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Ep 5 • Budgeting Our Future Bugattis
41 Plays1 year ago
We haven't woken up in our new Bugattis (yet) but we did the math and found out how much it would cost for us to do just that. In this week's ep, we found out how much it would cost for us to live our dream lives.
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Transcript
Introduction to 'Take It To Go'
00:00:05
Speaker
Hi, I'm Leena. And I'm Kiara, and you're listening to Take It To Go, a one-stop shop podcast about all things life, love, and LOL worthy.
Discussing the Cost of Living a Dream Life
00:00:15
Speaker
Today, we decided to talk about, I guess, the cost of your dream life and what it costs to be an adult. So Kiara, I feel like you had a topic that you wanted to discuss with us about, I guess, an article that you saw on TikTok.
00:00:31
Speaker
Yeah, I did. We are both adults, spoiler alert, if you didn't already know that, now you know.
Are You Living Your Childhood Dream?
00:00:38
Speaker
And I just want to take a step back for a moment and just ask you, like, do you feel like you're living the life that you imagined you would when you were a kid as an adult today? Today? I can already tell you no. Or at least, are you on the path?
00:00:59
Speaker
I would hope so, yeah. I do think I'm on the path, but as far as actually living it out, not right now. What are you not doing that 10-year-old Meena wanted you to do?
00:01:12
Speaker
driving a Bugatti. Same, very much same. What else? Yeah, there's quite a few things I think that are different. Of course, I'm still living at home. You are too. I thought at this point I would have graduated college immediately, had a six-figure income, been living in at least an apartment somewhere, maybe in a downtown area.
00:01:41
Speaker
And just be doing my own thing 100%. Do I wish I was in that position? The six figure income? Yes. But right now I can't really- You're just like a couple months away from that. So you're- Yeah.
00:01:58
Speaker
I'm on track. So it's like, you know, at this point, like I'm really happy to be at home and happy to be around my parents, my friends. I wouldn't have wanted to move halfway across the world like I thought I wanted to when I was 10.
Dream Cars and Practicality
00:02:11
Speaker
But what about you? No, literally, I actually thought I was going to have a Bugatti too. Like I wanted a Veyron or Veyron, whatever, however you pronounce it. I used to look at that car all the time. And like, in retrospect, it's like,
00:02:26
Speaker
kind of ugly. It's not, it's to me, it's not that nice looking now. Really? I agree to disagree. It's still my dream car. It's still your dream car. Okay, so take me back. You look at the car today, you look at a Bugatti from like 15 years ago, and you're like, yep, I want that 2008 Bugatti still? No, I want the Chiron, the newest one. Okay, is it? Oh, the Varon was my original goal.
00:02:56
Speaker
Okay. But yeah, I don't know what the new one looks like. I'm gonna have to search that up. It still has some of the more like classical touches, but I feel like it's a little bit sleeker. Of course, it has better performance numbers. I just have I always raced with that when I played forza motorsport with my brother.
00:03:16
Speaker
a video game or a car racing game. And yeah, ever since then it's been my dream car. So 100% I'm going to get one. It's just a matter of one.
00:03:27
Speaker
No, this one looks so much better than the Veyron to me. Oh, yeah. Like this to me looks more like a sports car. The Veyron, I don't know how to pronounce it. Veyron, Veyron, whatever. I'm not Italian. No, not Veyron. To me it feels more like Veyron. No. I don't know. What is it? It's a Veyron. That's how I've always said it. Veyron. Yeah. Okay. The Veyron to me looks more like old-timey. This, how do you say it? Chiron? I say Chiron.
00:03:57
Speaker
Chiron, whatever it is. It looks to more like a slick sports car like this and all black, matte black too, chef's kiss. So I totally support that. And, you know, whenever you get it, I'm just gonna say I want to come along with you to help you pick out like your interior, your exterior, like make your own.
00:04:19
Speaker
I always forget that that's a part of the process when you buy sports cars of that caliber. So thank you for reminding me of that. That makes it so much more fun. I was thinking... Yeah, you get to make it your own. Like, are you thinking like colors, like natural, not natural, but like neutral or are you going to really go out there?
00:04:37
Speaker
In terms of like the color of the car, I forgot what it's called. I think it's like a midnight cherry. I forgot. But I know Mercedes has a color where when the light hits it, so it looks black during the day. And then when the light hits it, it turns like a cherry red. It's so beautiful. Oh, I think I saw this on TikTok.
00:04:59
Speaker
Yeah, I must have sent it to you at some point too, because I know I sent it to a couple people when I came across it. I want something that has that type of a wow factor. Now, we'll talk about... It's not a wow, but it's a Bugatti. You need the color. I know, I need the color. In addition to that, I think, so of course, a darker exterior color with a pop and a light
00:05:26
Speaker
interior or not white like I'll do like a light beige or something like that or kind of a more um apricot color or again like sticking with that type of cherry dark cherry color for an interior but just kind of have it jazzed up maybe mixed in with black elements so help me understand
00:05:52
Speaker
Because my brother is a huge car person. Honestly, he's going to be so proud that we're having this conversation. Is that an everyday car? Or is that I'm going to a big gala and I want to show up in style car? Because I mean, I live in New York. And I mean, I see, I'll tell you, like my neighbor who lives across the street, he drives a Lamborghini Urus now.
00:06:19
Speaker
after driving a G-Wagon and all this stuff. And I don't want to say it's his everyday car, but he switches it up a lot and cycles through. Do you buy Bugatti and you're driving your kids to school in it? Is it that sort of thing? No, my kids will never touch that car. No, I'm kidding. They can't even sit in the back. If he even has a back, it's probably a two-seater.
00:06:45
Speaker
I probably wouldn't let them in as toddlers just because toddlers don't know any better. I feel like I would let my kids sit in it, ride in it when they're older, you know, and can actually take care of a car. But no, that would be like, really, it would just be a me thing for my pleasure.
00:07:05
Speaker
Driving wherever I want. I probably would not pull up to the grocery store in that but I'll go to meetings and events and things that are of that are just a little bit more important my day-to-day car would I honestly I'm not opposed to still driving around a Honda Civic like I do now or Like a Mercedes like it like it just a more family car for that Yeah, like a
00:07:32
Speaker
What is it called, a GLE? I think my dad has a GLE or a GLS. It's one of those. But it's like a SUV type vehicle, very comfortable. Personally, I don't like it. But yeah, it's like you see those on the street. It's not gonna, it's nice, but it's not gonna like have everybody turn their head when they look at you when you pull into Starbucks. Right, right. And yeah, I mean, when I pull up to Starbucks and Bugatti, of course I would.
00:07:58
Speaker
just flex on them but
Dream Homes and Locations
00:08:00
Speaker
I'm not gonna do it every day by no means because it's not an everyday car you don't want to just speed it up you want to kind of keep it nice it's almost like a treasure but at the same time it is a car so I'm not going to sit there not drive it like the sneaker heads that don't wear their shoes I understand yeah yeah but for me if I have something that I really like I want to wear it and I want to use it so to me I'm thinking
00:08:28
Speaker
It's, it's a balance because actually, you know, if you're rich enough to drive a Bugatti, it doesn't even, you're not thinking like, what is my price per drive? You're just thinking, this is a toy. I want it. It's really nice. But in my mind, when I buy expensive things, I'm like, okay, it's not really expensive. Like if I buy this $2,000 bag, but I wear it every day, like after a certain amount of wears, like it's basically the same as buying something from Amazon.
00:08:55
Speaker
Basically, but I guess you're not thinking that if you can afford that car, but I think right it it has almost its perks being such a rare car and This makes me think about like this happened a few weeks ago I don't know if this was in New York But there was this video that went viral on Twitter of this guy getting mugged and if we didn't get mugged he got carjacked he had this garage with like six seven Aston Martin's in it and these
00:09:24
Speaker
burglars or thieves broke into like just followed him into his garage and stole his Aston Martin.
00:09:32
Speaker
And like why, like he, trust me, he had like five more, he's gonna be okay. But why would you steal an Aston Martin? Like why would anyone steal a Bugatti? You can't, they're just, it's such a rare car that it's not like you're selling it for parts. And it's gonna attract so much attention that anyone driving down the street is gonna be like, oh wait, that's that one guy's Aston Martin, that's that one guy's Bugatti, because they're only like,
00:10:01
Speaker
one or two people in our entire city who are even driving one. Right. I agree with that. I don't understand why you would do that unless you're trying to keep it for yourself. But then like you said, where are you going to drive it? That's stupid. He can never use it ever. He can never. I wasn't expecting this to go down this. Unless they have like a contact in another country where they said, hey, steal this one for me and I'll pay you a hefty price, then you sell it, they ship it and you never see it again.
00:10:31
Speaker
But how many people have contacts like that? Exactly. How are you getting into the boat to ship it overseas? Anyway, wasn't expecting us to take that route to start the podcast, but I appreciate it. That was kind of fun. It actually ties into what we're talking about, which is how much does your dream life cost? So we're drawing inspiration from New York Magazine.
00:10:58
Speaker
They did a cover story back in spring about how much it costs to live your dream life. They asked a bunch of New Yorkers what it would cost, and then they calculated exactly how much it would cost each person. So I think that adult Kiara today is living a much more affordable, modest life than 10-year-old Kiara thought that I would be living, but
00:11:27
Speaker
future adult Kiara is going to be living a very nice life. So I'm trying to think of what's the best way to approach this? Do you want to go line by line for each thing or do you want to have a first person go? Let's do line by line. That way we can compare each other's responses. Okay. That makes sense. I love that. How about you go first? So let's start with your future house. What's the mortgage or are you renting?
00:11:57
Speaker
This is mortgage because Dream Home Lina is independent, so she's not renting from anyone. I think I calculated this correctly, $120,000 per year. Whoa, where are you living? In a $1.9 million home. Wow. No idea where, but I want a very
00:12:23
Speaker
mid-century, not mid-century modern, but like a more modern home in terms of technology and efficiency and style. I love the floor to ceiling windows, but I want it to be Japan style, Japan and Scandinavian interior design. Help me understand. So is that like a more, is that like a more minimalist type of style?
00:12:48
Speaker
Yeah, it looks more minimalist, clean, modern, but still has elements of like classic coziness. I would say more stone, wood, just very almost like rounded furniture, not a lot of hard lines.
00:13:08
Speaker
But I guess that's my thing about dream homes is that when you look at them in catalogs, they look very fake and everything's in place and you can't move anything or do anything. I feel like a Japanese Scandinavian style home is a lot more comfortable and lived in, but still modern, clean, fun and functional. Okay. So you said $120,000? Yes, per year. It kind of sounds like you'd also teeter into some
00:13:38
Speaker
smart home stuff, right? Did I hear that right? Like some tech stuff? Yeah, definitely would. I don't know exactly, like of course the appliances in the kitchen, having, I really like lighting and I think that it's so important for a home. So I would say like softer lights and that would probably be like hidden LEDs, things of that nature. And then also having, I don't, I forgot what they're called, but they're
00:14:08
Speaker
Um, I don't, it's an RFID, probably not, but they're little stickers, you know, that you can place on different objects and then tap your phone next to it. And so like some people have it programmed and you can get these like super cheap already. Like I could put it in my home right now where I tap my phone near the sticker that I programmed to turn on my coffee machine in the morning or
00:14:31
Speaker
point, you know, put my phone near the sticker and it'll turn on all the lights in my living room because that's where I go to study or whatever. So it's just, you know, they have different programs that they can set up. I really want a vinyl wall with one of those where you can basically like set lasers. Yeah, you set lasers to track your movements over a wall of vinyl records. And it's just the pictures. And you can tap it
00:15:00
Speaker
The lasers will pick up on where you are and what you're requesting, and it'll start playing that music. Whoa. I mean, it sounds really cool. I wasn't thinking of anything too high tech like that. What are you thinking in terms of size? Are you doing a condo? Are you doing an actual freestanding home, front lawn, backyard, pool? What's the deal?
00:15:27
Speaker
freestanding home, front yard, backyard. I actually want a lot of privacy. I don't like seeing my neighbor's house right next door to me. I would prefer to build my home from the ground up. I think that makes sense for you, especially since you have such a specific style that you're going for, that it feels like it would be more than just the furniture that helps bring that style to life, but life with the actual architecture of the home.
00:15:54
Speaker
Right. And I think that that would help a lot with even, you know, the way that the sun filters in through certain windows. Of course, like if your property has a lot of trees or minimal trees, how do you want those integrated or not? Do you want like indoor outdoor spaces? So I have a lot of ideas for a future home. It's just a matter of kind of making sure that they can all come to life. OK, so I will go next and
00:16:23
Speaker
I actually broke this out into two different homes. I have my main home, my main dream home, which is in Great Neck, which is Long Island in New York. Beautiful home, large, seven beds, five baths. Honestly, it's over the top, but I found this on Zillow and I think it kind of captures the vibe I'm going for. I need at least
00:16:47
Speaker
two and a half baths because I want to be able to have my own bathroom with my husband and our kids are going to need to have their own bathroom because we're not going to be that rich and all sharing one bathroom. And then we also need a guest bathroom. So five is more than adequate.
00:17:05
Speaker
Yeah, I know. It's modest. It could be 10, but I'm just doing five. Like it's my dream. So okay, cool, cool. So $2 million in total for the home, but $66,000 a year for our main home. It definitely needs to have a lot of outdoor space.
00:17:22
Speaker
because I want to create a custom pond installation for my turtles so that they can live outside. So I calculated that at about 75,000 as an add-on to our main home. Okay. And then I want a vacation home. So part of my dream is also going to be a $2.3 million lake house in Moneta, Virginia. So that's about
00:17:51
Speaker
$76,000 a year there too. The custom pond installation obviously is just a one-off but if you count the $66,000 for the main home and the Virginia lake house that adds up to I think like $142,000 which is a lot of money for a year to spend on housing but
00:18:17
Speaker
If you're purchasing a home for $120,000 a year and you get one, I think it's very reasonable to have two homes that you're paying for, for $142,000. I think so.
00:18:33
Speaker
Wow. Also, I need to send you the house. It's gorgeous. I didn't even realize how much I would want this house until I was just browsing on Zillow or realtor.com and actually found it. It's right on the lake. It's gorgeous. It looks like a brand new construction. Again, it's a modest five bedrooms, five bathrooms, but if you just see it and
00:19:01
Speaker
I'll see if I can link to it in the show notes. Absolutely. It is absolutely beautiful. Okay, so is that a lake or is that the ocean?
00:19:11
Speaker
That's a lake. Yeah, it's a lake that I think maybe runs into the ocean. I don't know. I've never been to Virginia before. For those of you who aren't looking at it, it's a White House, paneled sides, gray roof, lots of triangles, I would say, greenest grass I've ever seen beautifully manicured on a lake.
00:19:34
Speaker
Oh, wow. You saw the back deck. It's got like a long porch, two porches actually first floor and second floor that span the entire length of the house. Sloped tail, not sure about like the back fire pit area. It looks sloped in this picture, but it could just be the picture.
00:19:54
Speaker
It has like a three car garage, which honestly is like a little over the top for the vacation home. But what's critical, it has a dock for a boat. I'm not committed to having a boat in my dream home yet, because I don't want a boat and maybe my future has been well. But we have that dock there in case I don't know, you decide you want to rent a boat for a summer. I love water sports. And I think that'd be super fun to do as an adult with my own money. And then also for
00:20:19
Speaker
kids to be able to have the experience, family, you're gonna come out to the lake as well. Jet skiing. Jet skiing, the whole thing. Yeah. It'd be super fun. Oh wow, that's so fun. Were you married to
00:20:35
Speaker
it being in Virginia or did you just happen to find it in Virginia? Is that okay? It's Virginia. I am not married to Virginia. I chose Virginia because I was just searching for really beautiful waycombs. I'm also open to doing something that's closer to Evanston because I loved Evanston when we were there. Something on Lake Michigan, something even in California. Tahoe would be really beautiful just because you want the balance of giving your kids East Coast, West Coast vibes. You don't want them to be siloed into
00:21:05
Speaker
East Coast life, you want to give them exposure and culture. So I am not married to Virginia, but a lake, the idea of a lake house, absolutely love that. That is beautiful. I really like this house. I am 100% approved. Well, you're welcome to come whenever you want. I'll live there actually year round. So Oh, you're gonna be renting for me. I can turn it into it. It's fine.
00:21:29
Speaker
No, no, no, no, no, it's okay. I would just take it from you. I'd probably just buy it before you could. No, you know what? I'm kidding. Honestly, I respect it. I'll just build a house right next to it so that I can still get the view that I want. Oh, wow. Wait, we could be neighbors. I'll get the house next door. Okay, cool. So I call dibs on the original house. You can have the other one if you want.
00:21:55
Speaker
That's fine. That's totally fine. Of course, I'll demolish the other one and build it up again, so it doesn't really matter. In the Japanese Scandinavian style as well, or are you going for something kind of different? That would probably be a vacation home in addition to my original dream home. Okay. So a different vibe, something that's more like cabin-like maybe? Yeah, that would be fine. Yeah, I think so.
Budgeting for Food and Vacations
00:22:22
Speaker
So I guess instead of the next category, let's do car because I feel like house and car kind of tie in really well together. And we've already talked about it. So I don't think this would be as long of a conversation. Okay. So what is your dream car? Well, we did have a wonderful conversation about Bugatti's earlier. My dream car is a very modest Subaru Crosstrek.
00:22:52
Speaker
$30,000. Wow. There's just something about that, right? There's just something about that cool, great, khaki Subaru Crosstrek that I am obsessed with. I love that car so much.
00:23:07
Speaker
I just, it will work perfectly by a lake, you know, drive down from New York all the way down to Virginia. You bring the bikes, you bring the canoes, everything right on top. I am obsessed with that car. I don't know what it is, but I don't, like I told you, like my dad drives like a GLE or GLS, whatever it's called. I see that and like, eh, it's fine, whatever. I see a Subaru and I'm like, yes.
00:23:31
Speaker
It's probably like a IHS top safety pick, all of the safety picks for cars. And it's so cute. I think it's, yeah. That's my dream car. What about you? So of course my dream car, I hope you got a share on. And otherwise I would say, I would get a Mercedes, not married to whatever type, but anything that's like under a hundred thousand dollars.
00:23:59
Speaker
probably definitely not an SUV. I would just get like a normal four-door. Like a sedan. Like a sedan, yeah. And of course like I would want it decked out as much as possible but you know as long as I have heated seats and I can get from point A to B I'm okay. So you need when you say decked out are you saying like pimp my ride decked out or just like the highest model category?
00:24:29
Speaker
probably like close to the highest model category. I don't think I would get the highest just because like I said, I'm not too picky if I have my Bugatti. So sure. And then I think a third car just to like ease everything out because I can't have less than three cars, apparently.
00:24:50
Speaker
I would have a Toyota, or not a Toyota, a Honda Civic. Just because I drive one now, it's so amazing. Barry is his name. I've named my car. His name is Barry? Yeah, and it's a really good everyday car. Yeah, that makes sense. And whenever, let's say, your kid turns 16, they're like, Mom, I want a car. You'd be like, can I have your Mercedes? No, no, no, you can have the Civic.
00:25:20
Speaker
Yeah, just take the Honda Civic and it's, I've fallen in love with it. So I think I would like to have one throughout life. And you know what? The one you have now is probably going to be just as good in like five, 10 years. So you don't have to buy a new one. Yeah, that's what I'm, that's what I'm thinking on at least. And they take really good care of it. So.
00:25:39
Speaker
That's cool. I think where the biggest differences between us have been, I have two houses, you have one, you have a really, really expensive car. How much does that Bugatti cost you? $3 million. Not including maintenance. Yeah. I imagine it probably needs very niche maintenance. So you're at
00:26:07
Speaker
3.1 million already. Whoa! Just for the car, yeah. Just for the car, and that's just for one car. Wow, we have chosen drastically different price points for our lives thus far. Maybe I should have thought bigger or jumped bigger, but you know, I love my little Subaru.
00:26:27
Speaker
You know, if it's your dream, it's your dream. Who's to tell you that it needs to be more expensive? I feel like I've fallen off on the rest of the categories. So going into food. Yeah, I need food first. Okay, so food, I said 15,000. And the reason why I said 15,000 for food is because I live in New York, like I said,
00:26:52
Speaker
And in addition to just like your average groceries for a family, like let's say you're spending $600 a month on groceries for a family of four. That's like $7,000 right there. So that leaves a lot of space for going out, traveling, like having a nice dinner, like a really, really nice dinner, like somewhere like, uh,
00:27:19
Speaker
I don't know, Tatiana in New York, which is like a very popular restaurant right now, or the polo bar, if I could get a reservation. So that's like a balance of like somewhere eating out really nice. Also, like if I don't want to cook, like those door dash fees are going to add up over time. So delivery plus like the regular stuff that I'd cook or, well, actually I love cooking. So regular stuff I'd cook for a family plus the actual going out all, I think like 15,000 is like reasonable.
00:27:50
Speaker
Wow. You're saying a lot. Also like New York prices for food. Okay. That does check out too. I said food $6,000 and that's based on, I just Googled it really quickly. I said, how much do millionaires spend on food each month? And it said $400 and like, it could be anywhere from like 200 to 400 a month. Yeah. Weirdly enough.
00:28:21
Speaker
I don't know how that's possible. I think once you get, I don't either, but I rounded up a little bit and I was, I thought, okay, I would do like, is that more, is that less? I don't know. I guess I have to think about like, I was thinking me as a single entity too, not a four person family. Oh, okay. So Dream Kara has a husband and maybe a couple of kids.
00:28:51
Speaker
I was thinking Dreamlena in today's world. Like if today I was my dream self, I would not be married. So I guess we approached it in different ways.
00:29:03
Speaker
But yeah, if it's if it's a if it's a family then I completely agree with that 15k because that makes sense For me so then that's what I'm saying like 6,000 just for me Could be steep, but I love food
00:29:27
Speaker
Yeah, I feel like you go out too much to just do 6,000 if you're just living your dream life. Yeah, because I really like to try different types of food as well. And I would eat at the bougie restaurants just to say I did it. So I was thinking like,
00:29:46
Speaker
4,000 at home for a year because I would buy higher quality foods, especially higher quality meat, and probably even buy bigger portions that I could have people over for dinners and such. Of course, my days where I'm just eating by myself alone, I probably wouldn't spend as much per day on that.
00:30:09
Speaker
But 4K I felt like seemed like a good estimate for a year. And the additional 2K would be geared towards eating out. So that would be like, you know, going to my Nobu, going to my, you know, just high class restaurants anywhere I want to go. Lots of Din Tai Fung. And then probably some Michelin star restaurants as well.
00:30:36
Speaker
Yeah, of course, like really fine dining. That's what I think took mine over the top was that prospect. And I don't, I'm not, I wouldn't go every day, but I think like 2k for eating out would just help me space it out throughout the year. Yeah, especially if like you're going out and socializing, that's just gonna, that just naturally makes your food budget go up.
00:31:02
Speaker
Right. The rest is a tax write-off, so I didn't even choose to include it. Yeah. Like, I mean, if you're at work, I get free meals at work, so maybe that ends up making my life a little more affordable. Just a smidge. 20 bucks a day. Okay. Next category, vacations. So I want you to go first with vacations. Similar to food, I said 6K, and that was the easiest.
00:31:30
Speaker
Because I'm going to be a pilot when you're flying every day. And so I really had to think this one through and say, if I'm getting flight benefits of any sort that takes out the tickets to fly there and back, but let's say if I'm not getting benefits, if it's just me going in.
00:31:53
Speaker
I don't think I'm going to travel that much to where I spend that much money. Number one, I don't really like resorts because I feel like you're paying to be confined in another place. Oh, that's a good point. I really enjoy cruises, but how many cruises do I want to take a year? And then those are usually all inclusive and they're not super expensive. In addition,
00:32:21
Speaker
If I, so if I take a cruise and I go somewhere, when I get to the location, I'll be paying for the entertainment at that location. Um, I really don't think that the types of vacations I want to take will amount to more than 6k per year. I mean, that to me is a lot to spend anyway. For just you. For just me. And let's say if I bring a friend, whatever, like it's just, that's a lot.
00:32:50
Speaker
And I'm not really a big, big vacation person right now anyway in my life. Like if I think about how much I've spent on vacations in the past four years of my life, I went to Miami, I went to Dallas, I went, that's pretty much it. And like I wasn't, I didn't spend that much money, like maybe $1,000 between the two of them. Okay. But like if you, if that's just like a thousand for two vacations,
00:33:22
Speaker
let's say in your dream, like you're staying at a much nicer hotel. Like let's say if you went on a six night vacation, you would maybe choose a hotel that maybe is like 800 a night. Right. And in that case, like the 6,000 would encompass that because I don't see myself going on vacation like two, three times a year. Like if I went one time a year and I spent 6,000 on one place, then that would be fine for me. And that would say like,
00:33:49
Speaker
the ticket to get there and back, the hotel stay, and then the entertainment while I'm there.
Schooling and Clothing Costs
00:33:54
Speaker
I don't think that would amount to much more than that, so I'm okay with spending 6K. Okay, so unlike you, I don't get free flights to go places. So I went with a budget of $45,000 for three vacations per year.
00:34:18
Speaker
So we took slightly different paths. So like I was thinking like slightly, you, you were thinking like you, the dream version of you and what you would be doing right now. So I was thinking, you know, 15 K per vacation. And obviously again, we have to pay for flights. You don't, which is nice, but you know, thinking like a few first-class seats.
00:34:45
Speaker
that could end up just being like on its own six thousand dollars round trip or even just like business class make it a little cheaper really nice hotels like a budget of 15k per vacation three vacations for a family of four uh i'm thinking like right now if you wanted to go on you say you like cruising i like cruising too a two-week cruise uh in and a balcony room would probably run you like
00:35:15
Speaker
$1,800 per person. So two people, that's $3,600 right there. If you wanted to make it like a really, really, really nice cruise, then I may bring it to like with the flights included, like closer to like 15 for four people. Yeah. And especially if you're trying to go three times a year, I was thinking like one time a year vacation. So
00:35:40
Speaker
Oh, no, no, no. That would be I mean, that honestly, like if we were like when we go to Japan, because we're going to Japan, and also I sent you a tik tok about us going to Seoul because next year's like the year of tourism in South Korea. Okay, 45k would be really, really, really nice first class seats there back in a super nice hotel stay for one for one trip. Right. I'm I don't think I've ever spent $45,000 on anything in my life.
00:36:07
Speaker
other than your other than like, yeah, like, to me for a vacation, that's absolutely crazy. But this is dream vacation. So I guess we wouldn't want anything or need anything. We'd get everything we want. We'd have to have a spot in there. Yeah, of course. Of course. Are you kidding me? Yes. So next category.
00:36:34
Speaker
Schooling. What did you say? I sort of like merged this into like schooling slash stuff for kids. So depending on like where I live, like the local public schools like might be great. And assuming their public schools are great, I want my kids to be able to do like instruments, music. So a couple kids, great violin lessons, private tutoring. If they want to do travel sports, like
00:37:03
Speaker
gymnastics or baseball plus like if you want a babysitter because it's date night you want to go out with the kids by themselves I budgeted $50,000 for all of it okay two kids really really nice private tutoring and like of course like sports actually are kind of expensive and then a babysitter if you want to pay her really well
00:37:28
Speaker
I think that's reasonable. I don't know. I don't know how much kids sports. Well, I do know how much soccer costs, but 50 K over the course of their life from, you know, birth to 18. Oh, not over the course of their life. A year. Oh, just a year, like 50 per year. Yeah. Because, okay. Do you know how much like daycare costs? No.
00:37:54
Speaker
Daycare costs like, at least in New York, it costs like $1,500 a month. So childcare is like very expensive. So like when they're- That's okay, little kid. But I'm still, if you have four kids, but I'm still struggling to see like- Oh, no, no, not four kids. No, no, no, no, no, no, no, no. But that
00:38:19
Speaker
would be like if I had it because like childcare is expensive if I want to get like a nice babysitter or like an au pair or nanny or whatever then to me like paying that person well and then also giving my kids like private tutoring so if they have like really like I want them to know another language like another two or three languages or something like that so I think that might add up to that roughly per year if it's all like top of the line stuff like this is obviously all
00:38:47
Speaker
on the upper ends of things. You could probably get vitamin lessons for 30 bucks an hour. But in this case, this kid is going to someone who studied under Hans Zimmer and is getting lessons for like $400 an hour. Wow. You and I have completely, completely different ideas on this category.
00:39:13
Speaker
Okay, so again, this is me for just me. I said $40,000, which is what I have left about for flight school. And then I'm done with school probably for the rest of my life, unless it's like free education through other sources of, you know, the internet, let's say.
00:39:36
Speaker
And then I said, my kids get public school and I left that just period period. That's it. No, dude. Public school. Nothing. Like you have to work for what you want. Like if you want, I mean, if my kids want to do something, I guess like I wasn't thinking about all the extra intricacies. I'm really going to go like standard. I'll call my mom.
00:40:06
Speaker
I won't call my mom to come babysit, but you know what I mean? I'll bring them over to my parents' house and be like, hey, dad, can you watch my kids? Like, I'm shocked. I don't think I would pay that much for a babysitter. And if I am, I guess I'll pay my parents to, you know, like if the money. If you're going to be traveling, I don't know what your husband's going to be doing. Who's going to be taking care of them?
00:40:34
Speaker
I guess, I don't know, my dad, my mom, but not, I don't think like, I would, okay, this is my thing. I would want to be at home with my kids for as long as possible while they're young. And I think that's why I'm working so hard on the front end to save up money. So that when I do have a family, either I or my husband on rotation can like stay at home with the kids. Once we get, they hit a certain point where they're in public school.
00:41:06
Speaker
then of course I have a little bit more freedom to be able to go back to work. He has freedom to go work. So I would want to like start to, I guess, rebuild on my independence, but I don't know if I would do flight, like flying as much and I wouldn't do it in like a corporate standpoint where I'm applying for United Airlines. It would be more so private flying where I would probably fly somebody's private jet and they have like a
00:41:35
Speaker
lesser schedule, less intense schedule. So I'm not gone all the time. Okay. Reasonable. That makes sense. Next, clothing. This is this is so hard because I, I like put like jewelry or designer bags in this category too. And so if I wanted to get like, let's say I wanted to purchase a Van Cleef necklace,
00:42:04
Speaker
with eight motifs on it. That on its own might be like 16, $17,000. So my budget for this category, if I want to get like really nice jewelry, some bags, like some really nice shoes, like I'm hitting up Bergdorf Goodman and Saks like every two months or so for like a nice decent shopping spree for me, I penciled in 50K. Okay.
00:42:35
Speaker
Dream stuff, I would say that works. Okay. For me, I said, and honestly, maybe that's, I don't know, I'm a thrift store girlie at heart.
00:42:55
Speaker
But dream stuff going to Cartier, of course, I mean, there are some like vintage clothing stores or vintage designer stores. So that could be you could still drift and do like submit some pretty good damage. Yeah, and I definitely would. But I think like going off of just like true cost of what I'm willing to spend like
00:43:19
Speaker
at the actual stores and I'm a shoe person too. I love shoes and I know I would love to get custom shoes made. 40K is what I set aside.
Entertainment and Savings Plans
00:43:30
Speaker
Okay, that's really good. I think that makes sense for you. And now entertainment. Okay, so this, this budget could be, you know, I, I want you to go first.
00:43:48
Speaker
Because I want to get what your idea of entertainment is. So I said like buying electronics. And that could be like computer systems games like every year when Apple has an update on something. I would just set aside 2k. I'm not too concerned about it. I don't think that like
00:44:07
Speaker
Like me right now, I'm not in need of anything. I still have an iPhone 12 Pro. So I'm pretty far behind, but I'm still doing good. Oh, cool. See, but it's like, it's not like I'm wishing or hoping or needing the new 15. It's just like whenever my phone dies, it dies. So 2K for electronics.
00:44:31
Speaker
is what I feel like I would spend in terms of other forms of entertainment, movies, plays, those types of events. I would do probably an additional 2K.
00:44:47
Speaker
But I don't really have an idea. I don't know. I feel like there's going to be some sort of event that I would be awoken to. Because right now, the way that I live life and what I know about entertainment in life is that I'm not being invited to the mag gala. I'm not having to spend that much money on a glam team to get me dressed up for these events. So just considering that there's no glam team involved, none of that
00:45:17
Speaker
I'd probably set aside 4K for entertainment on a yearly basis. Okay.
00:45:29
Speaker
4K sounds, that to me is a decent amount. For me, I really like live events, sporting events, plays, wrestling, the whole thing. So I penciled in $20,000 a year, but this $20,000 includes getting season tickets to the Mets. So I figured get two, a pair of season tickets for, let's say you get a half season package,
00:45:59
Speaker
So just home games, that to me might, if you get like really good seats, it might end up being, you know, five to 7,000 per person. So that is around like 10 to 14 right there. And then the rest I think is sort of like what you're thinking, which is like, get really nice tickets to a Broadway show, go to a really nice concert.
00:46:23
Speaker
So I think we're kind of like in roughly the same zone there, but I just tacked on Matt's season ticket on top for my entertainment. Yeah, I do. I like the idea of season tickets. And I thought about that as well. But I know that I'm not the type of person that would necessarily go every week or every weekend and like truly utilize it. I think for what I would utilize, it's just like, oh, I could like buy a nice buy a good seat at a at a game.
00:46:50
Speaker
one time and feel great about it and not have to worry about it. Or if you wanted to, let's say, go to the Super Bowl or go to the finals, that might be your 4000 right there.
00:47:02
Speaker
Right. But I'm fine with the one year thing. I guess I'm more of a homebody in that sense. I don't need to go out all the time. And I'm not a super fan of anybody, like any sort of celebrity artist or anything like that. So and their tickets usually aren't going to cost me an arm and a leg unless you're a front row. But I just like the vibe more so than I like the show of being front row to these types of events.
00:47:31
Speaker
I just want to apologize to V or Jungkook if you're listening to this. She didn't actually mean that. She is super fancy. Yeah, I did. I am super fancy. But I do know that there are people who are way, way, way bigger than I am. Oh, yeah. So I know my place. Let's put it that way when it comes to that. You don't need to get floor tickets. You can just be inside.
00:47:54
Speaker
Right. I can just be there as long as I'm close enough. I'm there. I'm having a great time. Well, honestly, because you're going to be flying them, they'll probably give you a backstage pass anyway. So you don't really need to buy that ticket anyway. No, facts, facts. The only person I think I would spend that much on is Usher. I would love for him to be in my VIP box serenading me. Oh, and maybe Bruno Mars.
00:48:20
Speaker
Those are two good ones. Are you formally requesting that we go to the Super Bowl this year so we could see Usher at the halftime show? Yes. Yes. Okay, let's do it. Why not? Let's go. That would be beautiful. Oh, I love Usher. I know the words to all of his songs, but burn. I will recite that with my eyes closed.
00:48:46
Speaker
beautiful. So we'll go see him singing that or same girl in Vegas in a few months. Yeah, confession. Let's do it. Okay, so
00:49:00
Speaker
Entertainment got that category done. Now I did not put this, but I forgot to just because we're being fiscally responsible. I tacked on just like an extra hundred K for savings every year. We're going to be maxing out those four one K's or Roth IRA's. We're going to be doing, you know, our savings bonds and being very fiscally responsible. So just anything I said on top of that, a reasonable hundred thousand dollars a year in savings. Wow. Yeah.
00:49:29
Speaker
I mean, which considering your lifestyle, it's kind of low. But you think that's low? I think it's low for I don't know. For me, I have a $3 million car. Like what am I talking about? You know, but hey, it is what it is. At least you're saving something. Everybody can't say the same. Exactly. And of course, like, this is just like a fun exercise. We know there's like health insurance and utilities, all that whatever stuff. But
00:49:58
Speaker
If you add it all up, what does it come up to? What do you need to make to live and afford your dream life? I would say probably somewhere around... I don't know. I feel like I could do it on like half a million a year.
00:50:21
Speaker
How are you going to be making half a million
Calculating Income for a Dream Life
00:50:23
Speaker
dollars? Let me say like after, after, after my initial, okay. So I would definitely need to get a couple million. I would need to get, yeah, minus the Bugatti because like these are like one time purchases, right? Like I'm not going to buy a Bugatti every single year. So like, let's say starting off, I would like to make like five mil and then I could like dwindle it down to sustain myself with my mortgage, my food, my vacation, my public school kids. And,
00:50:52
Speaker
my clothing costs because honestly I'm not, I don't think I'll spend 40 every single year, but let's say, let's say a mill every year after those initial purchases are made. And that's what, pre-tax, post-tax? Post-tax. Post-tax a mill. So that means like pre-tax, you need like two million. Yeah. Okay.
00:51:20
Speaker
That kind of tracks with where I am. I did the math. So when you add everything up and I like didn't include stuff like a dog, for example, if I want to get a dog with the savings, that brings me to roughly $532,000 a year to afford everything. And in New York, at least pre-tax, you need to make $992,000 a year.
00:51:47
Speaker
to have a $532,000 post-tax income, which is insane that you got to make twice as much and that the government, I don't want to go down this route, but it's insane that the government's going to take half your earnings at that point. But that's roughly how much I have to make, which honestly, two homes with all the fancy vacations, a modest car, I thought it was going to be a lot more than that. I did too.
00:52:14
Speaker
Considering how expensive all of these things are, yes, for sure. But I think because the yearly costs really, and like the repeated costs are a lot less than our biggest purchases, it works out. It checks out. Yeah. So like, I mean, think about that. That's like a really, really great lawyer marrying an orthopedic surgeon. They could easily make a million dollars a year together. And that's not like celebrity rich. That's just,
00:52:43
Speaker
Every day I make a ton of money kind of people rich. So yeah, it really just depends on like who you end up marrying and their successes too. But I mean, I'm gonna make enough to like afford this on my own. So in addition to the $100,000 that I'm saving with my money and my husband, we're just gonna pocket his salary. Good, good. Actually, maybe we should spend his salary. Spend his salary and pocket yours.
00:53:11
Speaker
You know what? Yes. We'll spend his salary, but we're going to have like so much left over from that anyway that I don't know. And we're going to like live in the same house together. Like the money's going to get combined no matter what. Okay. Cool. Okay. So our dream lives, you know, some people think like, I need to make $10 million a year or 15 million. Like, no, we proved that you can do a lot on a modest $1 million or $2 million salary. Yeah.
00:53:40
Speaker
It's just a matter of like, everybody's not going to be able to make a million. No, but probably not. So that's the only downside. But I mean, hey, if you're capable, if you have the drive, if you have the time to have businesses have rental properties, go into private equity, there's several ways that you could possibly swing it or just marry rich. Yeah, that's I mean, I plan on doing both.
00:54:06
Speaker
Yeah, I think I do too. And then, you know, it's definitely doable.
Closing and Listener Interaction
00:54:12
Speaker
And it's always, always nice to dream. Well, thank you for like being delulu with us and listening to that for one longer than I expected it to go. We usually do end up going longer than we expect.
00:54:24
Speaker
Well, thank you all so much for listening. I know this has been a relatively long podcast about our dreams and our goals, but you can always contact us by following us on Instagram, TikTok, and Twitter at TakeItToGoPod, or by emailing us at TakeItToGoPod at gmail.com. Or if you have a favorite, you can follow me, Lena, everywhere at FlyingWithLena.
00:54:47
Speaker
Or if you want to keep up with me, Kiara, you can follow me at TheKiaraDanielle. And if you really want to make my dreams come true, you'll rate us and review us and give us five stars. Thanks for listening and we'll see you on our next ride. Bye! Bye!