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This apparently includes NYT columnist David Brooks, who complained about his $78 meal at an airport restaurant. Turns out, nearly 80% of the cost was his bar tab.
Broke people making poor financial decisions is not a recent phenomenon. When I read books about the Dust Bowl and the Great Depression, it's amazing (and sad) how many of these people used alcohol & tobacco.
I don't know about everything on the list, but my experience with the "broke" who apply to rent form me is that they all have multiple tattoos. Almost all of them smoke and that is a very expensive vice. Often, both persons in a couple are smokers so they are spending a small fortune every month on tobacco.. I suspect that they all use marijuana, and that is also a very expensive vice. And they all buy lottery tickets; not one ticket, multiple tickets "to increase their odds of winning"
Some of the other things, like vacations on credit, are not done by the truly low income. That's more of a "keeping up with the Jones" activity of the middle class.
All I'll say here is that the ratio of younger people I know that complain about being broke and the younger people I know that have a brand new generation iPhone and Apple watch every year is 100%, says the guy with a 5 year old iPhone 7 and no watch lol.
All I'll say here is that the ratio of younger people I know that complain about being broke and the younger people I know that have a brand new generation iPhone and Apple watch every year is 100%, says the guy with a 5 year old iPhone 7 and no watch lol.
Right.
The video is about BROKE people, not POOR people.
You can be making $200,000 and still be broke.
Tech, salon trips, and vacations... those are biggies!
The video is about BROKE people, not POOR people.
You can be making $200,000 and still be broke.
Tech, salon trips, and vacations... those are biggies!
Yes, that was exactly who I was referring to, broke people. Younger people that I know making good money, in some cases well over $100K per couple. To much house, to much car, toys like motorcycles, new iPhone every year, always seem to be traveling, eating out more nights than they cook at home, multiple streaming services they almost never watch, etc, etc. I could go on and on. And almost all of them complain that they can't pay their student loans. Gee, wonder why lol.
Yes, that was exactly who I was referring to, broke people. Younger people that I know making good money, in some cases well over $100K per couple. To much house, to much car, toys like motorcycles, new iPhone every year, always seem to be traveling, eating out more nights than they cook at home, multiple streaming services they almost never watch, etc, etc. I could go on and on. And almost all of them complain that they can't pay their student loans. Gee, wonder why lol.
I have a friend like this. She makes over 100K - house paid for since it was left to her by her father. Car paid for - she actually paid it. but she's always broke. Smokes 2 packs a day - shops at Costco since it's cheaper for her, except she still buys like her family still lives with her - she buys for 5 people food wise. 90% of which just rots in the fridge or goes bad in the pantry as she doesn't eat those items. "well, the kids may come over and I'll have food to feed them". The kids haven't come over in 6-8 months... Her biggest money issue is her hobbies. She decided she wanted to make quilts. so she spends $10,000 on a fancy European machine, then buys a Serger to make other things, still has her her original ($5000) machine that hasn't been touched since 2010. And she can't go by a fabric store with out dropping $250-$300. she made 1 quilt in 2016 on her original machine and didn't touch the new machine til 2018 when she made 2 baby crib quilts. 2 because she didn't like the way the Monogramming looked on the first one. Then she got into photography. Dropped $2500 on camera equipment, kept hounding her family every time they got together taking photos, they finally told her to stop with the photos, everybody was sick of it. so she went on a couple of photography retreats taking photos in the forest and mountains. Had to buy a photo box - $1200.... and hasn't done anything since. Bought a Criket dropping $500 never made anything with it. Now her thing is painting furniture to sell. can't even imagine how much she's spent on that and never sold a thing. Can't understand why she has no money.... when I point out some of these expenses, she just looks at me like I have 2 heads. Can't comprehend what I'm saying. I just gave up.
You will never in a million years believe the subjects on youtube Caleb Hammer's Financial Audit series.
He's a young guy from Austin who gets guests to bring their full financial picture receipts/proof and give them a plan.
They don't just come to him in a complete disasterous MESS but actually try and defend why they HAVE TO eat out every night, Have a car payment for 600.00 etc. Won't take jobs that aren't their "passion" etc.
HIGHLY recommended.
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