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[quote=Anonymous]I learned that many people with high incomes, who look and seem very responsible at work, are very leveraged in their personal lives.

About a decade ago I was a VP at a company that went bankrupt (various reasons including some bad luck). The company was bought out by a small group of private investors. There was a long transition, almost 6 months, tons of layoffs. These investors were horrible and unethical, it was very clear. They absolutely were in some shady, illegal business. Many of the people one level above me, c-suite and EVPs, and I had the option to stay on. Everyone wanted to leave but about half stayed on and all gave me a similar story that they couldn’t afford to be unemployed for any significant amount of time. All had been there years, and were making from 400-900k for many years. I was much younger, making 300k (and much less just a few years earlier). I wasn’t worried at all, I had savings and knew I would find a job fairly quick. They were making on average double what I made, and for many more years. They had little to no savings! All of them also had much nicer houses than I did….leveraged! I couldn’t believe it for most of them, even the super conservative CFO told me he made some bad financial decisions in his life. People leverage…lots of people, not just a few outliers.[/quote]

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