no offense, working as an exec for NINE years and only has 50k savings? I wouldnt really use your brother as an example to argue the case.... Maybe the monthly living expenses is the problem then?...just a guess. If flipping burgers 24/7 wont put a dent, i wonder how all those other low income families survive...
2 things that really don't cause me to lose much sleep at night average joes that took out a loan to buy a house they couldn't afford rich fuckers in connecticut who bought hedge funds packed with securitized loans from average joes who bought houses they couldnt afford for the average joe -- the best way to learn to be live responsibly is to take the hard lesson and get on with your life for the rich fucker who's now holding paper worth pennies on the dollar ---- the best way to learn is to not buy the pitch from a wall street promoter for the investment banks teetering on the edge buy guys - send me a post card when you fail there will be a hundred new guys with a good idea and more sense just waiting to take your place
You mean to tell me that $50k would only last your brother's family 7-8 months? And you're saying he didn't create the situation himself? hahahahahahaha Jesus Christ, that is my point. Just because you have a good paying job doesn't mean you need to rack up $7-8K in monthly living expenses. No more than you should make monster leveraged trades in an account just because you have a big account. If you're that fucking stupid to see the flaw in your logic, then that's too bad for you. Sorry, but $7-8k in minimum living expenses consists of a shit ton of debt. You're looking at a $500-600k house, two beemers and some BIG TIME CC debt, EASY. Sorry but that is still not responsible. Bzzzzt try again. No disrespect meant to your family, but don't call me a fucking moron and think it's just gonna slide. NO MATTER HOW YOU SLICE IT, IT IS A MATTER OF HOW BAD YOU WANT TO SURVIVE. Hey that's great that he had a good job and all that and I am glad he bought himself plenty of nice toys, etc "because we're worth it", but hey, the only way to mitigate the risk of it all going away is to be frugal and logical with your spending. Bottom line. If I leverage the hell out my trading account, I could blow up with one small aberration. The only solution is to trade small. If you just have to have a big house and fancy cars, etc commensurate with your max debt to income ratio available, then hey, be prepared to be in the hurt locker if the shit hits the fan. The only solution is to spend intelligently and live beneath your means. All else is taking a big risk. Don't come calling me a moron just because you can't be objective about it. Shit I have a $150k 1900 sq ft house (In FL of all places), a Z4 Roadster and a Ranger. I own the truck outright and bought the Z4 off some clown who was hurting from credit problems for $7500 under book. I have zero residual CC debt. My wife and I pay off any balances each month. Every penny after groceries, misc expenses, mortgage, loan payments, utilities and taking care of our three dogs goes to building the trading account and saving for disasters. Oh, and charity donations. You have to have a margin of safety or you have to be prepared to pay the piper. Not my fault that your brother built up a 7-8K monthly overhead for himself. Don't spew venom in my direction over that. I live in FL where there are plenty of foreclosures and people hurting because they sowed to the wind. When you sow to the wind, you reap the whirlwind.
US folks have been taught to consume and not save. In hard times, even well settled families face shockers that they could have avoided easily with little careful spending and pre planning.
Yep.. Financial Education needs to be a required course in high school and even in college. People must be taught that being in debt, overspending is not a good thing, at least to the individuals.. to corporations, well that's another story