She makes $350K a year and lives paycheck to paycheck...

I'm reading a story on Market Watch redirected from Yahoo! Finance about a woman who cannot get her finances in order. Her gross salary is $350,000, she's got $88,000 remaining in student loans, $170,000 in car loans and a mortgage of $4,500 a month.
Her question is "Do I need professional help?"
My answer is yes... but not from a financial advisor... Lady, you need help from someone with a degree in mental health.

Before finishing the story, I jumped to the reader comments to see what the other readers thought about this woman's situation. I'd say she wasted money on her education... they didn't teach her common sense.


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Comments (6)

Doesn't make much sense - 170k car loans is pretty absurd and costs almost as much per month as the mortgage. With say 18-20k net after tax per month, 4500 is modest mortgage, but 9000 is excessive - what gives with the cars! Buy a bicycle and sell one car
It could be an immigrant. A degree that translates to a high income but a keeping up with the Jones that suggests to me that you grew up in a hut. The latter behaviour is the flaw of the self-made person. To make up for that deprived background by having more than you could ever want today. The aspirational are not really postmodern and they're more materialistic, but if you have rich parents it's the reverse. A degree that doesn't really pay or do anything, you live in a shoebox, but you can tell people you are educated signalling the correct virtues on gender, race and sexuality. Old money keeps up with the Jones but not by the provision of material things, it's done by the moral superiority of its class. I'm going to out-hippy you you f*cking hippy.
Although it could be worse she could be my girlfriends mum who earns a fortune but can't even drive. Where does all the money go? Scientists don't know the answer to that but I see the same dynamic of a person who tore themselves from nothing and in the day to day spends everything.
If I had her incomewow, I wouldn't have those problems. One needs to have a healthy respect for money, and be good with budgeting one's income. Sadly, she doesn't seem to have those traits.uh oh
Respect for money? Respect for the back (your own) you've broken earning it alright, but certainly not for the money imo. The mafia dons, Donald dump and many other losers have plenty of money but zero respect.
I rail against the idiots who whine they cant make it and waster money like water. See them on the news...I am a single mother of 3 or 4 or...cant make ends meet. My poor kids cant have their Nikes, fruit roll ups or Lunchables. Geeze woman.. cook! $800 for back to school. What are you buying them, gold pencils? Apple phones or computers? Funny, a pack of pencils at Dollar Tree is $1.25. Even Wally world has specials. So nothing of their clothes in their closet can be worn this year?
The kids now get free breakfasts in schools. And lunch. And supper. And a snack to take home. What more can the taxpayer do to raise OTHER peoples kids?frustrated
I went grocery shopping the other day for the first time in months. $184. I did buy some luxuries like a bag of jerky. A bit at night is a good snack. Not the whole bag full! But, looked at apples. Saw the selection and price and thought..BULL! It is harvest season and there is a bumper crop and Wally thinks the bag is worth that. Bite me! Keep them. I will wait and then hit the farmers market and buy direct.
The bad part in inner cities is a choice between convenience store and convenience store. And lack of transportation.
But, it still goes down to how and what one buys. We have too many people now who never got taught thrift by parents nor had that class in school of finance and budgets.
Saw 3 people on news. One guy, going to politics, owes 40K in student loans. Second guy, Doctor, owes 400,000. Third, young black girl, something, owes 7K. The two guys said they signed up for the loans and see no reason why they should not be obligated to pay them to forgiveness. The girl..well..if government can send money overseas and to defense, they should have to pay her loan off.
I would think the guy with 400 tho has more reason. Even as a Doc , how long will it take him.
I bet that girl will never have nor go anywhere in life due to her attitude. Give me.frustrated
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