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Author Topic: Like I've said, live within your mean, this lady? makes more than my wife and I  (Read 303 times)

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Offline theking

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...combined and she's still struggling from "paycheck to paycheck":

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‘I’m paycheck to paycheck.’ I make $350K a year, but have $88K in student loans, $170K in car loans and a mortgage I pay $4,500 a month on. Do I need professional help?

Question: By the end of 2022, I will have made $350,000 before taxes as the sole breadwinner and head of household. This is a great starting point and I’m very aware how blessed we are to be in this position, but I’m always looking ahead on how to improve. I currently have $88K left in student loans (originally close to $150K) and very little credit card debt (less than $2K with more than $25K available). I have two auto loans totaling $170K for two electric vehicles at 5% interest.

I’ve recently been offered a $200K HELOC at 9%, which would help me bring down some of my monthly payments and do some small home repairs and improvements, but I want to make the right moves. And I’ve also been presented with a few long-term real estate investment opportunities that are rental properties out of state and are currently bringing it 10-12% ROI.  But my biggest concern is that after taxes, 401(k) contributions, bills, savings and mortgage ($4,500), on paper I’m paycheck to paycheck. I’d like to use this HELOC to consolidate debt while also participating in some of these investment opportunities. I’m the first of my generation to own a home and the first to earn this much annually and don’t want to mess this up. How, specifically, can a financial adviser help me?



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Offline DuMa

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Not sure if it is the same lady but some kaydoo lady from the south was a principle or something like that where her salary is pretty big up there and yet, she's also living pay check to pay check. 

Their problems are simple financial balancing issues.  You don't spend more than what you make.  Bottom line. 

Some guy once told me that I can buy anything I want in this world, no matter how pricey it is and if it was up to him, he'll sell it to me.  Now the big question still lies.  Can I afford the monthly and maintenance fees?  His logic makes sense. 

True story while I was living in southern cali for a minute.  My dad's friend was willing to give his failed nail business to my dad for free.  What comes with it?  Back taxes and unpaided rent and all that other good stuff that comes with running a business.  My dad's buddy at the time was a playboy.  He's in his 40's, never married, no kids and running around with a box of condoms in his car as he frequents them hookers.  He knows how to make money though and he knows evil people in this world including his CPA who does his taxes and always writing him off as a lost.  Wreckless and a loser is how I described him. 




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Offline NtsesHnub

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I know people like this.  They like to flaunt their lifestyle on social media. 



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Different 💩 same smell

Offline Cali Guy

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Poor money management.



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Offline Hung_Low

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I would call this lady 'a fool and her money'. Why is this fool getting two EV for $170K @ 5% interest while still owing $88K in student loan? The tax payers will pay $10K of her student loan through Brandon and his regime.

You need that much in income just to live as an average person in California.



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- Maxi pad not greatest thing on earth but next to it.

 

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