I am extremely close to my cousin, he is even the kid's Godfather, and even so he does not know the extent of my financial situation, much less know of a possible BK.
He was over with his family Saturday night and he told me that he got into severe financial problems with his wife 20 years ago.
They spent the money on CC's then did not pay them back, they just spent the allocated cash opn something else, Sound familiar?
He chose to learn to budget and while it took them 12 YEARS to pay off the debt they saved their credit and learned a valuable lesson.
His mother in law told them to always live within their means, watch their debt and always keep money in the bank.
He and his wife make a net $80K per year. Yes, I know, good but nothing to write home about in Southern California, much less in LA.
On that they has sent his two daughters to a very expensive private school ($ 2200 per month for both ) Kindergarten through high school and has $50,000 in the bank.
They pay cash for everything, have no debt and two cars, both paid for. Live in a duplex with a mortgage but has stuck it out for 20 years there and owes next to nothing.
They keep one CC for emergencies.
Just took their annual vacation , paid cash ($8000) and the wife budgets for everything down to the gas for the car, the entertainment , the Disney passes and the clothing and entertainment.
I alone make twice what they make but I was irresponsible. Yeah, I got the fancy car and the nicer home but I also owe $200,000 in CC's lines of credit and a huge mortgage.
I will make it out of this and we will once again have money in the bank but he is a real inspiration to me and my wife and we will always budget no matter how good it gets for me.
My wife is now keeping me on a budget, we watch every penny going out and have vowqed that this will NEVER happen again to us.
I will look up to him forever in silence and someday I will tell him the truth.
He was over with his family Saturday night and he told me that he got into severe financial problems with his wife 20 years ago.
They spent the money on CC's then did not pay them back, they just spent the allocated cash opn something else, Sound familiar?
He chose to learn to budget and while it took them 12 YEARS to pay off the debt they saved their credit and learned a valuable lesson.
His mother in law told them to always live within their means, watch their debt and always keep money in the bank.
He and his wife make a net $80K per year. Yes, I know, good but nothing to write home about in Southern California, much less in LA.
On that they has sent his two daughters to a very expensive private school ($ 2200 per month for both ) Kindergarten through high school and has $50,000 in the bank.
They pay cash for everything, have no debt and two cars, both paid for. Live in a duplex with a mortgage but has stuck it out for 20 years there and owes next to nothing.
They keep one CC for emergencies.
Just took their annual vacation , paid cash ($8000) and the wife budgets for everything down to the gas for the car, the entertainment , the Disney passes and the clothing and entertainment.
I alone make twice what they make but I was irresponsible. Yeah, I got the fancy car and the nicer home but I also owe $200,000 in CC's lines of credit and a huge mortgage.
I will make it out of this and we will once again have money in the bank but he is a real inspiration to me and my wife and we will always budget no matter how good it gets for me.
My wife is now keeping me on a budget, we watch every penny going out and have vowqed that this will NEVER happen again to us.
I will look up to him forever in silence and someday I will tell him the truth.
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