Reply to Ever wonder how others afford their lifestyle?

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[quote=Anonymous][quote=Anonymous]I hear this "they live beyond their means" statement all the time but in 20 years of living here I have not seen very many that do -- compared to the [b]very many [/b]who have money from another source -- family, trust, inheritance, made it flipping homes, good investments, ect ect. There are also many families where the relatives pay the tuition for private also. "Millionaires next door" are everywhere around the DC area.[/quote]

I don't see many people living beyond their means in the sense of going into debt to fund their daily lifestyle but I do see people spending all they make, buying a home that really is pushing their budget in terms of how much they can afford in mortgage - one family friend was so maxed out on her budget that when she was unhappy with her childcare arrangements (she had gone with the cheapest one she could find), she didn't have the $150/month flexibility needed to switch to another option that would have been better for her family. That's scary to me - you're $150/month away from being in debt? Another friend had gone with one of the most expensive childcare options in town and had stopped contributing to her retirement and put off starting the college fund in order to make that work in her family's budget - so clearly they were maxed out, spending all they had.

I think people living at the absolute edge of their budget are the ones most at risk of going into debt if anything were to arise - so maybe they can afford it this month but there's just one unexpected life event away from being in debt and currently, they don't have the flexibility to make monthly payments on any new debt they might take on. That's what I see a lot of and it's scary. [/quote]

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