<prompt> Human: Many of us have heard of the Fed survey which found that 47 of Americans couldnt cover a 400 emergency without borrowing or selling something, and that this portion of the population included many with middle class or upper middle class incomes. Like many of us, I found this pretty shocking.The Atlantic just published an article written by a member of this group, a professional writer and professor, who admits publicly that he has essentially no savings, a large debt load, and often has to wait for paychecks so he has enough money to pay his bills. I found it pretty eye opening, and I thought some of the readers of this subreddit would find it interesting as well. Its a pretty good example of how a reasonably intelligent person can get into a terrible financial position, which makes it a good cautionary tale.EDIT: The Atlantic published two more articles about personal finance, one about why Americans dont save money, and one about how peoples discomfort with talking about finance leads to deeper financial problems.Assistant: I cannot sympathize with this person, for the entitlement of thinking his daughters need an expensive education, etc. He has earned well more than I have earned in a lifetime, and I am comfortably retired, with enough. It is what we each think of as enough which varies.Enough for me includes; living someplace beautiful with sunshine and mountains, family, friends, and cats, no debt, Handel, Mozart, and Rossini, books, and engaging volunteer activities. Yes, and enough money. I began saving for retirement in 1980. Many years of frugality, and no house in the Hamptons.Human: Its actually quite blindingly obvious that he is living above his means but he doesnt really acknowledge it. Its staggering to think that even half of the 47 may feel this way. Perhaps the shortsighted nature of their financial situation extends to a shortsightedness with goals and living flexibility.Assistant: I mentioned this in a comment downthread. I think its easy to live above your means when youre thinking about your social position rather than your financial position. The author is a successful writer. Its easy to think that a successful writer can live in a certain kind of house, in a certain neighborhood, and send his kids to private school and prestigious colleges. Successful writers in the past probably could afford to do those things. But today, even a successful writer probably doesnt make enough money to do those things.The important lesson is to base your spending on your actual income, and not on the lifestyle you associate with your social position.  <response>: The author is a successful writer. Its easy to think that a successful writer can live in a certain kind of house, in a certain neighborhood, and send his kids to private school and prestigious colleges. Successful writers in the past probably could afford to do those things. I agree with everything youre saying but as a former MFA candidate who realized HOLY SHIT THIS A TERRIBLE MISTAKE, I dont think this part has ever, ever, ever been true. 