how many financially irresponcible people are out there in the world?

[gamecock43]

This thread will appeal to the inner braggart within each of us. I know we are all surrounded by financial idiots. It's not just me. And sometimes you want to scream when a friend, co worker, neighbor confides that they cannot afford their health insurance because the lease of the lexus car is higher than they expected.

So lets share. Get it off our chests. Lets just tell a story of how someone you know is on the fast track to bankruptcy because of stupid decisions and even now they think they have a handle on it/or they just don't know what to do.

We'll bleep out names to protect the guilty.

My friend "Bleep" believed that a Masters degree equals $100,000 salary right out of school so he got 120k in student loans only to land a job making 50k out of school. Disapointed, but still not really "getting it" he assumed Real estate is a sure thing investment- especially if you can "flip". During the height of the market he bought a falling down house on a construction loan and now 3 yrs later only a fraction of the house has been finished, the extra money from the construction loan has been spent and he lives in a construction zone day after day with no money to do anything. Hes not worried because he has been able to refinance about 2x a year and manages to lower his payments a couple hundred dollars that way- however he's finally up a creek because the house has lost so much value in the current market and has no bathrooms- therefore cannot be considered a "house" and cannot be refinanced. He thinks hes ok though- he has figured out a way to "claim" damage to the house and get the homeowners insurance to send him checks. He was so stressed out during the christmas season that he recently destressed himself by doing some clothes shopping and feels good about life right now- "hes finally in a position where he can afford to go shopping when he feels like it." BTW- he leases a car, has a timeshare and claims his unemployment $$ as "extra income" when he refinances. Every time I talk to him he talks so confidently about how "life is tough but if he can get the refinancing to go through- or the insurance to pay one more claim then life will be so much better."

[Broken Arrow]

Well, I know several people around me who talks a good talk, but in the end, they don't walk the walk. Even when they do know better. I think that's actually worse than your friend. At least your friend is trying. Mine, they just want to sound good in front of the ladies.

[bjl584]

I know an individual that was actually angry at his boss for cutting his overtime back, because now he is unable to afford his payment on his Harley Davidson.

[deadgoon]

They recently cut out overtime where I work and almost everyone is complaining (except me). I overheard one guy say that he "just" needed 15-20 hours of overtime every week to make ends meet. I'm sorry, but if you *have* to work 55 to 60 hours a week to make ends meet, you need to find a higher paying job, cut some expenses, or declare bankruptcy.

[simpleyme]

My DH coworker was complaining that his wife wastes money all day long and since the beginning of the year "he ain't spent a thing" as they are in dire straights

DH laughed as yep not a thing except that pack of smokes he runs and gets at break , and all those pops and candy out of the vending machine, not a thing accept the ordered lunch he gets everyday

and these are only the things Dh actually sees him buy lord knows what else he "ain't" buying wah wah cry me a river


and at my work i will rant a guy from my husbands work knows I am a manager of a store and came to me and asked to charge a bunch of stuff till payday! totally pissed me off how come this guy does not come in on payday and blow his money in my store?

no him and other losers just like him only seek me out when they are hard up,i told him to go wherever he normally buys his cigarettes and beer and ask them for credit, oh what walmart and Safeway do not offer credit unless its on a card? I wonder why?


LOL rant over ;-)

[Goldy1]

I know someone who blew threw a just under half million dollar inheritance in 19 months (over $800 a day)and now is on public assistance and gets food stamps. She owns no property so lives on subsidized rent(senior citizen) That situation is quite sad. Her kids helped clean out her inheritance also so they are all at fault. It was spent on designer items to wear, gambling (which I detest)cruises that included friends given unlimited amount to spend on ship, and constant fine dining I was told. It was a situation of being "stupid" but she was also arrogant with the cash and now begs for money from others.

[Pitman]

At least your friend is trying. Mine, they just want to sound good in front of the ladies.

I think Broken Arrow, and I are hanging out with the same people.

[SnoopyCool]

I'll be my own dummy today.

My first few years of college I borrowed the max amount of $ through financial aid. The last 2 years I received a scholarship that paid tuition, books, and had a $250 stipend for supplies. I still borrowed $ to keep my lifestyle. Now, we are still paying for it - I graduated nine years ago.

Grrr.... ignorance!

Don't get me wrong - "I ain't the worst that I seen". Everyone else just doesn't affect me the way that past me has.

[disneysteve]

Years ago, I had a patient who had what I was certain was a skin cancer on his face. I urged him to see the dermatologist and get it taken care of. He finally told me he didn't have $15 to pay the copay. At the same time, he had a stack of lottery tickets peeking out of his shirt pocket. I asked how much he spent on lottery tickets. He said $5/day. So he could "afford" $35/week on lottery tickets but "couldn't" afford $15 to have cancer treated.

I have countless patients tell me they are having trouble affording their medications when they seem to have no trouble at all affording a pack a day of cigarettes (or more) and maybe a case of beer each week. Here in NJ, a pack of cigarettes is over $6, so 1 pack per day can approach $200/month. That would buy a lot of medicine.

[simpleyme]

disney steve- my daughter in law had a eye infection and would not go to the doctor because it would cost 15 bucks!
2 days earlier she had shelled out over 350 bucks on an exotic pet,I tell you she heard a earful from me I told her if she can afford a expensive pet she can afford 15 dollars to save her dang eyesight

I actually got through to her and she said she had just not thought about it that way

[Broken Arrow]

I think Broken Arrow, and I are hanging out with the same people.

Hehe yeah, probably.

You know what really gets to me? It's when my buddies will come up to me and ask, "So, let's say that if this or that were to happen financially, then what would you say is the best way to handle it?"

Sounds harmless enough right? I guess it is, but having been friends long enough, I also know that they've positioned themselves as the resident financial guru in their own little circles in order to impress the ladies, but when they got stumped on certain questions, that's when they come running to me for answers by posing all these hypothetical questions....

These are generally pretty cool guys, and if you press them enough, they'll even admit that what they're doing is kind of childish. But for some reason, they just can't seem to stop. Oh well, whatever motivation it takes for THEM to learn some personal finances I guess?

[Broken Arrow]

I'll be my own dummy today.

Hehe, I'll be my own dummy today as well. Once upon a time, I was spendy and bad with money. I've made every poor financial decision under the sun.

Let's see what did I do? One point, I cashed out my 401(k) (with early withdraw penalty and taxes and everything) just to be able to pay the utility bills. We had no savings (I was married at the time). We were also running large credit card debts.

One time, we had like $10k in the bank, and I thought we were insanely rich. Did I mention that was all student loan money, and much of it was unsubsidized? We immediately dropped $4k out of that $10k buying brand new computers. Oh boy, they were sweet computers, but yeah, that remaining $6k was all the money in the world we had left to work with. And we just had our third kid together, who was still in diapers and formula. I could go on and on....

Looking back, it's any wonder how we've even managed to get by for as long as we have....

[LivingAlmostLarge]

My "friend" is military officer. He bought a place but is upside down probably $50-60k but has to relocate. So he's decided to move and buy ANOTHER place in the new city and "rent" out his old place at a LOSS of $1k/month.

He also financed a corvette because he thinks he deserves it. Buy $1k watches and has probably 40 different expensive watches. Fortunately he will have a military retirement, but I don't know if he will be able to manage without the military housing allowance, no federal taxes on a portion of his income, etc.

The lady I work next to is pregnant and due in February. She admitted to me she counts on extra money she gets from teaching classes as part of their living expenses to afford their condo. She said she can't live on what they make from just their regular jobs. OMG. Worse is that she know they should not be relying on extra teaching positions to make money but doesn't know how to get out of it.

By the way I let these people vent but I wouldn't actually give them real advice like "Don't buy a second home and keep a money losing rental". Or "Why did you buy a place you couldn't afford on your normal salary?"

Sometimes they are just looking for an ear to listen. And a shoulder to cry on. And yes maybe you can give advice but would they really take it?

[MaxPowers]

My friends and I were getting ready one day for a night of clubbing. Entrance fee, a couple beers, and all night dancing. Fun stuff. My friend brought along his friend. This guy was all decked out with the "stunner" shades, blingin' grill, fancy hat, big shirt with a $100 bill on it, and very nice shoes. I'm not into the whole rapper look but he was looking clean. So we get to the club, and guy guy asks us to front him the $5 entrance fee.

*I had a story about how bad my ex is with money, but realized it is a depressing story and would steer the post way off topic*

[aevans1206]

A certain person I know told me back when gas prices were rising that she was going to have to start using her credit cards to pay for gas (rather, apparently, than budgeting her money to be able to afford that gas or make due otherwise). I was pretty shocked.