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I wrote this on another thread but figured it might make for an interesting conversation starter as well. What is the craziest stories you have heard of, or been part of, dealing with money?
I have a close relative where his wife never made alot of income over the years, around the 30k range. She would use the husbands 40k$ salary, along with hers to keep getting credit cards. She had her bank account, and he had his. They left each other to their own, splitting some of the bills. Over time he racked up some credit card debt, and she racked up even more. Later in life, they handed their oldest son a credit card with apparently a very high limit. They told him to make the payments if he wants to use it, you know be responsible. haha Boy, did he used it. To the tune of 20+k$ over a few years. When he got married, the dad basically picked up the credit card and never made him pay it back. At this same time, he decided to see where he and his wife stand together with debt. This is after two decades of marriage mind you. Altogether they had 120,000$ in credit card debt(including their son) making about 60k$ a year together. They moved in with his mother to help her out as she was getting older, and it helped them out by losing a rent payment. To this day, he is paying on that debt and has come a long way, however, still so behind he'll likely never be able to save up for retirement now after he finishes. He is in his 50s. He only has about 30k$ his job provided over the years on his behalf into a mutual fund.
Fast forward ten more years from when they brought it all together, and he recently found out the wife had started building up a little credit card debt again! He had to put another stop to it before it got out of hand. Originally, he took all 50-60k$ of her debt and was paying it for her. She barely gave him anything to help. This is why I say you can't borrow your way out of bad habits. You must change if you expect a change. She thought she no longer had a problem, but the truth was she just wasn't allowed access to a card for years. When she finally got one, it started over. This is why I agree with Dave Ramsey that most people should just stop with cards completely. No rewards, no borrowing to use the cash better elsewhere like investments, none of it. It's simply too dangerous.
Also, the son who never had to take responsibility for his debt continues to make stupid money choices and needs bailing out all the time. One time he literally needed bailing out for a bad check. Ended up getting arrested trying to help a friend get his car out of impound. He had a warrant for the bad check and didn't know it. lol 600$ bail out for a 20$ bounced Domino's check.
I have more of these stories.....I wasn't kidding when I said most of my family suck with money on another post.
I have a close relative where his wife never made alot of income over the years, around the 30k range. She would use the husbands 40k$ salary, along with hers to keep getting credit cards. She had her bank account, and he had his. They left each other to their own, splitting some of the bills. Over time he racked up some credit card debt, and she racked up even more. Later in life, they handed their oldest son a credit card with apparently a very high limit. They told him to make the payments if he wants to use it, you know be responsible. haha Boy, did he used it. To the tune of 20+k$ over a few years. When he got married, the dad basically picked up the credit card and never made him pay it back. At this same time, he decided to see where he and his wife stand together with debt. This is after two decades of marriage mind you. Altogether they had 120,000$ in credit card debt(including their son) making about 60k$ a year together. They moved in with his mother to help her out as she was getting older, and it helped them out by losing a rent payment. To this day, he is paying on that debt and has come a long way, however, still so behind he'll likely never be able to save up for retirement now after he finishes. He is in his 50s. He only has about 30k$ his job provided over the years on his behalf into a mutual fund.
Fast forward ten more years from when they brought it all together, and he recently found out the wife had started building up a little credit card debt again! He had to put another stop to it before it got out of hand. Originally, he took all 50-60k$ of her debt and was paying it for her. She barely gave him anything to help. This is why I say you can't borrow your way out of bad habits. You must change if you expect a change. She thought she no longer had a problem, but the truth was she just wasn't allowed access to a card for years. When she finally got one, it started over. This is why I agree with Dave Ramsey that most people should just stop with cards completely. No rewards, no borrowing to use the cash better elsewhere like investments, none of it. It's simply too dangerous.
Also, the son who never had to take responsibility for his debt continues to make stupid money choices and needs bailing out all the time. One time he literally needed bailing out for a bad check. Ended up getting arrested trying to help a friend get his car out of impound. He had a warrant for the bad check and didn't know it. lol 600$ bail out for a 20$ bounced Domino's check.
I have more of these stories.....I wasn't kidding when I said most of my family suck with money on another post.
) to watch mindless garbage without commercials.
Then, later in the year, they spend hundreds of dollars a month traveling with a hockey group for their 12 yr old son. They hope he will get a scholarship from it, but in the process, they can't afford to do anything or save anything because it keeps getting dumped into this sport or just blown. No Budget, no desire to change, but doesn't understand why they are always broke. I see that all the time. People don't know why they are broke, but not willing to budget. Here's your sign!
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