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Motivated by the retirement savings post: I have a friend from the tech industry who's...
Posted on 10/14/21 at 2:38 pm
Posted on 10/14/21 at 2:38 pm
a VP-Sales and has done the following in the past decade:
- Not filed taxes UT/Fed for three consecutive years. He's fixing this now.
- Has zero savings for retirement. None. If he makes it he spends it.
- Is still single, never married and has two $600+ leases for German cars - one sedan and one SUV.
- Has maxed out his equity in his house w/ a HELOC.
- Owned another house in Austin and defaulted when his tenant moved out early. Just said frick it and moved on.
- Loves raves and rave music (DJ's?). He's late 40's. He just got back from Palm Springs a few weeks ago. Kind of a rave "Deadhead" where he travels to places for raves.
Good guy. Fun to be around. But an absolute financial trainwreck. Personally I wouldn't be able to sleep at night. He reminds me of the stories you always hear about professional athletes, on a smaller scale of course. There's no talking to him about this either.
- Not filed taxes UT/Fed for three consecutive years. He's fixing this now.
- Has zero savings for retirement. None. If he makes it he spends it.
- Is still single, never married and has two $600+ leases for German cars - one sedan and one SUV.
- Has maxed out his equity in his house w/ a HELOC.
- Owned another house in Austin and defaulted when his tenant moved out early. Just said frick it and moved on.
- Loves raves and rave music (DJ's?). He's late 40's. He just got back from Palm Springs a few weeks ago. Kind of a rave "Deadhead" where he travels to places for raves.
Good guy. Fun to be around. But an absolute financial trainwreck. Personally I wouldn't be able to sleep at night. He reminds me of the stories you always hear about professional athletes, on a smaller scale of course. There's no talking to him about this either.
26
Posted on 10/14/21 at 2:41 pm to alpinetiger
Considering the party scene, he’ll probably OD before he retires anyway.
Not that he’s a bad guy, but just all the garbage-laced products out there
Not that he’s a bad guy, but just all the garbage-laced products out there
Posted on 10/14/21 at 2:41 pm to alpinetiger
Your friend is an idiot. He probably makes at least $500K per year. How is it possible to not have any retirement?
Posted on 10/14/21 at 2:44 pm to alpinetiger
Sounds like most sales VPs I know.
Posted on 10/14/21 at 2:45 pm to alpinetiger
I know people who have walked away from maxed out credit cards. And gotten out of it. Without filing bankruptcy. I can't imagine doing that. Son of a friend of mine quit his job and moved in with a girlfriend. Apt and everything in her name. They couldn't find him to serve him papers. Apparently there is a pretty short time limit on that and then it gets thrown out?
Posted on 10/14/21 at 2:50 pm to alpinetiger
Sounds like he is having fun. Critical question to determine if his irresponsibility is worthwhile: is he sleeping with many attractive women?
This post was edited on 10/14/21 at 2:53 pm
Posted on 10/14/21 at 2:50 pm to alpinetiger
Edit - Your friend is not actually in tech.
This post was edited on 10/14/21 at 2:51 pm
Posted on 10/14/21 at 2:52 pm to alpinetiger
You worried he's gonna hit you up in his old age?
Posted on 10/14/21 at 2:52 pm to alpinetiger
Jesus....reading that gave me anxiety
Posted on 10/14/21 at 3:01 pm to alpinetiger
I really don't understand how people are so open with their finances. I have friends that tell me way too much info and I never divulge anything in return.
Posted on 10/14/21 at 3:05 pm to alpinetiger
Sales.. it's a tough racket
Posted on 10/14/21 at 3:07 pm to alpinetiger
Some people just don’t care
Sometimes I wish I were like that
Sometimes I wish I were like that
Posted on 10/14/21 at 3:22 pm to alpinetiger
I always wonder how conversations unfold in order reveal this type of information.
Or you're just making huge assumptions.
Or you're just making huge assumptions.
Posted on 10/14/21 at 3:41 pm to alpinetiger
quote:
Motivated by the retirement savings post: I have a friend from the tech industry who's...
Interesting case study. I have a family member in the tech industry who is retiring at age 57 and moving with his Italian wife to a newly renovated 400 year old villa on the top of a terraced hill overlooking the Ligurian Sea. Don't think he's ever been to a rave.
Posted on 10/14/21 at 3:42 pm to alpinetiger
He sounds like most Americans.
Posted on 10/14/21 at 3:57 pm to alpinetiger
Given the trajectory this country is on he may get the last laugh.
When the IRS implements a tax on wealth and a tax on unrealized gains, and Congress passes a bill granting every warm body within our borders free healthcare, free utilities, free food, debt forgiveness, and UBI your friend will look like a genius.
When the IRS implements a tax on wealth and a tax on unrealized gains, and Congress passes a bill granting every warm body within our borders free healthcare, free utilities, free food, debt forgiveness, and UBI your friend will look like a genius.
Posted on 10/14/21 at 4:02 pm to alpinetiger
Your friend should read Millionaire Next Door.
Posted on 10/14/21 at 4:25 pm to alpinetiger
quote:
Good guy. Fun to be around. But an absolute financial trainwreck.
Have a friend like that as well. He makes good money but always seems to be broke because he's horrible with money. I don't know all the nitty gritty though. He let it slip out one night that the interest on his car loan is around 12% so he must also have bad credit. I'd say he makes close to $200k per year here in Birmingham, which is a lot and you can live like a king and still save a lot. I do know he at least contributes the max to a 401k, so he does have retirement, unless he's cashed it out.
Everything else in his life is put together. He's successful, owns a house and keeps it maintained, is a great friend, etc. He just sucks with money.
Posted on 10/14/21 at 4:30 pm to alpinetiger
quote:
But an absolute financial trainwreck. Personally I wouldn't be able to sleep at night. He reminds me of the stories you always hear about professional athletes, on a smaller scale of course. There's no talking to him about this either.
Just my student loans bother me and I am relatively frugal.
People who live like that are insane, IMO.
The wife doesn’t really save well, and that bothers me.
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