Post the most financially outrageous things you've ever heard of...

[ducklite]

I don't get why SAHMs would need life insurance any more than any other woman. I think working moms probably need it MORE because the family would face a loss of income while incurring more expenses.

My dh and I chose NOT to insure me beyond the 10K benefit we have that would take care of funeral expenses etc. DH has the income to be able to function as a single parent, including the extra expenses that would involve.

The key is looking at your individual circumstance. For us, that means insuring dh (life and disability) and not me.

Well, like you said, it depends on the circumstances. For my sister, she's got four kids aged 2-11. She homeschools, and the local school district is so-so at best. BIL travels a lot with his job. So they would need a full-time, live-in nanny who would have to be able to drive, speak, read and write clear English and be available to work overtime, and tuition for three of the four kids for private school. On top of that they'd need a part-time cook/housekeeper. This is in a fairly expensive part of the country. It would probably run $100-120K a year to replace my sister.

Anne

 

[crisi]

We both work, but we don't insure either of us other than what our employers provide anymore. The mortgage is gone, the kids colleges funded at a minimum level. The are going on the age where they could be latchkey kids - and there is enough money stashed that either one of us would do fine as a single parent. But insurance is one of those things its easy to say "well, I'm not going to die" and decide isn't worth the money. Many times a SAHM's husband is covered by his employer, but she isn't covered at all....and frequently there wouldn't be enough money if she died to cover daycare expenses, a housekeeper, more frequent dining out, grocery deliver - whatever functions a SAHM is providing need to be replaced and most of us don't have husbands who could pull it off without help - plus the funeral expenses (I can't be buried around here for a mere $10k), the additional therapy for kids who have lost a parent, the medical bills often involved in death.

But circumstances are different. If you live close to your mother in law, its possible she'd just step in to replace you, being there to raise the kids, clean the house, and get food on the table that didn't involve tipping the delivery driver. Or you could be married to the kind of guy who wouldn't need a housekeeper and does all the cooking anyway. Or you could have plenty of income to pick up the slack and enough savings already.

 

[mumom95]

Or you could be married to the kind of guy who wouldn't need a housekeeper and does all the cooking anyway.

Does that kind of husband really exist? And if so, how do I go about making sure my daughter finds one of those rare breads when she gets older (she's only six now, so we've got plenty of time)

 

[mickeyfan2]

Does that kind of husband really exist? And if so, how do I go about making sure my daughter finds one of those rare breads when she gets older (she's only six now, so we've got plenty of time)

Yes they do. My DH keeps the bathrooms clean, washes the kitchen floor and vacuums. I only have to dusk and help keep the kitchen counters clean. People want to cloan him, but I am not sharing.

 

[ducklite]

Yes they do. My DH keeps the bathrooms clean, washes the kitchen floor and vacuums. I only have to dusk and help keep the kitchen counters clean. People want to cloan him, but I am not sharing.

My DH is great about helping with housework as well. He doesn't do dusting though, but that's a chore I actually anjoy doing, so it's not a big deal.

He'll clean bathrooms--he's amazing with shower scrubbing!--and sweep/mop/vaccuum. He offers to help in the kitchen, but I'm one of those women who is very territorial about my kitchen, so usually I'll have him stir or chop, and that's about it. He'll do laundry, including sorting, and leaves anything he's not sure about off to the side--errs on the side of caution. He's a keeper!

Anne

 

[crisi]

Mine does about 90% of the cooking and kitchen cleanup - he seldom mops and doesn't do bathrooms, but he'll vaccuum and sweep. He'd need a housekeeper, but the takeout bills wouldn't get much bigger.

 

[Cindi0511]

I have no problem with people who have to declare BK due to a devastating medical situation. What frustrates me is the people who spend, spend, spend on clothes, vacations, jewelry, electronics, eating out, etc., and then go bankrupt. I worked for awhile as a BK paralegal, and 90% of our clients were just financially irresponsible and my guess is that half of them wouldn't learn from their mistakes.

Anne

I have to be very careful in what I say here because the Tag Fairy doesn't necessarily quote in context. The context of my first tag was about both bankruptcy in another thread (a poster didn't know her DH had huge school loans before they got married and was bemoaning the fact that she couldn't get rid of them through bankruptcy and didn't want to pay them back just because the degree he used his loans for didn't give him a good paying job! ) and the fact that I was tired of hearing some of my friends complain about not having money for bills or whatever when they constantly spent tons of money on fast food, etc. for their kids. (Don't hurt me, Tag Fairy!) I just want to go off on them but bite my tongue usually because it's just not worth arguing with people who don't want to take any responsibility for themselves and their choices. I CAN'T STAND it when people are more than willing to assume the rest of the world owe's them for their own stupidity.

Having said that, I have no problem with people who have to declare bankruptcy for honest medical problems as long as they have paid something out of their own pockets and are not just blowing money on silly stuff. My heart goes out to people who have suffered major physical setbacks. There is a true place for mercy and understanding.

I have read this whole thread and just am amazed. Wow.

 

[sugarmonster]

Actually, my dozy is pretty much about myself and a ridiculous purchase that took me a year to pay off.

Unfortunately, I think our elected officials are the biggest ones guilty of financial irresponsibity. 10 million children in the US without healthcare and I read yesterday that they want to give themselves a cost of living raise. Excuse me!

I agree Eliza61! By the way my biggest, (I'm pregnant, I just have to have this money mistake) was the close to $400 dollars I paid for a moses basket.( That translates into @ $400 basket in laymans terms)

I haven't had the chance to read every reply but so far the amazing thing is that people complain about the waste of tax dollars for people on medicaid. While millions were lost/misplaced in Iraq or mismanaged during Katrina, and there has been no overwhelming public outcry. IMHO we should reserve more outrage for our public officials who mismanage our tax dollars .

 

[smfritz03]

My dh was previously married to an idiot! She would take out credit cards and not tell him about them. He would hide his paycheck and if she found it~went and cashed it and went out shopping. They went through a bankruptcy during their divorce and he learned of 5 credit cards he had no clue of. When I pull his credit to this day, I can see where their house was 90+ days late on a payment. (yes it was eventually foreclosed on)

I've taken over everything and gotten his credit score up and he's very responsible--thankfully!

She hasn't learned her lesson though. Her hubby now works 3-4 jobs to pay the bills---she refuses to work--sends the kids to private school. Well---she shops ALL the time----my stepdaughter seriously has like 40+ pairs of shoes!

The dumbest thing I've encountered though was that one of the kids needed to go to summer school to pass into 5th grade. The cost is about $200. She said they couldn't afford to put him in summer school. Then turned around and purchased a new pool for their home..............some people will NEVER have their priorites straight, and she wonders why we get to go to Disney and other trips.........

I've learned how to handle finances by watching and learning what NOT to do from others!!!

 

[pantherlj]

It sounds exactly like someone I work with. Every few years he refinances to pay off his credit card debt. A few years later, they are right back in the same financial situation. His wife refuses to give up her "lifestyle". I don't even comment anymore. I just lister and shake my head . They have no children and both have a nice income.

Same as someone I know with a twist. Together they have a child, before they got married, he had 2 kids with 2 different women within a year of each other. He pays child support on them. Now, he wants out of his current marriage. Just lost his job. They have refinanced so many times they are upside down on their mortage (owe way more than it is worth). He has a $900 a month car payment. $900?!?! ouch! He has about 7 different credit card/loan payments every month. Together, they were making VERY good money. He just couldn't live within his means.

 

[ducklite]

I agree Eliza61! By the way my biggest, (I'm pregnant, I just have to have this money mistake) was the close to $400 dollars I paid for a moses basket.( That translates into @ $400 basket in laymans terms)

I haven't had the chance to read every reply but so far the amazing thing is that people complain about the waste of tax dollars for people on medicaid. While millions were lost/misplaced in Iraq or mismanaged during Katrina, and there has been no overwhelming public outcry. IMHO we should reserve more outrage for our public officials who mismanage our tax dollars .

While I don't disagree, I started this thread with the hopes that it would be a bit of a diversion (I find many of these sadly amusing) as opposed to a political debate. I'd like to ask that we stick to the topic and keep the politics out of it. Thanks!

Anne

 

[BeNJeNWaFFLe]

Oh good, a place to rant about two people who I truly want to smack some sense into! Sorry it's long.

Let's see. He (A) is 27/28 and is in more debt that anyone I know. She (K) is just turned 22 and is also in tons of debt. Both out of sheer stupidity. K was going to college to be a teacher. She changed her major and schools so many times. She is now going to school to be a pastry chef. Trust me, she isn't good and it is not a lifestyle she will like. She has been told numerous times what that lifestyle includes and she refuses to listen. K is more than 100K in the hole. Yes, her parents helped her get there and I put some of the blame on them.

A (is the girls boyfriend unfortunately), is god only knows how much in the hole. He started going to college to be in the tech field of some sort. He dropped out early on. The real reason he dropped out...because he felt the money was better spent on a car. He owns about 4 cars, all which are broken and sitting at home. So instead he borrows his mom's car. He got a decent enough job last year considering he has no degree. IF he sticks it out and puts in the time, the job will pay well and offers good benefits. Well he wasn't promoted to manager after a year (why he thought he should be?? I have no clue) so he claimed mental disability and collected. He did that until it ran out recently and was rehired by the same job. (I give him a year before he feels entitled to be a manger again and quits.)

A is very jealous of me, dbf and other relatives of K. We went to college and we have decent paying jobs. We are paying off loans yet we still have some spending money. Both A & K try to keep up with the Jones'. So...last year the whole family (and SO's included) went on a cruise for a family reunion. A & K scrimped and saved to go. So what do they do onboard? Spend all their money on drinks, the spa (over $400!) and expensive excursions and souvineers. Both of them buy new expensive cell phones every couple of months. (I bet A will be buying the iphone soon.) I know this sounds incredibly stupid: K was complaining about have NO money at all and A about now having money to put gas in the car, so A&K went out and bought 2 $25 tubs of italian ice!

I have to listen to their complaining almost every weekend. How they have all these loans to pay off and no spending money. How they won't be able to afford a house or a wedding, etc. They have each had many lectures about their spending habits and their debt. How if they worked at any job and saved the money they would slowly get out of debt. Instead, they open more credit cards and take out more loans. I am tired of it! I can't say anything to them because "it will upset them" I have been keeping that in for awhile and it felt good to get it out. Uh...thanks.

 

[nannerbadnanner]

Does that kind of husband really exist? And if so, how do I go about making sure my daughter finds one of those rare breads when she gets older (she's only six now, so we've got plenty of time)

Yes! My DH is the best. He likes to cook and always helps clean. He also does most of the laundry. He enjoys it, and I hate it so it works out well. I am spoiled, but I appreciate all he does.

 

[dameodie]

Yes! My DH is the best. He likes to cook and always helps clean. He also does most of the laundry. He enjoys it, and I hate it so it works out well. I am spoiled, but I appreciate all he does.

I found one too! It's possible! Though I do most of the laundry, he vaccums, helps keep the place clean overall, and loves to cook. He had to care for his kids when his ex-wife left him, so he's no slacker around the house

 

[runwad]

Does that kind of husband really exist? And if so, how do I go about making sure my daughter finds one of those rare breads when she gets older (she's only six now, so we've got plenty of time)

Yep I got me one too, I know I know I'm very lucky but our marriage is truly a partnership in us splitting everything from house cleaning to child care 50/50. I thank God for him everyday, I'm truly blessed

 

[kinntj]

So here is a question for all you SAHMs on the board. Do YOU have life insurance? NOT on DH, but on YOU? If something happens to you, who is going to do what you do? I have a male friend who lost his wife to cancer. It has been a financial struggle since "we don't need life insurance on Suzy" (Name changed to protect the innocent) Well, now it's a one man shop and some of the things Suzy did for "free" have to be paid for. Things like child care????

Yes, we have life insurance on me. It's mostly for day care expenses and to help with college expenses.

 

[sugarmonster]

While I don't disagree, I started this thread with the hopes that it would be a bit of a diversion (I find many of these sadly amusing) as opposed to a political debate. I'd like to ask that we stick to the topic and keep the politics out of it. Thanks!

Anne

No offense was intended to the OP. My comment was a response to several of the posts made here. There are several people who complained of the mismanagement/misuse of tax dollars. My post was only a response to that complaint. I also have not intenetion for any political debate. I am not pointing fingers at one party or another. They are all responsible. The two examples I gave are just two of many outrageous financial mismangements, but they have occurred under both parties. My point being that to be political you have to discuss politics. This is just a statement of my humble opnion in reference to the outrageous misuse of tax dollars.:

 

[barbeml]

I have a family member who ran up $50,000 in CC debt to earn a "FREE" trip to Hawaii. Doesn't seem to get that those rewards are only FREE if you pay your balance in full each month and incur no interest or late fees. I tried to explain that the $1400 per month in interest charges could have paid for several vacations, but that fell on deaf ears.

 

[SlightlyGoofy]

There is a line that divides myself and some of my siblings from the others. The odd thing is that the older ones are the ones who have made a life for themselves while the younger ones have sponged off the system and have ended up with nothing, or nearly so.

The most horrendous thing I can think of, among many, is the sister who had oil and gas wells drilled on her property and received checks in the thousands of dollars for about five years. They took the money and bought flashy used cars, that they did not maintain and are long gone, and went to auctions and such to buy Beanie Babies and other collectibles. Since their house was so very bad (no windows and filthy) they put those items on blue tarps in their yard and covered them up with another. Surprise!! The weather destroyed it all. The money is long gone, still no windows, still filthy BUT now that Ohio has changed their welfare system said sister has to work some sort of a job. Her husband has not worked in all the years they have been married. None of her children work either.

She came out to visit me a couple of months ago and complained and complained about being so poor. All the while she was bouncing up to the convenience store to buy packs of cigarettes and since my soda buying habits did not please her, fountain cokes by the half dozen a day. I did not offer to pick up any of her bills.

I wonder if it is a fluke but my 4 younger siblings all have severe health problems now.

I tried to give them all starts when they were younger but I am older now and worn out. Money down a rathole. They think I am rich. Slow and steady, not rich.

Slightly Goofy

 

[HenDuck]

One of my very best friends is in a similar situation to so many posted about here.

She and her 2nd husband are attorneys and make 6 figures each. Due to a series of impulsive decisions, they are now in debt to the tune of 6 figures (not including their mortgage).

Each wanted out their first marriages so badly that they accepted all of their respective marital debts (and they are attorneys, remember??? )

My friend has a mean spending habit, which brought to the marriage some serious credit card debt of her own.

They, as a couple, decided that they wanted to live in a very pricey luxury condo, and you don't want to know what their mortgage is. But then, within a year of moving in to this condo, their maintenance fees skyrocketed due to mismanagement by the builder and association.

None of this stopped them from having a "destination wedding" and taking a month long honeymoon (with her children and parents in tow), or from furnishing their condo with high-end furniture. And you know what kind of cars they drive, right?

The (her) kids go to private school, although her ex-husband was not forced to pay for any part of it in the divorce decree. Again, because she just wanted to be rid of him, she gave in on what he wanted in the divorce.

And ALL that would be bad enough, right? But they have 2 luxury vacations planned in the next 6 months.

I love this friend dearly, and I'm soooo scared for her and her family. They just don't seem to be able to stop themselves.

It makes me exhausted just thinking about it.