People that brag about their money

[Havoc34]

See this all the time in my job. I’m a mortgage lender and I will see a husband and wife apply for a loan, combined incomes of over $150k but they have less than $5k in liquid assets and a shit ton of debt.
On the same hand I’ll see a single person in their 40- 50’s come in making $45k with an 800 credit score, with enough assets to put 20% down.

 

[jaihawk]

facts! Every time, I get a raise I just add that percentage on to my 401k or IRA

I believe there's a balance. For instance, if you got a 4% raise, increase your retirement contribution by 3% and enjoy the additional 1%.

 

[Frogsker30]

I believe there's a balance. For instance, if you got a 4% raise, increase your retirement contribution by 3% and enjoy the additional 1%.

You not wrong there! I'm only 26 so right now my raises are only 1-2% so its almost useless to keep it cause taxes will pretty much cover that raise. I'm only currently in the lower to mid 60k range so its not like a 1% raise makes a huge difference on my paycheck. But this summer I'm schedules for a 4% so that'll be nice. will finally be able to pay off grad school but enroll in another grad program ha.

 

[MtnHusker]

I know some people with seriously deep pockets. Some flaunt it and others are overly modest with it. One of my best friends could have retired at age 45 but has continued running his company. I think he buys his clothes at JC Penneys, lives in a modest townhouse and drives a 7 yr old Ford Explorer. Zero flash.

Everyone is different. When I helped run Carmine's Italian Restaurant on Rush St in Chicago I had a heavily foreign staff. One was from Serbia. He'd make $300+/night waiting tables then go blow it on drugs, alcohol and other vices. Didn't have anything in the bank even though he was making about $100,000+/yr and much of that tax free cash tips. I loaned him money for rent sometimes. I tried helping him with his financial planning with no luck. He said I didn't understand what it was like to grow up in Serbia. He was 12 when the war started. He would go on the rooftop of his apartment complex with his friends with a cooler of beer and drugs at age 12. They'd get high and drunk watching the missals fly over their apartment building while all of the parents where huddled down in the complex basement. Said missals hit buildings that were close by and they felt the backwash. Figured he would rather die on top of the roof in an attack than being buried alive in the concrete rubble in the basement. True YOLO mentality. He has matured a little but not that much. Hard for him to get away from the reality he lived where every day could very easily be his last. He lives like it is his last day on earth, every day.

 

[Pipe Line]

See this all the time in my job. I’m a mortgage lender and I will see a husband and wife apply for a loan, combined incomes of over $150k but they have less than $5k in liquid assets and a shit ton of debt.
On the same hand I’ll see a single person in their 40- 50’s come in making $45k with an 800 credit score, with enough assets to put 20% down.

I honestly had no idea what my credit score was until a couple months back when I did a trade in on my truck. One of my 2023 resolutions was to take better control of my finances.

 

[Havoc34]

I honestly had no idea what my credit score was until a couple months back when I did a trade in on my truck. One of my 2023 resolutions was to take better control of my finances.

You can visit annualcreditreport.com and request a free report that includes all 3 credit bureaus once every calendar year, and will not ding your credit.

 

[Pipe Line]

You can visit annualcreditreport.com and request a free report that includes all 3 credit bureaus once every calendar year, and will not ding your credit.

Thank you. I have an account with Credit Karma that sends me emails. That's how I found out. Dealer asked me what it was so I had to make an account.

 

[cwessel76]

I believe there's a balance. For instance, if you got a 4% raise, increase your retirement contribution by 3% and enjoy the additional 1%.

Agreed. Life is short.

 

[lee_carvallo_12]

If everything is buttoned down like you say, why not knock that mortgage out and become debt free?
Obvious answer is you have cheap interest and are making bank in the market….still, debt blows!

Debt in a house is not bad, math says if you refinance a house at the right interest rate your net worth can take a huge boost especially in the long game.

This - We refinanced at 2.75% two years ago and are in no hurry to pay it off. Invest bonuses and raises in stuff that earns much, much more than 2.75%.

 

[Jay Bilzerian]

Thank you. I have an account with Credit Karma that sends me emails. That's how I found out. Dealer asked me what it was so I had to make an account.

Most banks/credit card companies will provide you with a score via their website/mobile app (at no cost/inquiry).
FNBO has the FICO Bankcard Score 9 and Chase has the Vantage Score 3.0. Both are very close for me.

 

[Herbie]

Live in a 1700sqft house in Oklahoma. Im good.

But six figure doesn’t really mean much in coastal states

 

[Jim14510]

See this all the time in my job. I’m a mortgage lender and I will see a husband and wife apply for a loan, combined incomes of over $150k but they have less than $5k in liquid assets and a shit ton of debt.
On the same hand I’ll see a single person in their 40- 50’s come in making $45k with an 800 credit score, with enough assets to put 20% down.

Kids are a mother fucker.

 

[cwessel76]

Live in a 1700sqft house in Oklahoma. Im good.

But six figure doesn’t really mean much in coastal states

Where I live $100,000 is near the poverty level. I mean that with all sincerity.

 

[cwessel76]

Kids are a mother fucker.

That’s how it typically starts too.

 

[lee_carvallo_12]

Kids are a mother fucker.

we'll have one kid in public school starting in Aug this year. Hopefully next one will be in public pre-K in Aug 2024. Our childcare spend on both of them at our church daycare in Dallas is right around $24k a year, $2k/mth. That will be a use raise/bonus.

 

[slattimer]

we'll have one kid in public school starting in Aug this year. Hopefully next one will be in public pre-K in Aug 2024. Our childcare spend on both of them at our church daycare in Dallas is right around $24k a year, $2k/mth. That will be a use raise/bonus.

Childcare is basically a second mortgage

 

[ChocaEgg]

Where I live $100,000 is near the poverty level. I mean that with all sincerity.

NoVA is ridic. Make $100k/yr and you'll barely be able to afford an apartment.

 

[lee_carvallo_12]

Childcare is basically a second mortgage

we currently pay slightly more for monthly childcare than our mortgage. Just got a notice from our daycare that tuition is going up this summer.

 

[cwessel76]

we currently pay slightly more for monthly childcare than our mortgage. Just got a notice from our daycare that tuition is going up this summer.

Finding good childcare providers is tough.

Would you rather make $8-10/hr with likely no benefits or go work at Costco or Amazon and make $20/hr with benefits?

 

[Pipe Line]

Most banks/credit card companies will provide you with a score via their website/mobile app (at no cost/inquiry).
FNBO has the FICO Bankcard Score 9 and Chase has the Vantage Score 3.0. Both are very close for me.

I'll have to do a little research on the Wells Fargo site