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Is six figures that exclusive?

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Sluggo said:
Yes, by limiting the percentage the consumer can borrow, they are completely blocking all equity loans. 🙄
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Texas originally had a ban on all HELOC loans. The court case that brought this to light was basically texans were too stupid to manage their own money.
 
alkemyst said:
Texas originally had a ban on all HELOC loans. The court case that brought this to light was basically texans were too stupid to manage their own money.
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What 4 or 5 years ago Texas banned or had strict requirements for HELOC loans? These loans are now perfectly acceptable in Texas with a reasonable 80 LTV cap.

You are seriously going to sit there and lecture us on people who were too stupid to manage their own money when you were about $40,000 in credit card debt? 😱
 
Sluggo said:
What 4 or 5 years ago Texas banned or had strict requirements for HELOC loans? These loans are now perfectly acceptable in Texas with a reasonable 80 LTV cap.

You are seriously going to sit there and lecture us on people who were too stupid to manage their own money when you were about $40,000 in credit card debt? 😱
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From going back to college a second time?

Oh btw since last October it's down to about $10k.
 
I have some friends pulling in 7 figures yearly and they are so in debt it is ridiculous. They don't have a fancy house or cars either (in fact they only have 1 car and it is a lease that they needed someone to co-sign for).

Being in the six-figure area myself though, while I have minimal debt, could definitely use a bit more. I'm the kind of guy though that puts extra savings into debts or investments. I bought 2 cars this year and paid off the first one within 2 months (after taxes, etc was about $31k). The second car I had nearly 50% down, and will most likely have it paid off in the next 6 months (after taxes, etc about $22k).

My total income next year though will be extremely high (for me), probably nearing $150k, with possibilities of reaching $250k or even more. I expect to a good chunk of that additional money to travel since I've been spending years avoiding debt as much as possible to be able to enjoy the money I get when it becomes a large surplus.

Worst case scenario I stick around the low six figure income and I still have a lot of extra money every month because I avoid a lot of debt. I expect to be debt free by 27 and have enough cash for a house (should I choose to buy one) by 30.

Six figures definitely isn't a kick-back and do what you want salary from the get-go, but if you're out of debt and just have a few monthly bills like gas / electric / insurance / etc it is definitely quite nice.
 
Tweak155 said:
I have some friends pulling in 7 figures yearly and they are so in debt it is ridiculous. They don't have a fancy house or cars either (in fact they only have 1 car and it is a lease that they needed someone to co-sign for).

Being in the six-figure area myself though, while I have minimal debt, could definitely use a bit more. I'm the kind of guy though that puts extra savings into debts or investments. I bought 2 cars this year and paid off the first one within 2 months (after taxes, etc was about $31k). The second car I had nearly 50% down, and will most likely have it paid off in the next 6 months (after taxes, etc about $22k).

My total income next year though will be extremely high (for me), probably nearing $150k, with possibilities of reaching $250k or even more. I expect to a good chunk of that additional money to travel since I've been spending years avoiding debt as much as possible to be able to enjoy the money I get when it becomes a large surplus.

Worst case scenario I stick around the low six figure income and I still have a lot of extra money every month because I avoid a lot of debt. I expect to be debt free by 27 and have enough cash for a house (should I choose to buy one) by 30.

Six figures definitely isn't a kick-back and do what you want salary from the get-go, but if you're out of debt and just have a few monthly bills like gas / electric / insurance / etc it is definitely quite nice.
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Please tell me that's a typo.
 
rcpratt said:
I'd love to know how they're spending that much money, if it doesn't involve a huge house and expensive cars.
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To be fair, they probably just started at this level a little over half a year ago. But I'm sure even one month of $100k would solve most people's problems.
 
Tweak155, you are posting fairy tales. Your addition of debt-free by 27 and own your own home by 30 sets that stage esp since you are spending $50k on cars in less than half a year.
 
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