Money talk in the news.
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