Living Without That Hummer

Market turmoil may take a toll on discretionary spending

With a portfolio of New Economy stocks that had tripled in 18 months, 33-year-old Internet entrepreneur Michael Sher was ready to enjoy the good life. He even put down a deposit to get on the six-month waiting list for an $80,000 BMW M5 sedan. But his appetite was spoiled when he lost half his paper wealth in the equity sell-off that climaxed on Apr. 14. And the two-session rebound that followed failed to calm his stomach. "I may not be buying the BMW," Sher, vice-president for business development at New York-based Internet Pictures Corp., said on Apr. 18. "I'm battening down the hatches. I'm much more sensitive to what my disposable income is now."

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