re: #221 Joe Bacon 🌹

Awwwww Mr. Bourgeoise can’t make ends meet on $500K a year…

Think of these people as no different than (from?) children who grew up in poverty and then, through athletic skill and years of training, are suddenly given multi-million dollar contracts to play professional sports. They have no concept of what this money really means or a clue on how to manage it. They replace years of deprivation with uncontrolled expenditures to purchase anything that strikes their fancy — or that allows them to compete with their neighbors.

Maybe if more took seriously the money management classes that many are forced to take during high school, they would be better prepared. Certainly too many middle class children are raised to feel entitled.

The most ridiculous part of the article talked about how their savings are so modest because after their expenses — including discretionary expenses — they have little left over. There is also mention they should budget to pay the minimum on credit card debt, instead of lecturing them that they should be paying off their credit card monthly, except if there is a real emergency.