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re: Do most people finance significant portions of their lifestyles?
Posted on 10/20/20 at 7:15 am to Privateer 2007
Posted on 10/20/20 at 7:15 am to Privateer 2007
Materialism destroys lives in the long run. People who worry about status and appearances and having a house in the “right” hood, and driving the “right” car, and sending their kids to the “right” schools are living sad lives. I know people who make less than me but pay more in club dues than I do on all of my debts combined. It’s sad really.
As for people with family money, I sorta resent them, but not really. My wife and I together had exactly $0 when we got married 29 years ago. Never gotten a dime that we didn’t earn. And I did ok.
As for people with family money, I sorta resent them, but not really. My wife and I together had exactly $0 when we got married 29 years ago. Never gotten a dime that we didn’t earn. And I did ok.
2
Posted on 10/20/20 at 7:21 am to Antonio Moss
It's overly simplistic to blame the massive mark up entirely on the government. They played a part but there are a million variables to how both of those are priced.
Posted on 10/20/20 at 7:22 am to LSU-MNCBABY
quote:
Yes I think most people have massive credit card debt, it’s really funny to think about that people are so caught up in trying to appear to have things.
I made the September 2020 version of this thread
i couldn't imagine living life like that. go watch the first portion of a couple episodes of the show i posted. that show was from the mid-00s, so it's worse now. living life like that would be legit soul crushing
Posted on 10/20/20 at 7:23 am to Zachary
Zero Interest notwithstanding:
Only thing you should be financing is a house or an everyday vehicle.
If you pay 9% APR on that sweet golf cart your kids annoy everyone in the neighborhood with, you fricking suck at money.
If you have to finance a trip to Disney, you shouldn't go.
Want a camper? Great, save money and buy one - those things are one of the worst things to finance, bar none. At least put down enough where you get a rate that makes sense if you do.
Finance a phone?
How hard is it to save up $500-600 every 3-4 years?
Again - All of this comes with the understanding that you would not get or qualify for 0% interest.
The real problem is people dont have the discipline to save, so they end up with so many notes, they can't save enough to make a dent, but they can afford another $450 a month, so they do it.
Only thing you should be financing is a house or an everyday vehicle.
If you pay 9% APR on that sweet golf cart your kids annoy everyone in the neighborhood with, you fricking suck at money.
If you have to finance a trip to Disney, you shouldn't go.
Want a camper? Great, save money and buy one - those things are one of the worst things to finance, bar none. At least put down enough where you get a rate that makes sense if you do.
Finance a phone?
How hard is it to save up $500-600 every 3-4 years? Again - All of this comes with the understanding that you would not get or qualify for 0% interest.
The real problem is people dont have the discipline to save, so they end up with so many notes, they can't save enough to make a dent, but they can afford another $450 a month, so they do it.
Posted on 10/20/20 at 7:24 am to Hulkklogan
quote:
How many people live in $700k+ houses in BR. There's lots of new developments in that price range
i couldn't imagine paying $700k for a house in BR
...
and then paying $20k/year per kid to go to private school
the economy in BR ain't THAT good, and it's replaced LC as the only city with some hope (vampirism of government money is profitable)
Posted on 10/20/20 at 7:25 am to Capstone2017
quote:
It's overly simplistic to blame the massive mark up entirely on the government.
The largest single driver of increasing costs in housing and education is subsidizing and insuring lenders for those industries
Posted on 10/20/20 at 7:25 am to Zachary
Money doesn’t fix all your problems...but it fixes all your money problems. One of my favorite quotes.
Posted on 10/20/20 at 7:28 am to Capstone2017
quote:
It's overly simplistic to blame the massive mark up entirely on the government.
interest rates + government protectionism of finance is why we're facing issues of crazy inflation
i got caught up in work yesterday but i was going to make a big thread yesterday about the warped housing market. i can cliff notes this thread
our government has become so reliant on inflation and, specifically, housing price inflation, that we've priced regular people out of the market while basing a large peg of our economy on an asset that MUST always go up in price and ANY deflation will destroy our entire economy
that shite is frickED up
Posted on 10/20/20 at 7:36 am to Zachary
I'd say most people are absolutely financing boats and pools, which is why I have neither.
If you are financing vacations, you have a problem.
If you are financing vacations, you have a problem.
Posted on 10/20/20 at 7:38 am to Salmon
quote:
say most people are absolutely financing boats
You can finance a 100k bay boat for 20 years these days. Id venture to say that 80% of these brand new boats you see being pulled around by 70k dollar trucks are fianced for at least 15 years
Posted on 10/20/20 at 7:39 am to SlowFlowPro
quote:
the economy in BR ain't THAT good
It's not bad either. Just stay in the 70808 and it feels like a nice town with a lot of money.
Posted on 10/20/20 at 7:40 am to TSmith
quote:
doubtful that all those people were rushing to the bank with their checks out of sheer promptness and/or they were just being responsible.
These people got their money in direct deposit
Posted on 10/20/20 at 7:40 am to Slippy
quote:My wife (no pics) & I are “self-made” as well.
As for people with family money, I sorta resent them, but not really. My wife and I together had exactly $0 when we got married 29 years ago. Never gotten a dime that we didn’t earn. And I did ok.
But we were the beneficiaries of privilege so we also have massive guilt in our portfolio.
Will we pass that on to our kids?????
Posted on 10/20/20 at 7:41 am to SlowFlowPro
In so many ways, debt has become our country's most manufactured good. Without a way for Big Credit to hold us all under their thumb, our so called economy would shite the bed.
This post was edited on 10/20/20 at 7:41 am
Posted on 10/20/20 at 7:41 am to SlowFlowPro
quote:
interest rates + government protectionism of finance is why we're facing issues of crazy inflation
i got caught up in work yesterday but i was going to make a big thread yesterday about the warped housing market. i can cliff notes this thread
our government has become so reliant on inflation and, specifically, housing price inflation, that we've priced regular people out of the market while basing a large peg of our economy on an asset that MUST always go up in price and ANY deflation will destroy our entire economy
that shite is frickED up
We're in the process of buying and the housing market is just fricking stupid right now. We discussed holding off, but it doesn't seem like it's easing up any and interest rates are still really low. Thankfully we found something that we really like that just needs minimal work and snagged it just two days in on the market.
And make no mistake, the shite's expensive when it comes down to inspections (good ones), closing costs, etc. All of those costs have gone up as well, along with housing prices.
ETA: We have a friend that's buying way, way out of his price range as well because he wants "to be seen". I'm guessing he'll be in foreclosure sooner rather than later.
This post was edited on 10/20/20 at 7:43 am
Posted on 10/20/20 at 7:42 am to ColdDuck
quote:
It's not bad either
yeah i said it's replaced LC as the only city with hope
but to support all the $700k+ housing in BR? it seems like you're talking Austin-level money and it is nowhere close
again, also, you have to add in $15-30k/year in private school costs, too.
Posted on 10/20/20 at 7:42 am to Salmon
quote:
If you are financing vacations, you have a problem.
Most do without question. Visa and Mastercard
Posted on 10/20/20 at 7:43 am to Zachary
I would say most people are swimming in debt to give the appearance of wealth. The numbers barely add up when you take a look at the lifestyle of the middle to upper middle class. Hell it takes 60+ a year to live comfortably and raise a family even without debt.
Posted on 10/20/20 at 7:43 am to Salmon
quote:
If you are financing vacations, you have a problem.
i just cannot wrap my head around this but it's so common
people are just fricking spoiled children
it's why nostalgia is such a big deal
and yes, i say this a day after i come home and shitty Hocus Pocus was on my television
Posted on 10/20/20 at 7:46 am to BluegrassBelle
quote:
ETA: We have a friend that's buying way, way out of his price range as well because he wants "to be seen". I'm guessing he'll be in foreclosure sooner rather than later.
one of the big issues, to me at least, is that by artificially increasing the sticker, you're making the potential losses exponentially worse. so a house that's 200k loses 25% of it's value and you lose 50k. sucks, but manageable over a 30-year mortgage. you lose 25% on a 400k house and that's 100k. if you were already on the upper edge of your housing price range or maybe exceeded it (expecting inflation to continue, obviously), then you're frickED.
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