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1
Posted on 11/1/18 at 8:58 am to lsunurse
they file income tax separately and it's based on her income at a little shite job. If I had no intention of ever paying the full amount back, $45/mo for the rest of my life isnt bad
Posted on 11/1/18 at 9:43 am to foshizzle
I started reading the comments, and actually started to get kinda depressed. shite I can't imagine being in this situation.
Posted on 11/1/18 at 10:11 am to BrohemAlem11
The worst personal finance I ever saw was a former in-law
He’s a pharmacist by trade but supplements his income with Amway that was was quite successful. Apparently lots of get rich quick suckers out n West Virginia.
Dude was a massive narcissist and believed he could do no wrong.
Cliffs:
Found way for a major pharmacy to allow him to not have any income withheld for taxes.
Built an expensive custom log cabin compound for a B&B but ran out of money before completing the cabins that could have brought income. Sat on it for 8 years. All the while not paying a penny for his Amway or pharmacist income
A perfect storm of IRS audit and mortgage foreclosures ultimately lead to his loss of everything. IRS garnished majority of paychecks. Dude winds up quitting job and Amway just to spite IRS.
Now lives subsistence life of odd and end jobs in his 70s. His peak income was approx $250k/year and now he can’t afford to retire
He’s a pharmacist by trade but supplements his income with Amway that was was quite successful. Apparently lots of get rich quick suckers out n West Virginia.
Dude was a massive narcissist and believed he could do no wrong.
Cliffs:
Found way for a major pharmacy to allow him to not have any income withheld for taxes.
Built an expensive custom log cabin compound for a B&B but ran out of money before completing the cabins that could have brought income. Sat on it for 8 years. All the while not paying a penny for his Amway or pharmacist income
A perfect storm of IRS audit and mortgage foreclosures ultimately lead to his loss of everything. IRS garnished majority of paychecks. Dude winds up quitting job and Amway just to spite IRS.
Now lives subsistence life of odd and end jobs in his 70s. His peak income was approx $250k/year and now he can’t afford to retire
Posted on 11/1/18 at 4:30 pm to foshizzle
All of you should keep r/povertyfinance on rotation if you like these stories.
Posted on 11/1/18 at 5:55 pm to AUCE05
Jesus that shits depressing
This post was edited on 11/1/18 at 5:56 pm
Posted on 11/1/18 at 6:00 pm to foshizzle
Clicked thinking this was LSU Alum Wannabe's thread on the money board.
Posted on 11/1/18 at 6:07 pm to foshizzle
quote:
Works retail making $17/hr. Has $280k in student loans that's already in collections. She has two degrees - one in math and the other in ... Chinese herbal medicine.
Math degree not doing much good apparently.
Posted on 11/2/18 at 9:01 pm to StringedInstruments
quote:
I really don’t understand how that’s physically possible.
My wife and I are teachers and I had a 4 year stint of low income with a few bad financial decisions. We still have savings, zero debt, and a bright future that will come to fruition pretty quickly. We even spend too much on food and still take a decent vacation every 6 months.
How someone can make double we make and have little to nothing to show for it is baffling.
Quite common. The Millionaire Next Door book has many examples like that. One brother is a doctor and makes $$$ but buys fancy cars, country club, etc. Other brother is a teacher at fraction of income but lives an ordinary middle class lifestyle.
Doc works till he dies in debt. The teacher retires and enjoys his golden years,
It takes only a few poor decisions to make the difference.
Posted on 11/2/18 at 9:23 pm to Peazey
quote:
Can't you get good jobs with a degree in math? Something technical I would think?
I suspect her math degree was from some community college that counts for shite.
Posted on 11/3/18 at 3:39 am to foshizzle
And apparently being told uncomfortable truths bluntly by strangers was too much.
Poster decided to delete the post.
Poster decided to delete the post.
Posted on 11/3/18 at 6:16 am to Twenty 49
quote:
Doc works till he dies in debt. The teacher retires and enjoys his golden years,
I don't know about most people but I would much rather spend money and enjoy the first 70 years of my life rather than the last 10
Posted on 11/3/18 at 7:25 am to foshizzle
How is this a financial crisis?
Houses in vegas are 250k
He can put 10k down fha and his payment is lower than rent
She can defer the loan payments till the end of time
Houses in vegas are 250k
He can put 10k down fha and his payment is lower than rent
She can defer the loan payments till the end of time
Posted on 11/3/18 at 8:28 am to foshizzle
I wouldn't marry someone with 280k in student debt. It should be a crime for her to get that much money for those shitty degrees.
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