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Oh also that 50K you spent just renovating your kitchen and bathroom? That's about what I paid for my HOUSE. Again, not typical figures for average families today at all.
Haha! Same here (cute little cottage in the downtown area; most would consider it too small and humble, but it suits me just fine). "Save it here to spend in there" is my motto.
Also, the income averages vary considerably by location. I grew up in the suburbs of Washington, D.C. Very high averages there due to all the government employees/defense contractors, etc. Where I live now, $10.00 an hour is considered a GOOD wage per hour. It's not, it's a struggle, but you're considered to be doing pretty well if you have ANY kind of full-time employment, sad, I know. That's why the houses are so cheap, and I'm able to get by on $25K (but it's getting harder all the time).
If I'm not mistaken, I believe we are talking about average working families in this thread being able to live within their means. This right here tells me that you are not one. I own a home and support myself and two children working full time for a salary of $25K. Try that sometime, bet you couldn't make it. Also my brother is a pharmacist and makes in the 75-80 range. That is by no means a typical income.
I was dirt poor for years, and raised four kids on an income that, shall we say, qualified them for free or reduced lunches. So don't preach at me.
My point is - regardless of income, everyone must live within their means, and the easy access to lines of credit, for ANYONE in ANY income range who has decent credit, makes it tempting to max out that credit line. Don't do it.
Oh also that 50K you spent just renovating your kitchen and bathroom? That's about what I paid for my HOUSE. Again, not typical figures for average families today at all.
We wouldn't have been able to spend the money to renovate the house several years ago. Also, we were able to do it because we bought a house that was FAR below the loan amount that we qualified for, and we had a chunk of equity in the home we sold. The bulk of that renovation budget came from the equity in our former home. It's not like we just had $50k in cash laying around screaming, "Spend me, spend me!"
No apologies for doing it either. I was living within my means. I would not have been living within my means if I'd renovated all the bathrooms and put in a swimming pool - even if I could have taken out a loan to do so (and I could have).
I sold real estate for many years and watched people make some terrible financial decisions just because they were able to qualify for a loan - and against my advice, too, for that matter. I have actually sat young couples down and begged them not to buy a house at the very top of their credit limit, knowing that if so much as a toilet needed repairing, they couldn't afford to do it. Sometimes they took my advice, sometimes they didn't, but at least I knew I'd tried.
Oh - one other point - my post that you quoted? You left out the bulk of it, which was about my two daughters and their husbands, who are DEFINITELY middle class (median income level in both families) and who have several children each. Guess you got so up in arms about two people in their fifties who have worked their entire lives to finally have some equity and money to renovate their kitchen and hall bathroom that you totally disregarded that part.
Last edited by KathrynAragon; 03-31-2015 at 11:15 PM..
I just ran across this web page about wealthy celebrities who live far below their means. It reminded me that other celebrities like Jessica Lange and Meryl Streep also live pretty frugal lives. In the process, these celebs have become pretty well to do, with plenty of resources to take care of themselves in their old age.
I just ran across this web page about wealthy celebrities who live far below their means. It reminded me that other celebrities like Jessica Lange and Meryl Streep also live pretty frugal lives. In the process, these celebs have become pretty well to do, with plenty of resources to take care of themselves in their old age.
Show me 10 non-Subsidy Kid burger flippers who live below their means.
The point of this thread was that "live within your means" was biased in favor of those more well off. Well, some people with good incomes live below their means. Some people with average incomes live below their means. Even burger flippers can live below their means if they have the self-discipline, but they don't get to live a middle class lifestyle, own a car, go to movies, or pay for internet and tv cable. They eat leftovers at work, rent a room in someone's house, and use public access wifi.
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I was living within my means. I would not have been living within my means if I'd renovated all the bathrooms and put in a swimming pool - even if I could have taken out a loan to do so (and I could have). 
