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Living above your means

November 12th, 2007 at 07:27 pm

There was a time when I looked at my friends and thought how could they get that, why I am still living at home,how come I can not get ahead and I am saving? Well now I know why, it is because I am not living above my means. I just found out an old friend who up graded to almost a half million dollar house is now behind on her mortgage. And the crazy thing is her parents borrowed the money off of their house ($3500) in order to help her pay for hers. Now is this crazy? What is going to happen next month? She is basically two months behind well one since her dad borrowed the money. And I have another friend who is closing next month on a house and has not sold her last one and yet complaining about money

5 Responses to “Living above your means”

  1. disneysteve Says:

    A great many people are living in a house of cards. Many of those fragile structures are starting to topple as ARMs adjust, interest-only loans begin having principal payments, gas prices shoot up, health insurance premiums rise, etc. People that appeared to be doing really well were, in reality, barely making ends meet or living on borrowed money. Now that it is time to pay up, they're screwed because they have no money. I find it hard to feel much sympathy for these folks.

    The lesson, as you've learned, is to not be jealous of what your friends and neighbors have, because they may not be as well off as they appear. I'd much rather have our modest home, our used cars and our thrift shop clothing along with our well-funded retirement accounts, college savings, emergency funds and other assets that people don't see.

  2. ceejay74 Says:

    I do feel sympathy. I could have gone down that path--one slip-up in my month-to-month life that I couldn't cover with a credit card and I'd have been done for.

    True, some people can be really ugly and materialistic and that's what gets them in trouble. But many, many Americans honestly just never acquired any money sense. No one taught them, it didn't come naturally to them, and the TV tells them over and over again that it's perfectly normal and OK to use credit to buy nice things. They're not bad people; they aren't even aware how dangerous their thinking is, because it seems like everyone does it.

    As a recovering unthrifty person who never felt like she was being extravagant, I can say it sounds crazy even though that was me. But I can also say I don't have a mean or crazy bone in my body. I never thought I was leading myself down a path to inevitable disaster. Sure I worried; I knew I was always a little short on money, but I thought I was doing OK as long as I could make all my minimum payments.

    But it's not like you have to feel sympathy for them (or me). We're adults, we make our own decisions. Still, I don't blame people as much for their mistakes if I see that they're getting fed all this wrongheaded information day and night.

    I love the show "Big Spender" because it really illustrates that blindness, and you can pinpoint the moment the person starts to see.

  3. Broken Arrow Says:

    Yeah, I can relate. I'm going through somethign similar with my ex (though you knew that already).

  4. chitown Says:

    I am sorry to hear that. Unfortunately, she is not alone.

  5. broke&busted Says:

    Me and my husband live in this big beautiful house that we cannot afford. I've asked him if we could move and downsize but I cannot get him to budge. I'm affraid that we will be completly bankrupt soon. It was o.k. before I was laid off my job but now we are trying to live off his income only.

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