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Young couple with $783k debt (shows how poorly people manage their own finances)
Patrick.Net ^ | 08/30/2011 | Quant HF Manager

Posted on 08/30/2011 8:58:46 AM PDT by SeekAndFind

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To: SeekAndFind

Well, by those numbers it is doable BUT they would be on the Dave Ramsey Beans and Rice budget for the entire time they are on that schedule. I bet someone as stupid as this couple is not going to sit still for 30 years paying off their draconian debt burden which they created themselves.

Sorry, I have no sympathy for them or their lenders...go into chapter 13 and live with the consequences, in a 1500 apartment rental they can afford and a beater for a car.


21 posted on 08/30/2011 9:34:16 AM PDT by Mouton (Voting is an opiate of the electorate. Nothing changes no matter who wins..)
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To: Mouton

They could rent out the condo for additional income to pay off their loans...


22 posted on 08/30/2011 9:38:02 AM PDT by SeekAndFind (u)
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To: SeekAndFind
My wife's cousin lives in the same town.

Very expensive area financed with the FedGov bubble. My wife's cousin is a bit worried the bubble will break before she leaves.

A $400k house won't buy what you think it would.

23 posted on 08/30/2011 9:38:25 AM PDT by redgolum ("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
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To: redgolum

RE: A $400k house won’t buy what you think it would

Tell me about it. I live in Long Island at the border of Queens, NYC. $400K gets you something small ( in a not so nice neighborhood ).


24 posted on 08/30/2011 9:39:46 AM PDT by SeekAndFind (u)
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To: oldbrowser
Many people became wealthy doing exactly the same thing, 20 or 30 years ago.

Many become wealthy doing the same 10 and 15 years ago - if they sold quickly enough. Hinesight's 20/20... The guy writing the article has a lot invested in trying to feel superior to everyone... that's a little creepy.

25 posted on 08/30/2011 9:49:27 AM PDT by GOPJ (126 people were indicted for being terrorists in the last two years. Every one of them was Muslim.)
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To: douginthearmy
“We need a federal agency to regulate and manage personal finances. “

Already here. Obama; Barney Frank and their friends created this.
http://www.ftc.gov/bcp/

Just wait and see how many more hoops you will have to jump through to get a mortgage or direct your investment dollars.

26 posted on 08/30/2011 9:52:20 AM PDT by HereInTheHeartland (I love how the FR spellchecker doesn't recognize the word "Obama")
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To: oh8eleven

Yeah, same reason you see 3-4 people w/fake disabilities shack up together - we are all sending them a check.


27 posted on 08/30/2011 9:59:26 AM PDT by GnuHere
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To: SeekAndFind

........I used this mortgage calculator based on 4% interest for a 30 year loan.................

The trouble with your table is that the debt includes car loans and student loans, so the entire payments are not over 30 years, or at 4%.

Probably near term their debt payments are considerably more than the $44k per year in your table.


28 posted on 08/30/2011 10:02:50 AM PDT by Noob1999
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To: oh8eleven

Thank you. I turn 32 next month. I have two years of deployments (one of those was 15 months in combat in Iraq during the pre-Surge/Surge craziness), I’m a college grad, currently in a Master’s program, have two kids with a third on the way, own a home that I’m renting out, and own a truck and paying off another vehicle currently.

As a “young kid” I lived with my parents and looked forward to “Transformers” on TV every afternoon.


29 posted on 08/30/2011 10:09:59 AM PDT by Future Snake Eater (Don't stop. Keep moving!)
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To: Future Snake Eater
As a “young kid” I lived with my parents and looked forward to “Transformers” on TV every afternoon.
LOL ... when I was a young kid ... oh, nevermind :)
Thanks for your service.
30 posted on 08/30/2011 10:20:39 AM PDT by oh8eleven (RVN '67-'68)
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To: freeangel

By the time many married women with stable incomes think they can finally “afford” a child, they’re often too old to conceive.

If you think having a kid is expensive, go out and price fertility treatments. The money you think you saved by waiting turns out to be an utter wash. And frequently, they don’t work.

I think the one thing this couple is doing right is having a child while they still can.


31 posted on 08/30/2011 10:25:11 AM PDT by Blue Ink
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To: Blue Ink
By the time many married women with stable incomes think they can finally “afford” a child, they’re often too old to conceive.


32 posted on 08/30/2011 10:28:28 AM PDT by dfwgator
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To: SeekAndFind

Yuppies.

Must have it ALL.

Must have it ALL RIGHT NOW!!!

Cannot even balance their checkbook.


33 posted on 08/30/2011 10:39:09 AM PDT by ridesthemiles
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To: SeekAndFind

They might have spent their time and money to attend college but didn’t receive much of an education.

They sound about as smart as a sack full of hammers.

What are the odds they voted democrat and helped put Obama in office?


34 posted on 08/30/2011 10:39:18 AM PDT by Iron Munro (Muslims who advocate, support, or carry out Jihad give the other 1% a bad name)
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To: ridesthemiles

I hate to say it but many (not all) of 20 to thirty somethings seem to “want it all and right NOW”. I don’t truly understand why? My parents told us frequently how they rented a small apartment first and how they scrimped on food, drove beat up used cars... while saving for a down payment for a small house. The idea was to start “small” and save while waiting to move up (when and if possible). Today, I see late 20 somethings to 30 somethings who get the big house first, brand new cars, vacations, designer clothes etc... What happened between the generations?


35 posted on 08/30/2011 10:48:03 AM PDT by momtothree
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To: SeekAndFind
7. Declare bankruptcy
36 posted on 08/30/2011 10:50:26 AM PDT by 2banana (My common ground with terrorists - they want to die for islam and we want to kill them)
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To: SeekAndFind

3/4 of a million in debt? Less than 100,000 gross income? This is easy. Declare bankruptcy. Bit the bullet now, you will never get out from under.


37 posted on 08/30/2011 10:52:27 AM PDT by Former Proud Canadian (We .. have a purpose .. no longer to please every dictator with a vote at the UN. PM Harper)
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To: chris_bdba; SMARTY
You are exactly right.They didn’t see that Mom and Dad started out in a “starter” home that was probably less than 1200sf and need work.

When my kids were old enough to leave the nest, I pointed out to them that all the trappings of a good middle class life around them did not come all at once. It took us a good 20 years to get the stuff and another 10 to pay off the house.

One took my advice and is still doing quite well. The other married a dingbat who kept getting in hock for all the toys, saying "they owed it to themselves". They're drowning.

38 posted on 08/30/2011 4:19:04 PM PDT by Oatka ("A society of sheep must in time beget a government of wolves." –Bertrand de Jouvenel)
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To: SeekAndFind

This wouldn’t be a bad situation for these people if they were renting out their investment properties for more than the mortgages are worth, but apparently that isn’t the case.


39 posted on 08/30/2011 4:34:40 PM PDT by Future Snake Eater (Don't stop. Keep moving!)
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