Just wondering if anyone knows somewhat who is deeply in personal debt but doesn't let that affect them? I've heard of or from people who know others who basically declare bankruptcy every 7 years, live like a king/queen for a time than lose it all? I've never seen this in practice though. In theory, could it be a smart way to live if say you don't make a lot of money; maybe just leverage yourself to the gills and keep doing it?
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My ex girlfriend was one of the most broke people I have ever met. Her family was broke too so when she was dead broke, she had nothing. I think she blew out her credit cards so couldn't run up credit card bills anymore. She couldn't afford gas most of the time and would fill up like $5 dollars in her SUV gas tank and when I started seeing this I offered to pay for her gas. She signed up for a new apartment and didn't pay any of the fees and was months behind on rent. She would have gotten evicted, but just moved out before they kicked her out. She probably owed them like $4 grand and just left. We broke up about the time that happened and she packed up all she could in her truck and U-Haul and I never saw her again.
I think she had student loans as well from undergrad and grad school. She would also engage in very risky behavior like smoking illegal 420 in her car and just leaving the pipe in the car at all times. I didn't want to drive with her dirty like that - but she didn't GAF. She was very reckless and also covered in tattoos - she had 3/4 sleeves on both arms as well as all over her torso and legs with a tramp stamp that said "SICK GIRL." lolololol I used to tell her that sounded super kinky, but she said it meant "Awesome Girl" basically. I was like riiiiight ok.
Her minge had to be fire if she lived like that
She was pretty hot and a pro mountain biker and also we would cycle together on the road sometimes. And yes it probably was the best sex ever.
Fair.
No offense to her or you, but this just sounds like someone who doesn't know what their doing raised by people who also don't know what they are doing. I can see these people constantly getting into financial trouble. I was looking more for someone who almost does it "professionally", or serially.
Always enjoy reading your posts my man.
I bought a co from a couple like this. Had a ton of personal debt and living pay check to pay check even if they had a good year and pulled $$$. Really stressful way to live imo.
Do you know if htey had a reason for doing this?
There are a lot of people who live like this, but honestly it makes sense for a large majority of lower-class Americans. If you're never going to be a homeowner and the largest purchase you'll make is your car, why the fuck would you care what your credit score / debt balance is? There will always be some option for these people to get unsecured credit, and collection agencies end up settling for pennies on the dollar (and in half the cases you just stop getting calls). Not the type of lifestyle I'd want to be living but if I was unambitious I would definitely play this system.
I guess that's somewhat my question, why don't people don't this more if they are lower economically? Is it they can't get access to debt, they don't know how to pull it off, or they have something against doing it?
They still have hope of home ownership and bigger things
Former best friend was a nerd his whole life. He snagged a fairly prestigious scholarship from a blue chip corporation to do his A Levels and undergraduate degree in engineering. Then he'd be pretty much guaranteed a job at the corporation (big oil & gas company) for at least 5 years (he just needed to barely pass his degree or get smtg like a 2:2)
Long story short, this mfker loved to bitch about his 'upbringing' and bitch about how he's 'poor' and 'had to grind' whereas the rest of us could just coast along cuz we had rich parents. Ended up failing out of uni in his 3rd year. Never shows up to classes, never shows up in assignments and group projects. Now he has to pay back all that money the company spent on him, (A Levels + 3 years of uni + all living expenses and rent and whatnot). Balls deep in hundreds of thousands of debt at 23, with no educational credentials.
My personal experience on this matter is that the individual(s) I know of from our social circle generally wait for the parent(s) money/inheritances to kick in when they make these grand purchases. Friend from high school was looking to buy a house - sought after advice from his friends who are homeowners believing that these 'friends' had their act together or some secret sauce in purchasing their cars/homes. Turns out it was their parents money that they spent for the down payment plus new cars. This trend has been quite consistent so far throughout my life, as I am sure many others as well.
On the off hand, I know of at least four people personally who maxed everything out in their life to have the life they 'want'. They barely clear six figures and have a $700k+ house.
I get this. I have a saying that "people will tell you what they have, but not how they got it."
I know people like this too. Being in "finance", I find I'm always good with money and expenses, so knowing people its always somewhat easy to estimate everything, a lot of times it doesnt add up.
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