Living a Six-Figure Lifestyle on a $30,000 Salary

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 7 years ago '08        #1
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T2THEONE 859 heat pts859
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Living a Six-Figure Lifestyle on a $30,000 Salary
 

 

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Like millions of Americans out there, I like the nicer things in life. I have an affinity for high-end cars, designer clothing, and name-brand home furnishings.

There was a time when I had the six-figure income to afford these things. That was before the crash of what has now become known as the dot-com era. After losing many nice things, I learned that even living at one's means can be a risky proposition. So the challenge became how to continue to live that lifestyle while spending drastically less than I did before.

I wanted to figure out how I could afford these things at a $30,000-a-year salary, just in case I ever had another salary decrease. That planning all paid off when the great recession came. Here's how I learned to have a six-figure lifestyle with a $30,000 yearly budget.

How to Get the Big Home

This one was all about patience, hard work, and discipline. First: New homes are out of the question. They're generally overpriced. I almost bid on a couple of for-sale-by-owner homes, but just couldn't get the right combination of price and neighborhood. I focused on HUD homes and foreclosures, and learned quickly that banks don't want homes on their books. I found a HUD home in a neighborhood with prices averaging above $200,000. My home was more than 60% less than that. It required a bit of work -- I spent a lot of free time on it as a do-it-yourself project -- but in the end I had my nice home. No one knows that I paid less than $80,000 and that I have a monthly mortgage payment of less than $500.

Getting the Car to Match the Lifestyle

I'm a sport and luxury car enthusiast. First I wanted a Mustang, and this was the easiest deal of them all to find. I didn't go to dealers for this one. I went to Craigslist and the classified ads. I know many people will say that this is immoral, but I found a desperate seller who was willing to almost give the car to me because his notes were too high. I was happy, and he was happy to be rid of it. A simple refinancing and I had a car note for less than $150 per month. Not long after that I decided that I wanted a Lexus, and I did go through a dealer to get that one. I got a great deal on a used Lexus (I no longer buy new cars). Here's how I saved about $5,000 on that deal.

I Love Movado Watches

Anyone who knows me knows that I love Movado watches and will rarely, if ever, wear anything else. At a $30,000-a-year salary, I certainly can't afford to shell out $1,000 or $2,000 on a watch. So I had to find a new source. I began scouring Craigslist, eBay, and pawn shops for good deals on watches. I found three Movado watches that were used and paid less than $500 total for all three of them. I recently sold one of these watches on eBay for $600. I now wear watches valued at more than $800 each, and I basically paid nothing for them.

Got to Have My Designer Clothes

I am an avid wearer of brands such as Ralph Lauren, Armani, Perry Ellis, and Gucci. Jackets for these brands can run from $300 to $3,000 dollars, so there's no way I can afford these on a $30,000 salary. I had to really swallow my pride and begin browsing through eBay for good deals on used items. A few of you may say there's no way you'd wear used clothing, but I say one trip to the cleaners, and they're as good as new. I found that even better deals can be found at consignment shops and Goodwill stores. At one Goodwill store, I found an Armani jacket for only $15, and I get constant compliments on it.


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 First Person: Living a Six-Figure Lifestyle on a $30,000 Salary - Yahoo! Finance

28 comments for "Living a Six-Figure Lifestyle on a $30,000 Salary"

 05-11-2011, 02:39 PM         #2
twentythree 
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 T2THEONE said:
At one Goodwill store, I found an Armani jacket for only $15, and I get constant compliments on it.
 05-11-2011, 03:57 PM         #3
Illuminated 
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People are going to frown at a lot of the advice given, but the article writer is speaking the truth. And because they're going to frown at the advice, they will always be broke.
 7 years ago '08        #4
RustyLorcin 11 heat pts11
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I rather rock some cheap a.ss H&M and take public transportation until i make it.
 7 years ago '08        #5
T2THEONE 859 heat pts859 OP
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 cookthacoke187 said:
 7 years ago '05        #6
C19932 1 heat pts
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 RustyLorcin said:
I rather rock some cheap a.ss H&M and take public transportation until i make it.
same here
 7 years ago '08        #7
o7media 47 heat pts47
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uhhh this story is cool and all. but in reality, if you actually believe or follow what this guy is saying you still lost because essentially you're taking advice on how to live a 'semi-rich' (i guess) lifestyle by a dude who earns 30k a year.

that's not motivation of any kind.
 05-12-2011, 12:59 PM         #8
trapGFX 
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what people don't realize is this is what the rich do as well lol
 7 years ago '10        #9
bernadoobie 
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I shop as if I'm still poor even though I haven't been for some years now. Being frugal is how rich people STAY rich.

Growing up in a single-parent home with a cheap a.ss mother (she still ain't got no damn call waiting) has certainly served me well as an adult. I shop at Goodwill faithfully and never pay full price for ANYTHING.

For those of you that are interested in this type of economic safekeeping, you should check out
 7 years ago '10        #10
bernadoobie 
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 o7media said:
uhhh this story is cool and all. but in reality, if you actually believe or follow what this guy is saying you still lost because essentially you're taking advice on how to live a 'semi-rich' (i guess) lifestyle by a dude who earns 30k a year.

that's not motivation of any kind.
The point is, even if you have buku (sp?) money...you don't have to pay full price for anything, and why would you if you can get it cheaper?

Sounds like excellent financial advice to me.
 7 years ago '08        #11
o7media 47 heat pts47
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 bernadoobie said:
The point is, even if you have buku (sp?) money...you don't have to pay full price for anything, and why would you if you can get it cheaper?

Sounds like excellent financial advice to me.
No, the point is don't waste your money on materialistic things when you're only making 30k a year. Why does dude need to wear Armani period on a 30k a year salary?

Instead of wasting money in stupid sh*t, why not go to college and further your education to potentially get a higher paying job and a real career.

And no, that's not true that rich people are frugal. Maybe a couple are, but I highly doubt the majority of them are cheap.
 7 years ago '04        #12
HarlemzBishopJ 3 heat pts
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Everyone has their vices, shet I'm driving an audi right now don't even need a new whip, but when I trade my way to a milly you better believe I'm getting a white Ferrari.

#JetsGo bi*ch


EDIT: great advice though


Last edited by HarlemzBishopJ; 05-12-2011 at 09:21 PM..
 05-12-2011, 09:42 PM         #13
ChaosBeats 
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 bernadoobie said:
The point is, even if you have buku (sp?) money...you don't have to pay full price for anything, and why would you if you can get it cheaper?

Sounds like excellent financial advice to me.
To bad money cant by you love my little senorita




"double entendre"


luckily for everything else there's your mastercard!

Illuminate thy self
 7 years ago '08        #14
supervillain 244 heat pts244
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i gotta homegirl who just bought a house for $50,000..no bullsh*t. It was a foreclosure or HUD or something and it was listed at 17k..it needed some major work, tho. she gotta loan for 50k which 33k of that went into repairs an sh*t....and her damn, mortgage is only about $375
 05-13-2011, 08:29 AM         #15
PhoNominal1 
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No, the point is don't waste your money on materialistic things when you're only making 30k a year. Why does dude need to wear Armani period on a 30k a year salary?

Instead of wasting money in stupid sh*t, why not go to college and further your education to potentially get a higher paying job and a real career.

And no, that's not true that rich people are frugal. Maybe a couple are, but I highly doubt the majority of them are cheap.
At people thinking you just go to college and get a high paying job. I know people who went to grad school and havent even seen 30k yet. All depends on your major and the demand for it in the economy. Not saying college can't help you get a decent job, but its not guranteed to. Also 30K is probably the average people who graduate college start off making.
 7 years ago '08        #16
o7media 47 heat pts47
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 o7media said:
No, the point is don't waste your money on materialistic things when you're only making 30k a year. Why does dude need to wear Armani period on a 30k a year salary?

Instead of wasting money in stupid sh*t, why not go to college and further your education to potentially get a higher paying job and a real career.

And no, that's not true that rich people are frugal. Maybe a couple are, but I highly doubt the majority of them are cheap.
 PhoNominal1 said:
At people thinking you just go to college and get a high paying job. I know people who went to grad school and havent even seen 30k yet. All depends on your major and the demand for it in the economy. Not saying college can't help you get a decent job, but its not guranteed to. Also 30K is probably the average people who graduate college start off making.
at people not knowing how to read

 05-16-2011, 12:16 PM         #17
fatboi1 
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 bernadoobie said:
I shop as if I'm still poor even though I haven't been for some years now. Being frugal is how rich people STAY rich.

Growing up in a single-parent home with a cheap a.ss mother (she still ain't got no damn call waiting) has certainly served me well as an adult. I shop at Goodwill faithfully and never pay full price for ANYTHING.

For those of you that are interested in this type of economic safekeeping, you should check out
Word.
I stay on craigslist. I'll get free stuff or stuff for incredibly cheap. Sh1t the other day I got a brand new 360 game (Halo Reach) for $15 bucks from some dude on the list yet its $60 in stores.
 7 years ago '06        #18
Game375 48 heat pts48
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I actually shop below my means
 7 years ago '07        #19
Funeral James 24 heat pts24
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i live pay check to pay check working at mcdonalds ill start saving when i find a better job
 7 years ago '04        #20
patt24 52 heat pts52
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only decent advice there was about the car.
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