How can so many people be in debt.

[LongAce]

I'm sorry to say but if your family makes that much money and is able to pay off a 100k house in 5 years, that's nearly impossible. Sounds like you guys are cheating on your taxes and are actually making a heck lot more but only claiming according to you 62K. After taxes on the 62K you'll most likely will end up with about 35K to 40K. How do you guys save that much money? You guys have no electric bills, water bills, phone bills, and I bet you got a cell phone bill too, plus many more. How about property taxes, gas for you cars, car insurence, health insurence? You guys don't eat? Even if you guys are able to use very little resources, you'll only be able to save at most $500 per month... $500 X 12 = 6000 *5 years = 30K. That is no were near 100K to pay off that house.

 

[Blazin Trav]

Originally posted by: LongAce
I'm sorry to say but if your family makes that much money and is able to pay off a 100k house in 5 years, that's nearly impossible. Sounds like you guys are cheating on your taxes and are actually making a heck lot more but only claiming according to you 62K. After taxes on the 62K you'll most likely will end up with about 35K to 40K. How do you guys save that much money? You guys have no electric bills, water bills, phone bills, and I bet you got a cell phone bill too, plus many more. How about property taxes, gas for you cars, car insurence, health insurence? You guys don't eat? Even if you guys are able to use very little resources, you'll only be able to save at most $500 per month... $500 X 12 = 6000 *5 years = 30K. That is no were near 100K to pay off that house.

Looks like the thread starter has some explaining to do.

 

[PrinceofWands]

Originally posted by: LongAce
I'm sorry to say but if your family makes that much money and is able to pay off a 100k house in 5 years, that's nearly impossible. Sounds like you guys are cheating on your taxes and are actually making a heck lot more but only claiming according to you 62K. After taxes on the 62K you'll most likely will end up with about 35K to 40K. How do you guys save that much money? You guys have no electric bills, water bills, phone bills, and I bet you got a cell phone bill too, plus many more. How about property taxes, gas for you cars, car insurence, health insurence? You guys don't eat? Even if you guys are able to use very little resources, you'll only be able to save at most $500 per month... $500 X 12 = 6000 *5 years = 30K. That is no were near 100K to pay off that house.

Not saying you're wrong about the 100k thing, cause I agree that's insane...however your numbers of a bit subjective. I can EASILY live on 1000 a month...EASILY. So if I happen to make 2000-3000 a month, well, you get the idea. And you haven't even addressed inheritance, investments, luck things like gambling, etc. You say it would take 5 years of earning 62k to save 30k, it took me 14 months of earning about 2k a month to save 10k, then I inherited 30k a couple months later, and had a nice 5k cashout on some business stuff the next year...so in less than 3 years I technically could have saved 45k...I didn't, I bought a car and gave a bunch away, and set up a college fund for my daughter, and bought a bunch of toys for me, but still...just because you can't do something doesn't mean it's impossible for somone else.

 

[cavemanmoron]

Originally posted by: PrinceofWands

Originally posted by: cavemanmoron
your parents paid cash for a car??


They must make a Lot more money than I do,

I live alone,and pay a mortgage,because I don't live at home,with Mom and Dad.

I only have My income,not,2 or more peoples to spend.

It's no problem to pay cash for a car, as long as you don't go for a 30,000 car. There are plenty of option to pay 10-15k and get a reliable car for the next 10 years. I've never made 30k in a year, and even I saved up 10 to pay cash for mine.

You saved up $10?
Or $10,000?? How long did that take,and do you pay All the bills yourself?

I pay my mortgage,heat,electric,Roadrunner,house insurance,car insurance,
water,sewer,trash collection,Gasoline,car plates,Food,laundry soap,etc.................

I am able to save about $40 a month.

I have an Old house,and have been trying to replace the old single pane glass windows,and just bought
7 of the Vinyl replacement double pane windows.They are about $155 + tax each.

With gas,and home heating oil costs so high its a bummer.

Lee,cavemanmoron

 

[skyking]

Originally posted by: PrinceofWands

Originally posted by: LongAce
I'm sorry to say but if your family makes that much money and is able to pay off a 100k house in 5 years, that's nearly impossible. Sounds like you guys are cheating on your taxes and are actually making a heck lot more but only claiming according to you 62K. After taxes on the 62K you'll most likely will end up with about 35K to 40K. How do you guys save that much money? You guys have no electric bills, water bills, phone bills, and I bet you got a cell phone bill too, plus many more. How about property taxes, gas for you cars, car insurence, health insurence? You guys don't eat? Even if you guys are able to use very little resources, you'll only be able to save at most $500 per month... $500 X 12 = 6000 *5 years = 30K. That is no were near 100K to pay off that house.

Not saying you're wrong about the 100k thing, cause I agree that's insane...however your numbers of a bit subjective. I can EASILY live on 1000 a month...EASILY. So if I happen to make 2000-3000 a month, well, you get the idea. And you haven't even addressed inheritance, investments, luck things like gambling, etc. You say it would take 5 years of earning 62k to save 30k, it took me 14 months of earning about 2k a month to save 10k, then I inherited 30k a couple months later, and had a nice 5k cashout on some business stuff the next year...so in less than 3 years I technically could have saved 45k...I didn't, I bought a car and gave a bunch away, and set up a college fund for my daughter, and bought a bunch of toys for me, but still...just because you can't do something doesn't mean it's impossible for somone else.

Aggreed!
I can cover all our current bills with a grand also. That includes car insurance and property taxes, and the <almost paid off> mortgage.
We have not had a car payment since 1984. We rarely carry anything more than liability insurance.
So we are not the typical consumer.... big deal. Even a small dose of fiscal responsibilty can go a long way. Think about fixing your old car and keeping it a while, for instance. It starts, stops, turns. It gets you there, which is all they are designed to do. If your ego needs stroked by some new wheels every two years, then your ego has issues, IMO.

 

[PrinceofWands]

Originally posted by: cavemanmoron

Originally posted by: PrinceofWands

Originally posted by: cavemanmoron
your parents paid cash for a car??


They must make a Lot more money than I do,

I live alone,and pay a mortgage,because I don't live at home,with Mom and Dad.

I only have My income,not,2 or more peoples to spend.

It's no problem to pay cash for a car, as long as you don't go for a 30,000 car. There are plenty of option to pay 10-15k and get a reliable car for the next 10 years. I've never made 30k in a year, and even I saved up 10 to pay cash for mine.

You saved up $10?
Or $10,000?? How long did that take,and do you pay All the bills yourself?

I pay my mortgage,heat,electric,Roadrunner,house insurance,car insurance,
water,sewer,trash collection,Gasoline,car plates,Food,laundry soap,etc.................

I am able to save about $40 a month.

I have an Old house,and have been trying to replace the old single pane glass windows,and just bought
7 of the Vinyl replacement double pane windows.They are about $155 + tax each.

With gas,and home heating oil costs so high its a bummer.

Lee,cavemanmoron

10k. Took me 14 months to save the 10k (I needed it for a new car).

At the time I saved 10k I was living in an apartment, not a house. Rent for me was $435. Total utilities (including internet) ran me another 125, insurance on my car was 60, my cell was 40. The rest went to gas and food and the little necessities, but I was under 1000 a month during that time. Now, in my house, it would be far cheaper of course (cause the house is paid off).

You made those improvements to your house because you HAD to, or because you WANTED to? I ask because if you HAD to, that's one thing, but if you WANTED to then it takes the place of saving, because that's what saving is used for.

And I was never meaning that EVERYONE can do it living as they do or want, only that anyone can if they need to. You just move to a cheap area, live simply and be disciplined.

 

[PrinceofWands]

Originally posted by: skyking

Originally posted by: PrinceofWands

Originally posted by: LongAce
I'm sorry to say but if your family makes that much money and is able to pay off a 100k house in 5 years, that's nearly impossible. Sounds like you guys are cheating on your taxes and are actually making a heck lot more but only claiming according to you 62K. After taxes on the 62K you'll most likely will end up with about 35K to 40K. How do you guys save that much money? You guys have no electric bills, water bills, phone bills, and I bet you got a cell phone bill too, plus many more. How about property taxes, gas for you cars, car insurence, health insurence? You guys don't eat? Even if you guys are able to use very little resources, you'll only be able to save at most $500 per month... $500 X 12 = 6000 *5 years = 30K. That is no were near 100K to pay off that house.

Not saying you're wrong about the 100k thing, cause I agree that's insane...however your numbers of a bit subjective. I can EASILY live on 1000 a month...EASILY. So if I happen to make 2000-3000 a month, well, you get the idea. And you haven't even addressed inheritance, investments, luck things like gambling, etc. You say it would take 5 years of earning 62k to save 30k, it took me 14 months of earning about 2k a month to save 10k, then I inherited 30k a couple months later, and had a nice 5k cashout on some business stuff the next year...so in less than 3 years I technically could have saved 45k...I didn't, I bought a car and gave a bunch away, and set up a college fund for my daughter, and bought a bunch of toys for me, but still...just because you can't do something doesn't mean it's impossible for somone else.

Aggreed!
I can cover all our current bills with a grand also. That includes car insurance and property taxes, and the <almost paid off> mortgage.
We have not had a car payment since 1984. We rarely carry anything more than liability insurance.
So we are not the typical consumer.... big deal. Even a small dose of fiscal responsibilty can go a long way. Think about fixing your old car and keeping it a while, for instance. It starts, stops, turns. It gets you there, which is all they are designed to do. If your ego needs stroked by some new wheels every two years, then your ego has issues, IMO.

:thumbsup:

 

[DrPizza]

Originally posted by: skyking

Aggreed!
I can cover all our current bills with a grand also. That includes car insurance and property taxes, and the <almost paid off> mortgage.
We have not had a car payment since 1984. We rarely carry anything more than liability insurance.
So we are not the typical consumer.... big deal. Even a small dose of fiscal responsibilty can go a long way. Think about fixing your old car and keeping it a while, for instance. It starts, stops, turns. It gets you there, which is all they are designed to do. If your ego needs stroked by some new wheels every two years, then your ego has issues, IMO.

:thumbsup:

 

[LongAce]

I never said that it was impossible but the way he's explaining it, it's impossible. Paying off a house in 5 years, payed off 4 brand new cars in cash, paying for his college tution, etc. Does that seem impossible or what when they only make 62k per year.

 

[alocurto]

Yeah... by the time I save up 400 grand to buy a house on LI it will be 650 grand.

 

[IAteYourMother]

Umm why the fvck did u resurrect this piece of sh!t?

 

[alocurto]

Originally posted by: IAteYourMother
Umm why the fvck did u resurrect this piece of sh!t?

Good question. I don't know.

 

[Deleted member 139972]

it's the American way Debt drives the economy.

 

[shortylickens]

www.Richdad.com

I have also read the book. Its all about how we percieve money.
Money is an abstract resource we humans invented as a medium of exchange.
The book shows how we look at money. Rich folks teach things differently. Mostly, to make money work for you, not the other way around.
The main problem is, most schools dont teach kids how money works or how to make it work. Even bussiness schools dont do as good a job as the school of life. They just make overtalented bean-counters.

Real estate is nice, but its hard to break into and easy to lose at.

I dont vote for Dem's because they want to keep giving away money I have earned to folks who would rather cry about their tough lives than make their own money.
Of course, I dont vote Rep because they preach about making it on your own and then butt-rape the American people while pointing the crooked finger at the Dem's and blaming them for all the problems.

Psychiatrists have explanations for this behavior. I dont. I just keep hoping a 3rd party with a chance to make a real difference will come along. I wasnt of voting age when Perot ran.

It reference to the Social Security thread: I would rather I had the oppurtunity to fudge up my own money. Then I can only blame myself. I dont want to work smarter or harder just so my money can be wasted away on a program that wont help anybody. If things keep up like this, I'll set up my savings and retire outside the US. We lose freedoms more and more everyday, and get less in return.
I'll go someplace where the Politicians arent blaming each other and letting my homeland get scorched in the process.

 

[DragonMasterAlex]

Originally posted by: KLin
because we're consumers. We have to have the latest gadgets, tommy hilfiger on all of our clothes, and the big SUV's, and we don't want save for it. We want it NOW NOW NOW. therefore we take out loans so we can buy everything NOW NOW NOW.

I'm glad that I've never cared about labels or SUV's...now if I could just kick this damned Gadget habit I'd be set!

Jason

 

[PingSpike]

Originally posted by: MySoS

Originally posted by: Mo0o

Originally posted by: pyonir

Originally posted by: MySoS
I have no idea how much money my parents make, I say we are poor since that is what my parents tell me.

LMAO....okay....

I bet his parents are Asian and cheap. BIG difference from poor

Yes my mother is Vietnamese. She is mainly the one who keeps saying how poor we are.

She's just saying that because she doesn't want to buy you a new X-Box. Steal from her purse.

 

[newParadigm]

how much do ur rents make (combined per year)

 

[CraigRT]

Originally posted by: jagec
Because they're stupid, and they use credit cards to support a lifestyle they can't afford.

They spend their money on worthless crap like new entertainment systems and all the latest gadgets and gismos, and they spend more money than they should on the essentials like cars, homes, funerals...

that's exactly me!

 

[newParadigm]

i hafta say...if i had a CC it would be me too!!!

but for now, my none CC life is proly a good thing....

~new

 

[GuileVsGuile]

cause the American dream is too damn expensive...

 

[d3n]

I have a hard time seeing how anyone could obtain a mortgage on a million dollar house with just credit alone. It seems people like this ether just 'have it' or they don't. I will say that I think lower incomes do 'pay' far more to be 'poor' than weather households.

I'll speculate that general interests and fees, just not knowing your being duped, or being duped and not having the credit to do any better are some reasons the 'poor' pay far more for the privilege than others. Putting off repair jobs because of finances and then getting burned on a last minute purchase when something breaks. I'm not bashing but it just seem to be more of the norm the lower the average income for the household is.