From an online group I participate in,
Men, I don’t know how to say this without being embarrassed at the situation that I am in. Straight up I am broke. I work a great job making over 80k a year and my wife makes not to much less than I do. We have three kids and we own a home. I have medical benefits through my employer. Our debt is outrageous, my wife recently wanted to redo the floors in the house so she did, applies for a credit card under my name and is paying the minimum every month, 8 years to pay it. We lease our cars and the payments are crazy high for a luxury car. We both have credit cards that are maxed out, and I got one for work for travel and it ran up for no reason. We live paycheck to paycheck. I have written down all my bills and what we make and seriously there is no wiggle room to save or put more towards bills. I am highly embarrassed to admit it but I need to admit it, the weight off my shoulders to admit it feels great. I’m not looking for answers, I just needed to say this and admit my faults because I did not have anyone to talk to about this and it has been weighing me down for some time. Thank you for hearing me out and I am looking to get out of this rut in order to provide better for my family.
You can be broke at any income level and a lot of people are because they allow their expenses to expand as their income goes up. They think that because they’re making a little money now they’re SUPPOSED to have a nice car, a nice house or all sorts of luxuries.
When he says, “I have written down all my bills and what we make and seriously there is no wiggle room to save or put more towards bills,” that’s not really true. He doesn’t have to lease luxury cars, go into debt to buy furniture and I’m betting he’s living somewhere way too nice for his situation. Show me someone who’s making money and is broke and I will show you someone who has too much house and car for his own good 95% of the time.
If he really wants to get his debt under control, he needs to start ruthlessly cutting expenses. Maybe live on ONE salary while the other is used to pay off debt. Maybe it means selling a big house and moving somewhere cheaper. Maybe it means getting some furniture at estate sales and Goodwill instead of buying top of the line stuff on credit.
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Stuff is great, but at the end of the day, it’s just stuff and there is nothing you are going to own that is going to make you feel better than being debt free.