MSN Money article on 125k year in Plano TX

[rodeosweetheart]

Did anyone else read this?

http://money.msn.com/saving-money-tips/post--doing-well-at-dollar125k-but-still-losing-sleep-about-money

I found the comments to be the best part--they are running 100% against the article, calling BS on both the budget figures and the attitude of the subjects in the article.

Why would MSN money publish this really poorly written and reasoned article? I am kind of baffled.

[Tammy]

That 2700 mortgage and 700 associated home ownership cost is killing them. They could a nice 2-3 bedroom apartment for 1500 month I bet. Right there is 2000 more a month.

[rodeosweetheart]

That 2700 mortgage and 700 associated home ownership cost is killing them. They could a nice 2-3 bedroom apartment for 1500 month I bet. Right there is 2000 more a month.

Right, and check out the 3000 per month credit card bill. Do you think that is debt or do they put everything on the card?

Look at food-- 150 per month. I kind of doubt that, unless they are eating out constantly?

Nothing makes sense in this story--and how unrealistic for the mother to think she will get a 50-60k teaching job starting out.

[Teacher Terry]

I read that article & agree with what everyone else has said. The whole thing is ridiculous. I am sure they could have found a more affordable home given the town they live in. I saw the food bill & thought -no way!

[creaker]

Wow - $2700 mortgage in Texas? I'm paying half of that and I live in Boston.

I looked at the food and wondered how it could be so low. $150 for a family of 4 works out to less than $10/week per person. Which I suppose can be done, but that kind of frugality is really out of whack with the mortgage and amounts they appear to be putting on the credit cards - unless they are still paying down old debts.

[Glo]

Why would anyone take on a $2700 mortgage after what they've been through with their child? I don't feel sorry for them; they made their bed!

[awakenedsoul]

There are a lot of people in their forties who have student loans, cc debt, and huge mortgages now. All three of my brothers bought homes that were between $700,000.-$800,000. It's unreal to me. I would feel so pressured. Add the cost of an SUV and the gas to fill it...that's pretty typical for couples where I live. If something goes wrong, they usually end up losing the home.

[ApatheticNoMore]

I imagine you can live fine on a 125k in Plano Texas, though I haven't priced anything there. 125k in San Francisco, plenty of money for one person, but a family with kids, I could see the stresses! Yes I could easily end up with a $2700 mortgage or much more in California, renting has always seemed obvious to me. Is the 3000k a month in credit card bills medical debt? That would make it make sense. Sure the electricity seems high, but what is the weather like in Plano? Is it one of those places where A/C is about the only thing that makes it livable much of the year? Of course the wife's cell phone bill seems high. But the people talking about cheaper internet probably don't know what they are talking about, yes one can get cheaper internet service, but he's running a business with it, so he's going to want more services than what joe schmoe whose internet is just for web surfing pays.


I found the comments to be the best part--they are running 100% against the article, calling BS on both the budget figures and the attitude of the subjects in the article.

Why would MSN money publish this really poorly written and reasoned article? I am kind of baffled.

it seems to be something they do periodically, offer a sob story on someone clearly not worthy of a sob story because they are doing BETTER than most people these days. I'm a baby boomer and bought my house a mile from the beach for 30k, I nearly had it paid off, but then took a 400k HELOC on it, I used to earn 200k at my last company, but then I lost my job and couldn't find anything else, I have no money to live on .... stuff like that. There must be some agenda served by it, when I'm sure there are plenty of real sob stories to go around these days.

[iris lilies]

ANM, it may be there to incite hate readers, get them to comment, add more clicks.

"Get Rich Slowly" hosted a blog post some weeks ago from a guy who was financing his mortgage on a crowdsourcing site. The guy and girlfriend had a few kids and they wanted to pay off their house. Well, doh, don't most people want to pay off their house? While some comments applauded him for his moxy in trying, most condemned him, but also showed anger at "Get Rich Slowly" for even putting it up that blog.

Pieces like that are click bate for hate readers.

[rodeosweetheart]

ANM, it may be there to incite hate readers, get them to comment, add more clicks.



ANM: "There must be some agenda served by it, when I'm sure there are plenty of real sob stories to go around these days."

Thanks, I was wondering about another agenda here, as the story just does not hold up. Both of these viewpoints make a lot of sense. Do these stories get written to foment class struggle, hatred for the perceived "rich" people like the family depicted here?

[jp1]

That mortgage just doesn't make sense. I don't know anything about Plano neighborhoods, but without any effort I found a seemingly very nice 4 bed, 2 bath house on a quarter acre for $145k. Even with $0 down and an astronomical 7% mortgage it comes in under $1,000/month.

http://www.realtor.com/realestateandhomes-detail/2517-Peppertree-Pl_Plano_TX_75074_M81034-28177?row=4

[sweetana3]

I dont agree with anything in this poorly written article. However, I bet they bought their house at the height of the market and it was new. So for me it is more about anohter family overbuying than about scrimping now.

Maybe before their child's cancer it was less of a stretch? But the article is so weak we dont know.

[jp1]

According to the the article they lost their first house to foreclosure after the kid got sick. Then bought a new house at some point after that, despite having only one income and all their various debts. Even after the wife gets out of school and gets a job they'll be hard pressed to keep this house if the guy becomes unemployed for any reason, unless they put all of her income into savings. Given their dependence on one large salary to make ends meet they need a huge emergency fund to be able to hold them over if he becomes unemployed. He'd still have to find a $70k job, even with her working, to keep from falling off a cliff. I just don't understand people that put themselves in such a precarious position.