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Started By
Message
re: Baw making $450k, can’t make ends meet
Posted on 4/5/21 at 11:00 am to awvidrine
Posted on 4/5/21 at 11:00 am to awvidrine
Here recently I was thinking that my spending has been quite impulsive and excessive. It can get away from people much quicker than they realize.
But I have no debt and don't give a damn. I am trying to tell myself that I don't need to drop a grand on a badass Orvis fly rod.
But I have no debt and don't give a damn. I am trying to tell myself that I don't need to drop a grand on a badass Orvis fly rod.
This post was edited on 4/5/21 at 11:07 am
1
Posted on 4/5/21 at 11:17 am to ChewyDante
quote:Mortgage on a +$1MM home, private school for 2-3 kids, wife doesn't work drives a big arse Suburban on a 7yr car loan, and plays tennis at the "club" 4 times a week. Mortgage on a Lake or Beach house....expenses for kids cars, insurance/upkeep/maintenance with car loans. Maybe one kids in college with fraternity/sorority + living expenses.
At $450k a year you can easily begin offloading assets to mitigate sources of compounding debt and expenses and very quickly have your head above water. Wtf is he spending money on that with an income of $450k he can't downsize and sell assets that are causing him financial struggle?
shite adds up to "keep up the lifestyle" and appearances, he's living paycheck to paycheck, working like a dog to keep his head above water. IF something were to happen to his job, illness/death the family would be in dire straights.
Posted on 4/5/21 at 11:19 am to tiggerthetooth
quote:
I've heard CPAs tell some pretty crazy stories. Between multiple vehicles, boats, lakehouses and beachhouses people can stretch themselves pretty thin.
Posted on 4/5/21 at 11:19 am to El Segundo Guy
quote:
I am trying to tell myself that I don't need to drop a grand on a badass Orvis fly rod.
Get it. That's a bargain for peace of mind and relaxation away from the rat race.
Posted on 4/5/21 at 11:22 am to RT1941
quote:
the family would be in dire straights.
Family is already in dire straights. They just haven't hit the rocks yet.
The problem isn't having stuff, but if you're taking out loans to support frivolous hobbies and lavish lifestyle, you're messing up.
Posted on 4/5/21 at 11:35 am to RedRifle
Tell him to get a same day pay fast food job.
Posted on 4/5/21 at 11:41 am to RedRifle
What does this irresponsible fella do for work if I may ask?
Posted on 4/5/21 at 11:50 am to threeputt
quote:
Somebody living in a million plus house ain’t driving a 50k vehicle.
Personally know a guy that lives in a $1M plus house that drives a 2wd Tacoma that he paid cash for. All about priorities, dude doesn't care about cars but enjoys his big house.
Posted on 4/5/21 at 11:52 am to 3deadtrolls
quote:
Personally know a guy that lives in a $1M plus house that drives a 2wd Tacoma that he paid cash for. All about priorities, dude doesn't care about cars but enjoys his big house.
Know a guy that lives in a multimillion dollar house and drive an early 2000’s Audi
This post was edited on 4/5/21 at 11:53 am
Posted on 4/5/21 at 11:53 am to squid_hunt
quote:One of may best friends (business owner) lived a lavish lifestyle for decades. Went in to have a surgical procedure, ended up dying with of a blood clot, aged 52.
Family is already in dire straights. They just haven't hit the rocks yet.
Really heartbreaking to see how the family (wife) and 3 grown kids are having to deal with his poor financial decisions. Stuff he hid from the wife about their finances is down right appalling. A man I knew for +30 yrs seems like a total stranger now.
Posted on 4/5/21 at 11:56 am to RT1941
quote:
Stuff he hid from the wife about their finances is down right appalling
Any examples?
Posted on 4/5/21 at 12:15 pm to RT1941
quote:
Really heartbreaking to see how the family (wife) and 3 grown kids are having to deal with his poor financial decisions. Stuff he hid from the wife about their finances is down right appalling.
I don't understand how you get in that position. I don't make anywhere close to $450K, but I'm not hurting. I have the stuff I want and we can do most of the stuff we want to do. House suited for my family. I don't get why you have to have the biggest house, biggest vehicle, biggest boat, etc. My brain doesn't work that way and I'm thankful.
Posted on 4/5/21 at 12:23 pm to 3deadtrolls
That’s how you do it.
Posted on 4/7/21 at 4:52 pm to TorchtheFlyingTiger
quote:
I don't think you know what 'average' means or you are completely out of touch.
Now if you had said, you choose to live extremely average lifestyle and you are saving/investing for generational wealth that makes some sense.
I guess a not very extravagant lifestyle would have been a better description.
We are both in our 30’s with 1 child so we don’t do anything crazy like netjets as another poster mentioned.
We do invest 30+% every year but I feel like that’s what most people should do to avoid living outside of your means.
This post was edited on 4/7/21 at 4:52 pm
Posted on 4/7/21 at 5:00 pm to Finch
quote:
do invest 30+% every year
The average dude can't afford to do that.
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