Chocolate. How do I love thee? Let me count the ways.
No matter how I’m feeling, chocolate always lifts my mood and brightens my day.
I think no one has expressed their love for candy and chocolate better than children’s author Roald Dahl. He was a British author, poet, screenwriter, and fighter pilot who became a prominent writer for both adults and children in the 1940s.
I would have to say the gold standard or golden ticket standard would have to be the literary work he wrote called Charlie and the Chocolate Factory in 1964.
Dahl loved chocolate because of his childhood memories and his time as a chocolate taster for Cadbury while at boarding school. As chocolate was a rare treat and luxury during his childhood in the 1920’s.
Dahl also kept a lifelong passion for sweets, famously eating a Kit Kat every day and studying candy bars like a scientist.
Like him, I too am a sweets afficionado as well as one in personal finance. Hint, hint this website.
His love of chocolate runs deep. He even wrote a book called The Witches in 1983 devoted to children’s love of candy.
I enjoyed the 1990 movie so much, that I wrote a blog post on it. See it below by clicking on the link.
I am guessing if they were able to go through with their plans for candy stores in the movie, it would look something like this below. This window dressing of candy is almost too good to pass up. I mean how can little children possibly resist.
However, I am here to talk about another side of chocolate besides just the love of it.
The expensive side.
Personally, I feel that candy bars are becoming prohibitively expensive.
There was a time you could buy a Snickers for 50 cents. Last time I was in the supermarket, it was going for $2.
Before, you bust my chops on the price of a Snickers being only $2, let me give you some background here on this particular candy bar.
The Snickers candy bar is the best-selling candy bar in the world, pulling in roughly $2 billion to $3.5 billion in global annual sales.
Snickers: Introduced by Mars in 1930, this classic mix of nougat, caramel, peanuts, and milk chocolate is what makes this candy bar so special.
Snickers holds the crown for the #1 top-selling traditional molded candy bar globally and nationally.
Why Snickers Leads the Market
Global Reach: Made by Mars, Incorporated, Snickers is sold in more than 100 countries.
Classic Recipe: It combines roasted peanuts, caramel, and nougat inside a milk chocolate coating.
Strong Marketing: Iconic campaigns like “You’re Not You When You’re Hungry” helped keep the brand on top for decades.
A standard full-size (1.86 oz) Snickers bar typically costs between $1.00 and $2.20, depending heavily on where you purchase it.
Average Price by Retailer
Prices vary across major store chains for a single standard bar:
If you buy in bulk or choose different sizes, the unit pricing changes:
Share Size (3.29 oz): Usually costs around $2.50 to $3.00 at stores like Target or Walgreens.
6-Pack Bags: Retails for around $6.48 to $8.39, dropping the individual bar price closer to $1.08 to $1.40 per bar.
48-Count Bulk Box: Usually priced between $45.00 and $53.00 at wholesale clubs like Sam’s Club, bringing the price down to about $1.09 per bar.
Now that you know what it costs to buy a Snickers, let’s talk about what else that money can buy.
A standard New York City subway or local bus ride costs $3.00, and you do not need to buy a traditional physical pass. The Metropolitan Transportation Authority (MTA) relies on the OMNY contactless payment system, which features automatic weekly fare-capping.
The regular bas fare on WMATA in the Washington DC metro area is $2.25.
Therefore, $2-$3 can literally get you across the city.
Shuttling you to work, doctor appointments, museums, and school.
This could also buy you a half a tank of gas.
A half gallon of milk.
A case of water.
You get my point.
When did nougat, peanuts and chocolate get so expensive?
Did the chocolate overlords decide that sweets are a luxury and you have to pony up for the experience?
That money could be used for so many other things.
I know. I am starting to sound like Mr. Money Mustache on his tirade that pizza delivery is for millionaires.
However, before judging me too harshly, I want you know keep this in mind.
I started investing with $5 dollars. Had I bought a candy bar instead, I may not have started this blog and grew my retirement account to over $600,000 USD.
The point I am making here is that all things come with a price tag. There is an opportunity cost with every dollar we spend.
Millionaires can easily afford this cost. However, when you are still trying to grow your wealth, you must stop and take pause on what you are buying. No matter how big or small.
Case in point, I figure at this rate, my retirement accounts would hit $1 million within 1,000 days.
Therefore, I ask you, much like the Automatic Millionaire asks if drinking coffee is worth losing out on $1 million, is a candy bar?
About the author
Miriam started Greenbacks Magnet in 2016 to keep a scorecard of her goal of $1M in investable assets. Armed with a Master in Management (MiM) and a calculator, she teaches readers how to achieve financial independence while also helping them learn how to smell the roses along the way. The palpable response she got from sharing her personal finance goal in a public speaking course at Georgetown University encouraged her to share her story and teach finance on her website. She invests in AI companies as artificial intelligence is the new iPhone of the moment as she likes to invest in companies that are disruptive.
As we come out of out post 4th haze of fireworks and celebratory drinks for America’s 250, we come back down to reality.
For Taylor Swift, who got married in a $30 million-dollar wedding on Friday, July 3rd at Madison Square Garden, I am sure this means shoring her her finances and protecting her assets. She is worth a reported $2 billion dollars.
Who is Taylor Swift and how rich is she?
Taylor Swift is now the richest female music star in the world, boasting a staggering net worth of $2.1 billion (£1.6bn), according to Forbes. Her landmark The Eras Tour is the highest-earning tour of all time, having grossed over $2 billion (£1.5bn).
Swift’s record-shattering The Eras Tour kicked off in March 2023. The monumental tour became the highest-grossing of all time after surpassing the $1 billion (£736m) gross mark. By the time it wrapped in December 2024, the tour had grossed an estimated $2 billion (£1.5m). When factoring in other revenue streams such as merchandise, The Eras Tour generated an estimated $4.1 billion (£3bn).
Her Eras Tour movie grossed $261 million at the box office.
She has sold millions of records worldwide.
In yet another money-spinning move, Swift released The Eras Tour Book in November 2024, further capitalizing on the success of her record-breaking tour. The self-published book retailed exclusively at Target for $39.99 (£30). A roaring success, the book sold almost one million copies within its first week.
This is a tough blow for publishing as she cashed-in on her own popularity without a book deal. Ms. Swift, like AI, is disruptive!
She bought back her music masters or $360 million.
In her new record deal with Universal Music Group in 2018, she negotiated to retain full ownership of her future masters.
But that wasn’t the only groundbreaking aspect of the deal. Her contract also includes a key provision that benefits thousands of other musicians. Universal Music Group must share a portion of any future profits from its Spotify shares with all its artists, not just Swift.
This agreement ensures that UMG’s artists will receive payments from the sale of Spotify shares on a non-recoupable basis, meaning they’ll get the money even if they haven’t fully paid off their advances.
Taylor is killing it out here!
She is a capitalist queen. And the queen of Spotify.
Swift reportedly earned over $100 million (£74m) from Spotify alone in 2023. She was named Spotify’s Top Global Artist of 2023 after achieving a staggering 26 billion streams on the platform.
Overall, Swift has achieved over 100 billion streams on Spotify, earning her close to $500 million (£368m).
Property Portfolio
In total, Forbes estimates that Swift has amassed $800 million (£589m) from royalties and touring. Meanwhile, her music catalogue is valued at a plump $600 million (£441m).
In addition to her music income, Swift has grown her fortune through savvy real estate investments. Forbes estimates her property portfolio is worth $110 million (£81m). Her enviable collection includes a luxurious penthouse and a Greek-inspired mansion in Nashville, as well as mansions in Los Angeles and Rhode Island, and another penthouse in New York City.
Social Media Master Influencer
With a staggering 280 million followers, Swift is also one of the most-followed stars on Instagram. For some degree of comparison, this mammoth figure is larger than the populations of Pakistan (240 million), Brazil (216 million), and Russia (144 million).
Over the years, she’s leveraged her huge fanbase to secure numerous lucrative endorsement deals with big-name brands such as Diet Coke, CoverGirl, Keds and Elizabeth Arden. According to Entrepreneur, she’s earned at least $33 million (£24m) from the various collaborations.
Breaking down the Prenup
According to the New York Times, Taylor Swift and Travis Kelce reportedly signed a 40-page, highly specific prenuptial agreement ahead of their wedding. Given Swift’s massive $2 billion net worth and Kelce’s $70–$90 million fortune, the ironclad agreement is designed to protect their respective empires and future earnings.
While the couple has not publicly disclosed the exact details of the contract, legal experts and financial analysts expect it to include the following clauses:
Title-Based Asset Division: All intellectual property—such as Swift’s highly valuable music catalog—and pre-marital wealth remain separate property. Similarly, Kelce’s existing endorsement deals and trademarks stay his.
Infidelity Clause: Rumors heavily suggest the agreement contains a morality or infidelity clause, with high financial penalties if either party violates the terms. It is being reported this could be as high as $20 million per violation!
Joint Purchases: Any homes or major assets bought together during the marriage would likely be divided based on the exact financial contribution each spouse made.
Whew! That’s a lot to unpack.
When you have this kind of money though, it just makes sense.
Regardless of whether Swift and Kelce even have a prenuptial agreement, prenups aren’t just for the rich and famous. Younger couples are driving a rise in their use, and many Swift fans have voiced support for the idea of the singer protecting her assets with one.
I concur. With the divorce rate in this country being 50%, best to protect your assets in case of a split.
I guess with all the newly minted millionaires from AI startup IPO’s, more people are saying sign this prenup before walking down the isle and saying “I do.”
According to Bloomberg , they cite a growth in women’s earnings, people marrying later in life and marriage being an institution primarily reserved for well-educated, affluent people who have more assets and earnings as some of the potential reasons why prenups are on the rise.
While it varies by city and state, a prenuptial agreement can cost between $1,000 to $10,000 to have drafted, according to The Knot.
So it cost a pretty penny to protect big bucks!
I am not a romantic when it comes to money.
I firmly believe anyone with significant assets that they want to protect should sign a prenup.
Tons of relationships go bust every year.
Recently in the news, I have seen 20 plus year marriages end.
No one wins in divorce, but having a prenup sure makes things easier in the end. It is always better to do things in a state of love than in a state of hate.
About the Author
Miriam started Greenbacks Magnet in 2016 to keep a scorecard of her goal of $1M in investable assets. Armed with a Master in Management (MiM) and a calculator, she teaches readers how to achieve financial independence while also helping them learn how to smell the roses along the way. The palpable response she got from sharing her personal finance goal in a public speaking course at Georgetown University encouraged her to share her story and teach finance on her website. She invests in AI companies as artificial intelligence is the new iPhone of the moment as she likes to invest in companies that are disruptive.
Good Afternoon Ladies and Gents! As I write this, the New York Knicks have won the NBA Playoffs and became the 2026 NBA Champions! They have won the 2026 Championship for the first time in 53 years!! Congrats to them! Go Knicks!!
The New York Knicks have won 3 NBA championships in franchise history, most recently ending a 53-year drought by defeating the San Antonio Spurs in the NBA Finals!
The Championship game 5 happened on Saturday June 5.
However, also in New York, there was another celebration going on. This one happened at the Nasdaq site in Times Square.
SpaceX had its historic, record-setting initial public offering (IPO) on the Nasdaq exchange under the ticker symbol SPCX.
The listing, which debuted on June 12, 2026, became the largest IPO in history, raising $75 billion and valuing the company at over $2 trillion. Shares were initially priced at $135 each and closed the first day of trading above $161.
According to reports, even SpaceX cafeteria workers are poised to become millionaires after the blockbuster IPO — 4,400 employees set to hit 7-figures.
One employee, who has 6,500 shares, has enough SpaceX shares to be worth over $1.1M.
These workers have now become instant millionaires!
Many of these workers who are now new millionaires, including some cafeteria workers whose compensation packages include employee stock options.
There are even some workers that will make 8-figures. That is $10 million dollars folks!
This is life changing.
These folks can cash out and retire early.
Personally, I have bought shares of SpaceX.
As I did not want to miss the boat again, from a possible tidal wave of money coming in.
I missed out on Facebook when they did their IPO back in 2012. It was going for $25. It then went on to $650 a share!
One Personal Finance blogger I know made like $200k investing in META when it popped!
There is definitely money to be made out here.
I like to invest in companies that are disruptive. With Google signing a deal to pay SpaceX $900 million a month to do business with them, I think they are poised to bring plenty of disruption!
After passing the $500,000 mark, my next goal is $750,000 in investable assets in my stock portfolio. If I keep increasing my investment contributions annually, I plan to hit $1 million in a few years!
Raising a glass to all the newly minted millionaires.
Here’s to investing your way to financial freedom!!
Cheers,
Miriam
About the author
Miriam started Greenbacks Magnet in 2016 to keep a scorecard of her goal of $1M in investable assets. Armed with a Master in Management (MiM) and a calculator, she teaches readers how to achieve financial independence while also helping them learn how to smell the roses along the way. The palpable response she got from sharing her personal finance goal in a public speaking course at Georgetown University encouraged her to share her story and teach finance on her website. She invests in AI companies as artificial intelligence is the new iPhone of the moment as she likes to invest in companies that are disruptive.
What I mean by this blog title is that Trust Funds are not a financial catch-all. They cannot really be trusted until the money is actually in your hands.
Disney Child Star lost millions
The Tax Man can giveth or taketh away.
My favorite young actress from the 60’s is none other than Haley Mills. Her turn as twins in the 1961 movie Parent Trap rocketed her to the top spot of most popular actresses of the 1960’s.
The Disney legend became a household name after appearing in projects such as Tiger Bay (1959), The Parent Trap (1961), and That Darn Cat! (1965).
I also really liked The Moon-Spinners (1964).
My favorite movie of hers was Summer Magic (1963). It’s synopsis reads: When a close-knit Boston family loses their fortune, they find a wealth of secrets, young love, and more in Beulah, Maine. It’s Nancy (Mills), the eldest of three children, who finds the family’s new home—along with a jolly postmaster, a pretentious cousin, and a mysterious absentee landlord.
Looking back over this movies premise, come to think of it, was this story foretelling her future. Like the owl in that Tootsie Roll commercial, the world may never know…well, until she wrote that memoir that is.
Disney darling Hayley Mills revealed she lost millions of dollars due to financial advice from her father’s financial advisor, Stanley Passmore.
Hayley Mills lost the vast majority of her childhood Disney fortune to a massive 91% British tax rate and poor trust fund planning orchestrated by her father’s financial manager.
This unfortunate turn of events was detailed in her memoir.
The critical factors behind the loss include:
Improper Trust Structure: Her earnings from massive hits like Pollyanna and The Parent Trap were placed into a trust, but the business manager failed to set up the trust correctly to protect her from extreme tax brackets.
Crippling Taxes: When she turned 21 and gained access to the fund, British “supertaxes” and surtaxes were hovering around 90%. Consequently, nearly the entirety of her reported $10 million+ earnings were wiped out by the government.
Failed Legal Appeals: While she briefly won an appeal in the 1970s when a judge ruled it was unfair to tax her earnings this way, the House of Lords overturned the decision, finalizing the financial blow.
As detailed in her memoir Forever Young, Mills never actually got to hold or enjoy the bulk of her early success.
Hayley Mills’ exact salary per individual movie was never widely publicized, but her six-film contract with Disney reportedly accumulated an estimated $17 million (equivalent to over $21 million today) in a trust fund.
Unfortunately, because her early British earnings and Disney wages were placed into a trust fund incorrectly managed by her father’s attorney, almost all of it was lost. The specific details regarding the loss of her childhood acting wages include:
The Tax Man: Mills ultimately lost the vast majority of her multi-million dollar Disney fortune due to a brutal 90% British “super-tax” rate in effect at the time for high-earning minors. Failed Appeals: Although she fought the British government for years and briefly won a 1973 ruling to keep her money, the House of Lords ultimately appealed and ruled against her in 1975, leaving her trust fund virtually empty. Memoir Reveal: Mills discussed the heartbreak of never actually seeing her Disney wealth, likening it to a vanished dream.
Literally four years after making Summer Magic in 1963, by 1967, she lost pretty much her entire fortune that was built after a decade of hard work.
It broke my heart to hear her story. She worked so hard to lose so much. She had truly earned her financial freedom. Alas, it was not meant to be.
Her story, like Shirley Temple’s, was another fiscal cautionary tale. You must become financially literate or bad things can happen.
The best gift I feel I can give myself when it comes to money is the gift of financial literacy.
I voraciously read dozens of books on personal finance and business. I may not have went to an Ivy League School or gotten a PHD, but I made sure to give myself a self-taught education in finance. Some of the books I read were even written by people who went to Harvard, Yale, Princeton or Columbia.
I made sure to get an Ivy League education in financial literacy.
By managing my own finances, I can avoid being overcharged and underpaid.
Reading about money taught me that you can either be rich or look rich, but you can’t be both.
For every 8-hor day, I try to invest at least 1-hour of what I earn.
Therefore, if you earn $100,000, then the goal would be to invest between 10 to 20 percent.
The current 401k and Roth IRA limits are $24,500 ad $7,500, respectively.
Selling a property also helped me boost my savings. Real estate can help you build a fortune.
After reading about Haley Mills and other actresses, athletes and musicians, I truly believe that there should be a class for celebrities called Finance 101.
Once I hit $250,000 in investments, I knew I could teach others.
Let’s not wait one more second to learn about money. It’s not only a retail apocalypse out there, but a financial knowledge desert and job apocalypse. Meta and Google and numerous other companies are laying off tens of thousands of workers. Saving and investing are ways to protect yourself from the pink slip apocalypse.
Your girl, Greenbacks Magnet, is here for you.
Just call me or tweet me. I am here for you anytime. A mere tweet away.
I’m just like Buffy says…👇
About the author
Miriam started Greenbacks Magnet in 2016 to keep a scorecard of her goal of $1M in investable assets. Armed with a Master in Management (MiM) and a calculator, she teaches readers how to achieve financial independence while also helping them learn how to smell the roses along the way. The palpable response she got from sharing her personal finance goal in a public speaking course at Georgetown University encouraged her to share her story and teach finance on her website. She invests in AI companies as artificial intelligence is the new iPhone of the moment as she likes to invest in companies that are disruptive.
“Pay yourself first.” Treat your savings like a mandatory bill and pay yourself at least one hour a day of your income. – David Bach, author of the Automatic Millionaire
“Don’t go to Starbucks today for a coffee… Invest $5 a day for 40 years @10% and you’ll have $948,611 in savings in your retirement account. The fact is that investing works when you work it.” – David Bach
I know that skipping the latte is a part of the latte factor philosophy, but sometimes I just need a cappuccino!
Therefore, I found other things to cut back on in order to find more ways to save and invest that money.
It seemed better to indulge and splurge on the things I really wanted and then cut mercilessly the things I don’t like.
This meant paying off debt.
I rather cut out shots at the bar at happy hour on Taco Tuesdays than not having my coffee or tea fix!
I mean everything is good in moderation, right?
You should be able to sip coffee and buy stocks.
My niece (Tiana) even bought me a juice shot at Trader Joe’s recently. She said, “shots on T”. She also likes to say Tiana runs on Dunkin. She loves her coffee. And she occasionally likes juice shots too.
Some were pretty pricey. I guess I can just eat the fruit and drink water to save on that. Who needs $5.99 juice shots? That should still count as saving on unnecessary drink spending. I mean a drinks a drink, right?
Lately, I have noticed that everything is behind a paywall. So I started cutting out or avoiding subscriptions.
Most movies and shows end up on Prime or Netflix anyway. I will catch it eventually.
Sacrificing present pleasure for future security is how the game of financial independence is played.
However, I can recollect hearing many stories of financial mismanagement. It’s a tale as old as time.
Hollywood Child Stardom gone bust
One of my all time favorite child actors is Shirley Temple. She was wise beyond her years. An absolutely incredible talent for such a young age. She started out by taking dancing lessons and then also starting her career at age 3. By age 6, she was one of the biggest stars in Hollywood.
Shirley Temple, a beloved child star who made 29 films by age 10. Talk about a work ethic! All that just to be fired in 1941 by Fox Studios at the tender age of 11 for slumping ticket sales. Her contract was picked up by MGM, but by 1950 her Hollywood movie career was over at the young age of 22.
At the peak of her career, Shirley commanded a salary of $10,000 a week, earning her a healthy $3.2 million along with other income from merchandise.
She didn’t live a fairy-tale existence. During the years of her greatest fame, she worked punishing hours, received death threats and inappropriate advances, and retired at 22 with just $40,000 in the bank.
Ninety-seven cents of every dollar she made was gone. Due to bad investments made by her father.
Shirley Temple Black was an American actress, singer, dancer, politician, and diplomat, who was Hollywood’s number-one box-office draw as a child actress from 1934 to 1938.
Childhood Earnings: During the 1930s, she was the highest-grossing star in Hollywood, earning roughly $3.4 million. However, by the time she was 22, the vast majority of these earnings had been squandered or lost in poor investments managed by her parents.
Adult Rebound: Despite losing her childhood fortune, she rebuilt her wealth through strategic business endeavors, marriage to wealthy businessman Charles Black, and a highly successful career in international relations, serving as the U.S. ambassador to both Ghana and Czechoslovakia.
Estate & Assets: Her estate included high-value personal property, most notably a rare 9.54-carat “Fancy Deep Blue” diamond ring. The ring was purchased by her father in 1940 for about $7,200 and was auctioned off post-mortem by a private buyer for an estimated $25 to $35 million.
At the time of her death in 2014, Shirley Temple had an estimated net worth of $30 million. Her wealth was accumulated through her legendary childhood acting career, successful adult ventures, savvy real estate investments, and a prominent second career as a United States diplomat.
Her story taught me something. Never to give up.
If I wanted financial independence, I would have to work for it!
I drove my old car from college into the ground. Paying that off along with a $20,000 personal loan that cost me $333 a month, helped me get on more solid financial footing.
Paying off debts laid the groundwork for what was to come. Amassing $580,000 in investments. I am mere thousands away from $600,000.
Although I did not cut out tea and coffee, I did cut out luxury cars and personal loans from my budget. The $750 I was saving on these two line items alone far eclipsed the $50 budgeted monthly for my caffeine fix!
I won’t stop until I hit my target of $1 million. I am more than halfway there.
Let me reward myself by taking a sip of my coffee.
About the author
Miriam started Greenbacks Magnet in 2016 to keep a scorecard of her goal of $1M in investable assets. Armed with a Master in Management (MiM) and a calculator, she teaches readers how to achieve financial independence while also helping them learn how to smell the roses along the way. The palpable response she got from sharing her personal finance goal in a public speaking course at Georgetown University encouraged her to share her story and teach finance on her website. She invests in AI companies as artificial intelligence is the new iPhone of the moment as she likes to invest in companies that are disruptive.
Mr. Jain stated he did not feel financially secure at all while living in a high cost city like Seattle.
I kid you not. You can see the headline of the article below.
This dude is in the top 10 percent of income in America.
This article reads like an episode of Billions or Fleishman Is in Trouble.
Fleishman Is in Trouble is a 2022 limited series streaming on Hulu starring Jesse Eisenberg as Toby Fleishman. Adapted from Taffy Brodesser-Akner’s bestselling novel, the show follows a newly separated New York doctor whose sudden sexual popularity and parenting skills are tested when his ex-wife (Claire Danes) mysteriously drops off their kids and disappears.
Fun Fact: I actually wrote a blog post called My So-Called Finances as a salute to the incredible talent of actress Claire Danes. See my post here My So-Called Finances
Fleishman delivers this line in response to someone questioning their lifestyle:
“Excuse me, I make almost $300,000 a year. I am a rich man in every single culture except the 40 stupid square blocks that you insist we live within.”
New York City is the overall most expensive city in New York, with Manhattan boasting some of the highest real estate and living costs in the world.
The ranking from GoBankingRates found 13 municipalities with populations over 2,500 where residents spend at least $10,000 on monthly necessities alone.
The study looked at 2025 average home values, as well as mortgage payments and costs of groceries, utilities, health care and transportation.
Manhattan is on of those places where expenses can easily top $10,000 per month.
This showwas primarily filmed in and around New York City, with extensive location shooting throughout Manhattan, Brooklyn, Queens, and the Bronx.
The breakdown below highlights the exact, localized centers of wealth depending on what type of location you are looking for:
1. New York City
As a whole, NYC requires the highest cost of living and housing in the state. Manhattan leads the pack, with hyper-luxury areas commanding astronomical figures.
Most Expensive Neighborhood: Hudson Yards is recognized as the most expensive neighborhood in NYC, with a median sale price of roughly $5.95 million. TriBeCa is a close second, routinely seeing median sale prices around $4.15 million.
Rental Costs: The average rent in Manhattan fluctuates between $5,200 and $5,600, though ultra-luxury pockets like Sutton Place can see median rents soar well beyond $8,000 per month.
Scarsdale (Westchester County): Tops the list for incorporated New York cities due to its extraordinarily high cost of living, premier school systems, and massive estate home values.
Sands Point (Long Island): Located on Long Island’s Gold Coast, this area boasts average home values approaching $3 million, with massive monthly mortgages and high property taxes.
Rye & East Hills: Both of these locales rank alongside Scarsdale as some of the most expensive non-NYC cities in the state, driven by proximity to the city and waterfront luxury.
For more context, Manhattan has a land area of approximately (22.66) square miles, and an additional (11.2) square miles of water, bringing its total area to roughly (33.8) square miles.
According to CNBC, to be in the top 10% of households in the United States, you need an annual income of at least $251,036 or a net worth (total assets minus debts) of approximately $1.6 million to $1.8 million.
Nationwide thresholds for the top 10% vary depending on whether you are measuring annual income or overall wealth:
By Location: The exact number changes significantly depending on where you live. For example, in California, you generally need to make over $311,000 to be in the top tier, while in states like Mississippi, the top 10% threshold is closer to $200,900.
Individual Earners: For single filers without combined household incomes, breaking into the top 10% starts around $135,000 to $170,000, depending on age and location.
Net Worth (Total Assets & Investments)
National Threshold: A household requires a net worth of roughly $1.8 million to be in the top 10%.
By Age: Net worth expectations shift heavily depending on your stage of life. While the threshold is around $1.6 million across all ages, that figure climbs closer to $3 million for households in their 60s
Even though Washington has no state income tax, which helps him save about 10% more of his take-home salary, he still feels it’s not enough to support his family of four.
Mr. Jain is a senior product manager at Amazon. He moved from one high cost state, California, to another one; Seattle, where the median home price is $850,000.
He is feeling the squeeze because of being in a single-income household with a wife, a child, and another kid on the way, which makes things feel tight with the rising costs of healthcare, childcare, and living expenses.
The problem with using a high income as a signal of success or failure in life is it often comes with consequences. This is especially true once kids enter the picture. The goalpost keeps moving. The barometer for success gets higher.
They say if you want to lessen the pool of highly qualified applicants or increase your options of better candidates such as those applying to Yale or Harvard, then just keep increasing the selection criteria for more exclusivity.
In the 1960s, less than 30% of all married households were dual-income families. That number has now more than doubled to more like 60%.
There are reasons for this change. Having children is more expensive than it used to be. The cost of education is higher. The cost of childcare is higher. The cost of housing is higher. The cost of transportation is higher.
Everything is more expensive.
And this gentleman believes $300,000 just isn’t enough to make it out here.
So what gives?
How did we get here?
Let’s break down his income and expenses shall we.
His monthly take-home pay is about $12,000 after taxes and 401(k) contributions.
Considering that the average annual wage in the U.S. is approximately ($64,505) to ($66,622) for individual workers, I would say $300,000 should be more than adequate to take care of a family. However, living in high cost states can definitely hold your wallet hostage with how quickly the monthly bills add up!
Housing is a big ticket line item with a high fixed expense
Mr. Jain lives 30 miles north of downtown Seattle in a four-bedroom single-family home. The area he lives in has a strong school district, and many people moved here during the remote-work boom. He bought his home in 2023. His mortgage is about $5,000 a month, including taxes and insurance.
This would estimate that he has a home with a $600,000 mortgage.
On a $12,000 take-home of salary, this is a huge chunk of his income at about 41 percent.
Utilities total about $800 a month. That includes about $300 for electricity and water, which also covers charging his Tesla at home; $125 for sewer; $20 for gas; $130 for trash; $70 for internet; and $100 for phone.
Just housing and utilities take up 50 percent of his take-home pay!
He pays $750 per month for a family health insurance plan.
Debt is pretty significant as well for this guy.
He has around $20,000 in personal debt from expenses and travel last year. He also is carrying mortgage debt from his home and an investment property. In addition, he has a Tesla with a car payment, but he has fully paid off a Range Rover.
Groceries is another big bill for this family. Their Costco bill alone is around $1,500 a month, including groceries, household items, decor, toys, and more. Outside of Costco, they spend another $400 to $500 monthly on additional groceries.
Hiring help also costs a pretty penny.
They hire nannies on an as-needed basis, which costs about $100 to $250 per day, depending on the hours. In a single-income household since his wife isn’t working right now, childcare expenses feel significant regardless of income. Between childcare, healthcare, and the general cost of living, expenses add up quickly.
No kidding!
I paid my taxes, got my car repaired, and went to the salon and spent about $5,000 in one week!
I mean, it’s hard out here for a pimp, trying to get this money for the rent! And rent is always due on the first!
Transportation costs add up quick too
He does have a Range Rover that is fully paid off, though he still spend about $100 a month on gas. There is a $630 monthly payment on his Tesla. And when he travels outside the Seattle area he spends an additional $50 to $100 on public charging.Car insurance is about $260 a month total for both their vehicles.
Big Savings Goals
Mr. Jain has a goal to retire around 50
Within the next 10 years, he stated he should be able to add another $1 million to his assets. He contributes about $2,000 a month to his 401(k) and about another $2,000 a month in cash. In total, he saves roughly $50,000 a year.
That is massive! He is saving $100,000 every two years!
Being a financial independence blogger, seeing that level of saving just warms my heart. Being financial independent (FI) gives you options in life and allows you to walk away from bad jobs and stressful situations. I am all for being FI.
I started my million-dollar financial freedom journey back in 2012.
I’ve gone from $25,000 to about $600,000.
I am just 3.5 years away from $1 million in investable assets. I estimate that I would have this amount in my 401k in about 1200 days based on what I am investing and earning in interest and dividends.
Getting back to the story, he stated that he would feel more comfortable earning between $400,000 and $450,000. That would make him feel more financially secure.
That statement above is what caused the uproar online as many people feel that earning $300,000 should be more than enough to meet your basic needs and living expenses and then some.
However, after adding up all his after-tax expenses, I estimate he is spending approximately $11,400 per month. That leaves very little left over from his $12,000 net pay.
The real reason he feels that $300,000 is not enough is because his fixed expenses are so high.
Although he is saving a ton of money before and after-tax, with his mortgage and utilities gobbling up 50 percent of his take-home pay, makes a huge dent in his wallet!
Just paying off the $630 car payment for the Tesla would free up some cashflow right there that he could put in an emergency fund.
He is still trying to also add money to his kids 529 plans for college.
That’s another bill!
However, he is basically maxing out his 401k with the $2,000 he puts in there every month, which is $24,000 a year. Therefore, he is not being frivolous with his earnings.
If he started maxing out his 401k at age 30, then within 17 years, he would have over $1 million saved for retirement with a 10 percent return.
In my POV, he is doing very well.
I personally do not want high fixed expenses, as I prefer to increase my savings rate every year.
The lower the expenses, the higher the savings rate.
The more you earn, the more you are taxed.
Therefore, you should aim to save more as your investments grow tax-free. Additionally, in a Roth IRA your money grows tax-free and is withdrawn tax-free which is the double advantage of this savings vehicle.
So if you are one of the chosen few lucky enough to get your hands on $300,000, then max out your 401k and Roth IRA.
Your future self will thank you.
About the Author
Miriam started Greenbacks Magnet in 2016 to keep a scorecard of her goal of $1M in investable assets. Armed with a Master in Management (MiM) and a calculator, she teaches readers how to achieve financial independence while also helping them learn how to smell the roses along the way. The palpable response she got from sharing her personal finance goal in a public speaking course at Georgetown University encouraged her to share her story and teach finance on her website. She invests in AI companies as artificial intelligence is the new iPhone of the moment as she likes to invest in companies that are disruptive.
