My Personal Finance Journey

Personal finance observation, musing and decisions in a journey toward financial independence by 36 with at least $1 million.


By Topics

Overall:
| Progress (86)
| Key Analysis (114)
| Resources (119)

My Finance:
| Credit (61)
| Insurance (11)
| Car & Home (21)
| Services (11)
| Savings (27)
| Tax (28)
| Others (31)

My Readings:
| Credit (46)
| Insurance (11)
| Car & Home (43)
| Services (5)
| Savings (21)
| Tax (44)
| Investments (72)
| Economy (16)
| Others (70)

My Portfolio:
| General (65)
| Transactions (44)
| Analysis (31)

Everything Else:
| About PFBlog (49)
| My Accounting (7)
| Misc (12)


MONTHLY ARCHIVE

Jan 2009 (5)
Dec 2008 (1)
Jun 2008 (2)
May 2008 (2)
Apr 2008 (5)
Feb 2008 (3)
Jan 2008 (15)
Dec 2007 (32)
Nov 2007 (6)
Oct 2007 (8)
Sep 2007 (9)
Aug 2007 (24)
Jul 2007 (2)
Jun 2007 (1)
May 2007 (3)
Apr 2007 (4)
Mar 2007 (4)
Feb 2007 (13)
Jan 2007 (6)
Dec 2006 (3)
Nov 2006 (7)
Oct 2006 (7)
Sep 2006 (6)
Aug 2006 (4)
Jul 2006 (10)
Jun 2006 (1)
May 2006 (3)
Apr 2006 (2)
Mar 2006 (6)
Feb 2006 (6)
Jan 2006 (3)
Dec 2005 (1)
Nov 2005 (9)
Oct 2005 (8)
Sep 2005 (13)
Aug 2005 (25)
Jul 2005 (16)
Jun 2005 (17)
May 2005 (19)
Apr 2005 (20)
Mar 2005 (24)
Feb 2005 (23)
Jan 2005 (36)
Dec 2004 (40)
Nov 2004 (34)
Oct 2004 (17)
Sep 2004 (21)
Aug 2004 (59)
Jul 2004 (37)
Jun 2004 (31)
May 2004 (29)
Apr 2004 (52)
Mar 2004 (49)
Feb 2004 (49)
Jan 2004 (31)
Dec 2003 (48)
Nov 2003 (52)
Oct 2003 (29)
Sep 2003 (8)
Aug 2003 (5)
Jul 2003 (2)
Jun 2003 (2)
May 2003 (5)
Apr 2003 (2)
Mar 2003 (2)
Feb 2003 (3)
Jan 2003 (29)


HOT DEALS

Best Cashback Card:
Citi CashReturns(SM) MasterCard®
5% off EVERYTHING during introductory period. (review)

Best Sign-Up Bonus:
Citi Professional Card
$100 gift card after 1st purchase (review)

Best 0% APR Card:
Discover More Card
0% APR for purchase and balance transfer for 12 months (review)

Best Business Card:
Business Gold Rewards Card from American Express: Up to 40,000 bonus points in the 1st year (review)

Best Student Card:
Citi® mtvU™ Platinum Select® free music, gift cards and more (review)

Best Savings Account:
ING Direct Savings Account (4.30% APY)

Best Interest Checking:
Electric Orange from ING DIRECT. (Free Bill Pay. Earn up to 5.00% APY)

Free Stock Trading:
100% Free Stock Trading from Zecco.com

Free Credit Score:
Free Credit Report and Score from Experian



 

How Much Will You Marry For?

Contributed by mm | January 10, 2008 12:47 AM PST

6355-superrich.jpgRobert Frank's column The Wealth Report at the Journal is all about the rich people's financial life, or anything related to the riches. You will read about how the riches use MySpace-like portals to get connected, how someone can have an A-380 as a private jet, and what the truly rich buy for Christmas gifts.

His recent article on a research about how much people will ask to marry for money provides some fancy figures:

According to a survey by Prince & Associates, a Connecticut-based wealth-research firm, the average "price" that men and women demand to marry for money these days is $1.5 million.


The survey polled 1,134 people nationwide with incomes ranging between $30,000 to $60,000 (squarely in the median range for nationwide incomes). The survey asked: "How willing are you to marry an average-looking person that you liked, if they had money?"

And then there is more:

The matrimonial price tag varies by gender and age. Asked how much a potential spouse would need to have to be money-marriage material, women in their 20s said $2.5 million. The going rate fell to $1.1 million for women in their 30s, and rose again to $2.2 million for women in their 40s. Ms. Smock and Russ Alan Prince, Prince & Associate's founder, both attribute the fluctuation to the assumption that thirty-something women feel more pressure to get married than women in their 20s, so they are willing to lower the price. By their 40s, women are more comfortable being independent, so they're willing to hold out for more cash.


Men have cheaper requirements. In the Prince survey, their asking price overall was $1.2 million, with men in their 20s asking $1 million and men in their 40s asking $1.4 million.

Of course it is in the moral gray area to really marry for money, but it is fair to say that most people making $30,000 to $60,000 a year won't become a millionaire automatically, so it is understandable that for a seven-figure fortune, people is willing to trade something like, say, beauty. After all, based on how the question was being asked, it is not about putting a dollar figure on a marriage that is doomed to fail -- the pre-condition is you "like" the average-looking guy. At best, it is about "how much money do you need to compensate for the average-looking of your lifetime partner" (vs. a handsome guy or a beautiful blonde).

Question for PFBlog readers: if you are asked to assign a value, how much will you marry for?

P.S. Now we all read about how expensive a rich man's divorce can be, but I don't think there are any studies on how much people will divorce for. If not, I do have a local empirical example that I can share soon in another post. Keep tuned.

More PFBlog Articles You Might Find Interesting ...


This Post Has Received 2 Comments. Share Your Opinions Too.


TreyD Commented on January 17, 2008

The article makes a good point about how those numbers are surprisingly low given that a million isn't that much money these days. If you read it, they polled women making between $30k-$60k per year (e.g. national median). But like everything money related, it all depends on where you're located. I can tell you for a fact in NYC that number would have to be MUCH MUCH higher. Women in their 30s were saying guys with $1.1MM??? A typical professional in his 30s in NYC is very likely to have well over $1.1MM. That much money wouldn't even come close to impressing women here. I'd say it would start at around $5MM, maybe $3MM if you asked women in Brooklyn and Queens as well.

On another note, I'm really tired of these national median income numbers (around $50k). Its such nonsense. Do you know if they take out teenagers and senior citizens that number goes up to almost $60k since typically its teens and senior citizens that do the very low paying service jobs? Then if you adjust it for other things, like part-time workers, people who aren't working for money (e.g. a lot of non-profit workers), small business owners who hold their money as retained earnings not as income, and so on and so forth ---- essentially to get a truer picture of median income for a typical person -- estimates say it would come out to anywhere between $70k-$90k (for the nationwide median). That's why people think politicians are so disengaged from reality when they talk about helping the middle class and they talks about helping people making $50k - most middle-class median income earners are making well over that much and feel left out. If they want to focus on middle class, they need to focus on households making between $80k-$150k at minimum.


chrisklenk Commented on January 28, 2008

i agree with poster this number would be way higher both for salary and buy-in. however, if you live in nyc, i cannot get over the obvious arbitrage--buy elsewhere! in anycase, i'm surprised men buy in so low.



Read More ... 70 Posts In The Same Category



Recommended Offers










This page was last rebuilt at January 27, 2009 06:40 PM PST.
 

RSS FEED



PREMIUM SPONSORS

Injury Claims
Bad Credit Loans - Free Quote
Homeowner Loans
Payday Loans
Payday Loan
Personal Loan


SITE REVIEWS

Low Cost Loans
Cheap Loans
Bad Credit Loans


PERSONAL FINANCE BLOGS I READ

Consumerism Commentary
Get Rich Slowly
My Money Blog
All Financial Matters
The Simple Dollar




SELECTED POSTS

Credit Cards:

Best 0% APR Intro Offers

Citi CashReturns MasterCard

Citi Payment Partner Program

American Express Blue Cash

Free Credit Report

Banking:

Emigrant Direct Savings Account

Investing:

Opening A Self-Employment 401(k) Account

Real Estate:

Most Affordable Housing Markets

Insurance:

Auto Insurance Saving Tips

Vehicle Insurance Ratings

Other Services:

ooma - free domestic calling for life



.

Featured Sites


Student Loans - Confused about student loans? Have a professional education finance advisor assist you with all of your federal and private student loan questions. Also find free college financing tools and resources at NextStudent.com.

• Protected.co.uk compare over 300 life insurance plans to find the best deal from their providers.

• Search 300 life insurance plans from 12 leading providers.

Better Trades takes the fear out of buying and selling options.

Bad Credit Auto Loans are loans for people who have a poor credit history and cannot qualify for an auto loan. If you are able to secure a bad credit auto loan, you should consider it to be a second chance to improve your credit rating by making all auto loan payments on time.

Car Finance - The Uk's leading online car finance company. Buy any car from any UK dealership. Bad credit not a problem.

• Find a fast personal loan in the UK. Even if you have a bad credit history, arrears or CCJ's, Loansite's top lenders can help you compare loans and find a low APR secured loan, homeowner loan or tenant loan with fast approval in principle.

• Legal Helpers experienced bankruptcy lawyers can help you out of debt. Take advantage of our Free debt consultation. Our bankruptcy lawyers will help you understand your best option to eliminate your debt. Ask about our 100% guarantee.

Cheap Car Insurance - Provides Cheap Car insurance. Receive an instant quote online

Womens Car Insurance - Specialises in cheap car insurance for women

• Have a Personal Bankruptcy Lawyer assist with filing bankruptcy for a chapter 13 or chapter 7 bankruptcy case. Free bankruptcy evaluation tool.

secured loans - Any purpose low Cost secured Loans.

• The Internet's most trusted credit card resource directory.

Frigidaire Parts

Fleet Dealer - Ford Fleet trucks and vans, cargo vans, cutaway vans, LCFs, work trucks, commercial trucks, ambulances, tow trucks, police squad vehicles, and other commercial vehicles like box vans, delivery vans, box trucks and dump trucks.

Bad Credit Auto Loans - Auto loans bad credit, bad credit auto loans, guaranteed credit approval, auto financing, credit lenders, car credit, automobile lenders, bad credit auto loans seattle, auto loans bad credit seattle.

Ford Dealer - One of the World's largest Ford Dealerships. Over 3,000 cars and trucks to choose from. Mega Volume Dealer. $1,000 price guarantee. Large Special Finance Store. Ford Dealer Seattle. Mustang, Edge, Explorer, F150, f250, fleet, build your own Ford.

Auto Loans Bad Credit - Bad Credit Auto Loans, auto loans bad credit, guaranteed credit approval, car credit car loans, automobile financing, credit lenders, bad credit auto loans seattle, auto loans bad credit seattle. (Home | Apply | Inventory | Credit Help | Contact Us)

PayDay Loans

• moneyeverything.com - Find the right credit card to suit you with our guide to the right card in the UK

• airaid.co.uk - Looking for credit cards in the UK? Find the right credit card to suit you with our guide to choosing the right card in the UK

Bad Credit Loans - find out some tips about improving your credit score and choosing the best bad credit lender.

• Consolidate debt with Bad Credit Personal Loans online or Personal Loans, consolidate Bad Credit Personal Loans or apply for Credit Cards including 0% deals.

• You may also want to look at UK Bank Accounts and get a Credit Report before comparing UK Credit Cards or finding out about UK Mortgages to refinance or move house.

• If you are buying a car you may want to search for UK Car Insurance to get a car insurance quote online.

• Accepted.co.uk compare over 100 secured loans to find the best deal from their lenders.

• Accepted.co.uk compare over 100 secured loans to find the best deal from their lenders.

Sending money to family and friends has never been easy. Use iKobo, secure way to send money worldwide

Payday loan tips at paydayloanreport.net helps you to defeat cash-checking and payday loan traps.

• MM Money is an interesting money blogthat covers many aspects of personal financial matters.

• This insurance weblog covers all major types of insurance, including health, life and car insurance

• Bestcardguide.com offers independent review of best credit cards

• Real Bankruptcy offers excellent tips of bankruptcy and how to avoid them

Russian Stock

Small Business Loans

Credit Card Debt Relief

Online Credit Card Processing

Stock Investments

Bad Credit Auto Loans - washington state's bad credit auto financing leader.

fha loan - Hud approved lender, FHA Home Loan Services provides 1st time home buyer loans & fixed rate mortgage refinance options for borrowers with bad credit.

Credit Repair
repairmycreditnow.com/Credit_Repair_Advice.htm - repair my credit now credit services offers credit repair, restoration and education through our exclusive "v" phase process ™


Want to See Your Ads Here? Claim Your Ad Space at Personal Finance Weblog by Writing to Webmaster. Starting at $49/month, see your text ads in thousands of indexed pages at PFBlog, the Best Personal Finance Blog. Full Rate Card Available Here.

Copyright 2003-2006, PFBlog.com. All Rights Reserved. (Privacy Policy)