Money talk in the news.
First, ACCORDING TO THIS REPORT I am now worth $138,095 a year. Heh. Guess what. To my family, I'm priceless. It's highly unlikely I will ever earn that much money in one year, but I know you can't really put a salary on the work mothers do, so it's always amusing to see what someone tries to say our work is worth.
And then there's THIS STORY that will make your head spin. For instance, there's this:
In wealthy Westchester, N.Y., a couple earning $200,000 a year could barely afford the $2,500 fee that Kathy Boyle, a New York certified financial planner, charged for creating a plan.
"If you drive by their house in Westchester, their life seems like nirvana. They live in a $1.1 million home on a gorgeous road, with two luxury cars in the driveway," Boyle says. "But walking inside their financial house, it's in shambles."
Today, their 19-year-old son's college bills are paid by a generous family friend because they cannot afford them. Yet the mother stays at home with the 13-year-old daughter.
Boyle advised the mother to consider going back to work, but she declined, saying her daughter "needs her." The extra income could have helped the couple tackle their $20,000 credit card debt and maybe start a college-savings fund for their daughter.
Wow. Let me just get past the making $200,000 a year and can't even pay the bills thing for a moment and focus on something else here. I sure hope Ms. Boyle did a lot more for her $2500 than tell this mother to get a job! And if this family honestly needed to pay someone to tell them something plainly obvious - then it's no wonder they're in such financial trouble! The tone of this article is astounding. "... because they cannot afford them. Yet the mother stays at home...." This is posed as if everything is out of whack solely because mom's not working outside the home. This family has a real problem and quite frankly, Ms. Boyle's advice is actually pretty bad. If mom goes back to work, based on their current spending habits, it is only very likely that they will simply start spending and buying more with whatever money she brings in. More money is not going to be an overall solution here. This family needs to rethink their spending habits on a grand scale and learn to live with less. Until that happens, they will always be in trouble. Hopefully Ms. Boyle will actually explain this to them, or someone else will do it, because only then will they be able to achieve some sort of financial stability.
But you know the real question here?
Just what is it dad does that he's worth $61,905 more than I am? ;)
And then there's THIS STORY that will make your head spin. For instance, there's this:
In wealthy Westchester, N.Y., a couple earning $200,000 a year could barely afford the $2,500 fee that Kathy Boyle, a New York certified financial planner, charged for creating a plan.
"If you drive by their house in Westchester, their life seems like nirvana. They live in a $1.1 million home on a gorgeous road, with two luxury cars in the driveway," Boyle says. "But walking inside their financial house, it's in shambles."
Today, their 19-year-old son's college bills are paid by a generous family friend because they cannot afford them. Yet the mother stays at home with the 13-year-old daughter.
Boyle advised the mother to consider going back to work, but she declined, saying her daughter "needs her." The extra income could have helped the couple tackle their $20,000 credit card debt and maybe start a college-savings fund for their daughter.
Wow. Let me just get past the making $200,000 a year and can't even pay the bills thing for a moment and focus on something else here. I sure hope Ms. Boyle did a lot more for her $2500 than tell this mother to get a job! And if this family honestly needed to pay someone to tell them something plainly obvious - then it's no wonder they're in such financial trouble! The tone of this article is astounding. "... because they cannot afford them. Yet the mother stays at home...." This is posed as if everything is out of whack solely because mom's not working outside the home. This family has a real problem and quite frankly, Ms. Boyle's advice is actually pretty bad. If mom goes back to work, based on their current spending habits, it is only very likely that they will simply start spending and buying more with whatever money she brings in. More money is not going to be an overall solution here. This family needs to rethink their spending habits on a grand scale and learn to live with less. Until that happens, they will always be in trouble. Hopefully Ms. Boyle will actually explain this to them, or someone else will do it, because only then will they be able to achieve some sort of financial stability.
But you know the real question here?
Just what is it dad does that he's worth $61,905 more than I am? ;)
Labels: general chatter
Just Me at
9:45 AM
4 Comments:
I'm sorry, this is off topic. I really enjoy your blog a lot. I am glad I found it. You have such great tips.
Also, I tagged you with an "8 Things About Me" thing.
That is so sad to hear. I felt the same way when Oprah did her "getting out of debt" series. I just could not wrap my head around what these couples made per year and were still in tons of debt.
You are right though - it's a problem within these people that not necessarily will be fixed by just the mom getting a job.
It's called "living beyond your means".
I knew a couple once who got into lots of debt due to their own accord. They went through consumer credit counseling and got out of debt. Yet, when I asked the wife 1-2 yrs. later how they were doing she said they were right back in debt. This continually happens to people who don't look within as to why they are doing what they do - they are filling a void in their lives by buying "stuff". And stuff never really gives us true joy in the end.
Oh...those folks need Dave Ramsey. Real bad!!
It's amazing. I'll bet it you talked to these people, they shop only at the Mall, the kids have Ipods, new computers, Iphones, etc. and both of those cars in the driveway will be high-end models. They'd tell you they "NEED" that stuff. I think that like Suze Orman says, until you get a handle on the inner issues that make you feel like you need to compensate with money and stuff, your financial woes will just go on and on...
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