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Forum » How do people have financial difficulties?
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Thread: How do people have financial difficulties?

post 1618369321 10-04-2020, 01:06 AM
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How do people have financial difficulties?

I thought adults plan and manage their finances to ensure they can afford to comfortably live through life and achieve what they want?

All I hear about now are people having debt issues and still living at home with no jobs or work experience. And this includes those who paid for their degrees.

Wondering if such people are questioning their worth?
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post 1618369441 10-04-2020, 01:08 AM
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Agreed. I'd put it up there with people who fraud about their height.
post 1618369521 10-04-2020, 01:10 AM
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never noticed your join date... mirin
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post 1618369621 10-04-2020, 01:13 AM
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Felt the same way until I had a kid. Brb barely able to pay my taxes.

That said once my woman is back to work in January we will be sweet.
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post 1618369651 10-04-2020, 01:13 AM
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Spend more than they make

I mean sometimes you're stuck with appliances breaking, home repairs or car repairs, but more often it's people buying clothes, vacations, TVs and cars that are out of their league.
post 1618370631 10-04-2020, 01:41 AM
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It's really strange but many people don't seem to be able to take responsibility for their financial decisions. They sort of jump from a cliff in hope of a soft landing.
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post 1618370791 10-04-2020, 01:46 AM
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Money management should be a mandatory subject people learn at highschool srs
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post 1618371111 10-04-2020, 01:53 AM
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idk how does one spend 12 years on a bodybuilding forum and still look like a twink
post 1618371121 10-04-2020, 01:54 AM
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Originally Posted By CopeFear⏩
Money management should be a mandatory subject people learn at highschool srs
Two problems:

- teachers usually don't have any real life experience on how to manage money,

- there will always be conflict of interest of those producing educational materials just as there is for those claiming to assist adults in their financial decisions.
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post 1618371381 10-04-2020, 02:01 AM
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Tbh I know of a lot of very rich people who are struggling atm, at least in the UK - because if youre told youre not allowed to work legally, but you still have expensive office rent / employees to pay for without an income, it has to come from somewhere.

I think a lot of people got themselves into affordable/manageable debt, based on their high income - and then when the income pretty much instantly disappeared or profits dropped down like 50-75% overnight, then they just became instantly fkd. Nobody could have forseen that really.

It's made me really realise that you never take out debt for investments that you cant afford to pay off immediately if chit goes down the drain.

UK has hanging on by a string right now. It will start going to **** from November onwards and I reckon things will be chaotic by March - April time next year.

Currently 40% of people in the UK have less than £1,000 in immediate savings (according to the office of national statistics) and i think its around 13 million (out of 67 million population) are reliant on state/government income (furlough, welfare, benefits etc).
post 1618371401 10-04-2020, 02:01 AM
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People are absolutely terrible with their money. Most of it is because they are trying to keep up on social media and want to project success, despite not being successful.

It's sad how poor most people are
post 1618371491 10-04-2020, 02:03 AM
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Originally Posted By CopeFear⏩
Money management should be a mandatory subject people learn at highschool srs
Can't teach everyone about business/taxes/money management, because then there would be no sheep / good little worker bees.

Everyone would want to have their own company, paying as close to zero in tax as possible etc.

It would never get taught in a million years.

You need mindless drones out there to rack themselves up with a load of consumer debt and buy carelessly and work 50 hours a week without questioning anything.
post 1618371601 10-04-2020, 02:06 AM
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Originally Posted By BigDeeps01⏩
People are absolutely terrible with their money. Most of it is because they are trying to keep up on social media and want to project success, despite not being successful.

It's sad how poor most people are
This. Legit every single one of my friends lives pretty much pay cheque to pay cheque. A few have been lucky to buy entry level houses that they signed up to pay off in a 40 year mortgage, that they have admitted they think they will never be able to pay it off in full.

Nearly all of my wife's friends are the same too. Loads of money for holidays, designer clothes, but then absolutely no savings, or maybe best case scenario like 3-6 months.

I saw a video / interview on youtube the other day asking people in the 80s/90s their view on money management etc and they were legit all SO happy and optimistic for the future. They all wanted/lived in big houses, were buying places abroad or holiday / vacation homes. I dont know if it was a pre-social media thing or not,but everyone legit seemed so happy and positive.

Wasnt the sub prime mortgage crash $2 Trillion in 08/09 and the student loan debt in america is $4 trillion as it is atm?

Some of my US clients have really, really well paying jobs and still have 6 figures of student loan debts on them. Its crippling.
post 1618371811 10-04-2020, 02:12 AM
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Most people live above their means
post 1618372101 10-04-2020, 02:26 AM
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people are idiots, thats why ted turner wants 2 billion
post 1618372111 10-04-2020, 02:27 AM
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Who knows who cares? Can't understand crazy.

But life does happen to unfortunate people via natural disaster, health issues, crime, etc...

Most people are just lazy and that's why they are poor.
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post 1618372291 10-04-2020, 02:37 AM
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because im addicted to buying escorts that pretend to be my gf. srs
post 1618372581 10-04-2020, 02:53 AM
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Originally Posted By Thebunz⏩
Who knows who cares? Can't understand crazy.

But life does happen to unfortunate people via natural disaster, health issues, crime, etc...

Most people are just lazy and that's why they are poor.
I'd argue this

A lot of people actually make good money if they try... I'd say the biggest problem is mental illness, unnecessary spending

aka dont buy the whole bar shots when you dont need to
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post 1618372741 10-04-2020, 03:02 AM
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They see their money as something that should be spent not saved. They have no concept of saving, as long as they get paid every month they spend every penny.
post 1618374541 10-04-2020, 04:23 AM
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Originally Posted By LexBrah⏩
This. Legit every single one of my friends lives pretty much pay cheque to pay cheque. A few have been lucky to buy entry level houses that they signed up to pay off in a 40 year mortgage, that they have admitted they think they will never be able to pay it off in full.

Nearly all of my wife's friends are the same too. Loads of money for holidays, designer clothes, but then absolutely no savings, or maybe best case scenario like 3-6 months.

I saw a video / interview on youtube the other day asking people in the 80s/90s their view on money management etc and they were legit all SO happy and optimistic for the future. They all wanted/lived in big houses, were buying places abroad or holiday / vacation homes. I dont know if it was a pre-social media thing or not,but everyone legit seemed so happy and positive.

Wasnt the sub prime mortgage crash $2 Trillion in 08/09 and the student loan debt in america is $4 trillion as it is atm?

Some of my US clients have really, really well paying jobs and still have 6 figures of student loan debts on them. Its crippling.
It’s mad. Some people have no idea if their mortgage is 100k or 1 million, no wonder they get into trouble
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post 1618374631 10-04-2020, 04:25 AM
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Originally Posted By wave_length⏩
Two problems:

- teachers usually don't have any real life experience on how to manage money,

- there will always be conflict of interest of those producing educational materials just as there is for those claiming to assist adults in their financial decisions.
The subject matter wouldn't have to necessarily be about being frugal. More so how taxes/loans/interest/budgeting works.
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post 1618375201 10-04-2020, 04:49 AM
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Competition with friends and vanity. Handling money is a nerdy topic and leasing new SUVs is sexy.

So many people lack discipline. Look at adult obesity. 34 million adults smoke cigarettes--10% of the country willingly inhales smoke that can give them cancer.
post 1618375771 10-04-2020, 05:21 AM
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Originally Posted By CopeFear⏩
The subject matter wouldn't have to necessarily be about being frugal. More so how taxes/loans/interest/budgeting works.
Agreed.
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post 1618375861 10-04-2020, 05:26 AM
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Originally Posted By LexBrah⏩
Tbh I know of a lot of very rich people who are struggling atm, at least in the UK - because if youre told youre not allowed to work legally, but you still have expensive office rent / employees to pay for without an income, it has to come from somewhere.

I think a lot of people got themselves into affordable/manageable debt, based on their high income - and then when the income pretty much instantly disappeared or profits dropped down like 50-75% overnight, then they just became instantly fkd. Nobody could have forseen that really.
Those are high income + high risk people, not rich people.

Rich people aren't struggling.
How to lose fat for Noobs: http://forum.obnoxiousbrutes.com/showthread.php?t=129247741
post 1618376051 10-04-2020, 05:34 AM
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You underestimate how disastrous most people are at saving and finances.

It is considered normal to take on immense amounts of debt for college, have some kind of credit card balance, get married young/have kids, buy the latest tech, eat out regularly, go to bars often even when finances are weak. Not that theres anything wrong with buying nice things and enjoying going out, but you need a solid foundation and understand how to scale your expenses to your income.

I will say I think theres a low key depression that becomes a factor for some people who aren't making much since the satisfaction of seeing a meager amount of money in your account vs. the immediate gratification of getting a nice takeout meal becomes a self destructive cycle. Progress breeds progress, stagnation breeds stagnation.
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post 1618376081 10-04-2020, 05:34 AM
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Back when I first joined BB.com, I was living paycheck to paycheck. Was young and dumb. Straight out of college and not making much money, but just had to drive a new luxury vehicle. Brb, $1k for new set of tires twice a year. Brb, replacing Brembo brakes every year. Before I knew it, had over $50k in CC debt.

Probably would still be in debt had I not made some drastic changes. Now, I have no debt, aside from a couple mortgages. Make a decent living with a couple properties. Helps that both my wife (who also has no debt and taught me to save) and I are low maintenance people. I drive a 14 yr old beater, not worried about having new clothes and shoes all the time, and not trying to impress anyone. Wife is the same way. We’re happy being comfortable and being able to take care of and treat our kids well.
post 1618377581 10-04-2020, 06:17 AM
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Debt is a sign of retardation. Srs.
post 1618377741 10-04-2020, 06:23 AM
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The economy would crash If people started saving more and spending less
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post 1618377761 10-04-2020, 06:24 AM
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People love spending money. It's like a heroin addiction.
post 1618377771 10-04-2020, 06:24 AM
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I guess you can’t just put on a pair of Nike shockwaves and fraud you wealth in the same way as height
Originally Posted By samsbolton⏩
It’s mad. Some people have no idea if their mortgage is 100k or 1 million, no wonder they get into trouble
I wouldn’t know the aggregate value of my mortgages from one month to the next

I’d probably know them individually to the nearest 100k but in aggregate fk knows
Originally Posted By YUL⏩
The economy would crash If people started saving more and spending less
Nah it becomes more stable. Source: GFC
Originally Posted By tripod29⏩
Debt is a sign of retardation. Srs.
Interesting viewpoint. Keen for more info
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