Retired, debt free at 56 thanks to Dave Ramsey! His advice works!
Posted on 08/02/2019 8:47:35 AM PDT by qwerty1234
Retired, debt free at 56 thanks to Dave Ramsey! His advice works!
We know couples who can afford a mortgage that high here in NYS. But they ain’t paying the $10,000+ in annual property taxes.
We know a lot of renters, these days. Or folks who do what we did, and are buying very inexpensive.
I think both sets of parents share the blame for that, not just the Education Industrial Complex.
Why should I bail out a mortgage holder, credit card company, or school? They are profiting by taking a risk. They don’t share their profits with the taxpayers.
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Bank bailout 2.0
I guess their college didn’t offer a course on Financial Responsibility.
Education Industrial Complex.
********************
You misspelled Indoctrination.
Deep debt = poor house
That might be the practical thing to do, but it isn't the moral thing, and will only reinforce their sense of entitlement and lead to more irresponsible spending. With a combined income of $127,000 they should be able to pay their creditors, even if it means a little personal inconvenience.
They no longer dine out several times a week.
Oh, I see...
Ms. Finol hasn’t used her T.J. Maxx credit card in more than a year. She makes the minimum monthly payment on its balance of approximately $7,500.
That's a clothing store. She bought $7K in clothes??
Her monthly statement says if she continues at this pace, she will need about 23 years to pay it off.
Paying the minimum? Yeah, that's... very smart. /s
they went to two weddings, and needed a card to cover the cost of a gift and a rental car.
Oh, yes, that's very necessary. Probably took time off work to fly there, too (or you wouldn't need a rental car.) Yeah, gosh, these two are ...
The Bauerles have $30,000 in their down-payment fund, but the kind of house they want—a two-bedroom, two-bath with a yard—starts at around $600,000 in and around Seattle. They figure they would need to make a down payment of $70,000 ... Ms. Bauerle said about half of their take-home pay goes out the door for that plus $1,750 in rent and $1,200 in child care for their son...
Is it me or did people used to buy the house first, and then start the family? I mean, decades ago. That seems like it was a good system... oh well. I do think housing prices are astronomical in some places. Goodness knows I will never buy a home in Los Angeles. (Well, I wouldn't anyway, but...)
Angelo Young and Noelle Young of Laveen, Ariz., are going through their own economic downturn. The two-child couple earned just over $100,000 until 2017.... Then Ms. Young, 33, moved from a full-time to a part-time faculty position at a university because of its budget cuts. With income reduced to around $70,000, they still felt confident enough in their earning power to borrow $48,000 to finance two cars in 2017....
(facepalm) Yeah.... these are some interesting stories alright.
As we get older, we don’t need those new cars or the latest tech playthings. DEFCON 1 1/2 budgeting soon becomes the happy norm.
https://we-ha.com/colonial-pheasant-chase-sells-992500/
They have a $270,000 loan on a $275,000 house? (sale price at above link - scroll to see their names).
Wonder how much the property taxes run...
Using info from your link, looks like property taxes in that area on homes with a similar value are running around ten grand a year.
That couple is NUTS.
Bet their house sized walk-in closet’s never worn clothes could fill a boutique. How many $$$$ cell phones do they have that they never use because they can’t find them under the couch cushions? How many times a day do they eat out? How many Amazon packages are delivered to their front door every week? You seriously have to try HARD to rack up that much debt with those salaries.
FYI, rubber kitchen cleaning gloves are *amazing* for getting pet fur off couches. I just learn this but y’all probably already knew this tip. No, no cell phones under the cushions here.
They need to read Dave Ramsey’s materials.
They think they have the right to live the comfortable middle-class life their parents provided instead of starter apartments/houses and driving cheap cars on graduation. But I have to have the dream 40K wedding and take fancy vacations! I deserve it!
Who loans them $270,000 on a $275,000 house with all of their debt? That’s the additional NUT is this case.
That is EXACTLY what would happen.
It's like loaning that ne'er-do-well family member some money to "help him out of a jam." Two things will result every single time:
1. You will never get the money back
2. He will soon be "in another jam."
They have plenty of income to pay their student loans.
The rest is just poor financial decisions.
Just don’t feel sorry for them.
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