wish i knew their secret ...

[Dancing Fire]

i have friends that lives in 500K homes,drives expensive cars,goes on vacations,but base on their income there's no way they can afford that kind of life style

sometime i wanna ask them "what's your secret"

do you have friends like that? do you ever wonder what's their secret?

 

[jet2ks]

The "secret" is to max out every single credit line you can, then let the kids pay for it all with interest after you die.

 

[Linda W]

Maybe they have an income that you don''t know about??? Like an inheritance of something?

 

[Circe]

Great minds think alike, Linda - I was about to suggest inherited wealth!

 

[Shoopy]

Visa, Mastercard, American Express...accepted everywhere

 

[beau13]

Date: 6/17/2009 5:04:12 PM
Author: jet2ks
The 'secret' is to max out every single credit line you can, then let the kids pay for it all with interest after you die.

Isn't that what insurance on credit cards is for?? So it's taken care of when you die? I can't imagine having to pay off a parent's debt when they die.

I know someone who owns a used car lot, and lives in a million dollar home on the lake, I know there isn't that much money to be made with a used car lot, but apparently, they discovered some valuable artwork in the attic of their home about 10 years ago (then they moved!).

 

[Dancing Fire]

Date: 6/17/2009 5:09:14 PM
Author: Linda W
Maybe they have an income that you don''t know about??? Like an inheritance of something?

nahh, i known them for many,many years,they didn''t come from a rich family. most of them works for the USPS,so their income is no secret.

 

[Linda W]

Date: 6/17/2009 5:22:56 PM
Author: Dancing Fire

Date: 6/17/2009 5:09:14 PM

Author: Linda W

Maybe they have an income that you don''t know about??? Like an inheritance of something?

nahh, i known them for many,many years,they didn''t come from a rich family. most of them works for the USPS,so their income is no secret.

Well, could be they max out their credit cards OR, they have saved their money and pay cash for cars and vacations. You just never know.

 

[Dancing Fire]

Date: 6/17/2009 5:16:11 PM
Author: fiery
Visa, Mastercard, American Express...accepted everywhere

even if that was the case one would still need to make monthly payments.for every 10K owe = $250 min monthly payment.

 

[TravelingGal]

Do they go to Vegas a lot?

 

[Kaleigh]

Date: 6/17/2009 5:32:19 PM
Author: TravelingGal
Do they go to Vegas a lot?

LOL!!

 

[Dancing Fire]

Date: 6/17/2009 5:32:19 PM
Author: TravelingGal
Do they go to Vegas a lot?

one of them do,but i don''t think he ever hit a big jackpot.

 

[zhuzhu]

I thought USPS pays pretty well? At the very least it is a very stable job, and if they stretch out the mortgage to 40 years it is possible to live in a 500K house.

 

[soocool]

Our neighbors (she''s 43 he''s 52) pointed to their house and said that is their retirement fund. They still have 10 years left on the mortgage on their current home, one on their getaway home in the Poconos that was on the market for 10 years before they snatched it up (they go up there once every 6 weeks to clean and cut the grass), a car lease payment (she had to have the new Nissan Murano) while her other car sat in the driveway for almost 8 months before she sold it. She has 2 kids and each one pays his own way through school, but can only afford to take 2 classes at a time. He is self employed and they cannot afford medical insurance. Yet they go out to eat at least twice a week and take luxury vacations each year. Last year it was Hawaii for their 20th anniversary and they paid through the nose on that one!. This year they are going to Germany because he just sold his "late" father''s car plus other possessions and now has some extra money to spend.

About 7 years ago he sold his 2 classic cars so they could pay off their bills

 

[Italiahaircolor]

Prehaps they do have family money. That can be something they keep quiet...but something they use to live a lavish life. And for what it's worth, depending on where in UPS they work, they can make B-A-N-K

 

[chrono]

DF,
It''s called second mortages, maxed out credit and loans that go on for umpteen years.

 

[mysterylover]

They''re in hock up to their eyeballs.

Seriously.

If you KNOW they can''t afford it, but they do it anyway . . . it''s the ''buy now, pay later'' plan that they''re lviing on.

 

[Dancing Fire]

Date: 6/17/2009 6:11:23 PM
Author: zhuzhu
I thought USPS pays pretty well? At the very least it is a very stable job, and if they stretch out the mortgage to 40 years it is possible to live in a 500K house.

about $50K,but still how can one afford a 30 yr 400K mortgage,drive a 50k car and then go on vacation each year.

wish i knew their secret.

 

[Dancing Fire]

Date: 6/17/2009 7:40:59 PM
Author: Chrono
DF,
It''s called second mortages, maxed out credit and loans that go on for umpteen years.

but you still need to make the payments every month.

 

[packrat]

Is your friend the guy in the commercial who drives around on his lawnmower and says "I''m in debt up to my eyeballs..somebody help me" ? haha. I know what some people do here (some people being an aunt and uncle of mine) who work cash jobs and don''t claim a lot of it, so qualify for assistance. They just got back from Hawaii for the..let me see..5th or 6th time??? There are some people at the packing house where JD works, and he comes home, wondering what we''re doing wrong that someone who works the bare minimum hours there and takes all the layoffs they can, has a few kids etc, can live in a way better house and drive brand new expensive vehicles. They''re just adding more debt, paying the minimum payments is all. And, they''re probably way behind in a lot of things. There''s also a nice meth trade in the Midwest. I hate to say it too, b/c they''re his hobbies and he loves them, but a lot of these people don''t hunt/fish/trap the way JD does..that stuff takes a lot of money!

 

[Abril]

Secret is to be massively in debt.

 

[swingirl]

Ask them! I want to know how to do it. Our newest car is a 2001. No credit card debt. Vacation with free miles. No window treatments in bedroom. We need a new plan.

 

[radiantquest]

debt honey, debt.

but i get what you are saying. there is a woman that i work with and we both make the exact same amount, both pay health insurance. her fiance is a contruction guy and my husband is an electrician so i would think that our household incomes would be very close, but she has a big beautiful house. 4 bedrooms, 3 baths, deck, basement, living, family and dining room. and all we have is a small racher type house that it 2 bedroom 1 bath, living room and kitchen. how can they afford all that and we cant? i dont get it. she talks about her finances a little bit and says that she has 2,000 in credit card debt and thats it.

so i agree what is up? i need to know too!

 

[upgrade]

My guess would be that they''ve made a few smart real estate purchases along the way. I know people who just bought a 1.3 million dollar house and they''re both teachers. They got into the real estate market many, many years ago and have done really well on buying and selling a few properties. This has allowed them to buy a very expensive home and have money for vacations and cars, etc...

My other guess- they''ve done well in the stock market. Rare, but it can happen.

 

[LAJennifer]

Date: 6/17/2009 7:54:32 PM
Author: Dancing Fire

Date: 6/17/2009 6:11:23 PM

Author: zhuzhu

I thought USPS pays pretty well? At the very least it is a very stable job, and if they stretch out the mortgage to 40 years it is possible to live in a 500K house.

about $50K,but still how can one afford a 30 yr 400K mortgage,drive a 50k car and then go on vacation each year.

wish i knew their secret.

Maybe you should just ask them . . .

 

[oneandahalfrock]

I think the options have been covered-
The most obvious- debt they''ll NEVER pay off ever.
Family money- parents don''t have to be ''stinkin'' rich to help out or have left them money.
Being frugal in other places- maybe they saved money when they were younger/had less responsibilities, or maybe they''re just ''deal'' hunters.
Or like others have suggested- just break down and ask them...

 

[Beacon]

I have seen stories where this kind of living beyond the means happens and it turns out that the person is embezzling or they are selling secrets as spies. Maybe you have some spies living near you. Maybe they steal stuff from the PO and resell?

Seriously that is how they caught one guy - he spent much more than he earned on a government job and someone started getting nosy......DF, if you catch them maybe you get a reward!

 

[VRBeauty]

Date: 6/18/2009 1:50:05 AM
Author: Beacon
I have seen stories where this kind of living beyond the means happens and it turns out that the person is embezzling or they are selling secrets as spies. Maybe you have some spies living near you. Maybe they steal stuff from the PO and resell?


Seriously that is how they caught one guy - he spent much more than he earned on a government job and someone started getting nosy......DF, if you catch them maybe you get a reward!

Then you can treat us all to a round of drinks!

When did they buy their homes? I have a couple of friends who live in 1/2 mil homes for which they paid $30K and $60K.

Are they DINKs? (Double income, no kids.) I understand kids can really zap the old savings, what with schooling and phone bills and all.

Are they frugal in other ways? There are people out there who think of diamonds and such as a luxury!

Canny stock market investments?

Do they find a way to make you pick up the tab when you dine out with them?

Anyhow, when you do figure out their secrets, please let us know!

 

[honey22]

Wow, there is a whole lot of assuming they are in debt up to their eyeballs going on here? It sounds like a case of the green eyed monster.

No matter how well you think you know someone, you don''t really know exactly what is going on with their finances. It''s a bit presumptious to assume that they are in debt.

I would just be happy for them

 

[lulu]

I do divorce mediation and it''s amazing how many of these folks have over $50,000 in credit debt. They also pay bills by pulling the equity out of their houses repeatedly. And absolutely no savings. Very sad when they divorce, when you have to divide less than zero by two.