Anonymous post

[msmith198025]

I am the one who took an 80K pay cut, while my company posted record quarter over quarter profits.

I am the one who had to support a family of 5 on half of what I used to make.

I am the one who lost his marriage due to constant financial pressure.

I am the one who has tried, but failed to find another job.

I am the one who has tried to get rid of my car, but can't because the market took a downturn and even though my car loan is 3000 under book value, the dealers are offering more than 3000 less than that.

I am the one whose health care has been cut by the company

I am the one who lost my 401K

I am the one who is being taken advantage of, so executives can reap the rewards of my efforts.

I am the one who has gone without food for 2 days.

I am the one who has had his electricity shut off.

I am the one on the verge.

I am also one of many, but I can only see what my eyes let me.

I know many people in the same boat, but I am sinking anonymously.

Posted on another board.

What are your thoughts about the person in question here.

Poor money management? Planning?

[NickG420]

He's no different than the people he's chastising...

The only difference is they had more money than he did so they didn't get hurt. People all over this nation live way beyond their means and they don't even realize it, until it's far far too late. I would assume this guy was no different, he lived high on the hog until the hog was picked clean. Now he wants to blame everyone except the person who should be blamed...himself.

[msmith198025]

What gets me is the guy was still making $80,000 a year (more than most), and was in danger of having his power cut off? Went without food for 2 days?

Im sorry, but if you cant budget yourself any better than to be in that shape, making 80 grand a year, you ARE living far beyond your means.

[HD MM]

$80k a year isn't really that much, especially if he's the only one working and he's trying to support a family of 5.

[msmith198025]

True, it is less in some areas, more in others, still more than sufficient to keep power on and food on the table. Even with a family of 5

[HD MM]

What gets me is the guy was still making $80,000 a year (more than most), and was in danger of having his power cut off? Went without food for 2 days?

Im sorry, but if you cant budget yourself any better than to be in that shape, making 80 grand a year, you ARE living far beyond your means.

If your pay was cut in half like this guy's, would you struggle?

The guy said he used to make $160k a year. It's possible he was living within his means when he make $160k. I'd imagine he never expected his pay to be slashed in half, thus creating the tough times he currently finds himself in.

[NickG420]

Look I understand it living it up....Right before my wife got pregnant I was looking at the new Audi R8. However, I was in a position where my current auto was paid for and the only real debt I had was a mortgage. It was the first time in my life that I could truly say I had made it from where I came from and I wanted a status symbol to show it....

Trust me I get it...

I was all ready to slap the ink on the paper and put my order in for a $100K+ car...Then my wife told me she was pregnant....Then all of a sudden it was even more stupid to drop that kind of money on a car, especially one that you can't even put a car seat in....So I traded my old F150 in on a brand new one, and bought my wife the SUV she wanted and still came out way cheaper. Anyway..the point is you have to decide what's more important...Keeping up with the Jones' or being able to pay for Harvard if that's where your son wants to go. Do I still want the R8? Sure I do, but not enough to threaten the future of my son or my retire by the age of 50 plan.

It's called responsibility and triage...What's more important now and in the future...Alot of people can see past the 65" Plasma and Blu-Ray they just put on the 15th credit card they just got approved for...Because the others are maxed out.

[msmith198025]

Most people would agree that having your pay cut in half would be an adjustment. Not arguing that.

I am saying that adjustments can be made to keep power and food at 80 grand.

Obviously you can not live a 160 grand lifestyle on $80,000 a year.

[msmith198025]

Look I understand it living it up....Right before my wife got pregnant I was looking at the new Audi R8. However, I was in a position where my current auto was paid for and the only real debt I had was a mortgage. It was the first time in my life that I could truly say I had made it from where I came from and I wanted a status symbol to show it....

Trust me I get it...

I was all ready to slap the ink on the paper and put my order in for a $100K+ car...Then my wife told me she was pregnant....Then all of a sudden it was even more stupid to drop that kind of money on a car, especially one that you can't even put a car seat in....So I traded my old F150 in on a brand new one, and bought my wife the SUV she wanted and still came out way cheaper. Anyway..the point is you have to decide what's more important...Keeping up with the Jones' or being able to pay for Harvard if that's where your son wants to go. Do I still want the R8? Sure I do, but not enough to threaten the future of my son or my retire by the age of 50 plan.

It's called responsibility and triage...What's more important now and in the future...Alot of people can see past the 65" Plasma and Blu-Ray they just put on the 15th credit card they just got approved for...Because the others are maxed out.


Excellent post. Far to many get to the point that you were at and do not think it through as you did.
Just because you CAN afford something, does not always mean you are living within your means to buy it.

[DodgerKing]

What gets me is the guy was still making $80,000 a year (more than most), and was in danger of having his power cut off? Went without food for 2 days?

Im sorry, but if you cant budget yourself any better than to be in that shape, making 80 grand a year, you ARE living far beyond your means.
$80k a year puts him in the top 20% and if he lives in any state outside of CA (which will barely get you out of poverty :)), he should still be doing pretty good.

[DodgerKing]

One of our assistant principals lives according to his former teacher salary, realizing that if he lived within his means on an administrators salary and he lost his job as an administrator he would struggle. The key is to always live as if you will be making the average or lower salary of those doing the same.

My wife and I combined make about $100k, which in CA is not a lot at all. We still have many luxury items and do many things that cost money (electronic gadgets, payed services, season passes to ski resorts, Disneyland, ex), but we always budget as if I was the only one working. We probably put about 60% of our income into accounts for future use (Roth IRA's, 401k for my wife, Money Markets, 403b for me, and my standard retirement through STRS).

[Bear Paws]

"Poor me".... Makes me wonder how he ever got to a position to earn 160K to begin with. Obviously he isn't very self reliant, a self starter, nor imaginative. If he really was worth 160K he certainly would be worth 120-140 to start somewhere else.. Water seeks its own level and cream rises. If his life was so fragil that a pay cut cost him his family and everything else, he deserves everthing he doesn't have. How do you "lose" your 401k?

This was written by some whiny liberal "commie dreamer" that probably never made over minimum wage and living in his mother's basement at age 35. Not by some educated motivated dynamic individual worth his salt. Its BS.

[towerclimber]

I have to agree with bear paws.
this is a bogus post or else the person is an idiot.
I went from 85k to unemployment. with my wife working we make ends meet. if an emergency arises, we use money we've put away to deal with it..otherwise we maintain until there's a better work environment.

[msmith198025]

Wow, at the other board, advocating financial responsibility resulted in Steven being accused of having the view of a child:free-happy-smileys-

[vurbano]

Perhaps he should have sold his expensive house where most of his money was probably going. AT 160K a year I bet he was in a very expensive home with an enormous payment.

[HD MM]

Perhaps he should have sold his expensive house where most of his money was probably going. AT 160K a year I bet he was in a very expensive home with an enormous payment.

Maybe it wasn't an option as most home prices depreciated over the last few years.

[msmith198025]

Maybe it wasn't an option as most home prices depreciated over the last few years.

Then perhaps he should have bought a slightly less expensive house? People rarely do this, but generally speaking tapping yourself, just because you can afford it now, is not the best thing to do.

[Bear Paws]

Maybe it wasn't an option as most home prices depreciated over the last few years. The thing is BS.. But for arguments sake lets say its not. He could have short sold/short sale or a executed a deed in lieu of foreclosure, preventing the bank from recourse on the deficiency. There haven't been income taxes on the deficiency in short sales for 2007-2009 in most all cases.. Most states are not full recourse anyways and the ones that are have not been enforcing that rule. Anyone that goes down with the ship as this buffoon did has to be either stupid and couldn't earn 160K legally or he was the family idiot working for his father.

[Skyhi]

So judgmental here......maybe he has 200k in student loans? Maybe he was caring for sick parents out of his own pocket? Who knows. Many of you are pretty quick to jump down this guy's throat.

[vurbano]

Its just a bunch of made up crap from some yahoo liberal.

[stevenl]

skyhi, if hes racked up 200k in student loans the man has some issues to of not had them paid off by now.. You dont start your career making 160k.. Hes obviously been working for quite some time.

[Skyhi]

skyhi, if hes racked up 200k in student loans the man has some issues to of not had them paid off by now.. You dont start your career making 160k.. Hes obviously been working for quite some time.
Depending on the school/field of study, people who rack up 200k in student loans do make 160k out of school. I-bankers make more than that I believe.....160k is the going rate for new hires at big law firms in NY, LA, CHI, Dal......

[HDRoberts]

One thing I think you are missing is that it says his marriage ended. If his wife was used to a $160k/year lifestyle, and got custody of the 5 kids, I bet he is paying a boat load of alimony and child support. Probably pretty close to the 80k he is making, especially if you consider taxes.

To me, it could be more an indictment against the American divorce system than anything.

[stevenl]

Depending on the school/field of study, people who rack up 200k in student loans do make 160k out of school. I-bankers make more than that I believe.....160k is the going rate for new hires at big law firms in NY, LA, CHI, Dal......

Well this guy obviously didnt just get out of school, I mean he has how many kids? This isnt some some kid out of school And if he was a lawyer he was the dumbest on the block it seems.

[Skyhi]

Well this guy obviously didnt just get out of school, I mean he has how many kids? This isnt some some kid out of school And if he was a lawyer he was the dumbest on the block it seems.
I can think of quite a few that are dumber. :)

IF this is actually a real person, I think its awfully harsh to judge him like that unless you know his situation.

[stevenl]

Is it judging?? or is it forming an opinion based on the information presented.

[Skyhi]

I dont think there's enough information presented to form an opinion.....you have to read a lot between the lines.

[stevenl]

There is plenty of information to form an opinion.

make 160k
now make 80k
have family of 5
have car cant get rid of

got power shut off and divorce because being broke...

Seems to me someone should of done ALOT of other things before it got to the point of hte power being cut off...

[msmith198025]

There is plenty of information to form an opinion. One that might change IF more facts were present, but as it is, they are not.

[Skyhi]

Ok, ok........there's not enough facts to form an informed opinion.

[msmith198025]

Is it judging?? or is it forming an opinion based on the information presented.

That is exactly what it is, forming an opinion based on the facts that are present.

[msmith198025]

Ok, ok........there's not enough facts to form an informed opinion.

An informed opinion? Or one more in line with how liberals (apparently here and the other board) want you to think.

[Skyhi]

An informed opinion? Or one more in line with how liberals (apparently here and the other board) want you to think.
Nobody - - - liberal or conservative - - - - has any real idea about this guy's situation. Maybe he's taking care of ailing parents.....Maybe he grew up dirt poor and took out tons of loans to attend Harvard for 8 years........Maybe he got taken for a painful financial ride during the divorce......Maybe he's extremely irresponsible. Who knows?

[msmith198025]

Personally, IF those were factors, and I was the OP, I would have mentioned them.

He didnt, so my opinion is based on the info that I have. It very well could change, and I am not judging the guy, I am saying that with a little proper planning, much of this could be much better off than it apparently is.

[Bear Paws]

I'll give this guy credit if its true. I have never seen such a perfect loser, even amongst those that worked real hard at it. I've been sober for 20 years and have never heard such a sob story in all my thousands of AA meetings and interventions.

[vurbano]

Its all bologna

[Salsadancer7]

This was written by some whiny liberal "commie dreamer" that probably never made over minimum wage and living in his mother's basement at age 35. Not by some educated motivated dynamic individual worth his salt. Its BS.

Wow....seems like the stereotyping is always prevalent with you.... IF he is successful, he MUST be a conservatives. HE is not, it must be a...what was it, "whiny liberal commie dreamer".....

IF it is true, he has no clue how to handle his finances, if it's false....it brings out comments just like this one.:rolleyes:

[msmith198025]

IF it is true, can you say his finacial planning was sound? You said no, and we have nothing else to go on.