Posted: 5/25/2020 6:17:05 PM EDT
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I have watched a few very fast and hard crashes for some folks because of the lockdown. Also being around the oil patch, it is pretty common. Arfcom usually has good stories. Share yours about people living beyond their means, yours or others. |
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Quoted: I saw an interventional cardiologist with an income around 1,000,000 a year loose their home in 2008. That when I realized the more you make, the bigger the hole you can dig...... Unless the home was truly insane, that's hard even for an American to do, assuming the 1MM / yr continued. |
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My sisters ex had a meltdown and ran away to his hometown in a 0% payed off wrangler leaving behind a house he just bought and a financed motorcycle in the garage. He has something like a 60k settlement ordered against him along with losing everything. Me, if I lost all income my phone and utilities would turn off, that’s it. Debt is for losers, not poors, I’m a filthy white trash poor, but no debt. ETA: my coworker is against a wall and his wife makes 150k a year, some people just can’t act like adults. |
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Quoted: I saw an interventional cardiologist with an income around 1,000,000 a year loose their home in 2008. That when I realized the more you make, the bigger the hole you can dig...... How much was the house? Was he really living beyond his means or did he have a lot of investments go bad? On a million a year, a 3 million dollar house, a million dollar vacation home, a Benz and an exotic is not all that out of spec. His income might have taken a bit of a hit, but that is one of the few professions that kept on chugging through 08. |
| Pretty much every single one of my wife's pharmacy school classmates. graduate school with huge debt. Buy 500k house, buy mercedes or bmw, boat, all types of expensive vacations. Not understanding you signed up for 24 hours a week at 15 dollars an hour less than you expected. |
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Kid at work bought a new F-350 Limited last year then proceeded to dump $15k worth of accessories into it via credit cards. He did not successfully complete his probation period by failing to obtain his EMT-P in the allotted time. Back to working at Home Depot, truck repoed along with all the brodozer bits. I didn't much care for the guy so I found it all amusing. |
| I used to bounce nightclubs in Scottsdale in the early 2000's. Imagine an even phonier version of Jersey Shore, where the term "thirty thousand dollar millionaire" applied to everyone. Everyone. Bunch of fake Rolex's, fake tits, Dior sunglasses 24/7, rented Lambo's. It is the epicenter of douche on a budget. |
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Quoted: I saw an interventional cardiologist with an income around 1,000,000 a year loose their home in 2008. That when I realized the more you make, the bigger the hole you can dig...... I've noticed particularly with some doctors, dentists, lawyers, etc., that just because they're relatively high-earners and good at their particular profession, it is absolutely not an indicator they're good at finance or running a business. |
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During the height of mortgage madness a coworker got himself a brand new, $480,000 condo with a zero down, adjustable rate mortgage, a brand new Tundra, a CPO Audi and a dirtbike. Went on 4-6 vacations a year, spent tens of thousands on furniture, clothes, tools etc. All on $46,000/yr, in 2007. Yeah..... That was sustainable. I made the same money he did and was living in a dumpy rental house, driving a sub $5,000 used truck. I knew what was going on was unsustainable. When the music stopped he got hosed. |
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My father in laws former partner when he was a city cop. Guy was a detective if I remember right and got into flipping small real estate on the side back in the early/mid 2000s. Was successful at it and turned his initial profits into more houses, turned those into larger houses and then started full time developing McMansions. Was so successful at it, it started interfering with his day job that he now looked at as low pay and annoying. Ended up leaving before he got seperated after like the 50th 'final warning'. What did he care? He was making a ton of cash and just kept going. In the process, his wife quit her job and instead starting spending money left and right like 10k on Halloween decorations, and rediculous Chrtistmas gifts and just went out of control. They were both just buying stupid shit. I was invited over to one of the McMansions he had built that they were living in right around the first signs of market trouble. At that time he said he had construction loans on like 5 or 6 large homes, the one he was living in and a bunch of other smaller projects. At some point it all imploded and he was extremely overextended in the whole 'sell things now, to pay for the new projects' cycle. Year or two later I heard he was divorced, went bankrupt, broke and tried to beg for his job back at the city. |
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My story is pretty good In 2012 I made $190,000 as per my tax return working only one job Last year I made $50,000 working two jobs Liquidated pretty much all I could to pay everyone that I owned money to and in August 2018 I only had $20 to my name. I have more than $20 to my name so I’ve been climbing back up there and maybe one day I’ll retire |
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Quoted: I used to bounce nightclubs in Scottsdale in the early 2000's. Imagine an even phonier version of Jersey Shore, where the term "thirty thousand dollar millionaire" applied to everyone. Everyone. Bunch of fake Rolex's, fake tits, Dior sunglasses 24/7, rented Lambo's. It is the epicenter of douche on a budget. I worked the door at a "gentleman's" club in the past. Lots of guys you'd see regularly making $50k a year. They'd come in and spend $500 in a night to see some whores tits on stage. For $100 you could hire the same girls on backpage for a "massage". It was a sleazy industry that cost me my faith in humanity. Decent money for a side job though. |
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Bunch of my friends growing up. Early 20's, married, fancy house full of stuff, nice cars, living the kind of life I watched my parents work and save for decades to have. Always worried/fighting about money. Never could understand it. Can't think of one that was still married and had half that shit 10 years later. |
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Quoted: During the height of mortgage madness a coworker got himself a brand new, $480,000 condo with a zero down, adjustable rate mortgage, a brand new Tundra, a CPO Audi and a dirtbike. Went on 4-6 vacations a year, spent tens of thousands on furniture, clothes, tools etc. All on $46,000/yr, in 2007. Yeah..... That was sustainable. I made the same money he did and was living in a dumpy rental house, driving a sub $5,000 used truck. I knew what was going on was unsustainable. When the music stopped he got hosed. That is impressive. all of that on less than 50K. |
Where would I start?  Family members who ignored my advice and called me a debby downer when I would not complete the fivesome for a trip thru Europe (I was 18 months out of school). They bought airline tickets, rooms, tour packages, meals on their credit cards but forgot to pay the minimum due, which triggered more fees which triggered penalties, which triggered the default interest rates. I took one collect call from them, and made one $500 payment to my cousin's credit card but it was still not enough. The bank froze the card, everyone else's cards were maxed out. I was able to send then $300 via western union so they could eat for a day or two. They had previously dealt with their frugal parents as if the parents were idiots. (This was all pre internet, circa 1993?) They got home when my idiot cousin agreed to let me take his one yr old Honda / Acura Legend where I would make the next 2 yrs of payments and own the car outright. He was already AT LEAST $5k into the car. I wired them $2.2k so they could get home 10 days earlier. |
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Quoted: Be careful, that top dollar high horse of yours might get repoed and then you would end up a story on my abomination of a thread. Quoted: Quoted: I refuse to relish in someone else's misery. You might learn a lesson from that OP. Be careful, that top dollar high horse of yours might get repoed and then you would end up a story on my abomination of a thread. 
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I was flying for a big home builder in 2007....lol I know a retired legacy captain who made 200+k oer year back when that was a shitpile of money, got an early retirement buyout....held a check for over a million dollars....was broke as fuck a few years later flying king airs at ager 73 for chump money to stay alive. |
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Quoted: How much was the house? Was he really living beyond his means or did he have a lot of investments go bad? On a million a year, a 3 million dollar house, a million dollar vacation home, a Benz and an exotic is not all that out of spec. His income might have taken a bit of a hit, but that is one of the few professions that kept on chugging through 08. Quoted: Quoted: I saw an interventional cardiologist with an income around 1,000,000 a year loose their home in 2008. That when I realized the more you make, the bigger the hole you can dig...... How much was the house? Was he really living beyond his means or did he have a lot of investments go bad? On a million a year, a 3 million dollar house, a million dollar vacation home, a Benz and an exotic is not all that out of spec. His income might have taken a bit of a hit, but that is one of the few professions that kept on chugging through 08. A buddy of mine from med school is a neuroradiologist. His dept head was margin trading exxon ballz deep and got a call. He lost $3M in one day rather than lose his primary home and a vacation home in CA. He doesn’t make $1M but he makes more than $300k so he must not save much. |
| I know a guy that just build a house and gets new cars all of the time. Plus buys countless high end musical crap and Mac laptops and etc. At some point he has to fail making all of them payments. I have house and school loans and feel like I am drowning and nothing we have is unreasonable easily can live off one of our pays. |
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Quoted: I know a guy that just build a house and gets new cars all of the time. Plus buys countless high end musical crap and Mac laptops and etc. At some point he has to fail making all of them payments. I have house and school loans and feel like I am drowning and nothing we have is unreasonable easily can live off one of our pays. What does the guy do? If he does the same thing as you, of course, you know how far the money will go, but you left it open "I know a guy that buys this and that and will not be able to keep that up..." How do you know that? |
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Quoted: A buddy of mine from med school is a neuroradiologist. His dept head was margin trading exxon ballz deep and got a call. He lost $3M in one day rather than lose his primary home and a vacation home in CA. He doesn’t make $1M but he makes more than $300k so he must not save much. Yeah, playing those games can hurt. Academic medicine is also a place to make less money. A neurorad in private practice should make 450K, more if a partner. A million if a partner in an off beat location that owns their own centers. |
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Quoted: A buddy of mine from med school is a neuroradiologist. His dept head was margin trading exxon ballz deep and got a call. He lost $3M in one day rather than lose his primary home and a vacation home in CA. He doesn’t make $1M but he makes more than $300k so he must not save much. Quoted: Quoted: Quoted: I saw an interventional cardiologist with an income around 1,000,000 a year loose their home in 2008. That when I realized the more you make, the bigger the hole you can dig...... How much was the house? Was he really living beyond his means or did he have a lot of investments go bad? On a million a year, a 3 million dollar house, a million dollar vacation home, a Benz and an exotic is not all that out of spec. His income might have taken a bit of a hit, but that is one of the few professions that kept on chugging through 08. A buddy of mine from med school is a neuroradiologist. His dept head was margin trading exxon ballz deep and got a call. He lost $3M in one day rather than lose his primary home and a vacation home in CA. He doesn’t make $1M but he makes more than $300k so he must not save much. LoL holy shit, who TF trades value stocks on margin? |
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Quoted: Yeah, playing those games can hurt. Academic medicine is also a place to make less money. A neurorad in private practice should make 450K, more if a partner. A million if a partner in an off beat location that owns their own centers. Quoted: Quoted: A buddy of mine from med school is a neuroradiologist. His dept head was margin trading exxon ballz deep and got a call. He lost $3M in one day rather than lose his primary home and a vacation home in CA. He doesn’t make $1M but he makes more than $300k so he must not save much. Yeah, playing those games can hurt. Academic medicine is also a place to make less money. A neurorad in private practice should make 450K, more if a partner. A million if a partner in an off beat location that owns their own centers. My buddy sold out and he is at a mid sized VA now and I don’t know if the dept head has a fellowship or not but I think federal medicine is capped low. According to glassdoor the avg for a VA radiologist is $260k with low of $160 and high of $370 so he might not even make $350k, I was barely paying attention to the story because it was related in the middle of another story as an offshoot. https://www.glassdoor.com/Salary/US-Department-of-Veterans-Affairs-Radiologist-Salaries-E41429_D_KO34,45.htm ETA my buddy is doing fine financially, never bought a house, never got married or had kids (sounds like he is about to check those boxes a little later in life). He was telling the story mainly to describe his perceptions of the risk of the stock market. It is like forming a perspective about the risks of marital relations by growing up in a Haitian brothel.  |
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Quoted: LoL holy shit, who TF trades value stocks on margin? Quoted: Quoted: Quoted: Quoted: I saw an interventional cardiologist with an income around 1,000,000 a year loose their home in 2008. That when I realized the more you make, the bigger the hole you can dig...... How much was the house? Was he really living beyond his means or did he have a lot of investments go bad? On a million a year, a 3 million dollar house, a million dollar vacation home, a Benz and an exotic is not all that out of spec. His income might have taken a bit of a hit, but that is one of the few professions that kept on chugging through 08. A buddy of mine from med school is a neuroradiologist. His dept head was margin trading exxon ballz deep and got a call. He lost $3M in one day rather than lose his primary home and a vacation home in CA. He doesn’t make $1M but he makes more than $300k so he must not save much. LoL holy shit, who TF trades value stocks on margin? Radiologists nearing retirement? |
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Quoted: My ex-wife seriously believed that if there were checks left in the checkbook, then there was money left in that checking account. I am not joking. Hence the “ex” prefix. That was a problem among some of the junior enlisted at one of the bases I was at. Local vendors and merchants off base were lining up to complain to the base commander about all the rubber checks his troops were writing. Junior enlisted had to attended a mandatory personal finance class in the wake of that. |
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Quoted: My buddy sold out and he is at a mid sized VA now and I don’t know if the dept head has a fellowship or not but I think federal medicine is capped low. According to glassdoor the avg for a VA radiologist is $260k with low of $160 and high of $370 so he might not even make $350k, I was barely paying attention to the story because it was related in the middle of another story as an offshoot. https://www.glassdoor.com/Salary/US-Department-of-Veterans-Affairs-Radiologist-Salaries-E41429_D_KO34,45.htm VA is one of the worst paying settings for specialist docs but is about the least amount of work. Especially true for Rads. |
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Quoted: Based on the quality of C&P exams I have read, I’ll wager it is also an “employer of last resort” for many docs.  There are some great docs at the VA. It also attracts some good docs that just don’t want to do much. ...but yes, it is one of the last options for some docs. |
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I went to high school with a guy that had a nice size inheritance from his dad passing. He was a senior when his dad died and received a big chunk right before he graduated. Here the list of cars he bought while still living at home. New Corvette convertible (sold that) Big ass used bro dozer Exepedition (sold that) POS used Dodge Ram (sold that) POS used Firebird (sold that) Bought back the same POS Dodge Ram and fixed it up (sold that) Several motorcycles and 4wheelers over the years. He received about $35k a year for several years. He used the money to pay off credit cards that he racked up over the years. He eventually bought a small house which he sold for pennies on the dollar. He passed away from a drug overdose a few years back. |
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My brother always went on fancy vacations, had a new car every other year, a boat, and a camper. He also frequently bought and sold hot rods. He married an older woman who was a teacher, she made decent money and spent it all on her grand kids. His mother in law who is 90 moved in, she was a millionaire and gave tons of money to him and his wife, they blew it all as fast as she gave it out. He was a specialized welder and made 100K. He let his wife retire early. Multiple lines of credit on the house, owed more on it that it was worth. A couple years after she retired, he died of a sudden stroke. She lost everything except the house. I had to help them sell everything not bolted down, brother had no retirement savings or life insurance, spent every dime he made. My niece and nephew got nothing from their dad. |
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My brother works in transportation. Makes probably $50k per year. His wife works in education, makes roughly the same. They have no kids. Their apartment, rented back when he was still working for a cellphone store, cost $1100/mo. Their first house was a 5 bedroom for $175k. Their second house, purchased some 3 years later, is a mansion that cost $280k. They’re looking at upgrading, having spent less than 4 years in their current house. Next one will cost between $6-800k. They also lease current year sportscars every year. And they eat out so much, they don’t have hardly any food in their refrigerator. Last I heard, my brother has a clothing store credit card with $1300 on it. He’s making minimum payments on that, and that’s just a side card to his main card... which he is also making minimum payments on. I don’t know how they sleep at night. |
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Quoted: Based on the quality of C&P exams I have read, I’ll wager it is also an “employer of last resort” for many docs. Quoted: Quoted: VA is one of the worst paying settings for specialist docs but is about the least amount of work. Especially true for Rads. Based on the quality of C&P exams I have read, I’ll wager it is also an “employer of last resort” for many docs. For this guy, it is more a way to stay working, stay in the city he likes, and enjoy life. He was academic at a good school for a while, private and made lots of cash for a while, sold out and made money, and now he barely works, has good benefits, full job security etc. He has bought a few used M3-M5 type bmw’s but I think he details them and flips them. He literally hasn’t spent a penny on anything in the 20 years that I have known him. Lifetime, his earnings are well above average. He may have made a financial mistake by not buying a modest house but only because of the exceptional market he lives in. One of the most financially-sober people I have ever met. He is a space occupying lesion in this thread of retardation and debauchery. Even the dept chief, while tarded, didn’t lose the two houses. |
I got an opposite. I used to share a house with a guy who's mom was a incredibly successful author. Got pulled over borrowing his car once to run to the parts store. No insurance, no registration no inspection. Got home to inform him and he said he doest pay for that stuff because it saves him a ton of money. 
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Quoted: I went to high school with a guy that had a nice size inheritance from his dad passing. He was a senior when his dad died and received a big chunk right before he graduated. Here the list of cars he bought while still living at home. New Corvette convertible (sold that) Big ass used bro dozer Exepedition (sold that) POS used Dodge Ram (sold that) POS used Firebird (sold that) Bought back the same POS Dodge Ram and fixed it up (sold that) Several motorcycles and 4wheelers over the years. He received about $35k a year for several years. He used the money to pay off credit cards that he racked up over the years. He eventually bought a small house which he sold for pennies on the dollar. He passed away from a drug overdose a few years back. Now that’s livin’ |
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Quoted: How much was the house? Was he really living beyond his means or did he have a lot of investments go bad? On a million a year, a 3 million dollar house, a million dollar vacation home, a Benz and an exotic is not all that out of spec. His income might have taken a bit of a hit, but that is one of the few professions that kept on chugging through 08. Leveraged to the point of maxed out credit cards, underwater mortgages on 3 properties, loans on at least 3 six-figure cars, plus a seven figure boat on lake Minnetonka. I think he just walked away from the newly built house. IIRC it was in the 5 million dollar range. |
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Quoted: My brother works in transportation. Makes probably $50k per year. His wife works in education, makes roughly the same. They have no kids. Their apartment, rented back when he was still working for a cellphone store, cost $1100/mo. Their first house was a 5 bedroom for $175k. Their second house, purchased some 3 years later, is a mansion that cost $280k. They’re looking at upgrading, having spent less than 4 years in their current house. Next one will cost between $6-800k. They also lease current year sportscars every year. And they eat out so much, they don’t have hardly any food in their refrigerator. Last I heard, my brother has a clothing store credit card with $1300 on it. He’s making minimum payments on that, and that’s just a side card to his main card... which he is also making minimum payments on. I don’t know how they sleep at night. Damn 280 gets you a mansion? I only got 1900 sq ft for that |
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Quoted: Leveraged to the point of maxed out credit cards, underwater mortgages on 3 properties, loans on at least 3 six-figure cars, plus a seven figure boat on lake Minnetonka. I think he just walked away from the newly built house. IIRC it was in the 5 million dollar range. Yeah, that is too much on a million a year. Every income has its lifestyle. He exceeded his. |
| 2006ish...I was already making payments on a truck, a Jeep, and a house. I decided to finance lasik. Then I decided to finance an ATV. The bank declined the loan. That should have been a clue not to buy an ATV. Instead I thought it was clue to finance it through a loan company. I just needed six hours of overtime a week to make the minimum payments on all this crap. It took me quite awhile to dig out of that mess. |
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Quoted: Damn 280 gets you a mansion? I only got 1900 sq ft for that Quoted: Quoted: My brother works in transportation. Makes probably $50k per year. His wife works in education, makes roughly the same. They have no kids. Their apartment, rented back when he was still working for a cellphone store, cost $1100/mo. Their first house was a 5 bedroom for $175k. Their second house, purchased some 3 years later, is a mansion that cost $280k. They’re looking at upgrading, having spent less than 4 years in their current house. Next one will cost between $6-800k. They also lease current year sportscars every year. And they eat out so much, they don’t have hardly any food in their refrigerator. Last I heard, my brother has a clothing store credit card with $1300 on it. He’s making minimum payments on that, and that’s just a side card to his main card... which he is also making minimum payments on. I don’t know how they sleep at night. Damn 280 gets you a mansion? I only got 1900 sq ft for that I wanna say their house is at least 5000 square feet? Maybe 7000? |