There’s an interesting series on Esquire that interviews people at different income levels. After focusing on men, they have now spoken to four women who earn $1,000,000, $350,000, $80,000 per year, and $650 per week (just above the poverty line). Here’s what caught my attention:
$1,000,000 Per Year Woman, 34 Years Old:
– She has just started budgeting.
– Spends about $200 a week on groceries.
– Wants to travel more but feels tied down by her job and lack of free time.
– Plans to work indefinitely and is often cash-strapped, likely because she invests heavily. She goes “broke” if a deal is delayed.
$350,000 Per Year Woman, 37 Years Old:
– Works as a real estate investor and has been investing since medical school.
– Combining her income with her husband’s and 10 years of investing, she recently surpassed a net worth of $1,000,000, though she feels she could be doing better.
– Spends over $2,000 a month on dining out.
– Struggles to find time to spend with her family.
– Financed a car, only to pay it off in four months.
$80,000 Per Year Woman, 38 Years Old:
– Her husband stays at home, both still have student loans.
– Lacks an emergency fund and puts unexpected expenses on a credit card.
– Would delay retirement to pay for her children’s college.
– Expects to pay off student loans by age 47, just eight years before the general retirement age for teachers.
– Hopes to earn $100,000 in ten years, but with a 3% annual raise, would make around $107,000.
– Worries more about health than finances, living in a stressful situation where any disruption is a major concern.
Poverty Line Woman, $650 Per Week, 38 Years Old:
– Left most material possessions after a divorce.
– Monthly expenses include $400 for rent, $360 for the car, around $1,000 for groceries, and $40 for cable, leaving her with less than $1,000 per month as a single mom of two autistic children.
– Chooses to pay $40 for cable so her kids can watch Sesame Street instead of a cheaper $10 Netflix subscription.
– Claims to be doing alright despite uncertainties about future housing.
– Spends significantly on laundry and hasn’t considered buying a used washer, possibly due to financial constraints.
– Has no plans for retirement but aims to make $7,000 a month in ten years.
– Feels taxes are too high, a viewpoint unique among the four women.
What do you think? Do these stories reflect the average person at these income levels? Which of these women would you prefer to be?