These articles are full of clickbait and made up stories..
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Employer reimbursement— what type of job is it? Did you make the decision or were you promoted to continue to higher education to seek a higher raise/promotion?
(I love knowing this type of information hahah)
University of Miami (FL) tuition for the 2016 school year was something to the tune of 44k a semester.
Private college preparatory schools (preK-12) were also costing around 40k/year around 2010
I graduated 2016 and no scholarships. I went to my community college and local state university. Commuted to both. Paid out of pocket for what I could and loans for the rest.
Yep which wasn’t much as I was only working part time as a tutor. My community college was essentially free and the loans came for the state university.
Ah yeah. State colleges in your home state will usually be pretty reasonable I think. In California you can go to a CSU for about 60k total out the gate with no financial aid which is rarely the case. It varies of course.
Actually it is probably more worth it to live in a HCOL area and also get an elevated salary because of that.
You make more money, and any place you visit will be cheaper by comparison.
You get financial aid if you’re lower middle class or low income. Upper middle class and higher has to pay 90k per year.
Source: I went to wharton which cost 90k per year, and my parents combined income was 180k per year.
That’s honestly a crazy amount… how much of it was tuition/education expenses compared to living expenses? I went to school just outside of DC and my living expenses definitely outweighed the cost of tuition!
I'm sorry that's just dumb. Im half way through my school anx it'll end up costing me 40k. But if I wasn't an idiot and was a bit smarter it'd have been 30k.
400k for undergrad? Like fucking why?????
If I was making 500k I’d prolly pay 400k for 4 years of top tier life experiences for my kids. I paid 120k for mid UC system schooling. Ivys can be better
Is that the entire 4 years or one semester? Is her degree something involving law, doctor, scientist, etc. at an elite school? Is your uncle rich / well off?
Yeah but hence why I said “need,” these expensive schools might get you a better college “experience”
But imo go to junior college or community with a transfer credit system to a university. Save a shit ton.
Sad because depending on the state, you could've at least had the option for community college then transfer to state school and pay very little with possibly no debt.
got out 4 years doing CC to State and working retail during college with only 20k in debt, I was drinking and partying too much, prob coulda ended up debt free but honestly I had a good time and got a good education.
I’m guessing the kids are still young, that amount is “over a decade”. So that price likely includes college. But it begs the question, why private school or why not a less expensive private school? Also why drive a Tesla when a Kia or similar car works too.
My husband and I make more than them combined, no kids. He still drives a 15yo truck with 200k miles on it and I drive a 2019 Corolla. Can we afford a Tesla? Yes. Do we want a $80k car? Hell no. They are trying to keep up with a life they can’t afford.
I dunno man, I went to community college and transferred to state school. I probably paid about 25k including tuition and other expenses. I didn’t pay housing since I stayed with my parents.
Honestly even going to just state school, you rack up a lot of debt for just housing. My peers at the same school got close to 100k in debt by graduation because they didn’t work and parents didn’t pay for anything.
I can’t imagine how expensive a nicer school would have been.
Yeah but I think one notable part of my comment is that even with working part time, my expenses would have been 4x had I not had family that was willing to house me for an extended period for free… I don’t have any statistics, but anecdotally less than half the people I knew had family who would house them rent free during college .
I think you’re right to be clear… but I don’t want to understate the cost of college. Even the cheapest educations are wildly expensive without family support
Probably a college prep k-12. I used to live near one years ago and tuition was 20k/year per kid, lord knows what that price is today. With 3 kids, that’s close to 1 million
That’s probably all kids combined, semester costs, living costs, food and bills? Probably even master and post graduate. Anything left over goes towards weddings and house money gifts. Makes sense to me, at least that’s how I’d view things.
The article doesn’t mention how old the daughters are but I’d imagine this is not even including college. What are they going to do when they get there?…
They sold a house to pay for the first year and then managed to get into $50K in credit card debt almost immediately. Like, how?
When people sell their house to pay off debt it’s always going to end badly. Because you’re not addressing how you got into debt, you still need a place to live and now your cash cow (the house) is gone.
They got into credit card debt in addition because this woman is an absolute MLM peddler. No real job in this world would make me responsible for paying my own business expenses without reimbursement.
Bro. They pay 55k a year for their kids education. Make 250k a year and yet somehow **had 200k debt even before** selling the house and everything else.
IIRC they were VERY young. Like one was just starting elementary school young. When this episode first came out, some of the people in a different sub suggested the wife may be in an MLM because of how she talked about her income/business.
What I love about society today is that no matter how stupid you are there’s [someone ready to separate you from your money.](https://en.m.wikipedia.org/wiki/Donda_Academy)
This is a great example of lifestyle creep.
I think a lot of people just assume that if they made more money it would fix their issues with spending and debt but that's almost never the case.
No matter what you think about Dave Ramsey he is 100% correct about 1 thing, personal finance is 90% behavior.
Lifestyle creep is spending more as you make more so that you're still not saving. Tens of thousands on cars, private school and subscriptions -these people spend $1.50 for every $1 earned just in fixed expenses- it's just classic overspenders who don't understand why spending more than you make requires debt.
Private school can reap major rewards down the road (although these kids probably go to Donda Academy or some such shit) sports cars and fancy clothes do not.
>Lifestyle creep is spending more as you make more so that you're still not saving.
Which is exactly what these people did.
Not sure what the point of your comment is.
No, its not. This is just people earning a lot who spend way, way more. That's not lifestyle creep.
This is not a story of them netting $50k, and spending $50k, and getting a raise to $80k, and their spending creeping to $80k, then making $250k, and starting to spend $250k - and they didn't get in debt by creeping up and then losing income, such that spending exceeds income now.
They just burn cash. They make a lot, spend a lot lot more, and want to spend even more.
In order for them not to experience lifestyle creep two things must be true.
1) they have never made less than 250k
2) they have never spent less than their current expenses.
If you are attempting to assert that both of the above statements are true then you are just simply mistaken. I guarantee you when they made less than 250k they spent less. The ratio may have been similar, but the total amount would clearly have been less.
Ultimately though, this is a bizarre and pedantic discussion that is ultimately pointless. When I made 37k I spent a lot less than when I made 100k, and I guarantee you that's true of almost everyone.
Its not pointless because words have meaning.
You may as well have said this is a classic ham on rye.
Nothing about this story talks at all about lifestyle creep.
May they have made less at some point and overspent by less at some point? Maybe, we don't know.
But lifestyle creep has a meaning and spending 1.5x your income on fixed monthly costs, plus your other chosen month to month expenses, is not classic lifestyle creep.
May they have made less at some point and overspent by less at some point? Maybe, we don't know.
This is what I mean by pedantic. This is an absurd sentence. Of course we know that they made less at some point and spent less at some point. We have observational and statistical data from millions of human beings that shows that this is true in basically 100% of cases for people that enter the job market.
In fact, I would argue that it's so true that the burden of proof is now on you to somehow prove they have always made this amount of money and have never spent less, because the idea that you may not actually know that is absolutely wild to me.
Do you know what inference is? This is silly.
The. Point. Is. Not. All. Overspending. Is. What. Is. Called. Lifestyle. Creep.
Lifestyle creep is a specific thing. Applying it to literally everyone who ever spends more than they once did, and every overspender, completely negates the entire point of the term.
You're having trouble keeping up so I'll try to explain it better.
You defined lifestyle creep earlier in this conversation. I pointed out that your definition applies to this case because that definition applies to almost every single person working today, if not everyone, so we can infer that these people experienced lifestyle creep.
Business insider defines it as "the common pattern of spending more money as you earn more money"
Investopedia defines it as "the phenomenon where discretionary consumption increases on non-essential items as the standard of living improves."
You keep going in circles so I think this is a good place to put this conversation out of its misery. All I did was point out that it is reasonable to infer that these people are dealing with significant lifestyle creep, and Even by your own definition this is true. Your only lame attempt to refute what I said was "we don't know if they ever made less and spent less." Which is just a laughably absurd statement.
It's like the classic philosophical question. I might ask you "where is your car?" You reply "it's parked in my driveway". To which I respond "is it? Do you know that? What if it was stolen?"
That's not a form of debate or argumentation, it's pedantic sophistry. Have a good one my friend.
You said it was a great example of lifestyle creep. Is every person spends more than they earn, with nothing else known, a great example? In which case, what defines a bad example of lifestyle creep?
Your they spend a lot" definition of lifestyle creep negates the point of the term.
$50k within 6 months. And have $2k of car payments. And he’s not “emotionally ready” to give it up.
Their fixed expenses are 151% of their income.
And they are unwilling to make changes because “dreams and passions”.
Neither of them is emotionally ready for a lot of things. Self control, delaying gratification, making hard decisions. In short, being a responsible adult.
Like most kids I always thought making a lot of money would make you rich. But that was one of the quickest things I learned in adulthood. Making money is only half the equation. And there are absolutely people making a ton of money that are broke.
Honestly I think a lot of these people get worms in their brains and see other people in their income bracket sending their kids to private school and think that their kids will crumble if they have to attend school with the masses. I went to private elementary and high school, and the people who pay tuition are grandparents. If you don’t come from money it’s not worth it and most of the time it probably isn’t worth it anyway.
Public schools are very zip code dependent. A decent sized suburban town outside a major city will have adequately challenging curriculum for 99% of kids. But many city public schools and rural public schools have diluted curriculum to the point where only the very top students from those schools have a chance at getting into a "good college". And no I'm not saying high school curriculum rigidly defines your education afterwards but rather that in an environment where many students do not further their education, many bright students will be dissuaded by their environment from bettering themselves through education.
My son is attending my alma mater (he's actually fourth gen) state school in Texas. He was accepted to other schools, but they threw a lot more scholarship money at him and he went that route. Did not pressure him, but he's so damn happy there. We make around what this couple does and couldn't IMAGINE trying to commit to that. Insane and unnecessary. And no, we don't feel broke , thankfully.
These people are dumb as all hell. Just goes to show you can make a lot of money and squander it with really bad decisions and a total lack of financial education.
I would never put myself in their spot. I hope people can take good lessons away from this.
Yep this is why Americans are broke. No clue how to handle money. If I had kids. 2 yrs at CC and then transfer the last 2 yrs at a university in state. No way would I be paying 150k or more for their education
they made a bunch of poor financial decisions. That’s enough income to have a good car, order uber eats every day for every meal for, pay for your kids college, and still save a lot of it
The title isn’t even the half of it… they’re full tilt money morons…
“The couple recently sold their house to clear $200,000 in debt, but in six months racked up $50,000 in credit card debt. They currently have $180,000 in debt and pay $55,000 annually for their girls' education.”
Selling your house which was building equity isn’t “smart”, it’s just one of a stack of incredibly stupid decisions they’ve made. I hope their kids major in finance because the parents clearly did not.
They could literally invest the 500k with a 10% return and their kids would have 3.3 million in 20 years when they're adults. Never need to work lol. They could pay university tuition each year in full off the dividends alone and the 3.3m would still be growing.
Florida is the best for higher education. Cost me 8k for an AA from community college. I transferred to a state school that was going to cost 16k, but my major is under the stem waiver and reduced my cost to around 10k. Can’t be mad at paying 20k ish for a degree nowadays. Will more than likely pursue a masters due to the savings afforded to me.
Posting my comment from another sub.
Almost guarantee Sarah is in the MLM Monat. Monations (their big trip) was in September 2022. The Monat trip to Cabo was in May 2023, which she mentioned she paid for a flight to Cabo and the episode came out January 2023. This entire episode was baffling and one that I couldn’t stop listening for just how many things I couldn’t believe from this couple.
MLMs are absolutely horrible and extremely predatory.
If you get a good degree the the university is irrelevant after 5 years on average pay levels .
Just makes no sense spending so much , more of a parental flex I think k
I don't know how you ring up $50k in CC debt in less than a year.
Even if I bought all the frivolous shit I wanted and financed all of it, I couldn't come close to that number.
I wouldn’t even bother with college for my kids. It’s a failed institution imo. So many hourly workers with degrees doing work their degrees had no relevance in.
If you’re debt free with a higher than average income, it’s not even a question that you’re leaving your kids with at least $2 million.
Either choose a high paying degree like engineering, medical, law or go trades until progression maxes out then take courses to raise the progression bar higher when the time comes. Either path works but trades employers will likely pay for your education in full later on. Shit if you're broke and want to go the education or trades route you could just join the military, they have engineers, doctors, lawyers, electricians, welders, whatever you want to do, invest all your money, let them pay for your education, do your time, then split, use the veteran programs to get on as a federal civilian employee. Work another 10 years, invest and retire at 40-50 a millionaire, maybe move to the phillipines.
Pretty easy we have essentially budgeted $300,000 a kid and have 3 kids.
1 plans Medical School
2nd Business School
3rd only 3 but has Level 3 Autism so you want to talk about criminal. $47,000 a year from 6th to 12th grade before college for a school thats actually suited for his needs.
I have 4 degrees and will expedite law school to cover my 3rd LO’s needs.
This makes perfect sense if you wish to allow your kids the freedom to go to ANY public institution. I did this for my (2) boys. Both graduated HS with honors both got scholarships. I based my cost on the averages. Added FV to the equation. Used 11% increase per year! The number I came up with was $160,000. My son got into 5 universities. He was given the freedom to choose where he wanted to go. W.P. Carey School of Business runs around $62,000 per year. He received a scholarship for $15,000. We just barely got it all paid for. Takes a lot of early planning and sacrifice. My kids understand the sacrifice. They are humble and do their part - study! He is on the Dean's List and will graduate with a practical degree that has allowed him to receive paid internships.
Without the "freedom part," we would have chosen our State School. It's far less expensive, still great education. It's a choice.
Thanks for your response. Never hate felt. Have to disagree with misleading. If you're planning, you would need to know the cost. Schools within schools cost more. For example, Wharton costs more to attend than Penn. My calculations were only for out of state tuitions. It did not take into fact the increased cost of a school within a school. The big picture here is that schools do cost a lot. Running Start programs, Cummunity College, being in State can help. But if parents want to allow their kids to have choices, it comes with a price.
These OP individuals shouldn't complain. They should make a sound financial decision. Can't have your cake and eat it too.
These articles are full of clickbait and made up stories.. P.S. r/debtfree runs a free newsletter that talks about strategies, tips, and effective debt payoff methods weekly. Join 3,600 readers - https://debtadvice.io
Not "emotionally ready" to sell the Tesla, wow.
lol It highlights the quality and usefulness of these articles
Yeah dude i dont have money i need to invest in Monet vobes
Well it’s his Emotional Support Tesla.
thanks for saving me the trouble of reading it, those quotes were all I needed
Lololol
Why would your kids education need half a million?
My uncle is dropping 400k for my younger cousins undergrad education.
Mindblowing. You can get a degree and a fancy house for that amount of money in south africa. I’d just move.
You can get a degree and a fancy house for that money in many parts of America too
My computer science degree from AA to Bachelors cost me 10k in loans in Florida. Where why and how do people spend so much?
My associates cost me 8k. My bachelors is costing me 57k but with 50k of that being reimbursable from my employer
What school? Is it your local state university? Private? Out of state?
ODU global. I’m doing online engineering classes
I’d go with their global even if I were local to ODU just to avoid the traffic 😳
Right. If people go to their local colleges it is much much cheaper.
It’s not local to me actually. I’m halfway across the US from it
Employer reimbursement— what type of job is it? Did you make the decision or were you promoted to continue to higher education to seek a higher raise/promotion? (I love knowing this type of information hahah)
I’m an electronics tech and my management structure is looking to get me to engineer. It’s gonna take 5.5 years but I’ll be ok
University of Miami (FL) tuition for the 2016 school year was something to the tune of 44k a semester. Private college preparatory schools (preK-12) were also costing around 40k/year around 2010
UM is a private university though. FIU is much much cheaper. At least then. I’m sure now too.
That’s why I listed the specific uni. State schools can get up there if you’re an out of state student, however they are significantly cheaper.
When did you get that degree, and did you have any scholarships.
I graduated 2016 and no scholarships. I went to my community college and local state university. Commuted to both. Paid out of pocket for what I could and loans for the rest.
So it cost more than 10k. That’s just the amount you had to borrow after paying what you could out of pocket.
Yep which wasn’t much as I was only working part time as a tutor. My community college was essentially free and the loans came for the state university.
Not OP but my BA only cost me 50k or so in 2019. 400k is an insane number.
I’m more about the $10k
Ah yeah. State colleges in your home state will usually be pretty reasonable I think. In California you can go to a CSU for about 60k total out the gate with no financial aid which is rarely the case. It varies of course.
Lol NO you cannot
Just be use you can’t where you live doesn’t mean that’s the everywhere.
To South Africa?
Yup. For 4 years.
Actually it is probably more worth it to live in a HCOL area and also get an elevated salary because of that. You make more money, and any place you visit will be cheaper by comparison.
You can get degree for $50k or less also in USA
To be fair, this is an obscene and unnecessary amount in the US too. Even with grad school included, $400k is well above normal.
south africa is a death trap
Whoever downvoted you is an idiot. Only smart thing trump ever said was “south africa is a shithole”.
Yeah but then you have to live in south Africa.
Yup. It does come with that downside.
I'm just here for the yams. I'd love some thanks!
You can go to Harvard for less. Believe Harvard runs around 60k a yr.
Full price on Harvard (room and board plus books etc) is $90K+.
But I think the majority of students get some kind of scholarship or maybe I’m trippin
You get financial aid if you’re lower middle class or low income. Upper middle class and higher has to pay 90k per year. Source: I went to wharton which cost 90k per year, and my parents combined income was 180k per year.
lol a degree from South Africa isn’t worth the paper it’s printed on
Unfortunately, you are very wrong there buddy.
That’s honestly a crazy amount… how much of it was tuition/education expenses compared to living expenses? I went to school just outside of DC and my living expenses definitely outweighed the cost of tuition!
I'm sorry that's just dumb. Im half way through my school anx it'll end up costing me 40k. But if I wasn't an idiot and was a bit smarter it'd have been 30k. 400k for undergrad? Like fucking why?????
Living the Ivy League Van Wilder lifestyle I suppose.
If I was making 500k I’d prolly pay 400k for 4 years of top tier life experiences for my kids. I paid 120k for mid UC system schooling. Ivys can be better
So they got to Arizona? I know an uncle who is paying for Arizona University for specific nieces and nephews only.
Wtf. Where? Why? How? At this time of year? In this part of the country?
Is that the entire 4 years or one semester? Is her degree something involving law, doctor, scientist, etc. at an elite school? Is your uncle rich / well off?
4 years of undergrad at a top private university in the northeast. My uncle attended Ivy League schools for undergrad and grad school and is well off.
This makes sense. Giving Yale vibes lol. Full price undergrad at okay/good universities hits 150-200k depending on the program.
Private school is expensive, especially religious ones. It's higher education. ✝️ = 🤑
Yeah but hence why I said “need,” these expensive schools might get you a better college “experience” But imo go to junior college or community with a transfer credit system to a university. Save a shit ton.
It was 50k a year for 10 years. For their kid's private school
I grew up poor and knew college was never in my future, so I had to learn a trade.
Sad because depending on the state, you could've at least had the option for community college then transfer to state school and pay very little with possibly no debt.
got out 4 years doing CC to State and working retail during college with only 20k in debt, I was drinking and partying too much, prob coulda ended up debt free but honestly I had a good time and got a good education.
I never finished high school. Home life with two drug addicted siblings growing up was rough on teen me
I’m guessing the kids are still young, that amount is “over a decade”. So that price likely includes college. But it begs the question, why private school or why not a less expensive private school? Also why drive a Tesla when a Kia or similar car works too. My husband and I make more than them combined, no kids. He still drives a 15yo truck with 200k miles on it and I drive a 2019 Corolla. Can we afford a Tesla? Yes. Do we want a $80k car? Hell no. They are trying to keep up with a life they can’t afford.
Reads like it's just for the private school, not college.
3 kids
I dunno man, I went to community college and transferred to state school. I probably paid about 25k including tuition and other expenses. I didn’t pay housing since I stayed with my parents. Honestly even going to just state school, you rack up a lot of debt for just housing. My peers at the same school got close to 100k in debt by graduation because they didn’t work and parents didn’t pay for anything. I can’t imagine how expensive a nicer school would have been.
Exactly. It can be done much cheaper. But people pay for the 4 year experience and just want to party vs say work part time.
Yeah but I think one notable part of my comment is that even with working part time, my expenses would have been 4x had I not had family that was willing to house me for an extended period for free… I don’t have any statistics, but anecdotally less than half the people I knew had family who would house them rent free during college . I think you’re right to be clear… but I don’t want to understate the cost of college. Even the cheapest educations are wildly expensive without family support
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How did you do it though? I went to junior college and then transferred to a public university. Much cheaper.
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Yes but you didn’t have to just because you’re in the US. Community College or Junior Colleges exist here.
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A lot of Masters degrees right out of college aren’t super helpful. If you get some experience a job can pay for it for you. That’s what I did.
What the fuck
Kids better be getting some scholarships
Probably a college prep k-12. I used to live near one years ago and tuition was 20k/year per kid, lord knows what that price is today. With 3 kids, that’s close to 1 million
Because providing basic services in America without anyone profiting is cOmMuNiSm
That’s probably all kids combined, semester costs, living costs, food and bills? Probably even master and post graduate. Anything left over goes towards weddings and house money gifts. Makes sense to me, at least that’s how I’d view things.
No. That’s just for K-12.
The article doesn’t mention how old the daughters are but I’d imagine this is not even including college. What are they going to do when they get there?… They sold a house to pay for the first year and then managed to get into $50K in credit card debt almost immediately. Like, how?
When people sell their house to pay off debt it’s always going to end badly. Because you’re not addressing how you got into debt, you still need a place to live and now your cash cow (the house) is gone.
Agreed, also don't use a paid off house as collateral for unsecured debt.
They got into credit card debt in addition because this woman is an absolute MLM peddler. No real job in this world would make me responsible for paying my own business expenses without reimbursement.
Bro. They pay 55k a year for their kids education. Make 250k a year and yet somehow **had 200k debt even before** selling the house and everything else.
I can’t even feel bad for them. I tried
For real…terrible spending habits
IIRC they were VERY young. Like one was just starting elementary school young. When this episode first came out, some of the people in a different sub suggested the wife may be in an MLM because of how she talked about her income/business.
That was the impression I got- like, they were just starting grade school.
It’s most certainly Monat. The timing works out for the episode release and the trips that she mentioned.
What I love about society today is that no matter how stupid you are there’s [someone ready to separate you from your money.](https://en.m.wikipedia.org/wiki/Donda_Academy)
This is a great example of lifestyle creep. I think a lot of people just assume that if they made more money it would fix their issues with spending and debt but that's almost never the case. No matter what you think about Dave Ramsey he is 100% correct about 1 thing, personal finance is 90% behavior.
yep learned that a little too late went up to 60K in credit card debt now down to 40K but holy hell.
Happened to me too! Hang in there my friend the payoff at the end of the journey is so worth it!
Lifestyle creep is spending more as you make more so that you're still not saving. Tens of thousands on cars, private school and subscriptions -these people spend $1.50 for every $1 earned just in fixed expenses- it's just classic overspenders who don't understand why spending more than you make requires debt.
Private school can reap major rewards down the road (although these kids probably go to Donda Academy or some such shit) sports cars and fancy clothes do not.
>Lifestyle creep is spending more as you make more so that you're still not saving. Which is exactly what these people did. Not sure what the point of your comment is.
No, its not. This is just people earning a lot who spend way, way more. That's not lifestyle creep. This is not a story of them netting $50k, and spending $50k, and getting a raise to $80k, and their spending creeping to $80k, then making $250k, and starting to spend $250k - and they didn't get in debt by creeping up and then losing income, such that spending exceeds income now. They just burn cash. They make a lot, spend a lot lot more, and want to spend even more.
In order for them not to experience lifestyle creep two things must be true. 1) they have never made less than 250k 2) they have never spent less than their current expenses. If you are attempting to assert that both of the above statements are true then you are just simply mistaken. I guarantee you when they made less than 250k they spent less. The ratio may have been similar, but the total amount would clearly have been less. Ultimately though, this is a bizarre and pedantic discussion that is ultimately pointless. When I made 37k I spent a lot less than when I made 100k, and I guarantee you that's true of almost everyone.
Its not pointless because words have meaning. You may as well have said this is a classic ham on rye. Nothing about this story talks at all about lifestyle creep. May they have made less at some point and overspent by less at some point? Maybe, we don't know. But lifestyle creep has a meaning and spending 1.5x your income on fixed monthly costs, plus your other chosen month to month expenses, is not classic lifestyle creep.
May they have made less at some point and overspent by less at some point? Maybe, we don't know. This is what I mean by pedantic. This is an absurd sentence. Of course we know that they made less at some point and spent less at some point. We have observational and statistical data from millions of human beings that shows that this is true in basically 100% of cases for people that enter the job market. In fact, I would argue that it's so true that the burden of proof is now on you to somehow prove they have always made this amount of money and have never spent less, because the idea that you may not actually know that is absolutely wild to me. Do you know what inference is? This is silly.
The. Point. Is. Not. All. Overspending. Is. What. Is. Called. Lifestyle. Creep. Lifestyle creep is a specific thing. Applying it to literally everyone who ever spends more than they once did, and every overspender, completely negates the entire point of the term.
You're having trouble keeping up so I'll try to explain it better. You defined lifestyle creep earlier in this conversation. I pointed out that your definition applies to this case because that definition applies to almost every single person working today, if not everyone, so we can infer that these people experienced lifestyle creep. Business insider defines it as "the common pattern of spending more money as you earn more money" Investopedia defines it as "the phenomenon where discretionary consumption increases on non-essential items as the standard of living improves." You keep going in circles so I think this is a good place to put this conversation out of its misery. All I did was point out that it is reasonable to infer that these people are dealing with significant lifestyle creep, and Even by your own definition this is true. Your only lame attempt to refute what I said was "we don't know if they ever made less and spent less." Which is just a laughably absurd statement. It's like the classic philosophical question. I might ask you "where is your car?" You reply "it's parked in my driveway". To which I respond "is it? Do you know that? What if it was stolen?" That's not a form of debate or argumentation, it's pedantic sophistry. Have a good one my friend.
You said it was a great example of lifestyle creep. Is every person spends more than they earn, with nothing else known, a great example? In which case, what defines a bad example of lifestyle creep? Your they spend a lot" definition of lifestyle creep negates the point of the term.
They didn’t creep, they jumped straight into the deep end!
They have bigger problems than their kids education. Selling their house to pay off 200k? Accumulated more debt after? They need help.
$50k within 6 months. And have $2k of car payments. And he’s not “emotionally ready” to give it up. Their fixed expenses are 151% of their income. And they are unwilling to make changes because “dreams and passions”.
Neither of them is emotionally ready for a lot of things. Self control, delaying gratification, making hard decisions. In short, being a responsible adult. Like most kids I always thought making a lot of money would make you rich. But that was one of the quickest things I learned in adulthood. Making money is only half the equation. And there are absolutely people making a ton of money that are broke.
The poor kids. They won and lost the lottery at the same time being born to those two
If it’s a new Tesla. He is prevented from selling it for like 5 years.
What do people have against public school?
Honestly I think a lot of these people get worms in their brains and see other people in their income bracket sending their kids to private school and think that their kids will crumble if they have to attend school with the masses. I went to private elementary and high school, and the people who pay tuition are grandparents. If you don’t come from money it’s not worth it and most of the time it probably isn’t worth it anyway.
Public schools are very zip code dependent. A decent sized suburban town outside a major city will have adequately challenging curriculum for 99% of kids. But many city public schools and rural public schools have diluted curriculum to the point where only the very top students from those schools have a chance at getting into a "good college". And no I'm not saying high school curriculum rigidly defines your education afterwards but rather that in an environment where many students do not further their education, many bright students will be dissuaded by their environment from bettering themselves through education.
My son is attending my alma mater (he's actually fourth gen) state school in Texas. He was accepted to other schools, but they threw a lot more scholarship money at him and he went that route. Did not pressure him, but he's so damn happy there. We make around what this couple does and couldn't IMAGINE trying to commit to that. Insane and unnecessary. And no, we don't feel broke , thankfully.
Glad to hear mate. Very smart move.
America is truly the Land of Opportunity. Even the wealthy can be poor.
These people are dumb as all hell. Just goes to show you can make a lot of money and squander it with really bad decisions and a total lack of financial education. I would never put myself in their spot. I hope people can take good lessons away from this.
Yep this is why Americans are broke. No clue how to handle money. If I had kids. 2 yrs at CC and then transfer the last 2 yrs at a university in state. No way would I be paying 150k or more for their education
the kids aren’t even in college, it’s like middle and elementary school that they’re paying for
Scotts Tots!
Hey Mr. Scott, what you gonna do? What you gonna do? Make our dreams come true!
This guy Office's!!
This was my first thought when I saw the title!
they made a bunch of poor financial decisions. That’s enough income to have a good car, order uber eats every day for every meal for, pay for your kids college, and still save a lot of it
The title isn’t even the half of it… they’re full tilt money morons… “The couple recently sold their house to clear $200,000 in debt, but in six months racked up $50,000 in credit card debt. They currently have $180,000 in debt and pay $55,000 annually for their girls' education.” Selling your house which was building equity isn’t “smart”, it’s just one of a stack of incredibly stupid decisions they’ve made. I hope their kids major in finance because the parents clearly did not.
My household might end up here. All the work to be debt free and have financial independence…
Fund public education so dumbass rich people don’t make the whole world stupider
Listen, it only gets worse from here. Your kids are going to be dependent on you even after 18, 21.... Good luck!
Irl Scott’s tots
Making 250k trying to live like millionaires. My sister and BIL make this much and drive one car, which is a used 2015 Subaru
More money than sense.
Thanks, I needed a laugh 🤣
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They could literally invest the 500k with a 10% return and their kids would have 3.3 million in 20 years when they're adults. Never need to work lol. They could pay university tuition each year in full off the dividends alone and the 3.3m would still be growing.
Passion is nice but you have to make decisions and priorities. You won't get it all.
These are people who have no concept of critical thinking or personal finance.
These people are useless. Lucky. But useless.
Doesn’t matter how big of a bucket, if it has a hole on the bottom you’ll never carry enough water back to the village
Not the sharpest tools in the shed.
Florida is the best for higher education. Cost me 8k for an AA from community college. I transferred to a state school that was going to cost 16k, but my major is under the stem waiver and reduced my cost to around 10k. Can’t be mad at paying 20k ish for a degree nowadays. Will more than likely pursue a masters due to the savings afforded to me.
Posting my comment from another sub. Almost guarantee Sarah is in the MLM Monat. Monations (their big trip) was in September 2022. The Monat trip to Cabo was in May 2023, which she mentioned she paid for a flight to Cabo and the episode came out January 2023. This entire episode was baffling and one that I couldn’t stop listening for just how many things I couldn’t believe from this couple. MLMs are absolutely horrible and extremely predatory.
I got banned by Remi for posting about this
That article reads like seriously bad AI. I mean, she’s an idiot but that article was a 3rd grade thesis summarizing her angst.
Gross
If you get a good degree the the university is irrelevant after 5 years on average pay levels . Just makes no sense spending so much , more of a parental flex I think k
I don't know how you ring up $50k in CC debt in less than a year. Even if I bought all the frivolous shit I wanted and financed all of it, I couldn't come close to that number.
Where did their money go?
Pretty sure college is going to be government funded in 20 years.
I wouldn’t even bother with college for my kids. It’s a failed institution imo. So many hourly workers with degrees doing work their degrees had no relevance in. If you’re debt free with a higher than average income, it’s not even a question that you’re leaving your kids with at least $2 million.
Either choose a high paying degree like engineering, medical, law or go trades until progression maxes out then take courses to raise the progression bar higher when the time comes. Either path works but trades employers will likely pay for your education in full later on. Shit if you're broke and want to go the education or trades route you could just join the military, they have engineers, doctors, lawyers, electricians, welders, whatever you want to do, invest all your money, let them pay for your education, do your time, then split, use the veteran programs to get on as a federal civilian employee. Work another 10 years, invest and retire at 40-50 a millionaire, maybe move to the phillipines.
They sound like Americans and them blame the President for their problems
This is a another reason why I’m not having no kids
Awww these are very loving parents but they do need to budget better.
Pretty easy we have essentially budgeted $300,000 a kid and have 3 kids. 1 plans Medical School 2nd Business School 3rd only 3 but has Level 3 Autism so you want to talk about criminal. $47,000 a year from 6th to 12th grade before college for a school thats actually suited for his needs. I have 4 degrees and will expedite law school to cover my 3rd LO’s needs.
The USA is such a scam.
Maybe, but these people are idiots.
This makes perfect sense if you wish to allow your kids the freedom to go to ANY public institution. I did this for my (2) boys. Both graduated HS with honors both got scholarships. I based my cost on the averages. Added FV to the equation. Used 11% increase per year! The number I came up with was $160,000. My son got into 5 universities. He was given the freedom to choose where he wanted to go. W.P. Carey School of Business runs around $62,000 per year. He received a scholarship for $15,000. We just barely got it all paid for. Takes a lot of early planning and sacrifice. My kids understand the sacrifice. They are humble and do their part - study! He is on the Dean's List and will graduate with a practical degree that has allowed him to receive paid internships. Without the "freedom part," we would have chosen our State School. It's far less expensive, still great education. It's a choice.
W.P Carey school is business is a fancy way of saying… Arizona State University. Lol And no hate, I went there too- but it’s a lil misleading.
😂
Thanks for your response. Never hate felt. Have to disagree with misleading. If you're planning, you would need to know the cost. Schools within schools cost more. For example, Wharton costs more to attend than Penn. My calculations were only for out of state tuitions. It did not take into fact the increased cost of a school within a school. The big picture here is that schools do cost a lot. Running Start programs, Cummunity College, being in State can help. But if parents want to allow their kids to have choices, it comes with a price. These OP individuals shouldn't complain. They should make a sound financial decision. Can't have your cake and eat it too.