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Old 06-23-2009, 06:14 PM   #1
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Living-Above-Your-Means Forums

I was thinking about this nice little forum filled with LBYM types, sharing stories about their growing nest eggs, and wondered if somewhere out there on the internet there might be the opposite place. A site for people with lots of debt, swapping stories about reckless spending.

I found several, this site has lots of forums, including one where people tell their living-above-their-means story.

There are some sad stories here, and just plain stupid stories. Anyway, happy reading.

Real stories on getting into debt - Page 1 of 7
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Old 06-23-2009, 08:17 PM   #2
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I get the impression that the linked site is for one of the many companies that pick over the carcasses of debtors, to relieve them of their last few dollars.

At any rate, it is a great read if you want to get really depressed.
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Old 06-23-2009, 11:18 PM   #3
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Not very happy reading. I picked one of the "my story" threads at random and read this:
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ok i went to college ca'chinge student loans $35,000. i got married in college to a real loser..we got debt together..bought a house, a car, a truck, couple charge card..total balance around 110,000...too much too fast while still in college..i worked 3 different jobs and went to school fulltime while my husband worked fulltime..marriage fell apart.
The story went on, but I stopped reading there. It's probably typical of most of the stories there. Too damn depressing.

Too many people just don't get how money works. Had one of my sons with me at the credit union last week so he could get a check to open an account at FIDO. He saw a flyer on the counter advertising great rates on vacation loans. "Dad, why would someone borrow money to take a vacation?" Shouldn't they be getting a second job or something with their spare time and then go on vacation when they can afford it?" I hugged him right then and there.
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Old 06-23-2009, 11:35 PM   #4
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.... He saw a flyer on the counter advertising great rates on vacation loans. "Dad, why would someone borrow money to take a vacation?" ....
"Vacation" might be a euphemism for something else. J/K While working my way thru college, one of my jobs was at a loan company. When a customer left the "reason for loan" section blank, I had to ask him to fill in it; he muttered something about divorce but filled in "home improvement."
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Old 06-23-2009, 11:46 PM   #5
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Too many people just don't get how money works.
DD, before she got outsourced a few weeks ago, worked for a major national bank as phone support. She's made many mistakes in her short life, but in the past year or so she has learned some tremendous lessons about money, debt, and lack of financial awareness (other people's). She just got a new (equally low paying) job in a totally different field, but I think she's got her head on straight financially for the foreseeable future. She says if everybody worked in a job like that for their first job, there wouldn't be any need for the position anymore.
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Old 06-24-2009, 12:25 AM   #6
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Too many people just don't get how money works. Had one of my sons with me at the credit union last week so he could get a check to open an account at FIDO. He saw a flyer on the counter advertising great rates on vacation loans. "Dad, why would someone borrow money to take a vacation?" Shouldn't they be getting a second job or something with their spare time and then go on vacation when they can afford it?" I hugged him right then and there.
Between you and Nords there is hope for the next generation. Actually, I wonder/hope if this recession, will establish a fear of excessive debt/lack of saving in the youth of today, that the great depression had on our parents and grandparents.
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Old 06-24-2009, 12:35 AM   #7
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She's made many mistakes in her short life, but in the past year or so she has learned some tremendous lessons about money, debt, and lack of financial awareness (other people's)...She says if everybody worked in a job like that for their first job, there wouldn't be any need for the position anymore.
It's good that she's figuring it out. I guess I'll find out in the next few years how well my kids have absorbed the things I've tried to teach them to avoid. Like this story from the website OP linked:
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My debt started when i got my first credit card my freshman year of college. It was an American Express Blue Student card and my college heavily advertised for them.
Oldest kid started getting credit card apps in the mail as he graduated high school. He trashed all of them so far and said he's happy sticking with his checking card.
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Old 06-24-2009, 12:45 AM   #8
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I read a few posts. One thing that struck is the quality of the writing is pretty horrible on the forum. It was bad enough that I really had to struggle to get through several threads. Now considering the number of words I leave out, and basic grammar mistakes I make on most posts, I guess I shouldn't throw stones.

I wonder if there is a connection between sloppy writing and sloppy money management?
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Old 06-24-2009, 12:58 AM   #9
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I read a few posts. One thing that struck is the quality of the writing is pretty horrible on the forum. It was bad enough that I really had to struggle to get through several threads. Now considering the number of words I leave out, and basic grammar mistakes I make on most posts, I guess I shouldn't throw stones.

I wonder if there is a connection between sloppy writing and sloppy money management?
nO, i ThnK theY d'oNt haVEV anYthIng to DO WIth eAch otHer.
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Old 06-24-2009, 09:45 AM   #10
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Ours is an LBYM forum since most who can afford to retire early are LBYMers.

So, to find a forum of LAYMers, you'd search for something that LAYMers do. Perhaps a forum of collectors, or people with hobbies such as jet skiing, or people into big fancy houses?

On the bike forum, there are a lot of posts like this: "My wife is going to kill me when she finds out I bought another $2,000 bike."
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Old 06-24-2009, 10:04 AM   #11
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So, to find a forum of LAYMers, you'd search for something that LAYMers do.
Great acronym - you can even sound it out - LAMERS!
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On the bike forum, there are a lot of posts like this: "My wife is going to kill me when she finds out I bought another $2,000 bike."
I guess nobody there would dare ask just how many bikes does one need.
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Old 06-24-2009, 10:35 AM   #12
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So, to find a forum of LAYMers, you'd search for something that LAYMers do. Perhaps a forum of collectors, or people with hobbies such as jet skiing, or people into big fancy houses?
That's the thing. There are lots of forums that are specific to one LAYM interest, but a forum that talks about it in general would be interesting. It would be interesting to see the entire spectrum of items that these people want so much that they would destroy their budgets and future for it. I know!! It could be called the Never Retire Forum.
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Old 06-24-2009, 10:39 AM   #13
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I read a few posts. One thing that struck is the quality of the writing is pretty horrible on the forum. It was bad enough that I really had to struggle to get through several threads. Now considering the number of words I leave out, and basic grammar mistakes I make on most posts, I guess I shouldn't throw stones.

I wonder if there is a connection between sloppy writing and sloppy money management?
I think there is but, I would call it sloppy thinking.

Many on this board understand the power of net worth growth based upon the concept of compound interest. Those on the debt board might not understand the other side of the sword.
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Old 06-24-2009, 10:58 AM   #14
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It would be interesting to see the entire spectrum of items that these people want so much that they would destroy their budgets and future for it.
Here you go, a couple of links for what I call conspicuous consumption porn:

Luxist

Robb Report - The Global Luxury Source

I love this story, Don't Wait for your Lamborghini - http://www.luxist.com/2009/06/23/don...r-lamborghini/
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Old 06-24-2009, 11:09 AM   #15
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I perused the link by the OP.
Goody, an entire forum devoted to poor, poor, pitiful me. Like the newspapers aren't giving enough space to this stuff?
Thanks, though. Makes for interesting reading.
Kudos to you, Leo, for raising a good one to scoff at "vacation loans".
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Old 06-24-2009, 11:12 AM   #16
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Here you go, a couple of links for what I call conspicuous consumption porn:

Luxist

Robb Report - The Global Luxury Source

I love this story, Don't Wait for your Lamborghini - Don't Wait for Your Lamborghini
Amazing!! And on the Luxist link, pretty far down the page right below the Lamorghini, there is a purse that I would nominate for an award. It wins

The Purse Most Likely to Have Been Dug Out of a Landfill Award

They are going to have to do a LOT better than that, to tempt people with some of this stuff.
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Old 06-24-2009, 11:15 AM   #17
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I was thinking of logging and helping those people, but it would take too much of my time and I doubt they would listen anyways........

Those folks on there need to make HARD choices, and most appear not to want to, but instead play the victim card........
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Old 06-24-2009, 11:15 AM   #18
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And that handbag can be yours for the low low price of $2495!

I was thinking...those stories from the sad forum...my room in hell (doesn't everyone think about the existentialist reality of their room in Hell like in No Exit?) would consist of me at a desk, with an endless line of these folks in front of me, while I counseled them on financial planning.

GAAAAAAAAAHHHHH!

And they'd just turn around after we talked and go to the end of the line because they'd never change.

A truly horrifying idea. Maybe I should repent now, while there's time.
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Old 06-24-2009, 11:17 AM   #19
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Amazing!! And on the Luxist link, pretty far down the page right below the Lamorghini, there is a purse that I would nominate for an award. It wins

The Purse Most Likely to Have Been Dug Out of a Landfill Award

They are going to have to do a LOT better than that, to tempt people with some of this stuff.
You should make this comment on the blog. Luxist would be a great place for us to troll.
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Old 06-24-2009, 11:18 AM   #20
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I was thinking of logging and helping those people, but it would take too much of my time and I doubt they would listen anyways........
If you think the economy is bad now because too many people have stopped spending, imagine how bad it would be if we "helped" these people as well.

Long term it would be a good thing, I think, but in the short term it would make the pain that much worse. The unfortunate thing for savers and investors is that if all the spenders joined us, I might never be able to FIRE...
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