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30 Crazy Stories Of People Not Realizing They Can’t Afford The Lifestyle They Lead
Interview With Expert
Effective budgeting requires having a clear understanding of your income and expenses, setting realistic goals for yourself, and developing good money habits.
But some people, for one reason or another, skip on all the work and when the results aren't what they would like them to be, they become frustrated, blaming circumstances or external factors rather than addressing their own choices.
So Reddit user Dumbbratbaby made a post on the platform, asking its 'Frugal' community to share the craziest stories they've heard about folks living beyond their means.
This post may include affiliate links.
#1
This reminds me of something I read years ago where someone on a huge salary was complaining that they had nothing left over when you factored in private schools for their kids, expensive and prestigious extracurriculars, tutors, maintenance costs of their luxury home and cars, etc, ie that the rich lifestyle was leaving them paycheck to paycheck.
And someone said "yeah it's amazing how little money is left over when you choose to spend it all."
Sunny Day 1 year ago
Years ago, a coworker was complaining to an upper manager that her take home pay after 3 years working there was less than when she started, because insurance premiums increased more than wages. He actually told her "you just need to learn to live within your income. That's what I do and I don't have any issues." Umm, yeah, a*****e, and you only make 3x what she does.
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TribbleThinking 1 year ago (edited)
I'm very confused as to how a doctor isn't capable of working out it would be more cost effective to delay gratification and buy a house first. Unless they're expecting to inherit one later in life?
Tabitha 1 year ago
These people are doing it all bassackwards. Pay off your student loans FIRST, if you have any, then save that extra money to put down on a house, BEFORE adding in all those expensive extras. Pretty soon, the mortgage amount won’t be a struggle (just ask anyone who’s 20 or 25 years into a mortgage where the monthly payment has never changed), and you will have a house AND be able to have a Mercedes and iPhones that you trade in for new every year, a housekeeper, a cook, vacations, etc, etc, etc, especially on a high dollar doctor’s salary. But get the important stuff in place FIRST. Hard to believe that such highly educated people can be so stupid.
Joanne Mendonza-Earle 1 year ago
I did family law for years and it made me crazy when the clients would complain about money but wouldn't stop tithing 500-700 a month. They are missing mortgage payments but refuse to stop tithing.
Michelle Schroeder-Gardner, the founder of Making Sense of Cents, a platform where she helps readers make smarter decisions about earning, saving, spending, and investing, told Bored Panda, "Some of the most common signs [that someone is living beyond their means] include regularly using credit cards for non-emergencies and only paying the minimum balance, having little to no savings or emergency fund, and spending more than what they earn."
"Another sign is feeling the need to maintain appearances by purchasing expensive items, like an expensive new car or designer clothes, even when it’s not the smartest financial choice for that person," she added.
RELATED:
#2
I had a coworker (teacher) tell me one day that she was gonna have to quit teaching and try to find a better paying job because her family wasn't making enough money to support themselves. They had a household income of $120k. This was 10 years ago in the rural south.
They had a huge house, over $100k worth of vehicles, designer clothes and were constantly going on foreign vacations.
I made half of their income and was able to buy a house, have a car payment, fund retirement, take a decent vacation or two and still save money.
Its not what you make, its what you keep.
S 1 year ago
I live adjacent to a pretty nice part of LA. We get notes through the mail offering all kinds of services. A nightly turn down service, $55 per night. A person to take care of your plants $115 a month (twice a month visit), at home nail service, at home blow dry service, at home tailoring service, someone to organize your books/magazines/cupboards... I can't remember them all it just went on and on.
Gwyn 1 year ago (edited)
Income means a lot though. If you barely make more than cost of living you can't save no matter how frugal you are. My husband and I did school and certificates to get better paying jobs AND we were smart with our spending... and it made SO much difference. At almost 50 we are making twice what all our friends are who didn't try to increase their income, and we have a lot saved up. Teachers don't make much so I don't necessarily see her decision as a bad one.
#3
I went to college in Texas in the early 80s and some students had parents who were in the oil business. The oil business has a pronounced boom bust business cycle. So you’d see kids who one semester are living in the most expensive dorm and have a brand new car and wasting money like crazy going to Cancun on weekends and stuff like that, and then the next semester, their dad’s broke and they’re working in the dorm cafeteria and struggling to get by.
That definitely influenced me to never assume my income level was going to last forever. Always plan for the next recession, because it’s coming sooner or later.
Geoffrey Scott 1 year ago
Worked automotive for 18 years. After the 1st downturn and the adjustments needed from working 7 days/wk, double time on Sundays, to 40 hrs was jarring. Never had to sell anything, but it was close. Supporting 4 people makes one creative on expenses.
Patricia Steward 1 year ago
Look up the pattern of recessions, and if a Republican gets elected president (USA) batten the hatches!
Riley Quinn 1 year ago
I've always squirreled away money because, well, the future is unknown. I've lived rough, and I vowed it would never happen again. I'm now retired, not living high off the hog, but I have no financial worries because I live comfortably within my means.
One in-depth barometer of finance knowledge is 28 questions given annually to Americans, known as the P-Fin Index.
The index explores eight functional areas across finance and data from the 2024 index reveals that financial literacy in the US has been hovering around 50% for eight consecutive years, with a 2% drop in the past two years.
The results also show that Americans appear most comfortable with financial knowledge on borrowing, saving, and consuming and the least confident around understanding financial risk.
#4
I lived through it with my ex husband. After turning a certain age he started to get a monthly settlement of $1200 for the rest of his life from a lawsuit involving circumstances surrounding his birth. There had also been a lump sum when the suit was settled but his mother squandered that (mental illness and spending issues).
This was over ten years ago and we had just left college. $1200/month was more than I was making a month and would have nearly covered all our rent/bills a month, meaning anything we made over that would have been perfect for saving, vacations, etc.
But we never had anything extra. We had a shared bank account for bills but also separate accounts, and he never had anything to save. I could see he bought a lot of video games and tech like new phones, but otherwise I didn't know where the money was going and he wouldn't say/said he didn't know. We managed but never got ahead of bills or went on trips.
It wasn't long before he finally told me he was looking into how to sell something like 10 years of the settlement payments for a lump sum to "get out of debt and start fresh." I stressed that was an AWFUL idea and he said he wouldn't do it.
Then he revealed a gambling addiction. I knew he liked scratch tickets and won often but had no idea the extent of it. He was using rent and bill money for gambling and putting bills on credit cards. I told him he needed to get into therapy and we had to work on this and if he lied to me again about it I would leave. A year later he still wasn't in therapy, and he revealed he lost the monthly settlement because it turned out the payment loan (that he was still looking into) invalidated the settlement. And also he was even deeper in debt because the gambling was ongoing behind my back. So I left.
Kare Deter 1 year ago
You cannot save someone from an addiction they don't want to be saved from. CAN NOT. and it does not make you evil or selfish to hit the door running to protect yourself - your health and your finances.
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Tom De Paul 9 months ago
And justice was served. It's like lottery winners who are broke after only a few years.
#5
My cousin works at walmart and her husband is on disability. but some how they're able to take their family of four on a cruise every year..Yet they were b***hing about not making ends meet during the month because they ran out of food stamps.
Aarin Elisabeth 1 year ago (edited)
As someone with a disability. I btch about not having enough money at the end of the month too. But thats cuz I stick to a budget and save $50-100 a month so that once a year I can go on a little trip, sometimes with my sister who works at Walmart lol. I sacrifice too. I haven't had proper new clothes/shoes in years. I save so I have one thing to look forward to in my sht life. And in general ebt never gives enough to people who need it but will supply scammers with more than they deserve. Which is frustrating. I get people want to believe we are leaches who don't deserve to exist or at the minimum enjoy our existence. But we try. Maybe the people in this story try their best to have one pick up a year too. Or I guess we should all just kl ourselves since our lives are so poor and meaningless we don't deserve any happiness or fun. Same classist, ableist energy I fear getting from a Karen for using ebt to buy myself a birthday cupcake. Maybe they have legal side hustles. I have family who belittle me too. Don't judge when you're an outsider looking in.
Tammy 1 year ago
You can also pay for cruises on a payment plan. But how dystopian that a person has to complain about her cousin on food stamps that gets to take a vacation. Sounds like someone is jelly.
Crissy Newbury 9 months ago
People on food stamps don’t get to go on annual luxury cruises. Period.
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Heras buddy 1 year ago
If you show up to a cruise the day it leaves and they have extra cabins you cage a cruise dirt cheap.
Lew k 1 year ago
This is my brother in law. Dude will fly family of six out to Disney world then a month later be asking to borrow money to make a car payment or rent. If you're living outside your means, you're not borrowing for essentials, your supplementing your excesses with other people's money.
Toni Ahlgren 1 year ago
We've been on a few. The last tickets get sold very cheap, their purpose is to get the ship full. We saw these people on mobility scooters circling around the endless food supply day and night. They actually save money on going on a cruise.
Meagan Glaser 1 year ago
in the US you aren't allowed to have much in savings if you're on disability. Like you seriously aren't allowed to have much left over.
Like any learning, getting familiar with the ins and outs of mortgages, investments, risk profiles, and other financial areas takes time. But Michelle Schroeder-Gardner of Making Sense of Cents suggests these tips and strategies to develop your financial toolkit more efficiently:
- Create a real budget. "Start by tracking your income and expenses to understand exactly where your money is going. A clear budget helps you see how much you can really spend and save each month. So many people don't do this and don't realize what they can and can't afford."
- Focus on your needs over wants. "Focus on important expenses like housing, food, and transportation first, and limit spending on wants until you can afford them."
- Set specific, measurable goals. "Break down large financial goals into smaller, more achievable steps. For example, instead of saying 'I want to save more,” aim for “I want to save $1,000 in the next 3 months.'"
- Build an emergency fund. "I highly recommend that everyone set aside a small amount of money each month into a savings account for emergencies. This can prevent you from turning to credit cards or loans when unexpected expenses arise (like a car repair or an unexpected medical bill)."
- Avoid lifestyle inflation. "As your income increases, it can be tempting to spend more money. Instead, keep your expenses steady and use the extra income to save or invest for the future. Of course, you can spend money on wants, but just make sure you can afford them and are still able to stick to your money goals!"
#6
Watch Caleb Hammer youtube channel. Completely broke people go into debt to buy stuff on amazon and order takeout multiple time a week. I had to stop watching because of how rage inducing some episodes were.
Cooking Panda 1 year ago
Curiosity. Just like me watching the Hoarder show. It's disgusting but intriguing at the same time 😅
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ZombieMommy 1 year ago
Maybe those people are just trying to have some happiness in their lives?
Laura S 1 year ago
That show made me realize how all the little things add up, and when I put my bills and savings together, how much I genuinely can have leftover. I love that show, and there's some really good episodes of people dealt a bad hand or made dumb decisions in moments of extreme desperation and shows how they can get out of it. Definitely a lot of jerks, too.
Maisey Myles 1 year ago
Completely broke people sending money to an ex president is pretty bad too
Tom De Paul 9 months ago
It's like on "My 600 Lb Life" when they have stir fry right after having the surgery (you're not supposed to have any solid food for 30 days!)
#7
Mum ringing me up this morning asking me to transfer money because she ran out of her depression/anxiety pills..after meeting a new man and going in daily car trips to cafes and shops all over the state..and not working because she’s going to pull the ‘mental health card’. I said no, I’m not enabling her and for her to ask my older brother because he lived with her rent free for 10 years and got everything paid for so he ‘owes’ her a bit which will pay for the pills.
#8
A friend just told me that she’s in “debt” right now because of too many Uber Eats orders……. I don’t even know what to say lol.
Bay Bo 1 year ago
I tried to order, than got so pissed off I drove my own a*s down to the food store and got it myself like a big girl
Hile Troy 1 year ago
What's amazing is the number of people in the r/frugal subreddit that regularly try to justify the expense of delivery. We all pay for convenience at times but this one will always be outside of rational for me.
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Deborah B 1 year ago
I don't get the uber eats thing. I don't want to pay extra for someone to bring me crappy fast food in 45min and then leave it on the doorstep to get cold. I'll just have toast and eggs right now for cheap. Buy groceries, and teach yourself a couple of ten minute meal options.
Riley Quinn 1 year ago
I've been in the mood for pizza for a few days. While I was shopping, I noticed the grocery store had fresh made pizza for half the price of the pizza shop I would've called. I saved nearly $10 plus the delivery tip. This was a splurge, not a habit because habits are expensive.
Xerastraza Lecrutia 1 year ago
yea the whole 15 dollar meal being delivered by uber / door dash ends up being like 25-35 dollars is pretty insane...
Tommy DePaul 1 year ago
No matter what you order -- I'm single and wanted a cheeseburger -- it's $30. No way. Walmart.com sells frozen cheeseburgers (delivered) for $3.49!
nottheactualphoto 1 year ago
I've never used Uber Eats, Doordash or any of those services. The very idea makes me think "cold McDonald's."
KatSaidWhat 1 year ago
"Stop ordering take outs". Was pretty illuminating when I did a spreadsheet of everything I spent money on over 2 months. Alcohol, cigarettes and then take out actually came out higher than the monthly ketamine binge (3g, not fear and loathing... iykyk). Alcohol by a long shot. Working on that.
Rich Black 1 year ago
This is what happens when you give credit cards to people then shut down syores and restaurants for covid 19.
#9
This story is all too common.
I live in Chicago and I’m astounded by the number of luxury cars I see driving around… statistically speaking, those cars are way out of budget for the majority of people driving them.
When you compare the average national income against the average national car payment it paints a stark reality. Most people are living way above their means. A persons car reflects how they see themselves and their attitude towards spending… it’s not a big leap to think someone driving a luxury car is also shelling out on other luxury goods or experiences.
$100k a year isn’t bad in a city center like Chicago, it’s above the average, but it’s not enough to sustain a luxury lifestyle like that. I make around that, and live comfortably, but I don’t drive anything crazy and I don’t spend like crazy either.
A majority of the people I see driving range rovers or Mercedes are probably a couple missed paychecks away from having to downgrade their lifestyle drastically.
Ruthie R 1 year ago
A friend who was a builder told me he and his mates used to do a lot of work in the 'spam belt' - I said, what's the spam belt? He explained it's very posh suburbs where the people buy massive houses and get the best of everything for the sake of appearance to compete with each other, sso much so they can only afford to eat cheap food like spam (tinned ham).
Heras buddy 1 year ago
When I had to buy a new vehicle [ old one would cost more to fix than it's value]. The finance manager was telling me about people who had 1800 a month payments. This was a Ford dealership. I was complaining about a 400 payments.
Glen Ellyn 1 year ago
Wow. I saw an ad today for some kind of luxury (I think) car and the payments were $1000 a month and I thought that was bad! Sheesh.
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Otto Katz 1 year ago
I buy my cars new. Nothing fancy. Some people have a problem with me buying new. But I don't like buying other people's problems. And then I drive those cars for 15-17 years. The car I have now I plan on driving for 18 years. I'd say I get my money's worth out of them.
nottheactualphoto 1 year ago
I bought a new car in 2009. I'm still driving it.
Load More Replies... ucp 1 year ago
“[I]t’s not a big leap to think someone driving a luxury car is also shelling out on other luxury goods or experiences.” Maybe not. But it’s best not to judge everyone the same way. I have a luxury car (it’s a 911 GTS), and it is THE luxury in my life. I bought it at a year old for cash. I owe no money to anyone. And I retired at 42. This was all possible because my wife and I have been at least as frugal as we have been successful.
DC 1 year ago (edited)
That, I don't get either. I mean ... a lot of luxury is literally pointless, like ... dunno, weird and expensive bottled water and such ... we could assume, from there on, a plethora of other opportunities to waste money, and conclude, who does this, also does that, but, like in your case, a luxury car often is a bit outside of the usual realm of wasting money - you don't consume your car, but could sell it and re-exchange it for money. Often, as in your case, it is the only thing people buy or have that is except of their other spending habits. The ONE luxury item one has, often, is a bike or a car. If you bought a used Porsche, chances are that your loss is comparably low, as they're known to retain their value a lot better than Maseratis or so, due to reputation and due to high quality of fit and finish, and as the resale value represents the state of the car, everybody knows that keeping a Porsche in shape will eventually pay off. They have something to them as well, even - especially so, even! - the Biturbo models. Historic High Tech, ... that ingenious threevalve head of the earlier models makes me smile satisfiedly on behalf of the engineer who got the command "Go for it!" after introducing his concept, and how every detail, every feature, builds up on the functionally adjacent ones, and it all matches up so beautiful, ...
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Kathy Brooke 1 year ago
Not true. I need my car for work, so I spend on it. My clothes are market, thrift or just very, very old. It's possible to to spend on something that's a priority and save on things that aren't.
Stephanie A Mutti 1 year ago
I live outside Atlanta, same. I wonder when I see these things flying down the road, where is the money coming from or are these people insanely in debt.
Richienotsorich 1 year ago
Leasing makes new cars affordable. I can't afford, and wouldn't buy a £30k+ car but can lease one affordably.
SnootWaggling Fox 1 year ago
I don't get this. I got a good deal on my 1 year old sedan a few years back, but it wasn't an amazing deal. I see these prices several times what I paid and just have to scratch my head
#10
I know a wealth manager who doesn't name names, but talks about clients having a net worth of 8 figures who, if they don't change their spending habits, will run out of money at some point. When he suggest they drop one of their country clubs or sell a 3rd home that they rarely use, they claim they just can't because they're afraid of what their friends would think of them. It's nuts.
Emma S 1 year ago
It's sad that they don't realise the people they're trying so hard to impress are not friends. A real friend wouldn't care about how many houses you own, and would surely be supportive of you trying to avoid financial ruin.
KatSaidWhat 1 year ago
I work in a very affluent area and my boss thinks all our clients are rich. Have had to explain to his privileged a*s that these people are asset rich, not cash rich and many have opened up their stately homes for functions and are making money that way now.
#11
When I talked to my supervisor at the time about why I was looking for another job, explaining that I couldn’t afford to start a family without either a much higher wage or employer-sponsored health insurance, she told me not to worry about my excel spreadsheet and that she is still paying credit card debt from when her kids were young.
Her oldest was 10.
Uuuummmm yeah that is EXACTLY why I will continue to worry about my excel spreadsheet. No way in hell I’d put myself in that kind of financial situation.
ucp 1 year ago
My two credit cards have great rewards schemes. They offer great protection for both online and in-store purchases. And they both have direct debits linked to my current account to be paid in full every month. Never pay for something over a longer period than that for which you benefit from the purchase.
Maisey Myles 1 year ago
I paid off all my credit cards 20 years and never looked back. If I can’t afford it, I don’t need it
#12
I used to work in a bank. I saw someone once with 100K in credit card debts, mainly due to his poker addiction. High income but he was pissing it down the drain by trying to become a pro poker player.
Edit: I also remember the clients who would regularly want to withdraw hundreds in cash and spend it without a trace. Nearly everyone accepts card or cheque here in France, besides d**g dealers and prostitutes...
Edit again: I just remembered someone spending 3K per month on a Lamborghini lease whilst living in rental accommodation. Some of these people driving around in super cars don't own s**t.
Alessandra McIntosh 1 year ago
I think the implication from this sentence is that they were spending large amounts in cash to be untraceable (whether by law or family). A husband wanting to divorce their wife for a gambling addiction, for example, will have a harder time proving she's spending on gambling if it's done through cash.
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SweetCheesySpaghetti 1 year ago
I live in a rental, and likely always will. Not because I have to, but because I choose to. I see nothing wrong with someone spending a large amount of money on a car and living in a rental. Some people (like myself) have absolutely no interest in owning a home.
Daisy1355 1 year ago
This is me too. Not that I'm living luxuriously or anything. But I rent by choice. I have zero desire to maintain a house or yard. I like my cozy apartment that I've made as my home with my cat. I don't have kids and I don't care about legacy. I'm happy like this but everyone insists I must by a house
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Willie D'Kay 1 year ago
I will be a cash only spender for as long as I'm able just so I can actually see in my wallet what I have spent and how much I have remaining in my budget for the week. I could get myself into trouble with cards, sadly. But I don't purchase things I need to hide either with a "cash only" lack of paper trail, lol.
John Boy 1 year ago
The American Government is pushing for a more "cash-less" society so that they can better track all of our purchases. Use a Credit Card? They know what, where when you purchased something. Was it something they don't like (like a gun), they know how to track you down, in SPITE of laws saying that they can't do that. Another reason the Government hates Crypto.
#13
I work at a factory and know for a fact 95% of the employees make between $21.50 and $25.50. The number of brand new $80,000 - $100,000 trucks in the parking lot astonishes me every single morning.
Geoffrey Scott 1 year ago
Just wait until the next recession...even with both people working, there WILL be adjustments.
Lew k 1 year ago
This one for sure. I own a truck for actual truck things. I wanted to replace my 11 year old truck but honestly can't because they are the new status symbol. How in the heck are so many people affording and justifying 90k trucks that next haul anything or leave the blacktop. I make 6 figures and can't afford it statistically most of the ones out there have to be owned by people making less.
SnootWaggling Fox 1 year ago
Totally get this. Always tough trying to figure out how to get plywood and 2-bys into my sedan. It would be nice to have a truck but I've accepted that sometimes I just have to pay $60 for delivery.
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john doe 1 year ago
My best friend works at a factory as well, often times when I talk to him we have a similar conversation about how so many stupid he works with have 1600$ a month truck payments and or are living in their trucks now. People are kinda dumb when they want something and dealerships and banks don't care if you can afford it or not.
Sonia J-Coffee 1 year ago
At school some parents cannot "afford" schools supplies , but driving new Mercedes, Lincoln and Cadillacs , have phones 16 and go to Disney on vacation. Also they live in trailers .
#14
I know of a couple where the man owned a very successful and innovative company and the wife stayed home with their kid. They both drove fancy cars, dressed really well, their kid was in all brand-name clothing, they lived in a beautiful house on a mountain that was nicely furnished, went out to fancy restaurants and flashed money.
Well, turns out, he was using his company CC to pay for a lot of personal things, so much so that he eventually got kicked out of his own company by the shareholders. They eventually separated and she told me that everything was a facade. All the nice things were bought on credit, the cars were a lease, the house they scoped up for cheap rent from some foreign investors.
They built up this image that was fake and eventually divorced due to money and alcoholism that started when he got booted from his company.
Renee Fiola-Homen 1 year ago
My step sister whom I've had no contact with in over 15 years , lived way beyond her and husband's means. Drove luxury cars, went to the super bowl every year while their business was drowning. They lost everything and divorced. I have no idea what she is doing now.
#15
A friend recently shared the following TRUE story of his family's finances:
My friend makes a little over $100k per year.
My friend has contributed to his IRA for many years.
My friend received a moderately large (over $100k) inheritence a few years ago.
In the last 5 years my friend has squandered everything! The inheritance is spent. The IRA has been drained. My friend spent about $700k over the last 10 years on (too many) vacays and other financially questionable things. My friend wants to retire but cannot.
Min 1 year ago
Vwry different! Individual Retirement Account, basically a private pension.
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Svenne O'Lotta 1 year ago
Your friend is so bad with money, he bankrupted the Irish Republican Army
weatherwitch 1 year ago
I was Horrified the second I saw contributed to the IRA!! Then I realised it's something else entirely, thank F**k for that 😮😮😮
Heras buddy 1 year ago
Individual Retirement Fund. Have those instead of pension in the good Ole USA.
Tim Crowhurst 1 year ago
Reminds me of someone my brother worked with. The bloke inherited a large fortune at 18, and proceeded to enjoy himself. Despite his extravagant lifestyle it took him decades to spend it all. Then, in his early 70s, the money finally ran out. He tried to claim state pension, but because he'd never worked he'd never paid national insurance, so doesn't qualify. So he looked for his first ever job, with neither job skills nor experience. He somehow managed to land one with my brother's employer, and proved himself to be an unholy nightmare to work with: incompetent, careless, entitled, rude to customers, vicious to coworkers, and never admitted his mistakes. His only real skills were manipulating senior management into protecting him from the consequences of his actions, and into getting rid of colleagues he considered a threat. A real gem.
#16
We bought a cheap fixer upper a few years ago. A guy in the family inherited more money than our house was right after we bought. He blew it all, had some kids. We showed him several houses he could have paid cash for. He said they weren't good enough and his kids were recently in a homeless shelter with his ex. His grandmother leased new cars that were about what our house cost. Saved zero for retirement. Just blew all her money. Now when they get together they talk about the economy and my head almost explodes because neither has an understanding of how money works.
#17
Friend of a friend makes six figures in the computer science industry. Lives with parents doesn’t pay rent. Very little bills. Somehow she overspends SO MUCH every month that at 23 she’s 50k in debt and complains that she never has money. Genuinely f*****g mind boggling.
SnootWaggling Fox 1 year ago (edited)
Needs clarification: at 23 the debt could be student loans and the complaints about never having money could be due to trying to pay them off quickly. Private college can easily cost over $200K for 4 years and while the top tier schools (I'm guessing top 30) usually have large endowments that they use to ensure their students leave with small debts, many others are excellent but will leave students with over $200K in debt. If she got a great education at a high - but unfortunately typical - cost and in only ~2 years has paid her loans down to $50K, she deserves none of this lambasting.
AsylumWalker 1 year ago
Im guessing they'd be pretty aware if it was stident debt
Load More Replies... Tom De Paul 9 months ago
She pays retail. I am on SSDI and live in public housing. My wardrobe is probably worth $50k. But I bought it all in thrift stores and on eBay.
AsylumWalker 9 months ago
If its from thrift stores, im guessing its mostly second hand, which means its not worth even half of what it was new
Load More Replies... #18
Not to go into too much detail but my wife is a Dr, 2 of her colleagues on the same level as her cannot afford to retire (67 & 74) both are miserable. Spent every dime, go to Europe twice a year etc etc, when I met them and they asked what I do just said I retired at 40, that went over like a lead balloon.
PetePanda 1 year ago
I'm 55 and planning to retire at 60. Good for you, of course, to retire at 40 but that might go over like a lead balloon with me too
SAF saf 1 year ago
Especially in the US, retiring at 40 means you're medically retired or you've retired from a company or city job but are still working a side job. Retiring in your 40's in the US is only really possible if you're a multi-millionaire or richer. I'm in my 40's and the amount of folks I know that are dealing with a serious cancer diagnosis is just insane. Even with insurance their retirement/savings are usually gone well before they die. So yes, the word "brave" is an apt description of someone's early retirement plan.
Kiss Army 1 year ago
I'm 53 and on November 1st, I will be eligible for retirement with full benefits. My husband just retired last month but got a job where I work and thinks he would like to work for maybe 5 more years. I told him I will probably do that with him and then will retire with great retirement benefits and debt free. We traveled a little but skipped a lot to get here now will be our time to do those things!
Tom De Paul 9 months ago
My first job after law school (at 26) was for the Texas Employment Commission. Although the salary wasn't high I could have retired with a full pension after 20 years (46 yo). Because the salary was relatively low, I would have made minimal (sometimes $0) payments toward my $204k of student loans. After 10 years the remaining balance would be forgiven.
Load More Replies... #19
My brother went to an extremely expensive/ exclusive high school on scholarship in SoCal. (I believe tuition was around $30,000 a year at some point back in 2008-2012).
At the beginning of the his freshman year (August of 2008), whenever we dropped him off there were so many “luxury” cars in the parking lot, he came home with stories of parents with huge mansions vacations blah blah blah. At the end of the year (after the recession hit) there were nothing but Toyotas and a reduced student body population. 😬😬😬.
#20
There was a family in my neighborhood who had a nice house and nice cars and clothes, went on nice vacations, etc, and one day, they told us they were moving in with her parents because the house was being foreclosed on. I was shocked I didn’t see any austerity measures ahead of the foreclosure. I never heard them say something like, “ We are having a staycation this year to save money” or “We can’t go out for dinner tonight” or “We are selling one of the cars”. Nothing like that. They just spent like usual until they hit a wall. Crazy.
DC 1 year ago
It's even worse if you've got a pair of those, enabling each other whenever they find some expensive uselessity they wanna buy, he suggests that having it would be nice ... she agrees, and, oh what a surprise, has also found something that would be nice to have, but costs around twice the usual, ... ah, come on, honey, we only live once, you wanna be buried in 1000 $ bills, or what? Let's buy the Ferrari. Let's buy a set of kitchen knives at 300 each, maybe that will motivate me to learn how to cook? Uh ... oh ... öff. Some can't on their own, but with a similar partner, things are gonna go downhill at any chance, any opportunity, ...
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#21
One of my friends has a dad who is well paid, really high up in a tech company. He makes a lot of money and her family spends a lot of money. They eat out almost every night, have a vacation home, his wife has so much clothing she uses the 6 closets in her house to store it all, they give vehicles away and always buy brand new ones, & buying people insanely expensive gifts. But her dad is lost why his coworkers (who are more frugal) are retiring but he cannot afford to. (Lucky my friend took after her aunt/godmother who is very frugal so she won’t be unlearning all those bad behaviors).
Tim Crowhurst 1 year ago
The double negative does work; the meaning is just a little indirect: the friend won't be unlearning all those bad behaviours because she never learned them in the first place.
Load More Replies... Glen Ellyn 1 year ago
Eating out every night sounds exhausting to me. I'd rather stay home, relax, and make my own dinner.
Tom De Paul 9 months ago
This made me think: in San Francisco, Austin, and even Phoenix I had enough good "favorite" restaurants I could do this. Although I have lived in Denver now for more than 20 years, I wouldn't know where to go. The Italian place is actually in Littleton, my favorite Chinese place down the road became a gas station, I've never had great Tex-Mex here, and a whole lot of fast-casual burger places have gone out of business.
Load More Replies... #22
There is this girl i know. she's almost 30. quits jobs after a few months cause they are all "toxic" (they ask her to come in on time), she moves in with each boyfriends she dates within 2-3 months, then breaks leases and moves again. all of that costs money she doesn't have. she always goes on trips, right now is in Italy for 4 weeks (while unemployed since summer) and puts it all on her credit card. while also buying a huge amount of clothes and brand stuff.
DennyS (denzoren) 1 year ago
I feel like this is very common in the social media age...and it's not gonna end well.
Stephanie A Mutti 1 year ago
I just had a vision of a bunch of "beautiful" influencers living under bridges and begging but instead of offering to wash your car window at the light, they're offering to give you some advice on how to manifest all your dreams and desires.
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SnootWaggling Fox 1 year ago
I feel bad for those boyfriends. It isn't just her life she's making a mess of.
Xerastraza Lecrutia 1 year ago
who needs mid life crisis when you can just have a full on life crisis!
#23
My first housemate in college. It was student housing, you basically got a room with a small kitchen and then a bathroom shared with one other person, two rooms + bathroom per floor, 6 rooms per house. She rented two units so she wouldn’t have to share a bathroom (the second room was in use as a closet). She told me she got 1000€ per month allowance but racked up 1-2k € in credit card debt each month as well (which her parents threatened every month to stop paying, but they never did).
For context: I lived off 600€ a month and paid for everything myself (rent/food/utilities etc). That was a rather tight budget but I managed. She didn’t even have to pay rent (her parents did that), the 1000€ was only for food & fun. Absolutely broke my brain because I had weeks where I wasn’t sure if I had enough food for the week (I always managed somehow, but barely) and then she was complaining to me that her dad threatened to cut her off again but ‘it was so unreasonable and unrealistic to expect her to live off only 1k per month’. She never got why I couldn’t join her for whatever frivolous spending spree she had planned (‘just ask your parents for more money’) and then couldn’t grasp that not every parent has 3k€ (or any amount really) to throw away each month :’)).
ucp 1 year ago
My parents couldn’t help me through university either. I spent every term eking out my funds, and every vacation working split shifts to earn enough for the next term. Given that it costs so much more to attend now, I probably wouldn’t go if I was eighteen now.
Robin DJW 1 year ago
Too many live like you do, and many of them also have to take out student loans. My kids were in middle school before we finished paying those off.
Load More Replies... Glen Ellyn 1 year ago
Parents like these don't realize how they are handicapping their children, who will never learn to budget and live in the real world.
ILoveMySon 1 year ago
I had an acquaintance like this in college. After she was given a reasonable allowance and became AWARE, we became, and still are, good friends.
#24
I remember as a teenager walking past someone's really big and fancy house in a neighborhood my rich friend lived in. In the driveway was a very expensive car. One of the curtains was halfway open and I saw milk cartons and bare cable spools around the living room. No decor, no nothing. Just a big house and a fancy car with almost nothing inside. The people had lived there for quite some time so it wasn't that they'd just moved it.
That stuck with me.
Mark Kelly 1 year ago
When I did landscaping the people who tried to bargain down saying they didn't have much money were the ones with a new 40 grand vehicle in the driveway
SnootWaggling Fox 1 year ago
Probably poor financial decisions but they could have been stuck in renovation hell. I know multiple people who started pretty typical but not trivial renovations (e.g. kitchen remodel) years ago. The first one finished last month and the stories are wild
#25
My in-laws make more than both my husband and I and they have 3 kids, have 3-4 atv’s (replace every few years and get loans for them), have a pop-up camper trailer (still have loan on it), pay thousands for sport events for the kids a year (fine ok the kids enjoy the sports stuff), spend money on tons on firearms and ammunition to go hunting as well as licenses and processing fees, have 3 vehicles (2 which are on loans and 1 they owe us money for), buy name brand of most things and even custom order things.
They live way above their means and had the audacity to ask us for $11k for their oldest kids second semester. Absolutely did not save anything over the last 19 years.
Papa 1 year ago
I'm often reminded of back when my daughter started taking band when she was in school. When we got to the store my ragged old pickup looked out of place parked there with the fancy new cars and shiny pickups, but when we picked out her clarinet I wrote a check to pay for it, and when we left most of those fancy vehicles were still there. The owners were inside filling out the paperwork to buy their children's instruments on credit, with monthly payments. I was not, am not, and likely will never be rich, but I could pay for a $300.00 clarinet.
john doe 1 year ago
That is being well off these days, just not financing something or putting it on a credit card. I bought a car cash a few years back and the dealer looked like he was gonna loose his mind.
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#26
I have an aunt who is going through a divorce and moved into a retirement community.
Some of her money is still tied up in the divorce process, and she lives on social security for income. She goes to the local food bank for food, and hasn't had internet service installed because she says she can't afford it.
Yet, she leases a car for $550 a month and can't say no when her granddaughter asks for a $70 pair of leggings or $100 shoes.
Sometimes I want to help her because she's a very loving aunt, but I also wonder if I'd just be enabling her to keep spending on the wrong things.
Bay Bo 1 year ago
Why does her granddaughter need a pair of leggings for $70?! Or $100 for shoes?! Where are the parents in this scenario?
ucp 1 year ago
She doesn’t need them. She wants them, but can’t tell the difference. And that’s down to her parents, who obviously can’t afford them either.
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Geoffrey Scott 1 year ago
When my MIL passed the door was slammed shut on one SIL, and my nephew who was living with her(Grandma) + his wife and 2 kids. He got the falling down double wide which is essentially uninhabitable now.
#27
Buying a new car every year sometimes twice a year, while taking a loss every time they trade in their 1yr “old” vehicle.
john doe 1 year ago
My wife's friend does this except she seems to have bought the dealerships bull and thinks she is gaining money out of the deal. She trades in her one year old car for however much then gets a newer car with the remaining balance of the old cars loan rolled into the new one. She really doesn't seem to realize she is paying now 45k for her 2020 Nissan. Are people just willfully ignorant about this stuff? We have tried to explain it to her but it's like talking to a wall.
Tom De Paul 9 months ago
I don't know how they get approved on these loans where they constantly roll over the outstanding balance of the old loan.
#28
Knew a guy who was a shift manager of a Whataburger and somehow leased 2 Lincoln Navigators back in 2009.
I'm pretty sure the 2008 economy collapse was due to really stupid s**t like this.
Geoffrey Scott 1 year ago
Yes, but..people were enticed by low rates and urged to borrow against rising equity. "Oh, my house just went up 20k in value. Think I'll buy a truck". SO many burned like this.
ucp 1 year ago
I never understood people “cashing in” on house value increases. If you ever want to move up the housing ladder, you have to find that money again. I’ve always had quite the opposite approach. I have overpaid any mortgage as far as allowed/possible, rather than take the more expensive holiday. We paid off our mortgage before I turned 40, less than 15 years into ownership, despite two moves to larger homes. Granted, I started in 2000, something that helped loads.
Load More Replies... Tom De Paul 9 months ago
No, it was buying homes worth $80k with a $100k no down mortgage with an adjustable rate. I got unemployment benefits for 104 weeks (the usual is 26) because of that nonsense.
#29
Friend of mine straight up evades tax in his exceptionally well paying job. (6 figures for 3 days a week) He has a contractor job where he’s supposed to pay his own tax but hasn’t lodged in about 5 years. Even without paying his 40% to the government, he runs out of money every month. Zero savings. Owns a huge deluxe camper trailer, a car, 2 jet skis and a motorbike. Doesn’t own a home, but has spent 3 times what our deposit was on vehicles since I met him two years ago.
He spends all his money on big boy toys, luxury items for his kids and SAHM partner, and meal kits/ ready made meals instead of groceries. It’s wild.
Currently thinking of buying a big fishing boat.
Spencer's slave no longer 1 year ago
The bank/credit company OWNS everything he plays with.
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ucp 1 year ago
Evasion *is* tax dodging: it’s illegal. Avoidance is setting up one’s affairs to pay less tax through legal loopholes.
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Lyone Fein 1 year ago
People who are self employed......if you don't file/pay your taxes, what ends up happening is that when you retire your Social Security benefits are really low and you need to keep working into your 70s or 80s.
BarfyCat 1 year ago
Not necessarily. When my dad died in 2015 we found out he hadn't paid taxes since 1993.
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Hoi-Polloi 1 year ago
Yikes! This guy needs to ditch everything (except the wife) and get his life in order. Oh, and pay his taxes. They'll catch up with him eventually.
SnootWaggling Fox 1 year ago
I feel bad for the kids here but this guy can go eat dirt. He sounds like the type who does garbage work and ghosts his clients too.
Tom De Paul 9 months ago
He can assign all of it to his criminal defense attorney. The IRS is slow but they're not stupid. He's going to Club Fed.
#30
The US government. $35 trillion in debt. Crazy.
Jonas Fisher 1 year ago
Comparing a federal budget to personal income and savings is the height of ignorance. They have far, far less in common than they have in common.
Bob Brooce 1 year ago
How did you get this far in without figuring out that its about budgets and not income? That said, the biggest difference between a federal budget and a household budget is that there are plenty of very good reasons to borrow money in order to have a household budget that exceeds the household income in multiple years. It should require truly extraordinary circumstances to justify a federal budget that exceeds the federal income for even a single year.
Load More Replies... john doe 1 year ago
National debt and national deficit are different, most people are thinking of deficit when they look at national debt numbers because deficit is easier to understand. But the national debt is the public debt the nation accrues to itself, it's not as simple as this money is owed to a lender and needs to be paid off by a certain date, it's mostly used as a fear tactic by people who have a lack of understanding to make others who don't understand worry.
SnootWaggling Fox 1 year ago
Good points. It also matters how much is held domestically vs internationally, as well as whether the nation holds debts in it's own bank's currency.
Load More Replies... SnootWaggling Fox 1 year ago
This is a lot of debt but a modern government can actually operate just fine in perpetual deficit. This $35T is shockingly actually not a dire concern. That said, I'd love to get rid of it and would be much happier if that $500B slush fund hadn't evaporated.
David 1 year ago
And most of the debt is owed to Social Security which operates these days like a Ponzi Scheme to keep it afloat. The US Budget each year is more than the entire value of all incomes over 100k a year and all assets of all US Billionaires. It is more than that amount (meaning we are beyond taxing more). Just to make min payments on debt, paying Social Security, Medicare and Medicaid, are more than all current taxes taken in by the US government. Govt spent $832 billion on Medicare, that much on government health care for seniors and $805.7 billion of Medicaid (Health care for poor people) in one of the most inefficient and wasteful health care systems in the world (why a NHS in the US would not work, and why we know it would cost 3.2 trillion a year to run). This video from 2012 explains how bad spending is very well from economist and professor Antony Davies https://www.youtube.com/watch?v=p0RkWqyn1y4
The challenges of managing one's finances while maintaining a suitable lifestyle can often mirror the struggles faced in personal relationships. Understanding personal economic boundaries is crucial, just as it's vital to acknowledge disparities in partnerships.
A compelling story featured on Reddit showcased an individual unaware that their partner couldn't afford their lavish lifestyle, a poignant reminder found in this narrative of financial tension and the importance of empathy.
#31
I see people using car service apps and delivery apps all the time as an "investment in themselves", or "not depriving myself" like it's some kind of self-care. If you spend $10 in delivery fees and markup on a meal that you could have picked up around the corner in 10mins walk time, your time better be worth $60/hr or more. Otherwise, order for pick up....or better still, cook your own egg sandwich or open a can of soup.
People do not look at the long term impact of what that money could do. I'm not sure if the tools just aren't available or readily taught, but $200 a month can do a lot more than go into the pockets of Uber investors.
Michelle-Randy Carlson 1 year ago
The fact of the matter is that sometimes you need to deprive yourself. We all have a 3 year old inside that just says "gimme" and the more you allow it, the worse it becomes.
Renee Fiola-Homen 1 year ago
This is why I don't order take out. For one it's too expensive and is not on my budget . Only once in a great while will I treat myself. But with the mark up on take out and finding a place that doesn't use door dash or some other delivery service is tough. So I'd rather not.
#32
My friend did like financial consoling and credit consoling, it was part of EAP plan employers can get for their employees.
A couple, both doctors came in . They made like 600k + together and in a low cost area.
They had like 1 million in students loans but this really shouldn't be an issue when you are making 600k . However as soon as they started collecting a pay check they
Bought a giant expensive home then furniture and appliances,, 3 new luxury vehicles , an RV , a boat , Rolex watches and a bunch of other stuff on credit.
He even said just weird things like their direct TV package was like 300 a month, he was like "you must be a sports fan or something" and the husband was like "no but I just wanted the best package so I got the most expensive one .
After drawing up a budget they basically had $400 a month, meaning this was what they could use to buy food, gas , entertainment, clothes ECT. About a $100 a week .
He said both of them just kept saying like "we make $600k a year how are we this broke "
They also were very resistant to selling the RV or Boat. He was finally like "you can't afford the gas it takes to tow your RV ! Do you like camping in your driveway?".
Papa 1 year ago
I can't help it. I assume the friend was doing credit counseling, and not credit consoling, but it is likely that some of the people also needed consoling.
FoxEcoLimaIndiaCharlieIndiAlfa 1 year ago
I thought they meant credit/financial consolidating?
Load More Replies... weatherwitch 1 year ago
Bloody pillocks. The brains to be Doctors but not the brains to be able to feed themselves...
#33
Someone I know is a stay at home parent and her husband is a GP (partner in a practice). She doesn't actually claim to struggle, but does makes reference to living off their one income as if it's a bit of a challenge. She'll say things like, you know, we have to be a bit careful with money these days since I'm not working. And it'll be things like "I almost said no to going on Tasha's ski weekend to Italy for her birthday!"
One of the issues is most of their social circle is other doctors and most of them think nothing of dropping £2k on a ski weekend for a friend's birthday. I guess it skews your idea of what is average spending.
#34
I knew someone who had a condo they were about to lose to foreclosure.Two adults working full time at decent jobs somehow couldn't afford the $400 mortgage payment. The wife was spending at least $300 (more like $400) a month in her daily special treats at coffee shops. I suggested she buy bulk pastries and make coffee at home. She was absolutely shocked I would suggest such a thing. They paid less than $50,000 for that unit during the financial crisis and lost it to foreclosure. Right now, 15 years later it's worth $450,000.
On the other hand I had a boss who was very good with money, even though she was dirt poor growing up. She owned a condo by 25 and a house in a great neighborhood by 35. She opened several successful businesses. When it came to buying a huge house in a very upscale neighborhood she stopped going to the coffee shops daily and started making her breakfast and coffee at home so she could save some money. She bought a huge beautiful foreclosed house for 700,000. It's now worth more than 2 million, probably approaching 3.
Boss sacrificed strategically throughout the years to set herself up for a snowball of success. The people who lost their condo to foreclosure could have substantial net worth right now but chose 2X daily chocolate croissants and extra foam caramel mocha frapalattes instead for instant gratification instead.
I hate the "stop buying coffee and eating avocado toast" rhetoric we hear just as much as everyone else but if the condo people had actually stopped, they would have a really nice condo right now and instead they are renting.
Anony Mouse 1 year ago
I was amazed when I started making coffee at home. Next thing I knew I had an extra $700,000! (See how dumb this story sounds?)
LinkTheHylian 1 year ago
The best part of waking up is Folger's in your cup. And six figures in your bank account.
Load More Replies... Rachel Pelz 1 year ago
But still...I was raised that buying food or drinks at a restaurant or cafe is luxury. Something you need to be able to afford, first thing you'd cut.
#35
I have a friend who got their apartment while making $6 less than they have been making for the past 6 months and had the same bills (car, insurance). But now they're complaining that they can't even afford a cat. And they've denied my help in creating a budget (humble brag but I have a really excellent system that's worked for everyone I've made it for). They make a few dollars less than I do and say they can't even put money into retirement... Yet go out on fancy dates and constantly buy new clothes every month and go out every weekend night and some weekdays. I'm just so amazed when people don't budget correctly. The other day they said they bring home 1k a paycheck so I'm pretty sure they're lying about their finances, that does not track with that they told me their hourly wage is. People who don't spend wisely stress me out.
quentariel 1 year ago
Everyone who doesn't budget is a reckless spender. I have two bank accounts, one is where I save money for rent and bills, the other is for everything else and has a bank card. I guess you can call this some form of budgeting, but just for the most important thing. Then I live about one week bit better, about two weeks very strictly and then the last week survive with oatmeal and instant noodles. I don't want more stress with stricter budgeting when I know I can still handle the situation.
#36
My dad bought a $40K Mercedes back in 1982. In today's dollars that would be around $130K. He later got bored of it and bought an $80K BMW in 1989, that would cost around $205K in today's money. He also over leveraged himself to his eyeballs, using his rental properties as collateral to fund his business ventures. He also would arbitrage the payment to his suppliers in order to speculate and buy more real estate as his suppliers would let him do NET 90 or longer the more he bought. The house of cards fell apart during the recession of the early 1990s as business slowed down and rental tenants left the area due to companies closing/downsizing. If he had listened to my mom and tried to not stretch himself so much, he would be sitting on at least 4 paid off houses in the California Bay Area. Total home value would be in the high 7 figures range right now. Instead, he ended up dying with about $700K in debt due to a combination of using his house as a piggy bank and failing to file/pay some taxes.
There were a host of other issues wrong with him, but it's from his example that I decided to be the polar opposite. Now at 43 (roughly the same age he started his business empire), I instead lived a modest frugal lifestyle with the aim to FIRE. I'm actually going to go into retirement/semi-retirement soon, whereas my dad ended up working into his 70s until illness caused him to become bed ridden and later die.
ucp 1 year ago
I grew up very poor, with a stepfather who was a builder. He made a lot, but spent it (not on his stepchildren) so never had anything pit by for recessions. I too took this lesson. My wife and I have a nice modest home. We have an investment property (that we rent out at less than half market rent, for reasons not relevant here). I retired at 42, and since then we bought my wife’s horse and my Porsche. Otherwise, we are relatively frugal. We have enough money to live well for the rest of our lives, because we have always been careful. And fortunate.
#37
My parents.
They are both in their 60s. Joint income is around 160k.
They moved 3 times in 5 years- each time buying a new house.
They had a home built last year. It was around 400k.
They both are planning "to work until they die" so it's okay.
My dad has no 401k or 403b. My mom stopped contributing to hers 15ish years ago.
CatchTheWind 1 year ago
The problem with a "work til I die" retirement plan is that you may not be well enough to work, or the employer may not be willing to keep you on. Some middle-aged people don't seem to realize that when you get old, your risk of chronic illness and mental slowdown increases, and that even if you are lucky to avoid those issues, it's pretty much guaranteed that your energy is going to wane, making it a struggle to put in a 40-hour week.
#38
My mother in law "retired" 3 years ago. In that time she's blown through in excess of £300,000. She inherited about £100k from her mothers death, the rest was her lifes savings.
According to her her pension lasts until she dies, it doesn't, the paperwork says a maximum of x years... She'll run out of money by next year.
#39
A kid (maybe early 30’s) works at the same company I do. I do the accounting and HR, so I know how much he makes and it’s a decent wage. He’s not rich by any means but could easily afford an apartment, etc. His girlfriend, small child and him live in a car. The owner found out, offered to let him park in one of our lots because they are secure at night and help him with a deposit/first/last on a place if that’s the issue. Not a loan just pay for it.
Kid still sleeps in his car with his family and takes days off to go fishing and asked for a week off next month when elk season starts. Like WTAF?
My boss asked my opinion on giving him a couple more bucks an hour. He already makes pretty close to the top of the pay scale for his job. I advised against it because it’s not helping him. If the offer of a place to call home doesn’t help, 80 extra bucks a week isn’t moving the dial.
Geoffrey Scott 1 year ago
Similar to a guy I worked with, supporting himself. We worked 7 days/wk, double time Sundays, he complained he couldn't make it to me, a guy supporting an occasional wage earning wife+2 girls. In nearly the next breath, he related how he blew a day off and went to a boxing match.
#40
Some idiot from my hometown had over $60k in student loan debt and decided to move out from living with his mom, save almost nothing every month, and smoke weed all the time. He also swapped out his car for a fancy model he didn’t need.
#41
I worked with a guy who was making $80k and struggling to get by. I hired him and he became top salesman and was making $400k per year for several years…he was still living paycheck to paycheck. $30k watch here, extravagant vacations there; just didn’t know how to dial it back.
#42
I have a coworker who just moved here mention his rent is $6K a month. In comparison my wife and I pay $2K. He and I are both pretty well paid, but he has to be making more than I am - still that has to be eating up most of his take home.
#43
My aunts family always looked down on my mom for being single. They would spend more than they had so they could appear rich and successful. One day, she got caught embezzling from a child's sports team. I also highly suspect she started a fire in her kitchen so she could get a new one paid for by insurance (not sure if insurance did pay for it but she got her new kitchen).
#44
I know someone who made about 50–60k a month as a during Covid. This guy built a 2 million dollar home put his kids in the best private schools wife stayed at home yet they had a nanny 6x a week. He had a a Porsche and a new F150. Well Covid ended and the market kinda tanked. He went from 50k to 27k and then the big customers son got into a different brokerage and became her rep which kicked him out so it dropped him to 7-8k per month. He worked 12 hours a day and was over weight and now has type 2 diabetes wife left him and took the kids. Lost his home/porsche and the wife’s 4 runner. Ended up with 3500 in child support payments. And here is the kicker of all kickers. He ended up in a fit of rage at the office and got fired our company took his book of business and then fired him. This all happened from February and he got fired 3 weeks ago.
Michelle-Randy Carlson 1 year ago
I think he's an investment advisor and he got fired and his company kept all his contact information for his clients.
Load More Replies... #45
I see heart surgeons working in their 70’s. The saying the more you make the more you spend must be true.
#46
We run an AirBnb. Shockingly, the most spendthrift guests (number of nights stayed, food wasted, property damage leading to fines) are the ones with the more modest means.
One guy, who works at a not very lucrative profession, was spending 2x times standard rent just experiencing local airbnbs. It was wild to me, since they seemed to be spending a windfall that they disclosed (unprompted).
#47
My husband told me about 6 months ago about a story his boss told him . His bosses wife ran into an old friend and in the course of chatting the friend mentioned how they’d just bought a house and was worried about the mortgage repayments cos it was more than the rent they paid . In talking about expenses the friend mentioned they spent about $2000 a week on groceries , for a family of 4 . How ????? Foods expensive here yes but even eating lobster every day it wouldn’t add up to that much . And it wasn’t on eating out either , they cooked every meal . The only thing I could think of was they smoked heavily and you can buy those in a supermarket here and there about $50 a pack . But still , $2000 a week ??????? How ???????
Geoffrey Scott 1 year ago
They must have a private grocer. Even at the more "upscale" store(not WallyWorld) we would spend $200/every other week. By looking at me you KNOW I ain't starving.
#48
When I worked at a hole in the wall, we hired a guy purely because he was the same ethnicity as the chefs (lol). Dude was hella couch surfing, and always made the worst possible choices via lizard brain wants. Hardly had appropriate clothing. Dude dead a*s bragged to me about his Gucci belt he bought for like 300.00.
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R Dennis 1 year ago
I grew up in poverty, but worked and earned my way into a comfortable middle-class life. I know I can survive on far less than I have now, but still spend and save responsibly. I was forced to medically retire in my 40s, but because I have always been frugal (not cheap), I am able to maintain my same spending habits without the financial stress of excessive debt.
Papa 1 year ago
Back in the late 80's my wife worked for a finance company working with people who were struggling with their payments. She told me about one couple that was about to lose their house. She went over their bills with them and couldn't figure out why they were having problems. She asked if they were sure they had told her about all their expenses. They finally remembered about the big screen TV they were renting to buy. They were about to lose their house, but needed a big screen television.
Kare Deter 1 year ago
There had to be more than just the big screen TV to blame for that mess.
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Apatheist Account2 1 year ago
Spend more than you earn, you'll be in debt, simple. I've known a couple of wannabes who thought they needed to show off, and ended up with nothing, and no future, despite decent income. I, on the other hand, retired aged 62. I haven't travelled as much as I could have; but now I can, and I don't have to worry about going back to work when I get home :)
B Jones 1 year ago (edited)
Makes me think of one of my managers. We had been at the same company for a while I was about 39 at the time and she was like 42. And she was asking me what I think about the company 401k and if she should start, meanwhile I had been putting in for almost 20 years by then. So I suggested the amount the company matches which was like 5% pre tax and that was too much. Have me a chill how far behind she was. I don't know if she has since put any in.
Richard Graham 1 year ago
"Annual income twenty pounds, annual expenditure nineteen pounds 19 shillings and six pence, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery." - Mr. Micawber in "David Copperfield" by Charles Dickens
Richard Graham 1 year ago (edited)
I worked at a bank. Many flashy rich people are flat broke, many seemingly average people are wealthy. It's amazing. Many of these "fake rich" pay hundreds of dollars a month in loan interest and bank fees just to keep up their front, sinking deeper and deeper into the hole. It's amazing.
RiceRiceBaby 929 1 year ago
For most people, it's all about now. Their future self is going to hate them.
Liz The Biz 1 year ago
One of my work colleagues is in her mid 20s and still lives with her parents. In the last year she's had weight loss surgery, botox, bought a new Merc and is always having nights out, holidays and weekends away. She buys new clothes, makeup, perfume and tat off Amazon and Temu every week. She starts every day with a takeaway coffee and lunch every day is also a takeaway. She's also booked in for skin removal surgery in a few months time. At the same time she's absolutely baffled that she has no money and is up to her eyeballs in debt. Instead of taking responsibility for her actions and stopping spending, though, she just carries on. She blames her parents for bringing her up to want the nicer things in life and is not willing to give up any of her luxuries.
A girl 1 year ago
It's weird how folks can not see how money works. I'd still be driving my 2001 Toyota if my daughter hadn't needed a car after college in 2015. The 2015 car I drive now will probably be the last car I own. It makes more sense to throw a car payment into savings every month than always making a car payment.
R Dennis 1 year ago
I grew up in poverty, but worked and earned my way into a comfortable middle-class life. I know I can survive on far less than I have now, but still spend and save responsibly. I was forced to medically retire in my 40s, but because I have always been frugal (not cheap), I am able to maintain my same spending habits without the financial stress of excessive debt.
Papa 1 year ago
Back in the late 80's my wife worked for a finance company working with people who were struggling with their payments. She told me about one couple that was about to lose their house. She went over their bills with them and couldn't figure out why they were having problems. She asked if they were sure they had told her about all their expenses. They finally remembered about the big screen TV they were renting to buy. They were about to lose their house, but needed a big screen television.
Kare Deter 1 year ago
There had to be more than just the big screen TV to blame for that mess.
Load More Replies... Apatheist Account2 1 year ago
Spend more than you earn, you'll be in debt, simple. I've known a couple of wannabes who thought they needed to show off, and ended up with nothing, and no future, despite decent income. I, on the other hand, retired aged 62. I haven't travelled as much as I could have; but now I can, and I don't have to worry about going back to work when I get home :)
B Jones 1 year ago (edited)
Makes me think of one of my managers. We had been at the same company for a while I was about 39 at the time and she was like 42. And she was asking me what I think about the company 401k and if she should start, meanwhile I had been putting in for almost 20 years by then. So I suggested the amount the company matches which was like 5% pre tax and that was too much. Have me a chill how far behind she was. I don't know if she has since put any in.
Richard Graham 1 year ago
"Annual income twenty pounds, annual expenditure nineteen pounds 19 shillings and six pence, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery." - Mr. Micawber in "David Copperfield" by Charles Dickens
Richard Graham 1 year ago (edited)
I worked at a bank. Many flashy rich people are flat broke, many seemingly average people are wealthy. It's amazing. Many of these "fake rich" pay hundreds of dollars a month in loan interest and bank fees just to keep up their front, sinking deeper and deeper into the hole. It's amazing.
RiceRiceBaby 929 1 year ago
For most people, it's all about now. Their future self is going to hate them.
Liz The Biz 1 year ago
One of my work colleagues is in her mid 20s and still lives with her parents. In the last year she's had weight loss surgery, botox, bought a new Merc and is always having nights out, holidays and weekends away. She buys new clothes, makeup, perfume and tat off Amazon and Temu every week. She starts every day with a takeaway coffee and lunch every day is also a takeaway. She's also booked in for skin removal surgery in a few months time. At the same time she's absolutely baffled that she has no money and is up to her eyeballs in debt. Instead of taking responsibility for her actions and stopping spending, though, she just carries on. She blames her parents for bringing her up to want the nicer things in life and is not willing to give up any of her luxuries.
A girl 1 year ago
It's weird how folks can not see how money works. I'd still be driving my 2001 Toyota if my daughter hadn't needed a car after college in 2015. The 2015 car I drive now will probably be the last car I own. It makes more sense to throw a car payment into savings every month than always making a car payment.
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