There is a fascinating series on Esquire interviewing people at different income points. After interviewing men, they now turned to four women, making $1,000,000, $350,000, $80,000 per year, and $650 per week (just above poverty line). What I was most intrigued about was:
$1,000,000/year woman. 34 year old
- Is finally starting to budget
- “Only” spends $200 a week on groceries
- Would like to travel more, i.e. is a slave to her job and can’t afford the luxury of time.
- Plans on working forever
- Is cash poor (probably to invest more) and goes “broke” when a deal is delayed.
$350,000/year woman, 37 year old
- Real estate investor, has been investing since med school.
- Makes $350k + husband salary + 10 years of investing yet just passed the $1,000,000 NET WORTH mark. Definitely doing something wrong.
- Spends over $2,000 on eating per month.
- Can’t afford to buy time with her family.
- Financed a car, even though it was paid off in 4 months.
$80,000/year woman, 38 year old
- Stay at home husband but both still have student loans.
- Doesn’t seem to have an emergency fund and charges broken glasses on a credit card.
- Would delay retirement to put her kids through college.
- Will pay student loans until 47, a short 8 years before retirement age (teacher).
- “Hopefully” would like to make $100,000 ten years from now. With a 3% annual raise she would make $107,000. I hope she doesn’t teach math.
- Worries more about health than money. Seems to be in a situation where you can’t afford for anything to go wrong. Has to be stressful.
Poverty line woman, $650 per week, 38 year old
- Left all material things behind in a divorce.
- Rent is $400 per month, car is $360, groceries almost $1,000, cable $40, leaving her with under $1,000 a month, as a single mom to two autistic kids.
- Pays $40 for cable so the kids can watch Sesame Street instead of a $10 Netflix subscription.
- Says she is doing okay.
- The post was published this week, they have to move out in June, they don’t know where, yet says “we have a very stable life”.
- Spends “so much money” on laundry, probably would be cheaper to buy a washer, probably can’t afford it, probably hasn’t searched Ebay or Freecycle for a used one.
- Had never thought about retiring.
- Plans on making $7,000 a month in 10 years.
- Is the only one to think taxes are too high.
What do you think? Does that reflect the average person at these income levels? Who would you rather be?