For the last 10 years I have not ended up well. I thought

[cashflo2u2]

LBYM meant "living beyond your means". It seemed to be the better choice and things were going swimmingly. "Beyond" had a much more positive and lofty connotation than "below". Nobody ever told me. How was I to know? Now I got to double down on this freakin "LBYM!

 

[REWahoo]

LBYM meant "living beyond your means".

So you see LBYM as an acrimonious acronym?

 

[Rambler]

So, everyone actually does LBYM, then right? Just depends on which "B" word you live by...

An here I was thinking LBYMers were in the minority...

R

 

[Dennis]

Well, during my Earning And younger yrs , living on the North Sub. of Chicago ( Upper Middle Class and the Rich Live) ?
I knew of NO-ONE who Live With in their means and Everyone Lived Beyond their Means..
The attitude was Sound.. Why? The more You Owe , the More you Work and Succeed.. It's called making Committments..

and it worked for most of us..

many had their Own Businesses and/or Professions and everyone went Bust at least once of not more, before succeeding...
Many fell into the Divorce Trap.. over 50% Divorce rates that many advisors and others don't want to mention.. It's all this Positve Stuff..But Divorce bankrupts more People than any self run business venture...

Many Knowing they will be Divorcing? Purposely go Spend it all so the other spouse won't get it..and they have to file bankruptcy and each goes their own way to really start over..

Many Women/Wives in the group were taught to Live Beyond their Means to get their Husbands to work more, so they can play more..and build up more For a Insurance Policy if they get Divorced..From Owing Bigger homes, Cars and other Assets..
and Many abide by " Keep them Broke and you Keep them Working"..theroy that has alot of merit..

LBelowYM? Sure , but Not in the Real World Me thinks is not the best way to succeed and accomplish things in life.. It doesn't test your true potential of your abilities..

 

[jrobb45]

Quite a number of years ago, I dropped off our taxes at the CPAs and then picked them up about a week later. When I picked them up, he said" I have clients who make three times what you do, but you save over three times as much as they do; I'm impressed". I told him that being young and broke is common, but I would never be old and broke.

I retired at 49 and am glad I chose the "B" I did.

ymmv.

jr

 

[MasterBlaster]

If you want to sing the Blues, You gotta pay your dues.

And you know...

It don't come easy.


Cashflo, dennis:
I don't buy your rationalization that everyone is doing it, so poor me. Many on this forum recognize the trap of a high consumption lifestyle. That is especially true for high consumption/consumer debt early in ones career.

The life lesson here is that to have more later (perhaps a lot more) one must consume less now.

 

[harley]

Well, during my Earning And younger yrs , living on the North Sub. of Chicago ( Upper Middle Class and the Rich Live) ?
I knew of NO-ONE who Live With in their means and Everyone Lived Beyond their Means..
The attitude was Sound.. Why? The more You Owe , the More you Work and Succeed.. It's called making Committments..

and it worked for most of us..

many had their Own Businesses and/or Professions and everyone went Bust at least once of not more, before succeeding...
Many fell into the Divorce Trap.. over 50% Divorce rates that many advisors and others don't want to mention.. It's all this Positve Stuff..But Divorce bankrupts more People than any self run business venture...

Many Knowing they will be Divorcing? Purposely go Spend it all so the other spouse won't get it..and they have to file bankruptcy and each goes their own way to really start over..

Many Women/Wives in the group were taught to Live Beyond their Means to get their Husbands to work more, so they can play more..and build up more For a Insurance Policy if they get Divorced..From Owing Bigger homes, Cars and other Assets..
and Many abide by " Keep them Broke and you Keep them Working"..theroy that has alot of merit..

LBelowYM? Sure , but Not in the Real World Me thinks is not the best way to succeed and accomplish things in life.. It doesn't test your true potential of your abilities..

Gotta call BS on this one. You're welcome to your own opinion, but success and accomplishment comes from within, not from any externally imposed requirements. If you're always LBeyondYM, you'll never have any satisfaction, no matter how "successful" you appear to others. A sad philosophy, IMO.

 

[Telly]

Many Women/Wives in the group were taught to Live Beyond their Means to get their Husbands to work more, so they can play more..and build up more For a Insurance Policy if they get Divorced..From Owing Bigger homes, Cars and other Assets..
and Many abide by " Keep them Broke and you Keep them Working"..theroy that has alot of merit...

OW! Sounds like a strong counter-attack to the old "keep them barefoot and pregnant" idea...