Reply to Upper and UMC Ppl: Do you Actually Know Anyone Living Beyond their Means?

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[quote=Anonymous][quote=Anonymous]My BIL, 45 years old, single (live-in GF with her own (relatively low-paying, but more than enough to live on as a single person job with benefits), no kids, no intention of having kids, makes $350-$400K/yr.. He has told all of us (family) that he lives paycheck to paycheck, and even takes on OT work (he's a radiologist).

Why?

He bought a 2.5 million dollar home on the water on LI. It should be easily affordable on his income, but he knew nothing about real estate and is not the most common sensical person in the world. The house is 30+ years old, so of course has maintenance involved + a pool to be maintained year-round + landscaping to be maintained. He was completely shocked by the home upkeep costs. On top of that, he is embroiled in a battle with the city over the placement of a pool house on his property, an issue the previous owners even disclosed to him, but got him to agree to a tiny amount of money in escrow to wash their hands of it. He has paid a legion of realtors, consultants, and lawyers to deal with this, some of the same ones who gave him poor advice to begin with.

Does his house still look gorgeous? Yes. Did he just buy a 10K+ custom-made bed his GF really wanted? Yes. Does he still eat at expensive restaurants? Yes. [b]Does he have any health insurance? No.[/b] Could he maintain any part of this lifestyle if he stopped working tomorrow? No.

So, he is constantly stressed about money, but he makes more than enough to cover the day-to-day. He keeps hoping the situation will improve, but every time it looks like one crisis is over, another seems to pop up.

Now, if he did lose his job, he does have a $2.5 million property he could borrow against, or sell. He would probably find a new job quickly. I agree with the poster who says most UMC/UC people have more ways to cushion a true crisis.[/quote]

He's a doctor without health insurance? Find that hard to believe. They more than anyone else knows the risks of being uninsured and how costly care is. And plus why wouldn't his hospital/private practice group provide coverage like all other employers??[/quote]

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