The glaring omission here was what do these people have in assets? Liquid and other. I know several (over)paid professionals, who due to their extreme need to own the latest everything, new car every 6 months (yes, thats right, every 6 mos!) have little in liquid savings. If they had an emergency, they'd max the credit cards, dry the savings and have to cash-in on other funds, and pay serious premiums, penalties. Which I saw happen to a former client. Employer went belly up (Owner was stealing) Found himself unemployed at 49, with a sketchy resume (but not a Santos version) and had to start selling off a lot of expensive toys, at serious losses to cover the home and child expenses. Barely kept the house, before he got another job at 1/3 less than he was making. Lesson learned? Oh no, he's leasing an expensive car, to make himself feel better. Idiot! What people make income wise, is not often an indicator of much more than what they are wearing. The guy in the nice suit, or lady with the designer shoes, making $100K+, could be living pay check to paycheck, and eating ramen 4xs a week, in an unfurnished apartment in a nice building. Old friend of the family always seemed to be struggling, always doing side-jobs, seemed like he never slept. But when he retired, he moved down south to a little place, near where he was born, and lives like a Prince on what he smartly squirreled away and invested.

The glaring omission here was what do these people have in assets? Liquid and other. I know several (over)paid professionals, who due to their extreme need to own the latest everything, new car every 6 months (yes, thats right, every 6 mos!) have little in liquid savings. If they had an emergency, they'd max the credit cards, dry the savings and have to cash-in on other funds, and pay serious premiums, penalties. Which I saw happen to a former client. Employer went belly up (Owner was stealing) Found himself unemployed at 49, with a sketchy resume (but not a Santos version) and had to start selling off a lot of expensive toys, at serious losses to cover the home and child expenses. Barely kept the house, before he got another job at 1/3 less than he was making. Lesson learned? Oh no, he's leasing an expensive car, to make himself feel better. Idiot! What people make income wise, is not often an indicator of much more than what they are wearing. The guy in the nice suit, or lady with the designer shoes, making $100K+, could be living pay check to paycheck, and eating ramen 4xs a week, in an unfurnished apartment in a nice building. Old friend of the family always seemed to be struggling, always doing side-jobs, seemed like he never slept. But when he retired, he moved down south to a little place, near where he was born, and lives like a Prince on what he smartly squirreled away and invested.

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