Average American family "can't pay their bills"

Quote from toc:

'A $500,000 mortgage at 5.5% (again, a reasonable rate) would be $2838. Add $800 a month for taxes and insurance (depending on your area). That's $3600.'

Two $50K cars, $500K house mortgage and $50K credit card debts are total total total wasteful spending even if someone is earning $100K gross.

$10K used luxary autos, $300K house, and no credit card debt is the way to keep afloat for $75 to 100K income bracket.

Quote from Reaver:

Agreed.
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LOL!..Too funny. DISAGREE!!!!!!!!!

300K house on 100K/year? You'll be broke 2 months after you lose your job. How you going to save any money? Ever heard the term, house poor because thats what your describing, unless your putting a big downpayment down.

Take advice from someones who been there. Live below your means and accumulate wealth first. Then go buy the 300K house.
The first year I made 100K, I bought a 90K house with 20K down. Lived there 6 years til the family outgrew it (literally).

I'm not sure why, but I find it assuming as all hell to sit here and read you guys tear everyone else a new one and then give yourselves the same stupid advice and call it brilliance.

Sort of reminds me of a couple employees sitting around talking about how dumb management is and how the company should be run, meanwhile these guys haven't even figured out their own jobs. Classic stuff. Thanks.

p.s. Going back to the original post I repsonded to, I do agree that having 6-7K/mo in living expenses and only 50K in savings is stupid and just looking for trouble. For me any less than 2 years of living expenses in cash( not counting trading accts/stocks/RE/etc) would cause me to lose sleep, but I should think at that level of income 1yr isn't outrageous. But then again, I'm a saver type, not a spender.
 
Time will tell the truth.

Give it time, it is far early in the game. The average house Joe is now just starting to feel the pain if he is in debt.

Who cares, have you seen the "homes" that are up for action now? Fucking smart time to purchase a re-po that has not been lived in, for less than the neighbor. GOOOOD TIMES are coming for the "smart" money.

:cool:
 
Quote from Deadwood:

26 years old, huh? You sound like it.

Nope, no debt and no 500K house.

House 350K, lets see off the top of my head:

Mortgage $1550
Taxes $600
Ins $400
Car Ins $250
Elect $400
Cable $120
Cell phns $120
Platform $250
Data/News $250
Food $1000 (kids eat a lot, you find out when you grow up)
Gas $300
Misc $750-$1500 (lunch,dentist, dr, birthdays, kids stuff,etc, etc. denist appt this month cost me $870, for example).

Could I live on less, sure. I could live like I was 26, but I don;t want to. Remember , I'm not complaining one bit. I have a great life. Hell, you'd call me rich. I was merely pointing out that it's obvious you've never made much money or you wouldn't make stupid comments like you did.

I was also hinting, clearly to stuble for you to catch, that for someone like you who seems to know it all it's surprising you have never made more money.

Must be tough having all the answers with nothing to show for it, huh?


correction, wife informs me food is more like $600, but I forgot things like regular phone, water, health insurance ($800/mo), etc.

p.s. all the tough talk, like "back it up" really don't make you look very smart. I mean if I didn't, what exactly would you have done to me?..lol!
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You said you have health insurance but you're paying $870 for dental work? Damn you must be pretty messed up.

Sorry to hear that.

LOL I have plenty of money for a 26 year old. It grows exponentially.

Nothing I said was dumb, it was well though up and I posted numbers. You have some highly inflated living expenses, not to mention throwing in your trading expenses, etc into your household living expenses. You're skewing numbers.

Nice try at taking a jab at me being 26. My house is 1900 sq ft I have a Z4 and a truck (I own the truck outright and the Z4 I bought for about 1/3 off book) and I am making enough to where I am about to trade full time. If either me or my wife lost our job right now we'd still be fine. It's planned out.

Pretty damn good for someone who has only been out in the civilian world for less than 4 years.

Yeah I pay cable, cell phone, food for my dogs, myself, and my wife, health insurance, car insurance, and all that crap too and my expenses are nowhere near yours.

You must have bad credit or something for your numbers to be so high. Sorry to hear that.

LOL you can make fun of my age all you want, but I've done more shit than you ever will. That's why I don't respect clowns like you- just because you were an exec at some company where you kissed ass for a few years you think you can talk down to someone younger than you that has less money (and that's assuming you're even telling the truth and not another ET market wizard/millionaire, I am being nice and giving you the benefit of the doubt here). That's like that Ashley Dupree making fun of people for having less money than her. What did you do to get it and how long did it take you to get it? You can talk shit all day but unlike me, you've never had the simple pleasures in life such as a boarding/seizure op in high swells off the Somali gulf or securing John Walker Lindh while processing a cross-deck transfer. No board meeting will ever give you that kind of excitment. *yawn* Keep talking that corprorate "better-than-you" crap to me. I laugh at people like you, no matter how much money you have.
 
Quote from toc:


other option is to move to places like Iowa, Illinios or Minnesota or even some medium size town in South where jobs are still there and housing not totally out of the reach. :D
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The job markets suck in the midwest and the weather has been exceptionally dreadful this year. No thanks.
 
Quote from Reaver:

You said you have health insurance but you're paying $870 for dental work? Damn you must be pretty messed up.

Sorry to hear that.

LOL I have plenty of money for a 26 year old. It grows exponentially.

Nothing I said was dumb, it was well though up and I posted numbers. You have some highly inflated living expenses, not to mention throwing in your trading expenses, etc into your household living expenses. You're skewing numbers.

Nice try at taking a jab at me being 26. My house is 1900 sq ft I have a Z4 and a truck (I own the truck outright and the Z4 I bought for about 1/3 off book) and I am making enough to where I am about to trade full time. If either me or my wife lost our job right now we'd still be fine. It's planned out.

Pretty damn good for someone who has only been out in the civilian world for less than 4 years.

Yeah I pay cable, cell phone, food for my dogs, myself, and my wife, health insurance, car insurance, and all that crap too and my expenses are nowhere near yours.

You must have bad credit or something for your numbers to be so high. Sorry to hear that.

LOL you can make fun of my age all you want, but I've done more shit than you ever will. That's why I don;'t respect clowns like you- just because you were an exec at some company because you kissed ass for a few years you think you can talk down to someone younger than you. That's like that Ashley Dupree making fun of people for having less money than her. What did do to get it and how long did it take you to get it?
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Reaver, you have some serious issue's. Now I feel bad for you.

I'm happy your doing well though. Not too often you meet an angry successful young man(someday that will make sense to you). But, I do wish you and everyone else the best. Just remember making others smaller won't make you any bigger.

Oh, and never critize someone for making an honest living and achieving wealth. As time goes by you'll find out thats harder than it appears at first glance. Thats why you'll never meet a successful person who belittles someone else's success or their efforts. I hope you find what your looking for. Seriously.
 
Quote from Deadwood:

Reaver, you have some serious issue's. Now I feel bad for you.

I'm happy your doing well though. Not too often you meet an angry successful young man(someday that will make sense to you). But, I do wish you and everyone else the best. Just remember making others smaller won't make you any bigger.

Oh, and never critize someone for making an honest living and achieving wealth. As time goes by you'll find out thats harder than it apears at first glance. Thats why you'll never meet a successful person who belittles someone else's success or their efforts. I hope you find what your looking for. Seriously.
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LOL I'm not angry at all. I think life is awesome and I appreciate every day that I am here on Rock 3. There are many people who are unable to share that luxury thanks to our current Gummint. I just have no respect for people like you, that's all. You decided it was time to throw stones at me. No need to call me angry.

Anyways sweetheart, hope you have a good weekend. I hope you really are wealthy (congratulations on that!) and that I haven't been wasting my time talking to another ET millionaire/market wizard. Have a happy Easter Sunday.
 
Quote from Reaver:

You decided it was time to throw stones at me. No need to call me angry.

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Only because I'm a stickler for the truth do I point out that your statement is untrue.

I said: "I must say though, this Reaver is a funny guy who obviously has never made much money, or lives in rural Arkansas, if he thinks 50K should go far. I find his line that you need a 500K-600K house and all sorts of stuff to spend 7K/mo laughable. Perhaps he's still a young man without a family?"

The points made were.
1. Your funny...thats true although subjective

2. that you've never made much money..You've agreed thats true

3. that your young..26 is young to me and you have agreed to that, so that was true too.

4. That to spend 7K/mo you need a 500-600K house and all sorts of stuff was a little silly and not true. As I've shown my point was correct.

So no stones were thrown. Points were made, and at the very least you agree on 3 out of 4. Not really the stuff to get your panties in a wad over, is it?

If I insulted you I apologize. I was hoping to get you to think.


ps..oops, I also said you didn't have a family. You say you do so I was wrong about that assumpution. Oh well, 4 out 5 aint bad. 1 point for Reaver.
 
Mortgage $1550: See if you can rent the basement if it has seperate entrance.

Taxes $600: Fine

Ins $400: Health? Fine

Car Ins $250: Go for a cheaper and older cars.

Elect $400: Disagree, are you running a lighthouse or something.

Cable $120: Cut down dude, more time for mind to be in tune. get some $50 package.

Cell phns $120: No need for Cell phones.

Platform $250: What is that? Tradestation on lease?

Data/News $250: $100 data is easily available.

Food $1000 (kids eat a lot, you find out when you grow up): $150 per person is excellent unless you eat out alot.

Gas $300: Disagree, get some share a ride arrangement, you trader? then no need to commute!

Misc $750-$1500 (lunch,dentist, dr, birthdays, kids stuff,etc, etc. denist appt this month cost me $870, for example).

Misc should be $500 at best, $870 for dentist, still with health insurance? Drive to Mexico and get it done for 1/3rd if you are in Southern border states.

BOTTOMLINE IS "WHERE THERE IS A WILL, THERE IS A WAY".

VERY TRUE IN TRADING ALSO :D
 
Quote from Reaver:

You said you have health insurance but you're paying $870 for dental work? Damn you must be pretty messed up.
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With all due respect, it is a pretty naive assumption to assume that anyone that is self-employed and has health insurance ALSO has dental insurance.

Dental insurance is a different "animal" and the insurance benefits for dental flat-out suck.
Reimbursement is at best, 50%.

Ever had a crown installed before?

Try $1200.
If dental covers 1/2 of it consider yourself lucky.
 
Quote from toc:

Mortgage $1550: See if you can rent the basement if it has seperate entrance.

Taxes $600: Fine

Ins $400: Health? Fine

Car Ins $250: Go for a cheaper and older cars.

Elect $400: Disagree, are you running a lighthouse or something.

Cable $120: Cut down dude, more time for mind to be in tune. get some $50 package.

Cell phns $120: No need for Cell phones.

Platform $250: What is that? Tradestation on lease?

Data/News $250: $100 data is easily available.

Food $1000 (kids eat a lot, you find out when you grow up): $150 per person is excellent unless you eat out alot.

Gas $300: Disagree, get some share a ride arrangement, you trader? then no need to commute!

Misc $750-$1500 (lunch,dentist, dr, birthdays, kids stuff,etc, etc. denist appt this month cost me $870, for example).

Misc should be $500 at best, $870 for dentist, still with health insurance? Drive to Mexico and get it done for 1/3rd if you are in Southern border states.

BOTTOMLINE IS "WHERE THERE IS A WILL, THERE IS A WAY".

VERY TRUE IN TRADING ALSO :D
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Thanks toc for taking the trouble to break that down. I had previously only stated they were highly inflated numbers. I have the same types of expenses, they are just nowhere near the ones he listed. I agree with the principles you listed. In fact that is the reason my numbers are nowhere near his.
 
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