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We live like we are poor but...

Anonymous
Posted by Anonymous
  • 89 Replies

but techicnally we aren't. DH has a trust fund/  investments that total to about half a million dollars, most of them being money market accounts.

our house was paid for by this so we just pay the basics: car payment, insurance, cell phones, satellite, gas, electricity, food, shop rent, medical bills and tool payments (he is a mechanic) We live VERY paycheck to paycheck. DH makes 500-700 a week and we put a little each week into savings. I haven't gone back to work yet from having a baby 8 weeks ago and DH doesn't want me to.

We are arguing about money quite a bit, not to the point that we are divorcing or anything but I think we should pay our car off, and pad our bank account just a little bit that way we aren't paying the bills and not having anything left over. DH doesn't want to spend ANYTHING out of his trust fund and wants to continue the way we are with me not working.

I'm sure someone will find a way to bash me and tell me to get a job but he doesnt WANT me to but also doesn't wanna budge on paying some stuff off! Do any of you have investments and live like you're poor or is he the only freaking crazy person??

wwyd? pay everything off you can or continue living paycheck to paycheck to preserve that money for the future?

Posted by Anonymous on Feb. 14, 2014 at 5:19 PM
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Replies (1-10):
autodidact
by Snarknado on Feb. 14, 2014 at 5:21 PM
2 moms liked this
why are you making payments if you have that kind of assets? that's a waste of money.
Anonymous
by Anonymous 1 - Original Poster on Feb. 14, 2014 at 5:28 PM

 thats what I'm saying! we haven't always had full access to it, but now we do and I think it is time to get rid of all the crap we are making payments on and he thinks it just needs to sit

Quoting autodidact: why are you making payments if you have that kind of assets? that's a waste of money.

 

Anonymous
by Anonymous 2 on Feb. 14, 2014 at 5:32 PM
i have a very close friend who does crap like this and i have no idea why. it drives me nuts because she works (a good thing) but has an insane trust fund that she has full access to. yet lives broke...and im not saying she has to go buy gucci n whoever, just she is constanly complaining about not being able to pay this or that (car payment is most common) its not like her car is brand new, its an 03....she pays a monthly note, idk y when she could have bought it outright. then complains how between car payment, rent etc shes always broke. she wont pay for insurance (health) because she cant afford it on what she makes, (true) but then goes to the ER and puts it on CC or makes payments to the hospital...its asanine. ive tried and tried but she doesnt see why she should do it different
MonarchMom22
by Bronze Member on Feb. 14, 2014 at 5:37 PM
5 moms liked this

sounds like you need to make a long-term plan.  If having access to the capital is new, like you say, then maybe husband is just not ready yet to make any big decisions.  Having a long-term plan might give him more of a feeling of control over where the money is going and if it is a good investment.

Honestly, if the interest on a loan is lower than what the return on the investment brings - then it makes sense to keep the loan.  If you pay more on interest than the money is earning, it makes sense to pay it off. 

Either way, you need to take into account all your assetts, where they are invested, all your expenses and costs, and where you want to be in 5 years, 10 years and beyond.

We have always lived well below our means.  I'm glad we did since now I feel very secure looking to the future.

Anonymous
by Anonymous 3 on Feb. 14, 2014 at 5:38 PM

I'd pay off the car. That's what we are about to do and we will be debt free including the house.We try to live below our means too. I'm too worried about the economy and the future to spend on anything but what we need.

orchardmoma
by on Feb. 14, 2014 at 5:40 PM

Personally I would rather have some debt now and save that money for retirement. 

Anonymous
by Anonymous 1 - Original Poster on Feb. 14, 2014 at 5:41 PM
I think its because he's scared and our auto loan is only 3% interest but I'd like to pay the medical & tools off and buy some good health insurance or an hsa. I don't wanna go crazy or anything but I'd also like new appliances, tile, random house stuff ya know...

Quoting MonarchMom22:

sounds like you need to make a long-term plan.  If having access to the capital is new, like you say, then maybe husband is just not ready yet to make any big decisions.  Having a long-term plan might give him more of a feeling of control over where the money is going and if it is a good investment.

Honestly, if the interest on a loan is lower than what the return on the investment brings - then it makes sense to keep the loan.  If you pay more on interest than the money is earning, it makes sense to pay it off. 

Either way, you need to take into account all your assetts, where they are invested, all your expenses and costs, and where you want to be in 5 years, 10 years and beyond.

We have always lived well below our means.  I'm glad we did since now I feel very secure looking to the future.

Anonymous
by Anonymous 1 - Original Poster on Feb. 14, 2014 at 5:57 PM
That's what he says too...

Quoting orchardmoma:

Personally I would rather have some debt now and save that money for retirement. 

mrspeterrabbit
by Platinum Member on Feb. 14, 2014 at 6:01 PM
I agree dors he know(op) that he's paying more for everything being on payments? He needs to pay off everything then you will have more money monthly to live on or build your portfollio back up....just saying :)

Quoting autodidact: why are you making payments if you have that kind of assets? that's a waste of money.
autodidact
by Snarknado on Feb. 14, 2014 at 6:20 PM
1 mom liked this

But that's not good money management.

Credit costs, and they have assets they could use to stop paying interest. Then they are positioned perfectly to "pay themselves" by putting what used to be the car payement directly into savings instead. 

Quoting orchardmoma:

Personally I would rather have some debt now and save that money for retirement. 


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