TXTransplant said:

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Sea Speed said:

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You don't need cash in the bank to live like that and this thread is the proof

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Haha…point taken! What's a name for that, though…Credit wealthy?

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Honestly? I think the term American would suffice, unfortunately.

htxag09 said:

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Brian Earl Spilner said:

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It amazes me how some people can be so idiotic.

https://www.marketwatch.com/picks/im-paycheck-to-paycheck-i-make-350k-a-year-but-have-88k-in-student-loans-170k-in-car-loans-and-a-mortgage-i-pay-4-500-a-month-on-do-i-need-professional-help-01664544530

$350k income and still living paycheck to paycheck is only possible by being completely financially inept.

$170k in car loans, $4.5k/month mortgage, and they write up a woe is me story expecting people to feel sorry for them?

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I'd still say something doesn't add up? I mean they should be bringing home $20k a month? So 4.5k plus 2k for cars (?)… they should be fine. Said they don't have credit card debt. But seems they have to have a bunch of extra spending if truly living paycheck to paycheck. A $4,500 mortgage for someone making $350k isn't terrible.

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This looks like a typical FAANG employee in the Bay Area. The two Teslas are a giveaway.

it's f-ing clickbait people. Don't put too much thought into it.

Only one reward credit card for us. We use it for our daily transactions. It always revolves around $6-8k per month but we pay the previous monthly balance every time. Never paid interest on it in over 10 years.

Red Pear Felipe said:

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Only one reward credit card for us. We use it for our daily transactions. It always revolves around $6-8k per month but we pay the previous monthly balance every time. Never paid interest on it in over 10 years. P

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$8k a month on a credit card?????

No joke. I'm impressed with anyone that can get under 10k

You can't pay most mortgages and car payments with a credit card. I pay everything else with mine, though. If you're disciplined, pay it off every month, and don't view it as an extended line of credit I don't see a downside.

I don't have the ability to put mortgage or auto loans on credit. I wish that was an option to help rack up the points.

Curious, how many children do you have and what are their ages? 8k a month is not abnormal if you have a few kids and they're at the ages where they are all in different activities. Age 8+

Glad I'm not the only one re: monthly credit card bill...

If people spend more than me it's frivolous and they're not saving money.

-Texags

MAS444 said:

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If people spend more than me it's frivolous and they're not saving money.

-Texags

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Bingo

We put $5-10k (and more depending on what's going on) on one CC every month. Literally everything we spend but our mortgage is on there. All bills are on it. We have no car pmts.

I pay it off every pay day just to stay ahead of it so twice a month.

We set our savings goals which get hit first. Assuming we hit all savings goals then the rest is discretionary.

You have 6 kids and spend $4000 a month for your household??

Put me in the camp of having a credit card bill in the $6k/month range (roughly $10k/month take home). Just this year, I've had a low of $3600 and a high of $9400. Most months it's in the $6-$7k range, though. I do get roughly 2% cash back (it's a travel card, so rewards vary) or about $2k/year.

Almost everything except mortgage and taxes goes on my cc. I don't have any car payments. I do still use bill pay for my MUD water bill and Centerpoint gas bill, and I have a couple of services that I pay using Zelle (yard, son's tuba instructor).

But my cc bill includes all groceries, car insurance (also have a teenaged driver), homeowner's insurance, travel/vacations, medical bills (drs visits, eye glasses, prescriptions), car maintenance and registration, electricity bill, cell phone, life insurance policy, umbrella insurance policy, gym membership, etc, etc.

Some of these expenses get reimbursed for various reasons (for example, when I buy tickets for my son to visit his dad and he has to pay all or a portion).

I pay it off every month and never carry a balance.

My son carries a second card, and he usually puts a few hundred on it a month, mostly gas, some eating out, and school supplies/expenses.

I've tracked my monthly income and spending every year since 2005. It's pretty amazing to see the increase in salary AND spending. With every move, my living expenses have gone up (mortgage, insurance, taxes, etc.), but so has my income, and my savings (excluding the hit my investment account has taken this year).

I will admit, I can spend on frivolous things, but it's not 75% of my bill. Not even close. Now, if I did want to cut back, it would be on travel expenses. But that's not happening. It's the whole reason I got to work every day.

I can look at my spreadsheet for this year, though, and tell that expenses are WAY up. Inflation is no joke.

Edited to add: I was also tracking all my savings/retirement/investment accounts. Watched that grow to 7 figures, but I haven't updated that part of the spreadsheet since last December. Too depressing.

We probably spend $500/month "frivolously" unless I have a renovation project. Our CC bills are also probably 5 to 6k and paid off in full every month, but we split them. I have agas card I get 6% on, a grocery card i get 5 or 6% on, Amazon card we get 5% on andnthe rest is on a southwest premier card, although I think I should change that one to something more worthwhile as we have been doing road trips since covid started. Occasionally we will open a new CC with a good bonus and whatever term 0% financing for a large purchase and pay that off within the allotted amount of time. It seems ignorant not to put as much as possible on a CC so long as you have self control. Unfortunately, that is a problem for q lot of people.