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Reply to "Great aticle on how middle class is struggling and not saving enough"
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[quote=Anonymous][quote=Anonymous] Re: living in Brooklyn/sending to private. There was a period of time when he was doing really well in his career (I think he said one of his books was optioned for a film?) and I got the impression that that's when they decided to buy in Brookyn, wife would quit her job to SAH, and that eventually they would pay for private school. His big mistake was assuming that his income would keep rising at a steady pace. [b]He even says at one point none of his mistakes (such as buying a second house before selling the first one or selling his first house at a loss) would have mattered in the end had that happened[/b]. And the thing is, it's not so unusual for people to think that: that they'll keep making more money as they get older. How could he have predicted the collapse of print media?[/quote] Yes, but it's extremely poor judgment to spend the money before you actually get it. The bolded, is a really, really big if to bank your financial stability on. You really need to plan for a Plan B before you spend more than your current income on some large ticket item. It's one thing to plan around your current salary and get left high and dry when one of you loses your job or gets a pay cut due to some external reason (like when a company opts to cut salaries to avoid layoffs). It's another thing to plan around increases that have not yet happened. [/quote]
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