I make 250K and I am broke

[Anonymous]

My father died young and I am mid-life. My father died when he was ten years older than me. Living for the moment. Soon though I will be living on a prayer. I am not paying off rest of cc debt right now because I want some cash and assets on hand.

[Anonymous]

Anonymous wrote:How are you smart enough to make $250k and dumb enough to spend it this way?

This. And why do you keep saying 'parent' pays the mortgage? Is that your mother? Your wife? Who?

[Anonymous]

7 million for retirement?? That would've awesome but I don't know many who would have that.

[Anonymous]

Anonymous wrote:My father died young and I am mid-life. My father died when he was ten years older than me. Living for the moment. Soon though I will be living on a prayer. I am not paying off rest of cc debt right now because I want some cash and assets on hand.

Well, that's a pretty stupid way of looking at $30k of credit card debt.

[Anonymous]

Yes married. Wife doesn't work. I went and bought a very expensive SUV...that is super fast. Closest to ever having a sports car. It is my mid life.

[Anonymous]

Mother pays the mortgage. Father is dead. She gave a certain some every month. She also spoils kids with restaurants and trips and I won't be able to afford that when she retires. My parents spend everything they made and I am doing the same.

[Anonymous]

I did the BofA Merrill Lynch calculator on retirement and have done similar things on ING what your number. Always come to high six million to seven million. An I am just like how is that possible. They use 85 percent of retirement. Not to mention college expenses.

[Anonymous]

Anonymous wrote:Mother pays the mortgage. Father is dead. She gave a certain some every month. She also spoils kids with restaurants and trips and I won't be able to afford that when she retires. My parents spend everything they made and I am doing the same.

Well, is that what you want? Or do you want to start saving? What is your goal here?

[Anonymous]

I hate being other people's bitch at work. I have golden handcuffs. I opened my own franchise for two years but sold it because it was break even at best and too much headache. My cash reflects restoring my savings. Had I merely put that 100K or so (in addtion to a loan of 150K) in the market, I would have been sitting pretty.

[Anonymous]

Anonymous wrote:I hate being other people's bitch at work. I have golden handcuffs. I opened my own franchise for two years but sold it because it was break even at best and too much headache. My cash reflects restoring my savings. Had I merely put that 100K or so (in addtion to a loan of 150K) in the market, I would have been sitting pretty.

Well, had you done the same thing 6 years ago you would have been toast. Hindsight on timing the stock market is just a waste of time.

So again- what do you want? Do you want to save enough to retire? Do you want to continue to spend and work as you have been doing? What's your priority?

[Anonymous]

Priority is to get out of the rat race but I feel work is stressful I need to go out and have a couple of drinks every night. Quit smoking (cigars) two and a half years ago so that is my new vice.

[Anonymous]

Anonymous wrote:Yes married. Wife doesn't work. I went and bought a very expensive SUV...that is super fast. Closest to ever having a sports car. It is my mid life.

Better than a midlife mistress and out of wedlock kids.

Why doesn't your wife work?

[Anonymous]

Anonymous wrote:Priority is to get out of the rat race but I feel work is stressful I need to go out and have a couple of drinks every night. Quit smoking (cigars) two and a half years ago so that is my new vice.

Well, there's always the lotto.

Look, you can't have it both ways. Life in DC is expensive so you have to decide - do you enjoy your income now or do you save for later? You pick. If you chose to spend now then you need to be at peace with working for a while longer and not have a tremendous amount of financial security - your burden will be to come to terms with it. If you chose to save, you'll have to drastically change your lifestyle -- your burden will be to come to terms with it.

[Anonymous]

I should also mention of the 55 K in Credit Cards, part was business debt. So I paid 25 K and probably 1/2 of that was from the business I owned for two years.

[Anonymous]

Anonymous wrote:Mother pays the mortgage. Father is dead. She gave a certain some every month. She also spoils kids with restaurants and trips and I won't be able to afford that when she retires. My parents spend everything they made and I am doing the same.

The road to Food Stamps.