3 ms·

$10K is not a lot of money, especially when compared what $10K was worth when the law was created. $10K won't cover a major health expense, tuition at a nice pr

$10K is not a lot of money, especially when compared what $10K was worth when the law was created. $10K won't cover a major health expense, tuition at a nice preschool, a wedding, a nice vacation, any number of hobbies, or many many other things. It's not just a vehicle, house, or renovation.

munk-a 5y ago
I think this might be a question of scale since, for me at least, 10k would be an excessively fancy vacation - about three times as costly as a wedding - and when did preschool get so expensive! I suspect that for the average person it's probably reasonable to include a wedding and tuition in the 10k list - maybe a hobby, though you'd only hit 10k for a transaction if you're buying serious power tools or working on a car/reno on your own. From Canada at least an all-inclusive nine day stay in Cancun will currently run you under 3k CAD - I know there are resorts that can break the 1k/day threshold but that's a lot of money to put out for a vacation. And, honestly, if you're spending that much you're likely not going to make the purchase in a single transaction or else you're very much not what I'd consider an average person.
- dumbfoundded 5y ago
  Preschool in the San Francisco Bay Area is between $1,200 and $2,000 a month (1). The median house price in the Bay Area is over $1M so just the good faith deposit on a house is >$30K let alone the downpayment and closing costs so you're going to have like at least three >$10K transactions. A four-star hotel in Hawaii is >$500/night, a five-star is >$1,000/night. So a nice two week vacation in Hawaii is >$8K just for flights and hotel for 2 people. The average household income in the Bay Area is >$150K/year (2). $10K isn't a lot of money in California and $70K seems much more reasonable for reporting purposes. (1) https://www.mercurynews.com/2018/08/25/to-stay-or-not-to-stay-home-thats-the-question-more-parents-of-preschoolers-are-asking-themselves/ https://www.mercurynews.com/2018/08/25/to-stay-or-not-to-sta... (2) https://dqydj.com/income-by-city/ https://dqydj.com/income-by-city/
- djrogers 5y ago
  > I suspect that for the average person it's probably reasonable to include a wedding and tuition in the 10k list You're off by a factor of 2-3 here (a little skewed due to COVID), as the average wedding runs 20-30k... [1] https://www.theknot.com/content/average-wedding-cost https://www.theknot.com/content/average-wedding-cost
  - munk-a 5y ago
    Holy crap people - spend less money on your weddings. Instead spend that money on a honeymoon or setting up your future lives. When I proposed I did it with a 30$ engagement ring that was quite pretty but cheap. When we got married we had a pair of rings made set with sapphires for 700$ a piece. For the actual wedding we catered in a few hundred dollars worth of indian food for the dozen people we had attend the ceremony - and held it at the house of a family member (a ridiculously scenic house, granted). Honestly - the most expensive part of our wedding was my suit that was hand-tailored and made of raw silk (and that was picked out by my wife). My wife's wedding dress was bought off a rack and altered for about 120$ altogether.
    - dumbfoundded 5y ago
      Certainly don't get into debt for a wedding and I wouldn't recommend trading a downpayment for a wedding. Otherwise, do whatever you want. $10K is like a used 2013 Honda Civic (1). It's really not a large amount of money for many many people. If someone wants to spend it on a day that enables them to celebrate with family and friends in a rare occasion, who are you to judge? (1) https://www.kbb.com/cars-for-sale/used/2013/honda/civic/richmond-va-23218?distance=100 https://www.kbb.com/cars-for-sale/used/2013/honda/civic/rich...
      - munk-a 5y ago
        Oh - I don't think there's anything wrong with viewing a wedding as a luxurious event in your life and spending a lot on it it's just... Do you actually value what you're getting out of blowing 40k on a particular day more than having[1] 50 days of all-inclusive honeymoon vacation in Cancun? Or like, putting a down payment on a relatively fancy[2] house. I wouldn't judge anyone who made this choice - but if I was their friend I would ask a lot of questions about whether they'd actually enjoy it or just feel like it's a thing you "absolutely must do" due to weird cultural hangups. My wedding was quite pleasant, but it was mostly a blur because it wasn't for us. I think generally isn't a party for the groom and bride to actually maximally enjoy - it's a celebration with the guests. 1. At canadian rates, 'cause I'm Canadian. Somewhat estimated since nothing lets you book that long. 2. Highly dependent on the housing market you're in - if you're in wisconsin enjoy the mansion - if you're in SF enjoy what's probably a slightly larger than average studio.

munk-a 5y ago

I think this might be a question of scale since, for me at least, 10k would be an excessively fancy vacation - about three times as costly as a wedding - and when did preschool get so expensive! I suspect that for the average person it's probably reasonable to include a wedding and tuition in the 10k list - maybe a hobby, though you'd only hit 10k for a transaction if you're buying serious power tools or working on a car/reno on your own. From Canada at least an all-inclusive nine day stay in Cancun will currently run you under 3k CAD - I know there are resorts that can break the 1k/day threshold but that's a lot of money to put out for a vacation. And, honestly, if you're spending that much you're likely not going to make the purchase in a single transaction or else you're very much not what I'd consider an average person.

dumbfoundded 5y ago
Preschool in the San Francisco Bay Area is between $1,200 and $2,000 a month (1). The median house price in the Bay Area is over $1M so just the good faith deposit on a house is >$30K let alone the downpayment and closing costs so you're going to have like at least three >$10K transactions. A four-star hotel in Hawaii is >$500/night, a five-star is >$1,000/night. So a nice two week vacation in Hawaii is >$8K just for flights and hotel for 2 people. The average household income in the Bay Area is >$150K/year (2). $10K isn't a lot of money in California and $70K seems much more reasonable for reporting purposes. (1) https://www.mercurynews.com/2018/08/25/to-stay-or-not-to-stay-home-thats-the-question-more-parents-of-preschoolers-are-asking-themselves/ https://www.mercurynews.com/2018/08/25/to-stay-or-not-to-sta... (2) https://dqydj.com/income-by-city/ https://dqydj.com/income-by-city/
djrogers 5y ago
> I suspect that for the average person it's probably reasonable to include a wedding and tuition in the 10k list You're off by a factor of 2-3 here (a little skewed due to COVID), as the average wedding runs 20-30k... [1] https://www.theknot.com/content/average-wedding-cost https://www.theknot.com/content/average-wedding-cost
- munk-a 5y ago
  Holy crap people - spend less money on your weddings. Instead spend that money on a honeymoon or setting up your future lives. When I proposed I did it with a 30$ engagement ring that was quite pretty but cheap. When we got married we had a pair of rings made set with sapphires for 700$ a piece. For the actual wedding we catered in a few hundred dollars worth of indian food for the dozen people we had attend the ceremony - and held it at the house of a family member (a ridiculously scenic house, granted). Honestly - the most expensive part of our wedding was my suit that was hand-tailored and made of raw silk (and that was picked out by my wife). My wife's wedding dress was bought off a rack and altered for about 120$ altogether.
  - dumbfoundded 5y ago
    Certainly don't get into debt for a wedding and I wouldn't recommend trading a downpayment for a wedding. Otherwise, do whatever you want. $10K is like a used 2013 Honda Civic (1). It's really not a large amount of money for many many people. If someone wants to spend it on a day that enables them to celebrate with family and friends in a rare occasion, who are you to judge? (1) https://www.kbb.com/cars-for-sale/used/2013/honda/civic/richmond-va-23218?distance=100 https://www.kbb.com/cars-for-sale/used/2013/honda/civic/rich...
    - munk-a 5y ago
      Oh - I don't think there's anything wrong with viewing a wedding as a luxurious event in your life and spending a lot on it it's just... Do you actually value what you're getting out of blowing 40k on a particular day more than having[1] 50 days of all-inclusive honeymoon vacation in Cancun? Or like, putting a down payment on a relatively fancy[2] house. I wouldn't judge anyone who made this choice - but if I was their friend I would ask a lot of questions about whether they'd actually enjoy it or just feel like it's a thing you "absolutely must do" due to weird cultural hangups. My wedding was quite pleasant, but it was mostly a blur because it wasn't for us. I think generally isn't a party for the groom and bride to actually maximally enjoy - it's a celebration with the guests. 1. At canadian rates, 'cause I'm Canadian. Somewhat estimated since nothing lets you book that long. 2. Highly dependent on the housing market you're in - if you're in wisconsin enjoy the mansion - if you're in SF enjoy what's probably a slightly larger than average studio.