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Old 09-07-2014, 08:00 AM   #21
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"I am still trying to figure out how everyone that went "underwater" on their mortgage is something that I should care about, or be somehow responsible for. You make an agreement or contract with someone, you honor your commitment (pay your debts!). I am completely fed up with the current prevailing attitude that nothing is anyone’s fault anymore."

My understanding is it wasn't the pain of being underwater for most, it was folks got into mortgages they could have never afforded under any circumstances.

Re "anyone's fault anymore". We've started down a slippery slope in most areas of life, if not all, as a society that I'm doubtful we'll ever come back from.

I won't get on my soapbox...
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Old 09-07-2014, 08:22 AM   #22
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Quote:
Originally Posted by tfudtuckerpucker View Post
There's a way to read paid sites, with the "Google First Click Free" hack:

It works like this. You first copy the web address of any news article that is behind the registration firewall and paste that URL into the Google Search box. Now click the first Google result and you’ll be able to read the full text of the corresponding story without registering or subscribing.
Wow. Thanks for tip; worked great
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Old 09-07-2014, 08:59 AM   #23
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DW's friend just HAD to live in the most expensive town in the state. Big house, big cars, weekends in the Caribbean... of course, the electricity/gas/phone was always being shut off for non-payment...but it looked good from the outside!

These friends eventually divorced and had to sell the house...a $4MM house (including inflation) and all they had to show for it was to walk away with less than $100K.

As Buffet said: "A rising tide may lift all ships but when the tide goes out you get to see who's swimming naked"
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Old 09-07-2014, 09:00 AM   #24
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I see they quote Robert Bell in the article....his blog "Living Stingy" is one of my favorite sites...he hits the nail on the head about how much money people waste on nonsense, and how to avoid the pitfalls of debt....

He is also REALLY BIG on personal responsibility...

Check it out!!!!!!
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Old 09-07-2014, 09:03 AM   #25
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Quote:
Originally Posted by tfudtuckerpucker View Post
There's a way to read paid sites, with the "Google First Click Free" hack:

It works like this. You first copy the web address of any news article that is behind the registration firewall and paste that URL into the Google Search box. Now click the first Google result and you’ll be able to read the full text of the corresponding story without registering or subscribing.
Thanks!
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Old 09-07-2014, 02:06 PM   #26
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Wow. Thanks for tip; worked great
It worked for me, too. Thanks tfud'er.
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Old 09-07-2014, 02:15 PM   #27
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Originally Posted by Lcountz View Post
I see they quote Robert Bell in the article....his blog "Living Stingy" is one of my favorite sites...he hits the nail on the head about how much money people waste on nonsense, and how to avoid the pitfalls of debt....

He is also REALLY BIG on personal responsibility...

Check it out!!!!!!
Thanks for reminding me of this guy. He is really an old school social critic more than a cheerleader for ER
Quote:
There are a lot of really, really stupid people in this world. It took me a long time to figure this out. I had always assumed that most folks were pretty bright, but just lazy thinkers on occasion. The reality is, of course, that most people are dumb as posts. Even so-called "smart" people with important jobs like airline pilot, doctor, lawyer, or even congressman, can be dumb as dirt and believe the stupidest things.
This that he mentions above I only figured out 10 or 15 years ago- ie. it was high time for me. My wife used to chide me when I would express puzzlement at why someone or some group was behaving a certain way. She's say, for god's sake, they are just stupid like people usually are!
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Old 09-07-2014, 03:54 PM   #28
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There are a number of people that I worked with that made around 200k or more and many of them lived paycheck to paycheck. I once knew a business owner that made over a million each year and when he died, his family was broke. His fractional jet, his California mansion that lost a grundle in the last rececssion and his wild spending habits cost his family their business. So, LBYM is a state of mind....some people have it, some don't.

I have a harder time understanding how some can live on less than 40k a year then understanding how others end up broke making over 200k a year. I've done well and LBYM all my life. This is a great blog because we hear from all types of folks; mostly good, honest folks of all income ranges......and, it helps me keep my thinking reality based. I read the WSJ story this morning.......I hope it wakes up some of their readers to cut back......the money gets spent quick when you lease luxury cars, buy expensive homes and eat out in expensive restaurants because you think your 200k a year makes you an entitled person.
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Old 09-07-2014, 05:14 PM   #29
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Originally Posted by jerome len View Post
There are a number of people that I worked with that made around 200k or more and many of them lived paycheck to paycheck. I once knew a business owner that made over a million each year and when he died, his family was broke. His fractional jet, his California mansion that lost a grundle in the last rececssion and his wild spending habits cost his family their business. So, LBYM is a state of mind....some people have it, some don't.

I have a harder time understanding how some can live on less than 40k a year then understanding how others end up broke making over 200k a year. I've done well and LBYM all my life. This is a great blog because we hear from all types of folks; mostly good, honest folks of all income ranges......and, it helps me keep my thinking reality based. I read the WSJ story this morning.......I hope it wakes up some of their readers to cut back......the money gets spent quick when you lease luxury cars, buy expensive homes and eat out in expensive restaurants because you think your 200k a year makes you an entitled person.

I wonder if many of these fall into the trap of not understanding the expensive carrying costs involved in some purchases. I peaked at a low 100k, not 200k, but even then there were several things I passed on not because I couldn't afford to buy it but I knew I couldn't afford the ongoing costs of it, also. As far as eating out goes, I was surprised at how often people do this. I read today in paper the average person eats out almost 200 times a year down from about 215 a few years ago. That is a lot of eating out even if it is McDonalds. I average once a week and maybe twice every other week and I thought that was plenty.


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Old 09-07-2014, 05:30 PM   #30
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When we bought our last house (about 450K) on the closing docs the profit to the sellers (about 150K) was all directed to credit card companies!?! They were both in the SW industry each making easily 150K. Later we understood when we started getting bulk mailings addressed to them from Casinos and other gambling type things.
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Old 09-07-2014, 05:32 PM   #31
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Also, my BFF makes 350-400K, other than maxing out her 401k, nothing to show for it. She can't stop spending, and passed this on to her kids, who are over 30 and still not supporting themselves. Very sad. She was not like this when she made less than 100K.
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Old 09-07-2014, 05:37 PM   #32
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I wonder if many of these fall into the trap of not understanding the expensive carrying costs involved in some purchases.
Sadly, some governments go down this path too and we all end up paying for it.
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Old 09-07-2014, 11:06 PM   #33
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Thanks for reminding me of this guy. He is really an old school social critic more than a cheerleader for ER
This that he mentions above I only figured out 10 or 15 years ago- ie. it was high time for me. My wife used to chide me when I would express puzzlement at why someone or some group was behaving a certain way. She's say, for god's sake, they are just stupid like people usually are!
The movie Idiocracy comes to my mind here!
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Old 09-08-2014, 07:20 AM   #34
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That is insane....DD and DM are just like this DD makes 200k and DM makes 110k they have been married for 33yrs and have roughly 70k in 401k and have 27yrs left on mortgage.....long story short they need to learn "no." Luckily DW and I have decided we are going to buck the family tradition and we are doing it on 1/2 of DD and DM income, maxing out 401k and college fund no credit cards, it has been great
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Old 09-10-2014, 06:08 AM   #35
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I was blown away by the lady first mentioned in the article. Even after going through a half-million $$ bankruptcy 9 years ago, she gets herself right back in deep financial trouble by vastly overspending what her big $200k/yr income could sustain. Her explanation: "I felt entitled".......What utterly oblivious, misguided, narcissistic CRAP. No one is "entitled" to continuously spend on luxuries far beyond their means. Some one eventually gets stuck with the tab.
And BTW- after that 2005 bankruptcy, (Ch 13 vs Ch 7 not stated), what mental midgets in the financial industry approved her credit limit increases to get right back to $300k in the hole?

And agree 100% with JoeWras. This is NOT a unique story. I've seen it a few times too. Hardly the kind of folks a solid economy is built on.

Bump. The 40 year old grandmother referred to in this story is the poster child of the disintegration of Responsibility in the USA and why I see stunning similarities between the USA now and many previous civilizations (particularly Roman) destined for the dust heap of history. Mandarin lessons anyone?


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Old 09-10-2014, 07:10 AM   #36
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Originally Posted by tfudtuckerpucker View Post
There's a way to read paid sites, with the "Google First Click Free" hack:

It works like this. You first copy the web address of any news article that is behind the registration firewall and paste that URL into the Google Search box. Now click the first Google result and you’ll be able to read the full text of the corresponding story without registering or subscribing.
Very cool. Had no idea you could do this. Thanks!
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Old 09-10-2014, 08:44 AM   #37
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All the conspicuous consumption will simply drive up our stock portfolios.

"Let them eat cake!" in the words of Marie Antoinette.
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Old 09-10-2014, 11:11 AM   #38
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I say bless the high spenders and the people willing to take on big mortgages. They are increasing my property values and I buy their discards at thrift shops. I just furnished a large part of one of the kids' apartments for $150 and it looked great, including a fully equipped kitchen with microwave and convection oven.

We see a lot of former co-workers with households with one or two six figure incomes and they spend to reward themselves for working so hard at soul sucking jobs they hate. They are on high income / high spend treadmills and don't know how to get off.
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Old 09-13-2014, 12:48 PM   #39
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It worked like a charm. Thanks!

( I can always count on this forum to learn something useful now and then. )

Or you can just copy the headline into Google search and click on what is usually the first search result. Almost always works unless you're reading more than 5 or 10 articles from the same newspaper.
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Old 09-13-2014, 02:10 PM   #40
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Do You Make $400,000 a Year But Feel Broke?

Video version of the same article. A hypothetical budget with a 400K income with very little left for savings.
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