# So I'm watching TV, and the people are



## GeorgiaXplant (Aug 22, 2019)

"spending money they don't have" and living large in a big house, own a boat and lake property, expensive cars, eat out. How is that possible? I mean...I get that you can spend on credit cards, but eventually they'll be maxed out. What happens where there's no more "money" on the credit cards? What am I missing?


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## RadishRose (Aug 22, 2019)

File bankruptcy, I guess. I read that some people actually believe winning a lottery will save them. Or, they're awaiting an inheritance.   who can figure them out?


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## GeorgiaXplant (Aug 22, 2019)

Yabbut how do they keep spending if there's no money to spend? It's not like you can waltz into a supermarket, load up with groceries, and waltz out the door without paying. Or pull up to the gas pump, fill up, and drive away. How would they keep the utilities on or pay the phone bill? There are some things that just plain REQUIRE money.


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## RadishRose (Aug 22, 2019)

Well, if I couldn't produce a card, cash or check at the store, They won't let me take anything and my power would be shut off. Never saw anyone that did. Not sure I follow you.


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## Aunt Bea (Aug 23, 2019)

_"If you find yourself in a hole, stop digging." _- Will Rogers


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## toffee (Aug 23, 2019)

maybe they are rich and spending the --interest it  makes --


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## fmdog44 (Aug 23, 2019)

Many decades ago my buddy somehow figured out one can max out credit cards then not pay any of the bills and then get more credit cards without blinking. He never told me how he did it and actually I was not interested.


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## Liberty (Aug 23, 2019)

A few years ago our business partner was buying and selling used Rolls Royces.  A guy flew into the local airport in a private jet and looked at the car.  Said he wanted to have it taken to Florida.  Long story short, our business partner was so awed over the fact the guy smooshed him and had a jet, he let him have the car picked up without getting the money first.  He never did get the money and later it was traced to a "chop shop" in Florida. 

These folks have more ways of impressing people and getting "free stuff" than you could ever imagine.  Even when they make good money, some will live larger than life (over the top) and supplement their "income" with 
these scams  I'm guessing.  It does take two to tango though, doesn't it.


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## JimW (Aug 23, 2019)

GeorgiaXplant said:


> Yabbut how do they keep spending if there's no money to spend? It's not like you can waltz into a supermarket, load up with groceries, and waltz out the door without paying. Or pull up to the gas pump, fill up, and drive away. How would they keep the utilities on or pay the phone bill? There are some things that just plain REQUIRE money.



I used to work with a guy who told me he would take turns with his wife maxing out credit cards and whatever loans they could get on his credit, they would ride that out as long as they could around 5 or 6 years, then he would file bankruptcy and the wife would take her turn on the credit wheel and she would eventually file bankruptcy. I'm not sure how true this story is, but it sounds feasible.

There are so many people living beyond their means these days, it's nuts.


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## Knight (Aug 23, 2019)

GeorgiaXplant said:


> "spending money they don't have" and living large in a big house, own a boat and lake property, expensive cars, eat out. How is that possible? I mean...I get that you can spend on credit cards, but eventually they'll be maxed out. What happens where there's no more "money" on the credit cards? What am I missing?


 Not much to go on. What program were you watching?


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## GeorgiaXplant (Aug 23, 2019)

That was yesterday. I've already forgotten!


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## Lara (Aug 23, 2019)

GeorgiaXplant said:


> That was yesterday. I've already forgotten!


It's good you've forgotten because God's watching them. We don't have to. We just have to be informed and stay alert to protect ourselves from scammers.


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## retiredtraveler (Aug 23, 2019)

_"....ValuePenguin found that more than 40% of all US households carry *credit card debt*, with the *average* American household carrying a balance of $5,700. For only indebted households, which excludes people who pay their balances in full every month, the *average debt* is $9,333.Aug 9, 2018..."._
The median debt is only $2300. If you look at credit card debt by age, aged 35 to 65 are significantly higher that overall average. 
For some people, bankruptcy is the answer. But according to stats, 2/3rds of bankruptcies are caused by medical debt.


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## OneEyedDiva (Aug 25, 2019)

GeorgiaXplant said:


> "spending money they don't have" and living large in a big house, own a boat and lake property, expensive cars, eat out. How is that possible? I mean...I get that you can spend on credit cards, but eventually they'll be maxed out. What happens where there's no more "money" on the credit cards? What am I missing?


Curious...how do you know how much money they have or don't have? Were they on a show about financial intervention for people who overspend?  Truthfully, I wonder the same thing about very young people on the house hunting shows that can afford $750,000 (and up) homes, then talk about loving the neighborhood because they can entertain and eat at all the restaurants and yes, maybe buy a boat (if waterfront homes). Where are they getting all this money?  Maybe they've gotten an inheritance, maybe they have high power jobs or successful businesses. I don't know.


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## GeorgiaXplant (Aug 25, 2019)

They must have had a bundle of money because the husband quit his job in a fit of pique, turned into a drunk/drug addict, and spent...I forget...many months in rehab. Those people on the house hunting shows...LOL. Nice house but it's all going to have to be gutted and redone, of course, and that after they spend $100K more than their "budget" allows. He: runs a shoe repair business and has a side gig selling colored pencils to upscale daycare centers; she: illustrates children's books part-time but only part-time because she travels a lot as an entrant in professional dance contests. Or some such!


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## OneEyedDiva (Aug 28, 2019)

GeorgiaXplant said:


> They must have had a bundle of money because the husband quit his job in a fit of pique, turned into a drunk/drug addict, and spent...I forget...many months in rehab. Those people on the house hunting shows...LOL. Nice house but it's all going to have to be gutted and redone, of course, and that after they spend $100K more than their "budget" allows. He: runs a shoe repair business and has a side gig selling colored pencils to upscale daycare centers; she: illustrates children's books part-time but only part-time because she travels a lot as an entrant in professional dance contests. Or some such!


ROFLM*O Georgia!!


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## terry123 (Sep 2, 2019)

The only time I have $1000 on a credit card is when my car and house insurance is due.  I put them both on a rewards card and pay off at the end of the month.  Each month I have a set amount deposited to a separate savings account from my regular account and both pay interest.  When insurance bills come I put on rewards card, pay 10 days before due from savings account that has a little interest on it.  The rewards card is a Kroger credit card that gives points.  They send me a $20.00-$30.00 check to be used at Krogers only depending on how many points I have.  I try to put everything on that card as the points add up and you get double points for in store purchases.  Right now I have a $20.00 check to be used next time I shop.  Will spend when there is a good sale on things I need.  Doesn't sound like much but a few dollars here and there add up. I am going to pay the bills anyway so I might as well get a little extra money where I can.


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## Trade (Sep 2, 2019)

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## Trade (Sep 2, 2019)

In order to maintain the lifestyle of the typical American family as depicted on TV a minimum income of $500,000 per year would be required. This is by design in order to brainwash the public into believeing that they are behind everyone else and need to spend more to catch up.


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## Linda (Sep 3, 2019)

I wonder about that too One Eyed Diva.


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## treeguy64 (Sep 3, 2019)

In my town, Austin, there are many, many multi million dollar homes all over the place. This new highrise that just opened, has $4M units, and it's sold out! Yeah, where are these people getting the money for this type of spending? Janet always tells me that I'm in better shape than most of them, since I own everything in my realm, free and clear. She has said that she's willing to bet that most of the lush life folks are probably so far in hock that they will never be out of debt, in their lifetimes. I could never hack having payments over my head. My folks always said,  "If you can't afford to pay cash for something, you can't afford it, and probably don't really need it." Right or wrong, I learned that lesson, well, and my life has been fine, for learning it.


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## Ken N Tx (Sep 3, 2019)

We put everything over $50 on a rewards credit card, payoff at the end of the cycle.Have phones,Amazon and internet auto charged to the card. Use the rewards to pay Amazon charges..


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## Don M. (Sep 3, 2019)

treeguy64 said:


> My folks always said,  "If you can't afford to pay cash for something, you can't afford it, and probably don't really need it." Right or wrong, I learned that lesson, well, and my life has been fine, for learning it.



I had the same kind of parents, and their lessons have served us well.  The last "interest" I paid was back in the early/mid 1980's when we made our last house payment.  Now, if I don't have the price in my wallet, or checkbook, I probably don't need it.


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## Denise1952 (Sep 11, 2019)

GeorgiaXplant said:


> "spending money they don't have" and living large in a big house, own a boat and lake property, expensive cars, eat out. How is that possible? I mean...I get that you can spend on credit cards, but eventually they'll be maxed out. What happens where there's no more "money" on the credit cards? What am I missing?



Living beyond our means is irresponsible imo.  In other words, more money going out than coming in.  People are doing it all the time though, and I think especially young people that don't quite understand the pitfalls of that, are falling for the "Gold Plastic" and getting all they want (they think) at once instead of learning early on about wisdom in managing your money.


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## Creek Pirate (Oct 17, 2019)

Some experts suggest that *you can afford* a *mortgage* payment as high as 28% of your gross income. *If* true, a couple who earn a combined annual salary of $100,000 *can afford* a monthly payment of about $2,300/month. That *could* translate to a $450,000 loan, assuming a 4.5% 30-*year* fixed rate. 

And that's how they do it. They never really intend to pay it off, it's just an investment. By the way, two engineers that are married can make well over 100K. Not me, but I know there are allot of them.


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## Liberty (Oct 18, 2019)

Well, there are quite a few people out there that make a lot of money. Have a family friend that makes around 5 mil a year!  Have a grandson that's 28 and makes 300 grand a year - paid 1/2 down on his first house. So, if you are into computers with a computer science degree and are truly gifted in IT, there's where the money is; you can write your own career ticket, as well as "doctoring" and business management of course.

There are lots of multi-million dollar homes that never have mortages.  Talk to the real estate agents.  And lets not forget these folks are probaby paying 30 grand and up for yearly property taxes.  There's a lot of cold hard cash money being earned out there right now.


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## Catlady (Oct 18, 2019)

Liberty said:


> if you are into computers with a computer science degree and are truly gifted in IT, there's where the money is



I AGREE!  Computers are the future, people that work in the industry make a lot of money.  I tried to get my grandson to get interested in computers, even bought him a coding book.  In one ear and out the other, very disappointing.  I hope he does good somehow, someway, but I worry about him.


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## Liberty (Oct 18, 2019)

PVC said:


> I AGREE!  Computers are the future, people that work in the industry make a lot of money.  I tried to get my grandson to get interested in computers, even bought him a coding book.  In one ear and out the other, very disappointing.  I hope he does good somehow, someway, but I worry about him.


Told grandson, when all the big guys were courting him with offers..."don't go to work at the G-Spot...any company that gives you milk and cereal wants you to practically live there."

He didn't go there...lol.


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## Liberty (Oct 18, 2019)

PVC said:


> I AGREE!  Computers are the future, people that work in the industry make a lot of money.  I tried to get my grandson to get interested in computers, even bought him a coding book.  In one ear and out the other, very disappointing.  I hope he does good somehow, someway, but I worry about him.


You know, I was thinking...is your grandson mechanically inclined at all?  A friend has a son that wasn't computer inclined, but wound up working for Toyota in the Robotic's  area.  He has excelled rapidly.   Robotics are big and are slated to get much, much bigger.  Humans are needed to run the robotics.  Skilled humans.


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## Catlady (Oct 18, 2019)

Liberty said:


> You know, I was thinking...is your grandson mechanically inclined at all?  A friend has a son that wasn't computer inclined, but wound up working for Toyota in the Robotic's  area.  He has excelled rapidly.   Robotics are big and are slated to get much, much bigger.  Humans are needed to run the robotics.  Skilled humans.


I agree about robotics, not only the mechanical ones but also IA.  I own a few stocks in that category, they're the portal to the future.

Re my grandson, he's handsome and charming and tall and lean, but seems to have no ambition at ALL.  When he was born I deposited $6000 in a stock account (in my name) for him, thinking it would grow and he could use the money for college or his own business or even as a deposit to buy a house.  He's not getting a dime until he wants one of those 3 things and I will personally make the payment.  If I give him the money he will blow it before I say ''Make a wise choice''.  He just turned 18 last month, so we'll see if he grows up in the next few years.


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## Liberty (Oct 18, 2019)

PVC said:


> I agree about robotics, not only the mechanical ones but also IA.  I own a few stocks in that category, they're the portal to the future.
> 
> Re my grandson, he's handsome and charming and tall and lean, but seems to have no ambition at ALL.  When he was born I deposited $6000 in a stock account (in my name) for him, thinking it would grow and he could use the money for college or his own business or even as a deposit to buy a house.  He's not getting a dime until he wants one of those 3 things and I will personally make the payment.  If I give him the money he will blow it before I say ''Make a wise choice''.  He just turned 18 last month, so we'll see if he grows up in the next few years.


Funny you should say that...youngest grandson is 21 and just flunked out of college.  He is  working , and wants to live at home and  "move to LA" next year.  Ask only son (who owns a software company) about inheritance and he said - forget it, 2 kids don't need the money and the other 2 don't deserve it...lol.  Hopefully that will change, you know.  Lot of entitlement issues going on these days.


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## mathjak107 (Oct 18, 2019)

My son is a full partner in one of the countries largest labor law firms with almost 1000 attorneys , although relatively few are full partners .....his wife is a cpa for a famous hedge fund manager and runs the tax dept ....they have an income in the hundreds of thousands


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## fmdog44 (Oct 21, 2019)

I get 3% back with my CC on gas and I buy my gas at Kroger for an additional discount per gallon. Also I just read ordering from Amazon you don't need to be a Prime member. You can sign up for an Amazon Prime Rewards Visa Signature card that offers 5% back on Amazon and Whole Foods purchases.


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## Camper6 (Oct 23, 2019)

If I had to Ido it over I would be a plumber or electrician or carpenter. Trades are always in demand and one of the few where you can go into business for yourself and be your own boss.


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## Aunt Bea (Oct 23, 2019)

I agree that the trades can be a great career choice for young people but often times when you go into business for yourself you stop doing the thing that you love and you start doing the drudge work that you were trying to escape from when you chose a trade.


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## Camper6 (Oct 23, 2019)

Aunt Bea said:


> I agree that the trades can be a great career choice for young people but often times when you go into business for yourself you stop doing the thing that you love and you start doing the drudge work that you were trying to escape from when you chose a trade.


Think of it.  What could be nicer than being your own boss? You could be doing the drudge work for someone else.  What is worse than having a domineering boss?


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## Liberty (Oct 23, 2019)

Camper6 said:


> Think of it.  What could be nicer than being your own boss? You could be doing the drudge work for someone else.  What is worse than having a domineering boss?


That was the main thing we liked about owning our own businesses.  Didn't like accounting, so had a bookkeeper  - ditto for most other things we didn't like.  Found out the business is usually better off if you concentrate on the areas you excel at and hire folks for their expertise, too...and then "let them go", with just occasional monitoring or being available to lend a good ear.

Me, I do poorly at repetition...too creative I guess.


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## Camper6 (Oct 23, 2019)

Liberty said:


> That was the main thing we liked about owning our own businesses.  Didn't like accounting, so had a bookkeeper  - ditto for most other things we didn't like.  Found out the business is usually better off if you concentrate on the areas you excel at and hire folks for their expertise, too...and then "let them go", with just occasional monitoring or being available to lend a good ear.
> 
> Me, I do poorly at repetition...too creative I guess.


Hiring other people is the tough part.  That was part of my job.  Letting people go was even harder.


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## Silverfox (Oct 23, 2019)

I worked as a Pediatric Physician and my late husband worked as a Stock Broker. We made a very good salary together especially as he got more experience in his job. We however chose to live sensibly with our money. Our home is nice, but not over the top. We did travel, but we never went overboard. We planned for more travel but that did not happen because he passed away suddenly and pretty unexpected. I am happy that I am financially secure and can provide for my kids and grandchildren and that is what makes me happy now.


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## RadishRose (Oct 23, 2019)

Silverfox said:


> We did travel, but we never went overboard.


Especially on those cruises, huh?


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## Liberty (Oct 23, 2019)

Camper6 said:


> Hiring other people is the tough part.  That was part of my job.  Letting people go was even harder.


It was incredibly easy for us to hire people.  Seemed like the right folks were always showing up for the right jobs.  In all the years we were in business, we only had to let a few people go, and that was for the on the job issues, not scale down.  We often talked about that fact.


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## OneEyedDiva (Nov 3, 2019)

Ken N Tx said:


> We put everything over $50 on a rewards credit card, payoff at the end of the cycle.Have phones,Amazon and internet auto charged to the card. Use the rewards to pay Amazon charges..


Hey Ken...I've learned to put everything over $8 on my rewards cards.  I used to set it at $10 but found out that stores don't mind charging less than $10 in this soon to be cashless society.  I've gotten back $534 so far this year.


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