Poll for those with 2ct+ diamonds: What is your combined annual income?

[belle]

Date: 2/28/2006 4:19:57 PM
Author: fire&ice
...and me thinks a few fibbers.

yeah..i just wish i made 1mil/year!
and maybe had a 2ct

 

[pearcrazy]

Way too many variables to judge on gross income alone. One couple who makes a combined salary of $150,000 with 4 kids to feed clothe and educate, a $3000 mortgage, two $500 a month car payments, student loans, $10,000 in credit card debt is in less of a financial position to buy a 2 carat diamond as a couple with no kids, a $1000 mortgage, no car payments, and no credit card debt.

 

[MissAva]

Date: 2/28/2006 4:19:57 PM
Author: fire&ice

Date: 2/28/2006 4:12:53 PM
Author: belle

Date: 2/28/2006 4:03:59 PM
Author: Mara
Also this is just a random thought I had Jaysons Mom, but if you guys say make $190k then it doesn''t really compare as much to someone else who makes $190k but doesn''t have kids or responsibilities like that, and also it seems like a 2 income household vs a 1 income household may have a different lifestyle and priorities as well. I know if we had a 1 income household we''d save more than we do now because if the main breadwinner lost their job, it could be potentially more devastating than if the other had a job that could pay all expenses as well. Just some random thoughts...it is really hard to compare apples to apples. I''m sure if I had a few kids running around as well I''d have way less time to think about my diamond being small. Well maybe not. Hee hee.

right. there are sooo many variables here. it seems like it should be fairly straightforward...either you can afford it or you can''t. there is no one blanket annual income to what you should be able to spend ratio. everyone''s situation is different.

wow..there are alot of 2ct. owners here!

...and me thinks a few fibbers.

Yes, so many variables. Also, how long the income level is sustained? Will the income flucuate? Will you have unexpected expenses? Are both people happy in their jobs? When do you want to retire?

In the end, you are correct - it is straight forward - either you can or you can''t - and what other sacrifices would the expenditure cost?

And a few of us who did not read the poll properly.

 

[Dancing Fire]

J''smom

here are basic rules again...

https://www.pricescope.com/community/threads/according-to-the-basic-rules-if-you-live-in-a-500k-home.31847/

remember; expensive home + expensive E-ring + expensive cars,they all go hand in hand.

so i''ll say... go for your 2ct.

 

[pearcrazy]

Those are your rules DF. A lot of people with expensive homes+expensive cars+expensive diamonds need expensive lawyers to help them file bankruptcy.

 

[E B]

Date: 2/28/2006 1:49:03 PM
Author: decodelighted
Ooops. Me no read so carefully

. I voted but I'm not a member of the 2 ct. club. (And I don't really aspire to be actually.)

The Oprah Debt Diet series really has gotten me thinking though about how many people are living a lie & budgeting to their gross salary rather than the net. For the 50K/year folks who want (right now) a 2ct ring - or a 5K watch ... can you afford it? I ask myself that question CONSTANTLY about EVERYTHING. I think, as Oprah was saying, if more people asked themselves that question and answered it honestly the debt problem in America would take care of itself.

My fiance and I make around $80k a year combined (and I haven't even finished school yet!) and there's no way we could afford a 2ct diamond, nor would we if we COULD afford it. That's money we'd put away for our future children's college funds, towards a down payment on a house or into a retirement fund. Different people, different wants and needs. My mom was always scraping by and I learned to be pretty frugal. My fiance, too.

ETA: I didn't vote, as I don't have a 2ct (nor will I ever!). I think my .85 ct is just enough bling!

ETA2: I didn't mean to sound so bitter towards those who have 2cts (or want them). If you can afford it and it makes you happy, by all means!

 

[Momoftwo]

The biggest variable is where you live. Our income in No VA anywhere in the country except northeast and west coast would go a lot farther than it does here. Also, the ranges you listed are very large. 100K in No Va is very common for single earners. $190K for dual. We also didn't do the 2 ct (1.98 actually) til 25 years of marriage and two kids in college so that makes a difference too. Way too many variables. We do drive old cars though.

 

[ladykemma]

i think jayson''s mom needs to tell us what city she''s in, becuase salaries all depend on where you live...

 

[Dancing Fire]

Date: 2/28/2006 7:10:43 AM
Author: AGBF

Date: 2/27/2006 7:00:38 PM
Author:jaysonsmom
so, if you don''t mind, please answer this poll anonomously

When I got down to the amounts you had decided to put in for annual combined yearly income, my jaw nearly dropped! I think that if one makes over $100,000 a year (or it used to be that) one is in the top 2% of households in the US. I keep telling my daughter that so that she knows that even if we are poorer than some of our neighbors, we are among the very, very lucky of the US, never mind the world!!!


Deb

Deb
that''s what i thought too but i guess it''s very commom here in PS land. my guess nowadays, would be more like 4% in the $100k range.

 

[Dancing Fire]

Date: 2/28/2006 1:53:19 PM
Author: Mara
so much of america lives in serious debt. we see tons of BMW's and mercedes all over our complex, we could afford one but we don't really want a $800 month car payment! we have the biggest version of townhouse and we were able to do that because we don't have fancy cars. we'd rather have a larger and more attractive living space with more perks than a smaller interior unit and a BMW convertible. it's just about priorities. but i can guarantee that alot of my neighbors didn't pay cash for their cars and some of them are single, i don't know how they 'afford' a $500-600k townhouse with all the expenses attached AND something like that car and all the trappings on one salary!!

most people don't realize there is a big difference between being able to buy an expensive car and being able to afford an expensive car. i saw a SLK 55 at the MB dealership last week

would i be able to buy one? EASILY !!! in fact, i can buy a couple of them

can i really afford one? HECK NO!!!

 

[coda72]

I agree with everyone who said it''s not just how much you make, but how much you spend. I have a seven year old car and a 4 year old motorcycle, both paid off; I have no credit card debt, so the only big monthly bill I have is my share of the mortgage. My income of $50K is half of what my husband makes, so combined we''re in the $100K+ category, but I like to buy my own things and we keep separate accounts. He already told me that he doesn''t want me to buy a $5K watch, but if I decide I really want it, I will buy it. The way I see it is if you''re living at or below your means, then you should be able to buy most things that you want. If you''re barely making it, the 2 carat diamond and the 5K watch will have to wait until you can save the money.
Or you can do what I plan on doing, get a credit card that has no finance charges for a year on purchases, and use their money for free!

I''ve done this many times and it''s always worked out. But I am very careful because if you are late with a payment, or pay the balance a day late at the end of the time period, you will get charged all the back finance charges!

 

[Lorelei]

Date: 3/1/2006 7:35:02 AM
Author: coda72

Or you can do what I plan on doing, get a credit card that has no finance charges for a year on purchases, and use their money for free!

I''ve done this many times and it''s always worked out. But I am very careful because if you are late with a payment, or pay the balance a day late at the end of the time period, you will get charged all the back finance charges!

You crack me up Coda and that smiley was just perfect! As you say, it''s a good way if you can be disciplined and not get caught out with late charges.

 

[autumngems]

I want a 2 ct also and was going for something a little smaller but couldn''t find anything reasonable in the GIA realm without paying a fortune. Nobody will take trade-ups on EGL stones so that is out.

 

[CareBear]

I didn't vote because I don't have a 2 carat ring=P However, I think it's not so much how much you make, but how much you spend and save up. I have some friends that spend $800-$1k (1 person) on food every month! Now, if they saved half of that food money, that's a 2ct in a couple of years! Not that all of them want a 2ct. Most of them are guys

 

[Mara]

girl you don''t even wanna know what we spend on food. i am addicted to whole foods for fresh foods and fruits and meats, and we also eat out typically on friday and saturdays. so it definitely adds up. i was like holy crap last time i added it up!!!

 

[Kaleigh]

Date: 3/2/2006 8:12:43 PM
Author: Mara
girl you don''t even wanna know what we spend on food. i am addicted to whole foods for fresh foods and fruits and meats, and we also eat out typically on friday and saturdays. so it definitely adds up. i was like holy crap last time i added it up!!!

Yikes that is our or my downfall too. We don''t eat out a lot but what I spend at little gourmet markets adds up. I love Whole Foods and a little Italian Market called Carlino''s. Nothing like it, yummm.

 

[CareBear]

Date: 3/2/2006 8:12:43 PM
Author: Mara
girl you don''t even wanna know what we spend on food. i am addicted to whole foods for fresh foods and fruits and meats, and we also eat out typically on friday and saturdays. so it definitely adds up. i was like holy crap last time i added it up!!!

Really? You and Greg eat $2k worth of food combined? Wow! My fiance and I spend about $1k total. I think we used to spend more, but after the dog we''ve been stuck eating at home a lot more. But whatever we are saving is all going towards the dog''s expenses

 

[Mara]

Date: 3/2/2006 9:37:04 PM
Author: CareBear

Date: 3/2/2006 8:12:43 PM
Author: Mara
girl you don't even wanna know what we spend on food. i am addicted to whole foods for fresh foods and fruits and meats, and we also eat out typically on friday and saturdays. so it definitely adds up. i was like holy crap last time i added it up!!!

Really? You and Greg eat $2k worth of food combined? Wow! My fiance and I spend about $1k total. I think we used to spend more, but after the dog we've been stuck eating at home a lot more. But whatever we are saving is all going towards the dog's expenses

Sadly enough close to that!! I was adding it up the other nite when my friend told me they spend $800 a month...I thought wow how much do we spend? Well...$40 trips to whole foods (my weakness) 3-4x a week and then there is the basic goods at Safeway twice a month that adds up...we also both eat lunch out every day, not so much but around $7 a day, and then weekend food bills are $$$ because we get suckered into 'oh im dying for XYZ'...so it was not quite as bad as $2k a month, but not SO far off. I didn't tell Greg about my calcs...he'd probably put us on a ramen diet ASAP. Ay carumba! We just love good food and I'm addicted to whole foods. I think I'd spend less if it wasn't so close to my work. Bitch of it is that they are building one up the block from our house, literally. I will be able to walk there. I'm kind of scared!

 

[sxn675]

Yes, unfortunately our combined incomes (which is towards the middle end of the 100-199K range) doesn''t buy much in So Cal. Housing is out of control! We are still trying to move out of our $650K TOWNHOME to a real single family detached house, and that means buying something about 2000 sq ft (4 bedrooms!) for close to a million bucks.


My husband and I call ourselves the hillbillies of our town because there''s so many people around us with the latest import cars, trophy wives and foreign nannies! It''s sad....


As for the upgrade thing, I already have 3 diamonds in the 1-1.5 ct range, so I can''t just gradually upgrade. It seems like a 2+ ct IS the next jump.


I edited the above to 3 diamonds in the 1-1.5 ct range. I keep thinking I had 4 diamonds because included my fakey!

Okay well, this isn''t going to be popular, but in this situation, I tend to side with your husband. With housing and other costs so high in SoCal, it''s not the same as making $150 in Kentucky or something, know what I mean? If you have three diamonds already, any chance of making a killer three stone, trading in or putting a halo on your 1.5 carat stone? Good luck!

 

[elepri]

I wonder if there''s really much correlation between income and size of diamonds. I''m sure there''s to a point but the people with the highest incomes that I know definitely don''t have the largest stones. I don''t have a 2 carat stone, many of my friends who make signficantly less than we do have them. One of my friends with a larger (2+) stone is a school teacher as is her husband, so their income is really modest (by New York standards anyway). There are just too many variables like other expenses and priorities.

 

[hoorray]

Date: 3/3/2006 7:07:33 PM
Author: elepri
I wonder if there''s really much correlation between income and size of diamonds. I''m sure there''s to a point but the people with the highest incomes that I know definitely don''t have the largest stones. I don''t have a 2 carat stone, many of my friends who make signficantly less than we do have them. One of my friends with a larger (2+) stone is a school teacher as is her husband, so their income is really modest (by New York standards anyway). There are just too many variables like other expenses and priorities.

I don''t think there is. I think it''s more a matter of priorities. Everyone has their priorities... kids, houses, travel, diamonds, savings, retirement, entertainment, hobbies, can''t forget food ..... I never even thought about upgrading my stone for 15 years. Then, suddenly, it was TIME. I don''t really know why, but I was definitely in a different life mode than many of my previous ones.

Obviously, some people get the bug earlier. I guess I satisfied it with setting changes for a while.

 

[Mara]

Date: 3/3/2006 8:04:59 PM
Author: lop

Date: 3/3/2006 7:07:33 PM
Author: elepri
I wonder if there's really much correlation between income and size of diamonds. I'm sure there's to a point but the people with the highest incomes that I know definitely don't have the largest stones. I don't have a 2 carat stone, many of my friends who make signficantly less than we do have them. One of my friends with a larger (2+) stone is a school teacher as is her husband, so their income is really modest (by New York standards anyway). There are just too many variables like other expenses and priorities.

I don't think there is. I think it's more a matter of priorities. Everyone has their priorities... kids, houses, travel, diamonds, savings, retirement, entertainment, hobbies, can't forget food ..... I never even thought about upgrading my stone for 15 years. Then, suddenly, it was TIME. I don't really know why, but I was definitely in a different life mode than many of my previous ones.

Obviously, some people get the bug earlier. I guess I satisfied it with setting changes for a while.

I agree re priorities. Just because you have disposable income doesn't mean you automatically have a huge diamond. Some people are not into it, others are. My Mom has a small $3k Shane Co ring she's had for the last 15 years or so after she lost her original ring (small too) and they own multiple properties instead (my Dad is so not a diamond buyer. I'm sure he looks at me and thinks 'where did YOU come from?!'). My husband sure wishes I'd get a new car this spring (so he can drive it), but I want my 2c+ stone first. Go figure. I don't mind driving a beater car around or that people may think that the stone is fake. Later this summer I'll get a new car. But I'm not in a rush. However dreaming about my diamond ALL the time...

 

[Dancing Fire]

Date: 3/3/2006 8:04:59 PM
Author: lop


I don''t think there is. I think it''s more a matter of priorities. Everyone has their priorities... kids, houses, travel, diamonds, savings, retirement, entertainment, hobbies, can''t forget food ..... I never even thought about upgrading my stone for 15 years. Then, suddenly, it was TIME. I don''t really know why, but I was definitely in a different life mode than many of my previous ones.

Obviously, some people get the bug earlier. I guess I satisfied it with setting changes for a while.

there''re more important things than diamonds?

 

[jaysonsmom]

Hi All. Sorry I dropped off the face of the earth. I was out of town on a business trip.

Anyways, I agree with most of you that there are many other factors that are involved in a person''s ability to afford a 2+ ct. diamond. It''s all about priority.

We are not struggling each month despite living in So Cal, and having two kids. We have no debt other than our mortgage and one car payment under $300, we don''t like to take vacations, and I very inextravagent in my clothing and personal spending (Kohls is my favorite store) and my twice yearly haircuts cost less than $20. I never buy anything unless there''s a sale, and I never buy pricey designer stuff. We have college funds started for both kids, and we''re able to save an average of 1.5K a month. In my opinion we are able to afford a 2+ct diamond of good quality. My huscand has agreed that we can afford it, he just doesn''t think anyone needs to wear that much money on their finger. Like I mentioned in other threads, he has given me a generous upgrade budget of 15K for my 10 year upgrade....I would love to double that, and do it RIGHT so I''ll never upgrade again. Is that too much to ask?

 

[coda72]

Date: 3/6/2006 1:51:30 AM
Author: jaysonsmom
Like I mentioned in other threads, he has given me a generous upgrade budget of 15K for my 10 year upgrade....I would love to double that, and do it RIGHT so I''ll never upgrade again. Is that too much to ask?

Well, if you''re doing pretty well like you say, I don''t think it''s too much to ask. But really in the end, you have to work it out with him. I''m not sure he''ll care about any of our opinions on a diamond message board! I don''t know how your husband is, but if I end up buying my Rolex watch, he probably won''t be too happy for about 5 minutes, but I''ll be able to talk him out of being upset. Besides, in reality I am spending my money and not his. So, see if you can work it out with him, then show us the new ring when you get it!