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Well we've discussed that before and we continue to see people that lived a high income high debt life and when the good times are over, so are they.
Yet the financial wizards will come in here with all sorts of figures about this % and that % and how we should keep mortgages for 30 years instead of endeavoring to pay them off.
Which is all fine if you make good money and continue to get pay increases for 30 years and the financial markets make good returns every year.
But life never works that way. I graduated college ten years ago and have already seen two stock market crashes that have leveled peoples investments as a lot of people don't do a good job of investing, much less any "financial advisers". Have also seen two recessions with tons of people laid off and my wallet impacted as well.
That clown making $400K instead of trying to impress all these other nitwits, should have lived cheap and eliminated debt of all types. His silly wife was saying how they did what they had been told, which was have emergency savings. However they missed the point you can't have living expenses every month in the five figures.
I don't feel sorry for them.
They obviously didn't have enough in emergency savings. When you make more money, it takes longer to find a job, so you need a bigger emergency fund. And you can't keep up the same living standard while you're looking for work.
No not at all. You are completely wrong on this account as you are on most anything else on this forum. As far as worth to society, I live quite well based on two patents I authored that are used by industry to provide such things as your ability to post here on this forum. (Hmm. well....on second thought.... forget that part)
As far as worth to society, I live quite well based on two patents I authored that are used by industry to provide such things as your ability to post here on this forum. (Hmm. well....on second thought.... forget that part)
With a $400K salary, I'd have an average house paid off in a year and then start banking cash for retirement and toys.
I've gotten a lot of grief over the years for trying to pay down my mortgage early instead of paying banks 5% so that I can lock up money in a 401K *hoping* for more than a 5% return. Ironically, most of the people who gave me grief about paying down the mortgage are the ones who are crying the 401K blues and laying awake at night wondering how they're going to keep their houses out of foreclosure.
Exactly right. Give me a 400k salary and I would have a paid off nice house, cars, all debt very quickly. This family dramatically over consumed and now they are paying the price. This is a beautiful thing that has happened to these people, now they can have a lesson in humility and what it is like to be humble and thankful for what they have. Hopefully, when they get back on their feet they will reach out and help others in need since they now know what it feels like to suffer.
Sterling,
I agree with paying down your mortgage over stocking the 401k. Technically, putting money away in a 401k pre-tax is the right move, however, its not right for everyone. Paying off your debts in a very quick fashion as well as saving up a nest egg is my preferred method as well. All I have left is this mortgage which will take me about 7-10 years.
http://www.nytimes.com/2009/02/08/fa...8halfmill.html
PRIVATE school: $32,000 a year per student.
Mortgage: $96,000 a year.
Co-op maintenance fee: $96,000 a year.
Nanny: $45,000 a year.
We are already at $269,000, and we haven’t even gotten to taxes yet.
All I have left is this mortgage which will take me about 7-10 years.
A couple of folks here in GA recently won a small sum in the lottery ($500K) and immediately both parties talked about their future home ownership. One was going to pay off their mortage with little $ leftover, the other was to use their winnings on a cash purchase of a home (again, no $ for the bank). Just shook my head on both accounts.
Location: Georgia, on the Florida line, right above Tallahassee
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Boose, meanwhile, struggles with the loss of professional stature. "I've been used to being in firms that make and spend a lot of money and meeting with very senior people. Now, I'm looking at the guy in Home Depot, thinking how lucky he is to have a job."
I'm sorry...but he's lying. Pretty smug of you there, Boose Man.
"They're dead set on hiring people with health care experience," says Ryan, of New Orleans.
Now, that's a nugget you can take. Before I came back out here to Iraq, I had a job interview with Verizon. They called me back and said I was second choice... that they needed someone with Wireless Experience, who could do the job tomorrow, and not someone who would take a week or two to "ramp up."
I've been working in telecom..installs, Network operations centers, project manager...lead tech, senior network engineer, blah, blah since 1991....(except for when I was out of work and when I worked for Caterpillar) and this was a NOC job that paid 18 bucks an hour. Was close to home, tho. It was monkey work. You sit in a desk, click a GUI and do remote loopback testing. Then you call a remote tech who goes out and switches out whatever piece of equipment that died. I got a call. I was second choice. SO, I made a few calls and emails, and I'm back out in IRaq, where you make a little more than 18 bucks an hour.
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