdays I'll usually have one before going to Whole Foods and then another espresso or something afterwards. Don't ask me why, but if I'm in TriBeCa it's almost impossible for me not to stop at Le Pain Quotidien.
You will start talking like an Aussie, bru! Eat some Vegemite and hug a koala!

My old coworker's daughter is in charge of the operations. They are expanding like wild fire.
Reply With Quote Quick reply to this message
 
Old 07-17-2018, 12:39 PM
 
Location: New York, NY
12,742 posts, read 8,193,542 times
Reputation: 7054
Quote:
Originally Posted by Mr. Ryu View Post
You will start talking like an Aussie, bru! Eat some Vegemite and hug a koala!

My old coworker's daughter is in charge of the operations. They are expanding like wild fire.
Interesting. If you've tried Little Collins on Lex near 57th, they're Aussie too, but the shop is extremely tiny. God knows why but when I go there, I always get a macchiato to stay and then get the joy of trying to drink it and dodge people going back and forth. Their food is definitely interesting and their pastries are very good. That Whole Foods by Bryant Park I go to a lot so I'll have to stop by some time.

Back to the OP... I don't understand why you think you can't get something under $1600? Is it that you must live in Manhattan or more specifically the UWS?
Reply With Quote Quick reply to this message
 
Old 07-17-2018, 01:45 PM
 
582 posts, read 759,893 times
Reputation: 118
Quote:
Originally Posted by Energystream View Post
800 a month for food seems excessive. Family of 4 spends that much. Buy what is on sale, not whatever. That should be able to be brought down to 400 a month for 1 person.

Even at 600 a month, that is saving you 2,400 a year.
It was just an estimate. I think I was considering buying vitamins, supplements, protein powder, occasional organic foods, occasional trips to the farmer markets ( Farmer markets are expensive), occasional teas or coffees at Starbucks, matcha tea powder that I really like, etc... so all these add up quickly. I also like to leave a room in my budget for unexpected purchases but $800 is definitely something that I can reconsider and I can leave some of these out. Thank you for your input.
Reply With Quote Quick reply to this message
 
Old 07-17-2018, 01:58 PM
 
582 posts, read 759,893 times
Reputation: 118
Quote:
Originally Posted by Mr. Ryu View Post
Why so sensitive, Bru? In that scenario paying 430 for tithes/charity is loco/crazy/mad especially when OP made a thread on saving.

A professional one? That is a lot of dough for food. How much you squat / deadlift / standing military press?
I am not sensitive, Bru. you are just calling me loco because I am spending my money the way I want. no big deal!
Yeah I am a professional one. for any other questions about my training, I would refer you to my personal trainer.
Reply With Quote Quick reply to this message
 
Old 07-17-2018, 02:04 PM
 
582 posts, read 759,893 times
Reputation: 118
Quote:
Originally Posted by jad2k View Post
I use a financial adviser to help with my savings/investment decisions. I think the advice he gives me about saving is particularly useful.

I spend 27% of my income on housing - one should really keep it under 30%
I put $1000/month into investment accounts- per his advisement based on my “retirement goals”
I put $250/month into a savings account - I’ve been doing this for a while, before I used the advisor
I put the max allowed amount into my 401k account - automatically allocated from my paycheck
I maintain a separate account that has a 12 month emergency fund. This account has enough liquid to cover my monthly expenses for one year. - my advisor said 6 months is the typical recommended amount. 1 year makes me more comfortable, so that’s what I have.
I maintain a “comfortable for me” balance in my main checking account. This is the money used for all monthly expenses as well as things like vacations, etc.
Each year we review any excess money in my main checking account (the money above my “comfortable balance”) and allocate that to my investment accounts.

Some other suggestions he’s made include using a separate credit card or debit card to help manage spending on food/entertainment. This doesn’t include groceries but things like dinning out, bars, even coffee bought out. It helps me understand how much of my disposable income is going to things that are really “unnecessary”.
Thanks for sharing with us what your financial adviser advised you to do. I think you make a good point by investing your money instead of just keeping it in a checking account that doesn't generate any profit.
Reply With Quote Quick reply to this message
 
Old 07-17-2018, 02:17 PM
 
2,691 posts, read 4,316,152 times
Reputation: 2311
Quote:
Originally Posted by pierrepont7731 View Post
I see where you're at... You sound like one of those Susie Orman types... I was like that for a while... Constantly trying to get my credit score higher than 720 (when you're in you're late 20s as I was at the time, that isn't terrible at all). Reviewing my Amex platinum statements to ensure that I wasn't overpaying for this or that and making sure it was paid off in full each month (it's tempting to use the pay later option when they offer it), etc. If you're already living the life then I suppose you really have no wants (that seems to be what you're saying). If that's the case then yeah put it away, but it sounds like you don't have kids, so what are you saving all of this money for? Just to say you have it? I totally understand if that's the case. My life dream was to live in Italy, and I did that at 23 with a beautiful apartment in Florence that I had to myself, so as long as I can retire and travel back and forth between Europe and NYC, I'd be happy with that. I've become accustomed to the good life too... Living in Europe tends to do that.

Too hot for that, but when the humidity goes down, Blue Coffee here I come!
Again, what would you suggest I do with my excess money, besides use it to build wealth (for myself or any future family/kids I have)? I’m curious as to your suggestions.

I fully believe that a “wealthy” mentality chooses to look at money or any investments for its long term potential growth. So yes, that means investing any excess.
Reply With Quote Quick reply to this message
 
Old 07-17-2018, 02:27 PM
 
Location: New York, NY
12,742 posts, read 8,193,542 times
Reputation: 7054
Quote:
Originally Posted by jad2k View Post
Again, what would you suggest I do with my excess money, besides use it to build wealth (for myself or any future family/kids I have)? I’m curious as to your suggestions.

I fully believe that a “wealthy” mentality chooses to look at money or any investments for its long term potential growth. So yes, that means investing any excess.
SPEND it that's what! I thought I was clear in my last post about all of this. Did you read it? You aren't old. You already own an apartment and rent out another one. You're telling me you have absolutely no wants? None? It drives me crazy to see people be so frugal.

Suzie Orman always talks about how she was broke and a waitress. Well now she has money but she's still frugal. For what? I'm not saying go out and be an idiot like that basketball player (Allan Iverson) who is now broke, but surely you're not keeping millions of dollars in your checking account (only a non-savvy individual would do such foolishness), so yeah, go to Saks, treat yourself to a few dress shirts or something.

Hell given your age, that would be a small treat, nothing luxurious. $250 per shirt, four shirts at roughly $1000+ tax. Done. Some guy was complimenting me on my driving shoes a few weeks ago. He insisted on asking me if they were Tod's which I happen to like, but I told him no they weren't Tod's. They were another brand made in Europe. If he only knew what I paid for them (and they weren't Tod's prices either). lol But yeah I do a mix of expensive and non-expensive and it all looks expensive.

Speaking of luxuries, I don't know what you're into in terms of wants, but I knew a guy who was an avid watch collector. Me I like my cufflinks... Konstantino, Montblanc, Buccellati...
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:




Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > New York City

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top