re: Baw making $450k, can’t make ends meet

Posted by HubbaBubba

North of DFW, TX

Member since Oct 2010

50724 posts

Posted on 4/5/21 at 12:33 am to RedRifle

Are the two kids in college and he's paying for two college educations at the same time? That would eat up $100k in after tax money.

Posted by Armymann50

Playing with my

Member since Sep 2011

21816 posts

Posted on 4/5/21 at 3:44 am to OldmanBeasley

quote:
took out loans to join a country club

is this wrong?

Posted by johnnyrocket

Ghetto once known as Baton Rouge

Member since Apr 2013

9790 posts

Posted on 4/5/21 at 5:56 am to RedRifle

Some people manage their money well while other do not.
It does not matter how much money you make it comes down to fiscal discipline.

Posted by TorchtheFlyingTiger

1st coast

Member since Jan 2008

2893 posts

Posted on 4/5/21 at 7:22 am to Finch

quote:
make well over 450k and live in Baton Rouge.

quote:
extremely average lifestyle.

I don't think you know what 'average' means or you are completely out of touch.

Now if you had said, you choose to live extremely average lifestyle and you are saving/investing for generational wealth that makes some sense.

Posted by Eli Goldfinger

Member since Sep 2016

32785 posts

Posted on 4/5/21 at 7:25 am to RedRifle

quote:
How does this happen?

quote:
Has a lot of CC debt to keep up his “lifestyle”.

Posted by RedlandsTiger

Greenwell Springs, LA

Member since Jan 2008

3121 posts

Posted on 4/5/21 at 7:41 am to RedRifle

He doesn't listen to Dave Ramsey's show. Dave would laugh at him and basically call him an idiot.

Posted by slackster

Houston

Member since Mar 2009

91273 posts

Posted on 4/5/21 at 7:50 am to rph1

quote:
Did I get downvoted for that analysis by the folks that make $450k or $40k? I know it isn’t from a CPA. That assessment is spot on

Lol no.

At $450k in LA you’re taking home $23k/mth before any deductions for retirement or insurance. It’s still well north of $15k.

Posted by concrete_tiger

Member since May 2020

7477 posts

Posted on 4/5/21 at 7:56 am to medtiger

How does he earn it? Maybe his company earns $450k, but his profits suck?

House payment larger than he can afford
New cars
Expensive trips
Boat
Etc

Posted by csorre1

Member since Apr 2010

7015 posts

Posted on 4/5/21 at 8:19 am to concrete_tiger

The goal should be:

House you can afford via DTI calculation
No car notes
No CC debt
Max 401Ks and IRAs
Save a years worth of bills
Have additional savings invested

It is still possible to over spend following those basic guidelines. At least you won't start losing your property in the event that you have a financial stumble like job loss or unexpected expense.

This post was edited on 4/5/21 at 8:20 am

Posted by LSUZombie

A Cemetery Near You

Member since Apr 2008

29544 posts

Posted on 4/5/21 at 8:22 am to rph1

quote:
$450k isn’t as much as one would think.

Sum up the OT in one sentence

Posted by CatfishJohn

Member since Jun 2020

18663 posts

Posted on 4/5/21 at 8:36 am to ChewyDante

quote:
At $450k a year you can easily begin offloading assets to mitigate sources of compounding debt and expenses and very quickly have your head above water.

This.

Could get right in 6 months I'm sure. That is no time at all to do something like that.

Posted by thejuiceisloose

Member since Nov 2018

6041 posts

Posted on 4/5/21 at 8:38 am to RedRifle

Hey I told you not to tell no one

Posted by squid_hunt

Baton Rouge

Member since Jan 2021

11272 posts

Posted on 4/5/21 at 8:46 am to RedRifle

quote:
I have a friend making $450k in NOLA with 2 kids and he recently let it slip that he’s living from hand to mouth. Has a lot of CC debt to keep up his “lifestyle”.

Tell your idiot friend to sell his house and downsize and dump his leased/loaned vehicles.

Problem solved.

Posted by hubertcumberdale

Member since Nov 2009

6803 posts

Posted on 4/5/21 at 9:42 am to RedRifle

quote:
I have a friend making $450k in NOLA

What is he, a tug boat baw?

Posted by caro81

Member since Jul 2017

5987 posts

Posted on 4/5/21 at 9:56 am to RedRifle

dumbass

Posted by massilsu

Member since Sep 2020

1947 posts

Posted on 4/5/21 at 10:11 am to RedRifle

blow and hookers have to be on his profit /loss statement each month OR he s lying

Posted by Maderan

Member since Feb 2005

869 posts

Posted on 4/5/21 at 10:28 am to massilsu

It is easy to spend that much without being extravagant and I don't doubt the story at all. You simply don't think about money or what you spend. You aren't buying high-end anything but you aren't counting pennies anywhere as well. We pay off our CC every month but it averages 15 to 20k per month.

Posted by awvidrine

Member since Sep 2015

76 posts

Posted on 4/5/21 at 10:48 am to RedRifle

That’s absurd!!!!