Originally Posted by fitchesbass
Probably depends how old you and your kids are...
Nothing like a fancy car and home with limited savings - seems like the American 'norm' any more. I think a lot of folks think their entitled to a fancy car or home - hence perhaps the not thinking that your spending excessively (just a thought). If I had kids and no savings, I'd likely sell my car soon after for a change of priorities. I certainly don't need a Z4M
Speaking of cars: I enjoy some people that look at my Z4M and go on about the expense/cost of my car (because of how it looks)... but then go out and spend more by buying (aka taking out a loan) on a loaded Ford SUV for $40k + .
Completely understand your point. When I said I don't think I spend excessively, I meant I don't spend excessively on other things like going out, clothing, travel, etc. I don't gamble, smoke, drink (well drink once a month) I bought this house because the wifey wanted it. Happy wife, happy life. I admit, the car was my own thing. Kinda sick of making close to $300000 a year and rolling in a Honda civic. Gotta live my dream too...
Going back to the house... Biggest mistake I made. This house is excessive. I work so much I can't even enjoy it. Should've bought something small instead of something big that we could grow into. I got too excited about finishing residency and being able to get a zero down and no PMI loan. I should've stayed in an apartment for another year to save up a downpayment then my monthly would be less than it is now and if I had done that, my mortgage rate would've been lower too. Then again, we didn't want to live in an apartment again with 2 little ones and make another move in another year or so.
Student loans aren't too bad. About 39K in the hole. Credit card debt is about 10K and still shrinking. Everything else is paid cash these days and still trying to bang out this credit card debt. Once the credit card debt is zeroed out in 10 months, I'll free up another G a month to put towards saving. Looking to re-mortgage the house or maybe move to a Southern state that'll pay me more money and not pay too much in property taxes. That should free up more money for savings. Still mulling over that idea.
My buddy who is a gynecologist was right. You make more money, you end up spending more money and the nights when you pay off your bills, you still feel like you're a resident.