Scraping by on $150,000 a year. Are you kidding me?

[Nordmadr]

NEW YORK (Money Magazine) -- If she thought it would really fix her family's finances, Amy Schuett would make it her New Year's resolution to squeeze every bit of extra spending from the family budget.

But she's already slashed so many little luxuries - the gourmet coffee, the restaurant lunches, the weekly dates with husband Brian - that she's fresh out of ideas.
Cable TV? Unplugged. Pool membership? Down the drain.

They've even considered giving up their unlisted phone number. At a cost of $3 a month, this move wouldn't save much - even over, say, 150 years - but it shows how desperate the couple feel about easing their financial strain. "We're struggling week to week to get by," says Brian, 42. "Any money that comes in gets chewed up right away."


http://money.cnn.com/2006/12/13/magazines/moneymag/scraping_by.moneymag/index.htm?cnn=yes

With minimum wage stuck where it is, it is absolutely heinous for CNN to write an article about struggling with $150,000. Oh poor fuckin' them.

[ayeshahaqqiqa]

1. I've never made even a fourth of what she makes

I think for one year, when I was teaching, I made around 30-33K, and that's the tops, folks. I gave up that job and now make a lot less-like about a tenth of her yearly salary. Maybe this person needs to ask folks like me and those who make even less than me how to get by.

[Norquist Nemesis]

2. Have I got a deal for her!

I'll trade paychecks with her.

[Little Wing]

3. $3800 or so every two weeks.

I must be doing something wrong, people who are so dumb they can't live on that are somehow making that much money :think:

[sandnsea]

4. And hey, budget in some fun!!

"The feeling that you can never get ahead can be demoralizing," says Kaplan. So make sure in your zeal to spend less and save more, you still allow yourself a few expenditures that bring your family real pleasure. You just need to figure out in advance how you'll pay for them.

Last year, for instance, Brian's parents gave the Schuetts a horse named Red for their kids to ride. They think it will cost a few hundred dollars a month to feed and care for the animal, and they're willing to give up ballet lessons and gymnastics classes for the girls to pay for it.

The trade-off is worth it, says Brian, because "the kids so love having a horse."



You have just got to be fucking kidding me. A few HUNDRED DOLLARS A MONTH is BUDGETING in some FUN???

Oh for chrissake.

:argh:

[Nordmadr]

5. Yeah, they're talking about cancelling out bills that will save them

$3 a month, but, by all means, keep the horse, and the vacant rental properties. Stupid f*cks.

"Oh please, help me. I don't ever seem to have enough money to put into my Gucci purse".

Grrr....

Olafr

[Burma Jones]

8. If things get really tight, they can eat the horse

[kineneb]

6. little sympathy here, either

since we struggle to live on $14,000 per year.

Hey, lady, time to move to a cheaper house! Or give up on the rat race, and move out to the country. Stop using your credit cards, folks!



Oh, and they will pry my cable modem out of my cold dead fingers (at $56/mo). I will give up my car before my modem service. We are in a dead spot and can't even get FM radio!

[sandnsea]

7. They live in frickin' NEBRASKA

And can't make it on $150,000 a year???? She's a psychiatrist, I'm betting when people in Omaha get wind of this story, she may be out of that $150,000 too. Rural folk tend to expect just a wee bit of common sense among their mental health professionals.

[spinbaby]

12. Yeah, Nebraska

I was expecting San Francisco or New York where it really does cost a bloody fortune to live. In Nebraska, $150,000 is a LOT of money.

[Ignacio Upton]

56. I don't feel sorry for this family

I would if they lived in New York or Boston or San Francisco where the cost of living makes the $100,000 bracket a middle class standard. But they live in a part of the country where the cost of living is cheap. Also, why give up a non-listed phone number but not that pony?

[Deja Q]

69. The girls love the pony...

but after watching an episode of "All in the Family" (season 4), loving the pony may with ketchup be the better thing to do. Horses cost a LOT to raise and maintain. (surely the unlisted number should have been kept, now that this story has gone out?!)

Or maybe they can't get out of their cell phone contract?

[LisaM]

9. Rental properties, a horse, no childcare, and a 3 acre spread

This really sounds more as if it's from the Onion. It sounds to me as if they just overextend. They've already named a second horse that they don't have?

These people need to learn to be satisfied with what they have. They sound greedy.

[tammywammy]

23. I agree

The horse itself is a couple of hundred each month. I would love a couple hundred extra a month. There's more money for 401k and a little to actually put in savings. I'm living paycheck to paycheck, but seriously I don't have a horse and then complain about money.

[sweetheart]

57. If you like horses: Romania

The horses are much cheaper there, as they replace tractors... and people call romania a poor country.
And yet in a rich country, people can't even afford a horse, an item of profulgate luxury.

.. the economic measures that designate one rich and the other poor need to be reviewed.

[renate]

10. the article seemed to address the "whaaa...?" factor

It said repeatedly that it seems weird for people to have a hard time "scraping by" on that much money. In fact, the entire point of the article seems to be the idea of "how on earth can these people be having money problems?"

It wasn't Gucci purses but rental property going unrented that was the biggest problem for the family. Investing in real estate was, until recently, supposed to be a smart move, and although the article doesn't say so, they may have bought the properties before the guy lost his job. So we can't blame these folks for being stupid.

I do think Money magazine should write an article giving suggestions for people making minimum wage... although maybe they haven't done that because there just isn't that much good advice to offer. Sort of like "how do we fix the Iraq problem?"--there simply isn't any good answer.

[Clark2008]

13. But people earning minimum wage aren't going to purchase

Money Magazine.

Think about it.

$150,000 to most of the subscribers of that magazine is probably "poor".

[benddem]

11. wonder what their mortgage is

that's probably the problem. They bought too much house and are now complaining. Boo Hoo

[sharp_stick]

14. And she's a shrink?

150,000 a year and they can't make it work. Christ allmighty, they make me sick. Sell the damned rental properties you clueless idiot and well your at it dump that POS SUV buy a wagon that will save you a fortune on taxes insurance and gas.

[TahitiNut]

19. "Physician, heal thyself" seems to have never been truer.

This should be the poster family for self-gratification. I can only pale at the thought of those four daughters being unleashed upon the world after such parenting.

[valerief]

15. "Oh, but we need our 12-room house for the children and we need

our 2 oversized SUVs and we need, we need, we need, we need."

No wonder other people hate Americans.

[geek tragedy]

16. The point of the article is that if you're not careful

how you spend your money, you'll never have enough. Which is true.

[ComerPerro]

17. maybe this is who Lou Dobbs is always so concerned about

when he talks about the "middle class"

[Alamom]

18. This is very hard to believe, but I've never been there or even

close so I guess it could be true. I can see losing a second income being a big problem, it happened to us but GEEEEEEEZZZZZZ...


Digesting that fact becomes harder when you consider that the Schuetts earn a comfortable living, with Amy, 39, pulling in $150,000 a year as a hospital psychiatrist. True, their income did take a big hit last summer when Brian got laid off from his job as a sales rep for a pharmaceutical firm (he'd been making a base salary of $82,000 a year, plus commissions as high as $24,000).

They WERE use to about 100,000$ more. :sarcasm:

And they do have four daughters to raise, ages four to nine. But still.

4 kids in school...WOW :sarcasm:

The Schuetts don't have any child-care bills (Brian is now a stay-at-home dad). They don't have credit-card debt. They don't splurge on fancy vacations. And they live in a nice but definitely not luxurious home on a three-acre plot in Elkhorn, Neb., just west of Omaha, where the cost of living is, well, livable.


No credit cards, no fancy vacations & no mansion. How in the world is this story true? Someone explain it to me. How can anyone spend this kind of money just living like normal people? :sarcasm:

[mitchleary]

20. ?????

Before her husband was laid off, they were pulling in over 250k? Geez, what rough lives. /sarc

[EnviroBat]

21. Here is central Ohio, we're surrounded with these dipshits...

Fucking moronic, self-indulged assholes. My town is being overrun with dip-shits exactly like this. Time for a financial reality check. Could you imagine people like this having to work on a communal farm? Hilarious.

[KitSileya]

22. Go through this family's trash and find out what they're lying about.

Either find the wrappings of the little luxuries they say they've given up, or the receipts. Find tons and tons of convenience food wrappers and boxes, ('dad can't cook, so it's necessary' :sarcasm:), the starbucks coffee paper cups ('we've given up gourmet coffee, we deserve to spend $2-3 everyday on caramel macchiatos' :sarcasm:) the tags of clothes that's been bought on sale and will never be worn, of toys the kids *must* have, the lunch she buys every day at work, the muffin the husband buys everyday to reward himself for being a house-husband, and so on and so on.

Then scrounge up a copy of Amy Dacyczyn's http://www.amazon.com/Complete-Tightwad-Gazette-Amy-Dacyczyn/dp/0375752250/sr=8-1/qid=1166120322/ref=pd_bbs_sr_1/103-5796332-6367049?ie=UTF8&s=books">The Tightwad Gazette, and get them to read, not the tips on this, that, everything, but the longer pieces on financial philosophy.

Oh, and the advice of automatic withdrawals for saving is good for these airheads, who apparently can't handle money, but for the rest of us, it's better to work out how much you'll use on a monthly average, and anything above that should go into savings. That way, you know you'll have enough money every month, and any windfalls or raises won't expand your expenditures.

[spinbaby]

31. I don't think it's convenience food and lattes that's getting them

It's the bigger things--the unrented properties they're making payments on and the pony. If they ditched the apartments, My Little Pony, the McMansion, and the gas guzzler, they could afford some little luxuries.

[KitSileya]

45. The problem is obviously their financial philosophy.

If they think it's ok to keep the pony and they haven't realized the unrented properties are a financial drain, and done something about it, they have not taken in over themselves how they need to manage their finances. It would seem obvious to me that without that knowledge, they're not doing the small things well either - they save on the showy things, like dropping gourmet coffee, but they probably use more money compensating for that.

Stereotypically, the dad would be using money to compensate for society trying to make him feel like less of a man for being home, while the mother would be compensating for society telling her she's a lousy mom for working. The kids are used to a certain level of consuming, and are probablypushing their parents on it, and unless they find a philosophy behind their frugality, they're not going to be able to educate their kids about it either.

[MissB]

38. Yes to every thing you've said.

We make less than $150k a year (but truthfully not by much less) and I am a huge fan of Amy D. It may be worth their while to check out Your Money or Your Life while they're at it. My relationship with money has changed substantially over the years, in part thanks to those two books.

People like that just make me shake my head. They're so out of touch. A freakin' horse? And probably no emergency fund!

[KitSileya]

50. And no idea how to manage if Mom gets sick or anything.

It's people like these that are a big reason why the planet is going to hell in a handbasket, with their consumerism, and the reason why America is in the middle of a constitutional crisis - they've had theirs, so they haven't been interested in how others are faring. Even if they donate to charities and volunteer in soup kitchens, if they cannot keep a household afloat on $150 000 in Nebraska, with no special circumstances, they cannot have any awareness of life, and society, and how things really work.

[devilgrrl]

24. Wish I made 150k a year but that kind of money doesn't go far these days.

:sarcasm:

Go tell it to a mailman....

[RiverStone]

25. Good Catch! What a bunch of B.S.! Median household income in NE $43,841

Ummmmm. How in hell could folks making 150K a year be living "paycheck to paycheck" unless they have a bunch of extravagance they are NOT willing to unload???

The Median Household Income in Nebraska (2005) was $43,841

see all states here:

http://www.census.gov/hhes/www/income/acscpsinccomp.html

As a divorced Dad supporting 2 kids and making it (barely) on 1/3 that salary, I find Money Mag's example of a struggling family ridiculous. Maybe the editors need to get out more often? :shrug:

[Avalux]

26. I find that article offensive. Why don't they talk to people like me?

Single mother, raising three daughters and managing on a hell of a lot less than these stupid idiots. :grr:

[Fleshdancer]

27. I see...her husband was laid off

HER pay is $150,000 and her husband was pulling in a base pay of $82,000 plus a commission of about $24,000. They were pulling in roughly $256,000 and now they make a little more than half that which explains the "strain" on their finances. If they want to stay a one income household, they're going to have to cut the big stuff too, not just the smaller expenses.

I agree with the OP though. It's absurd to write about people struggling with $150,000 when there are so many Americans who work just as hard with far less.

[bleedingheart]

29. people will adapt to whatever income they have and when

people make a lot of money...a lot of the time they don't save much and then they get a rude awakening when things go wrong.

I remember when I was a kid during the steel era layoffs. My dad was a steelworker at a small mill and didn't make the money that some of the guys at the larger mills made, but my mom was Mrs. Thrifty...she paid off the house, stashed money away and when my dad got laid off for 9 months..it didn't hurt. However when other guys got laid off many had to sell homes immediately because they had overextended themselves.

My father got back to his job and a year before he retired he died but my family never had to suffer because we normally lived well below our income level..

[Fleshdancer]

32. not to toot my own horn, but I adapted very well

Granted my family has never pulled in over $200K, but when we decided to create our own business, we went from a very comfortable $100K to about $30K and the hardest issue remains health care. We sold our house, we went down to one car and stopped buying all the crap we don't need. I actually like it, it feels "cleaner" if that makes any sense.

Our business (now 3 years old) is doing well enough to where our income is starting to rise again but we have no interest in upping our cost of living other than maybe getting a second car. It's just so odd to me what kind of stuff people say they can't live without. The family in the OP article has a freakin' horse for crying out loud. You can't keep a horse and then complain that you can't make ends meet. Insane.

[bleedingheart]

33. I am very uncomfortable with debt

as a result my husband and I live well below our means.

We also have no pension, so we put away money.

As for what you said about feeling cleaner...I totally understand. I have a small house, not much furniture and to be honest I feel much "lighter" and don't feel so burdened by my belongings.

[Deja Q]

70. Or more. And of course the many splintered definition of 'work'.

Some say that listening to people complain (psychiatry) for a living isn't work.

Others say PC support isn't work.

Plenty say fast food work is nothing.

And if you can pass the personality profiling test to get into a retail chain, you're a lucky breed.

And others say administering a file server's bank of user accounts is nothing too.

[bleedingheart]

28. the headline is really misleading

They aren't scraping by...they have just deluded themselves into thinking that they could have "everything" and found that they either ended up in debt or that they find that they have no extra money saved.

These folks were spending all their income and probably didn't have much to show for it in terms of what they owned.

[Jimbo S]

30. We make half that

and are getting by comfortably.

Like Michael Stipe said, "We've confused what we need with what we want."

[MadHound]

34. Scraping by, raising a family of four, on an income of $150,000 in Nebraska

Puhleeze people, give me a break. I could see this if it were in NYC or Long Island, or someplace where the land value is through the roof, but Nebraska?:wtf: I live in Missouri, with similar property values. I have twenty acres, and while my house isn't a McMansion, it is 2700 sq ft, plenty for a family of four. My mortage payment is less than $1000, though I always pay at least ten percent extra in. What, does dad have a secret crack and hookers habit?

Oh, yeah, there it is, first off there's the horse, probably about an extra three to five hundred a month. They got the SUVs to pay off, and lord knows what sort of monster house they've got, hopefully they weren't foolish enough to get an ARM.

Frankly, I think that these people have absolutely no fiscal discipline. They need to start recording every cent they spend, and what it is for. Then I think that they'll find out there's a lot more that they could cut back on. I'd start with the horse first:shrug:

[-..__...]

35. Even poor judges are feeling the pinch...

:nopity:


Scalia Argues for Better Judicial Pay

McLEAN, Va. (AP) -- The federal judiciary will increasingly fail to attract the best-qualified lawyers if judges' pay doesn't improve, Supreme Court Justice Antonin Scalia said Wednesday.

"If you become a federal judge in the Southern District of New York (Manhattan), you can't raise a family on what the salary is," Scalia said during a speech to the Northern Virginia Technology Council.

Federal judges earned salaries of $165,200 in 2006. Scalia said lawyers can easily earn significantly more by staying in the private sector.

The result, Scalia said, is that the judiciary will increasingly appeal only to those who have made a career out of public-sector work.

http://hosted.ap.org/dynamic/stories/S/SCALIA_SPEECH?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT

[natrat]

36. yall are too fucking cruel-the real demons are the top 1/4 % nt

[Rosemary2205]

37. In the short term I sympathize. Long term is another story.

Anyone at any level who gets income chopped by half is going to struggle for the short term. Changing one's lifestyle is never easy, mainly because we all have the habit of living at the maximum of our incomes (and some above their means). If they are carrying a mortgage on a large home, 2 luxury cars, credit cards and are making their own health insurance premiums -- not to mention taxes and other insurance, it could get pretty tight pretty damn quick.

Now in the long term, I hope this teaches them the lesson that living well below one's means and having the money aside to pay the bills for at least a year is a good idea. People at minimum wage could never save that much, but at this level of income there's no excuse to not have a good saving set aside -- even considering the cost of real estate in the big sought after communities. One doesn't HAVE to live in the hot spot no matter what market one lives in.

[huskerlaw]

39. Ok, now that's friggin' bullsh*t

I grew up in Nebraska. I know very well how much it costs to live there. You can buy a McMansion on an acre of land for under $200,000.

Two of my sisters and their families still live in Nebraska. One lives very near where this family does. Neither of them makes $150,000 and yet their kids don't need or want for anything.

Sister A has 3 kids and owns a gorgeous 6 bedroom, 3 bath house in a small town. They've recently renovated, bought all new furniture and a plasma TV. Oh, and a new car. The oldest child dances competitively, so they travel all around the midwest taking her to competitions.

Sister B also has 3 kids and owns a nice 3 bedroom, 3 bath home in suburban Omaha. They just got back from a family vacation to Disney World. The oldest son plays basketball in a select league. They buy that kid more basketball shoes, uniforms, balls, etc. than I can keep track of. The other two kids are in dance classes.

There is NO way that $150,000 isn't enough money to live VERY well in Nebraska. Those people must be PISS poor at money management.

[Gormy Cuss]

41. I think poor money management is the point of the article.

They should be able to live well in the Omaha area on that income with no childcare expenses. They just have no clue how to manage money, which is sad and startling given that these are well educated people.

[huskerlaw]

42. Yes, but

all the article talked about was the Starbucks-spending. The lattes, the cable bill, etc. What I'm saying is that on $150,000 in Nebraska you can afford Starbucks spending. There is NO reason why they shouldn't be able to afford to have those kids in dance class or have cable TV. None. Especially since the article claimed that they don't have any credit card debt. It just doesn't make any sense.

[Gormy Cuss]

54. Agreed. It makes no sense.

They do have a horse and two vacant rental properties. I didn't notice any comment on the monthly costs for those rentals but it has to cost at least a few $100 per month for taxes and insurance. This couple is dumber than a pile of rocks if they can't see how to correct their financial mess WITHOUT a financial adviser. The impression I got from the article is that they're still pouting about their reduced earnings and aren't willing to face reality.

[Dora]

40. Their drain is EXCESS REAL ESTATE.

Deepr in the article it says that they purchased two rental properties that are still unoccupied. That seems like a no-brainer to me: sell the friggin' houses or put tenants in them.

Reminds me of the Enron wife who wept on TV because they had issues of "liquidity."

[The Anti-Neo Con]

43. Crazy!

A family should be able to live like kings in Nebraska on 1/2 of that salary!

[DiverDave]

44. WHAAAAAA!

Fuck em, come live on our salary's,
Takes us 2 years to make what she makes in 1.
stupid. greedy. rich. assholes.

[Dastard Stepchild]

46. This reminds me of a really good book...

I always encourage people to read it:

The Two-Income Trap - Why Middle Class Parents are Going Broke by Elizabeth Warren and Amelia Warren Tyagi

It's very illuminating, and may explain why families such as these are struggling even when, for all practical purposes, they should not be. Based on my limited understanding of their situation, and my rudimentary understanding of microeconomics, it was likely the loss of the 2nd income that hit them. They planned for a life (purchased a house, etc.) built on 2 incomes. Now they have one. Probably royally screwed them in the end.

Anyways.. if you get the chance, the book is quite good.

[misternormal]

47. My wife and I raised 6 kids...

And most of their friends on less than 1/3rd of that...

I have no sympathy for someone that makes that much that can't manage their money...

[Vinca]

48. Are they crack addicts or something?

Who can't make it on that kind of money in Nebraska??? I'm betting if you checked the walk-in closet you'd find Louis Vuitton bags and Manolo shoes.

[zappa_parappa]

49. OH SCREW THIS!! this type of shit makes me want to smack someone

my girlfriend lives on her own in arlington(a far more expensive place than omaha), and owns a fucking horse, and she manages to get by on a waitresses salary. How these idiots are struggling with 150k is beyond me. Heres some advice, sell off one of your acres of land...or get rid of the horse...or some of that vacant property you're holding onto, or have the deadbeat husband get another job.

[Rex]

51. What garbage. No wonder our country is suffering.

Stupid people that can't handle money, just like our government. How typical.

[Ilsa]

52. They must have been raised during the Reagan years, when

people believed that you could spend what you wanted to spend. Your "cut" of the economic boon would come soon to pay for it. People bought into the "but I work hard and am entitled to this..."

[ChaoticSilly]

53. What in the hell is going on in this country?

First we have a congressman complaining that working more than 3 days a week hurts his family life, then judges that can't raise a family on $165k a year, now this idiot can't make ends meet on $150k a year in Nebraska of all places. Meanwhile, minimum wage hasn't been raised in 10 years, the best job many people can get pays under $20k a year (providing they can find a job that hasn't been outsourced yet), millions of people can't afford basic health care and anybody that complains is accused of class warfare.

We are living in a truly sick society.

[LisaM]

55. The husband seems like the problem - won't let go of the empty rentals

which he clearly bought to either a) flip; or b) use to get income on investment. Both are a gamble. Maybe he's got a gambling problem.

I noticed they haven't saved one cent towards college, and they have FOUR kids.

[Lipton64]

58. There's something here the article isn't saying......

Even with 8 kids this isn't a rational article. They have expenses somewhere. Maybe they need to cut back on whatever it is that's gobbling up their money. Like maybe the gas-guzzling SUVs?!?! I'm speculating but it sounds to my ear like that may have something to do with it.

[Selatius]

59. It's so fucking easy: They make 150,000/year and live like they're making 1,500,000/year instead

You can certainly skip the gourmet coffee and the cable bill, if you're too fucking busy splurging the money on big-ass SUVs and a home you can't afford on your salary. What the hell do they have? An adjustable rate mortgage?

[Sapere aude]

60. My wife and I make over $150,000 together. We have two horses and 20 acres in CA.

We don't have much left over either but I am working on paying off debt and then save. I realize how people get into the situation this couple is in. They live at one lifestyle level then have to change when the income drops. It is not so easy to do when you have borrowed to live at the higher life style.

[shanti]

61. they have a horse???

horses are expensive to keep. perhaps they should start there. :eyes:

[Sapere aude]

63. Horses are not so expensive to keep it is the facilities and the horse itself that costs.

The horse can cost anything from free to many, many thousands. The boarding costs several hundred a month and the feed costs several hundred a month.

We spend about $100 a week on feed and then there is the farrier and vet bills. We have our own barn and arena and round pen on 20 acres so we don't pay for board.

If we gave up the horses we would save about $500 a month I think.

[jgraz]

62. Jesus, how can they be so damn clueless

On 150k you can live like a friggin king in the midwest. Even in the Bay Area it gets you a nice little middle-class lifestyle, no problem. Scraping by my ass.

[HeeBGBz]

64. Try living on $12,000

Its a hoot.

[dorktv]

65. This couple really should look at what is costing them the most,

and then decide to get rid of half of it. But Americans no longer know how to save...I know I was not taught that as child.

[JVS]

66. What have they got, fucking cocaine habits

If you make $150,000 a year and need to cut of the cable to make ends meet something is seriously fucked up

[RPM]

67. 4 babies and horse

lots of mouths to feed.

the 150k is funny too because hubby had just lost his 85k job.

[Deja Q]

68. Sick. They make it sound like they're not getting paid enough.

Especially when he still had his $82k job. Combined they had more than plenty for a family of 6.

I dunno what to say. But I'll save the empathy for others, many of which doubtlessly have to raise 4 kids on a combined $50k/yr.

[knitter4democracy]

71. Wow. Just. Wow. We make about that and aren't strapped.

Hubby is an internist. We still owe a lot on his med school loans, so when we had to move a year and a half ago for his new job (that then went bust, so he's on to job #2 in Feb.), we looked for a house that was less than the total amount on the med school loans when he got out of residency. Seemed like a good idea. We were a lot more strapped on cash when it took almost a year for our old house to sell (stupid realtor the first time, great one the second time). We still were able to afford sending our daughter to Catholic school, though.

They are hemorraging money somehow. I'm sure they're still paying her med school loans (most do for twenty years), so there's that, but what cars do they drive? Why are they hanging onto rental properties costing them money? Why the horse? Okay, I understand the horse, but I would sell those houses asap. Are the kids in private school? Pull them out--that many kids, it's tons of money every year they don't have. Take that money, cut it in half, and start college funds for the kids (what we're doing next year when both kids would be in the private school that we wouldn't be able to afford).

How much do they eat out? Does the husband really know how to shop? Are they planning meals or just winging it (you spend more without planning)? How the hell did they survive residency? They need to think like that again.

Sad to say, we know docs in similar situations. They have a super-expensive house that they can't afford, consumer debt from med school and residency (we all do), cars that cost too much, med school loans--they live above their means. Heck, most docs do. It's easy to buy into the expectations crap. When I was looking for the house we're in now, I had to tell off more than one realtor until I found one who listened to me--all the others kept trying to get us into the "doctor neighborhoods" and to spend more than we had.

They can make it quite nicely. They just need to scale down (not cut willy-nilly) and realize that a stay-at-home dad, while great, means less pay coming in. I'd bet they're paying tons for food, cars, and those rentals. They need to start there.

[Blue_Tires]

72. oh ferfuxake

all i want to know is 1. how these people EVER made that amount of money legally, and 2. where do they get the brainpower to remember to breathe?

[focusfan]

73. me and hubby have made out on alot less

we had to buy food 2 weeks at a time

[ISUGRADIA]

74. I'd love to see what their budget is now

I'm sure I could get it to a manageable level. Too many people have bizarre definitions of basic needs.

[Supply Side Jesus]

75. hmmm, me suspects mismanagement of money.

idiots probably getting killed on credit card bills. Suckers.