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My Dad, he let his wife and her family spend like drunken sailors. But I have to say, he was partly to blame also. Now they are both homeless, although not living-on-the-street homeless, they live with other people. And they seem to want pity. I don't feel sorry for them. They have medicare and social security which is better than nothing. They also have family who they can live with. They seem to want money now from other people to spend recklessly again. I swear, if someone gave them money right now, they'd go on another cruise. They are that stupid. They have also spent a great deal on her daughters, funding expensive weddings for them. They're not getting my money to give to her daughters as I refuse to help these grown-up leeches.
My sister had a credit card melt down after charging things for the kids. Interestingly, her husband's credit was pristine.
My brother died of who the hell knows what in Yemen because he couldn't get out of the country. He was very ill. Yet another civil war or conflict. F them. F the embassy.
I knew a co-worker, who was struggling to make ends meet every month. She and her husband insisted on renting a huge, 3800 sq. foot extravagant home for themselves and 2 children. They also drove fancy cars (BMW and Mercedes). Way in over their heads, in my opinion.
the most extravagant spender i know would be my cousin. i know they have an apartment in manhattan, house in miami, house in the hamptons and jason derulo performed at his daughter's bat mitzvah. but he has the money, at least a % of his net worth is easily found by looking at stock holdings on yahoo finance.
Location: New Albany, Indiana (Greater Louisville)
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Oldest sibling never takes vacations, drives 17 year old Toyota, but has rolled $80,000 in debt into her mortgage by buying useless junk at Goodwill and yard sales.
I had a coworker who told me that she had $27,000 in credit card debt and that she couldn't keep up with the minimum monthly payments. She said she didn't know what she was going to do.
So one day she comes in with a new purse and proudly proclaims that it normally sold for $1000 but she got it for $350. I asked her why she bought it when she was so far in debt and she acted like she didn't understand the question...."But it was a $1000 purse for $350! I couldn't pass that up!"
I had a coworker who told me that she had $27,000 in credit card debt and that she couldn't keep up with the minimum monthly payments. She said she didn't know what she was going to do.
So one day she comes in with a new purse and proudly proclaims that it normally sold for $1000 but she got it for $350. I asked her why she bought it when she was so far in debt and she acted like she didn't understand the question...."But it was a $1000 purse for $350! I couldn't pass that up!"
Sigh.
people with poof financial habits tend to have "interesting" ways of viewing things. She will proudly tell you she SAVED $650 by buying the purse. You need to respond, no you didn't, you SPENT $350.
To me, it's amazing how badly people fall for the retail scam. The companies produce bags for $20 in china, mark them up to $1000, once in a while have a clearance sale down to $350, and idiots snap them up like they won the lottery.
Not to derail the thread....but...having been an independent woman all my life -- my first thought was where is the wife in all this. He may buy TVs. But SHE is right there going on those vacations with him. If SHE has no retirement money saved that's on her. In my case HE would have no retirement account. But I sure would. My brother had to divorce his wife over her spending. (That was just one issue but in the top 2).
That might be a good thread...about couples and their money. Never having been married, I can't even phathom letting someone else take me down financially. (or even just jeopardize my financial future). Love isn't practical, I guess.
I'm not married, but I think it's difficult to control your partner's spending if their spending is out of control. Also, they may have other issues and need professional help if they're doing things like buying 5 tvs impulsively and not using them. Honestly, the example you presented may be the only option to save yourself, divorce.
Many people I know spend wildly and to them it's normal and they think nothing of it. To a one, none of them can afford to do so, yet they do.
Eating out 3-4 times a week, picking up coffee from Starbucks, running into a convenience store to pick up something, making purchases on a whim. It all adds up!
Many people believe they are 'good with money' if they are able to purchase what they want. I've tried to tell a few friends, you pay your bills, then save at least 20% a month, then if there is anything left over, you should allow yourself a little treat once in a while. In one ear, out the other.
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