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re: Thought I'd share the biggest personal finance train wreck ever seen
Posted on 11/1/18 at 6:39 am to foshizzle
Posted on 11/1/18 at 6:39 am to foshizzle
I’ve told this story here a couple times, but I had a couple making just north of 200k/yr buying a 600k house and we had to push back closing so they’d have cash to close and we’re doing a 90/10 loan. They called from Bahamas to push back closing. They literally had no savings. No IRA/401k. They lived paycheck to paycheck in the 5th percentile income bracket. Luckily they were buying new construction and the builder was flexible for extending closing.
2
Posted on 11/1/18 at 6:55 am to ItNeverRains
My girlfriend has some friends that are definitely in that situation. Their lifestyle stresses me out because I know they don’t make enough to support such lavish spending.
They are likely in the top 25% of earners as a household yet I know they are stuck with a lot of CC debt and that was before a two week trip to Europe.
They are likely in the top 25% of earners as a household yet I know they are stuck with a lot of CC debt and that was before a two week trip to Europe.
Posted on 11/1/18 at 7:20 am to ItNeverRains
quote:
but I had a couple making just north of 200k/yr buying a 600k house
Is that a big deal
I know of people making the same amount and buying house almost double that price.
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