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      10-17-2019, 09:32 AM   #133
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Originally Posted by e90335e36m3 View Post
"Seven million people are at least 90 days behind on their payments, so is the fault with the lenders or people who are living beyond their meansóor both?"

Its difficult for me to even get through the article after reading this question.

This is what's wrong with the American consumer. Nobody forces us as consumers to live outside of our means, no matter how enticing the proposition, sales pitch, financing offer, etc. To say otherwise means either that we 1) lack common sense, 2) are weak willed and willing to make decisions detrimental to our well being, 3) selfish and greedy, 4) easily cajoled or manipulated or 5) all of the above.

If you make a decision, be it financing or something else, own that decision and when/if you fail don't blame the system, predatory lending practices, your neighbor, your bank, your local politician for your inability to live like an adult.

Drives home on days when I read articles like this are sometimes thought provoking. At a red light next to my second-hand mile E92 M3 is a guy in a 2020 M4 CS. He's probably telling his wife how much better performance and luxury the M4 packs against my old M3, but more likely than not, that M4 CS is leased or financed to the hilt. The same guy probably calculates his net worth based on the 50K in his checking account, excluding the 200K in student, auto, rent-a-center and mortgage debt. And his Instagram sure looks good!
This is my exact thoughts on credit cards. Somehow credit cards are evil and make those that possess them to go on uncontrolled spending sprees. Gotta pay cash for everything.

If you're smart about using credit cards, you'll reap the benefits of cash back and other protections which paying in cash won't give you.
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      10-17-2019, 09:33 AM   #134
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Originally Posted by Efthreeoh View Post
I have 4 cars (3 BMWs) and a motorcycle; do I have a problem?
I have a similar problem. Two cars and two motorcycles.
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      10-17-2019, 12:26 PM   #135
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[QUOTE=AlpineWhite_SJ;25352673]Totally agree. Dad wasnít of quite such circumstances but came from modest means and tried to install the value of money at an early age. Canít say I followed it 100% (have to touch the iron for myself to know itís hot), but I screwed up at the right time - college. Graduated with a student loan, credit card debt and bad credit. Spent my 20s living on cash and crawling back out and learned a good lesson on the value of patience, savings and delayed gratification.

Thatís why I donít by the sob stories nowadays on student loans - most have basically a car loanís worth of debt. Itís easily paid off if you stick to a budget and arenít spending a ton of money going out to eat/drink, using the latest gadget, or otherwise spending beyond your means. Those who have 100k+ either went to medical/law/business school and will recoup it over the long haul or made a bad decision to borrow 6 figures for a major that wonít get you a job capable of paying it back easily.

I agree with everything you said here. I was not always great with money either, but I was always more on the conservative side. If I practice what I do now in my 20's - I'd be retired on a beach already.

People are quick to point at others about their $ problems when 99% of them are self inflected. I am often that guy that will interrupt one of these tantrums to ask hard questions about the person throwing them. "see that Starbucks in your hand, how many do you have per week? That coach bag on your shoulder real? Looks like you drove here in a new car?" so when they start telling me how I as a tax payer should pay off their debt - I will quickly point out how they are living higher on the hog than I am - and I am debt free.

Like you said - prioritize your debt and knock it out like we all did.

That just makes you a crusty old guy though - so they don't wanna hear it.
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      10-17-2019, 12:35 PM   #136
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Originally Posted by zx10guy View Post
I wonder how my employer is handling their employee insurance coverage. I only pay $145 a month for full family coverage (same amount for as many dependents as you have in your family). This amount also includes dental and vision coverage. The yearly medical deductibles for each person covered is only $250. I would think this is definitely a "Cadillac" plan.
My plan here at work is similar...but it's just me + spouse. Full family coverage here is around $230 a month. But it includes dental and vision as well.

And we are a smaller privately owned business with probably less than 200 total employees spread across 5 places in 3 different countries aside from the US.
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      10-17-2019, 12:54 PM   #137
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Originally Posted by unluky View Post
Those who have 100k+ either went to medical/law/business school and will recoup it over the long haul or made a bad decision to borrow 6 figures for a major that wonít get you a job capable of paying it back easily.
...
People are quick to point at others about their $ problems when 99% of them are self inflected. I am often that guy that will interrupt one of these tantrums to ask hard questions about the person throwing them. "see that Starbucks in your hand, how many do you have per week? That coach bag on your shoulder real? Looks like you drove here in a new car?" so when they start telling me how I as a tax payer should pay off their debt - I will quickly point out how they are living higher on the hog than I am - and I am debt free.
Well said. If people want to hold substantial debt and live expensive lives I am fine with that, to each his own, but do not complain to me about how hard it is to get by or ask for debt to be forgiven because you are irresponsible.
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      10-17-2019, 03:18 PM   #138
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Originally Posted by zx10guy View Post
This is my exact thoughts on credit cards. Somehow credit cards are evil and make those that possess them to go on uncontrolled spending sprees. Gotta pay cash for everything.

If you're smart about using credit cards, you'll reap the benefits of cash back and other protections which paying in cash won't give you.

I agree - I have been on many a vacation paid for using CC points only! Just like anything - you have to use it wisely.
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