- Joined
- Dec 17, 2016
- Messages
- 3,206
It doesn’t matter how much you make, it’s no surprise that Americans suck at saving, suck at budgeting, and love to spend. Heck, look at the example our government sets for us!
When I worked retail, I did tons of credit apps for the in-house card, and I saw plenty of $8-10k/mo people who couldn’t qualify for a $2k credit card. Seemed ridiculous but if you’re carrying $100k in cc debt, I can see why they got declined.
Are you in the TSER program where you contribute the mandatory 6% and theoretically it’s matched with the 9%. I say theoretically because the end is based on different formulas. Years ago, I punched some numbers into the ORBIT calculator and learned I will bring in more in retirement than I do while working when it’s all said and done.I dont live extravagant, and dont seek to, and I slowly add to retirement etc.
You’re correct, no clue why they got declined and yes life happens. My comment wasn’t very clear either, the store card and $100k in cc debt were two different things. The later is someone I know and doesn’t see $100k in cc debt as an issue.In the end you have no idea why they did or did not get that card. I think it is easier to assume they were ignorant and reckless but that is not always the case. I knew lots of people who ran sole proprietor businesses who had their personal finances hamstrunk by the business. I saw other people loose the business and have to declare personal bankruptcy as a result. I saw lots of divorced individuals who had their finances worked over by a former spouse. Medical bills of a loved one also prevented lots of people from getting mortgages etc.... It is not always about bad choices sometimes it is about life happening in a way you did not plan for.
Lots of people try to budget but then one life event like a major car repair, house repair, medical bill etc starts the debt snowball. The rise in the cost of living working against stagnant wages can turn what was workable budget into a deficit over time. It is almost never one thing. It is complex and multifaceted.
You’re correct, no clue why they got declined and yes life happens. My comment wasn’t very clear either, the store card and $100k in cc debt were two different things. The later is someone I know and doesn’t see $100k in cc debt as an issue.
“I knew lots of people who ran sole proprietor businesses who had their personalfinances hamstrunk by the business.”
... can somebody tell me what “hamstrunk” means?
One of the odd things that’s going on right now os folks are seeing huge value in their homes and 401k plans, and so they decide that they don’t need to save and maybe some cc debt is okay. When the market turns, and it always turns, they’ll learn a tough lesson.
And the teachers hate it when you point out that they will make more in retirement than they did while teaching.Are you in the TSER program where you contribute the mandatory 6% and theoretically it’s matched with the 9%. I say theoretically because the end is based on different formulas. Years ago, I punched some numbers into the ORBIT calculator and learned I will bring in more in retirement than I do while working when it’s all said and done.
When the market turns, and it always turns, they’ll learn a tough lesson.
Going extra light at the grocery store. Cutting down on medical supplies. Buying clothing and household supplies secondhand.
These are just some of the many ways many Americans are making it work when money is tight.
this is telling:
Here's the thing, if you're broke, then not wasting money at the store, buying things 'second hand', etc should be your normal way of living. Then, if you make more money, and yet you continue to live the same way you'll find that you can suddenly save money. Do that for years and years and look at that, you're no longer living in debt and struggling. You're just living with a nice safety net. Now maybe you can buy something not on credit, because you've actually earned it.
I hate our broke ass neighbors complaining about not having money or being in debt, etc yet somehow their kids are wearing name brand everything. A 10 year old with Under Armor t-shirts/shorts/etc. Is your child a professional athlete being endorsed by that company? Are they such an elite performer that their game is being adversely effected by not having top rated gear? No? Just trying to keep up with the Jonses and your kids couldn't be caught dead in a t-shirt from costco (or walmart)? yea, that's probably it. So shut up, and deal with the debt you keep piling on yourself. Being set back by things health issues, accidents, etc, yea that sucks. Being set back by years and years of bad choices made by you for you? Zero sympathy.
Hey don't knock Costco clothes. I get a lot of my clothes there and the Jones never comment.
When you only get to eat what you can shoot it changes your spending and savings habits.
and by that I mean straight commission and/or self employment.
you’ll never live month to month again.
All my gym stuff comes from costco, I'm pretty familiar with the brand.
"amazon basics" are actually pretty nice too, I get all my sweats and sweatshirts from them.
Ding Ding Ding!!!!!!!Where you live and how large your family is and what stage of life you and the rest of your brood are play heavily into the liquidity of your finances.
Thus endeth the lesson...……………...I'm old.....I'm spendin mine......I am young enough to have the luxury of time
Thus endeth the lesson...……………...I'm old.....I'm spendin mine......
Some people don't make much, but do just fine by living within their means.
Some people spend much more than they make regardless of how much they make, which is why we often read about high-earning celebrities in bankruptcy.
I really haven’t worried too much about our income for a long time now. When I was young I did the payday to payday thing. Getting married to my wife fixed that. She watched after our money as I was gone a lot with the Army. She pays things off, pays things early, and doesn’t pay interest on credit cards. They get paid off at the end of the month. We aren’t rich by any means, but by watching what we spend and how we spend we’ve managed to save some over the years. I will be the first to give her the credit she deserves! What we have today is entirely because of her. But we built a house that we could pay for, drove vehicles that we could pay for, vacations that we could pay for and Christmas that we could pay for. I’d buy her something for her birthday and she’d return it the next day because she didn’t need it. It’s all about how you view your money. We view ours as a tool. Something to get you something else.Well just because you make a lot of money does not mean you are good with your personal finances. Just because you don't make a ton of money does not mean you are financially ignorant. Where you live and how large your family is and what stage of life you and the rest of your brood are play heavily into the liquidity of your finances. Working at a bank I saw both ends of the spectrum. It is not just about living over ones means. There are tons of factors which come into play.