Reply to How many ppl do you know age 30+ foregoing savings, 401k?

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Reply to "How many ppl do you know age 30+ foregoing savings, 401k?"

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[quote=Anonymous][quote=Anonymous]I know some people like this.  One is a junior partner in biglaw (so making well over $300K) with a SAHM wife and 2 kids, and they basically live paycheck to paycheck.  They are up to their eyeballs in debt - 6 figures in student loans (even after more than a decade making biglaw money), car payments, a mortgage they can barely afford, periodic credit card debt.  He talks about it a lot, and acts like there's nothing he can do about it.  But it's very much the result of their keeping up with the Joneses mentality.  Fancy vacations, expensive nights out, lots of household help, expensive clothes for their young children.  It's insane.  [/quote]

You don't know what the home life is like - lots of stay home wives of junior partners demand many fancy vacations, date nights, and household help under the complaint of - you're never home, we need to spend time together and I'm not going to do all childcare so I'm hiring a nanny . . . . I know junior partners who consider these the costs of holding the marriage together. Hope your guy is a business generating junior partner; a friend of mine was a junior partner with no business acting as a de facto senior associate with this lifestyle, you can imagine how that went . . . .[/quote]

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