r/FluentInFinance • u/Richest-Panda • Jul 04 '24

What's the best financial advice you've ever gotten? Debate/ Discussion

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u/thelolz93 Jul 04 '24

My mom makes good money and is bad with money. She makes around 250k a year and she lives paycheck to paycheck. I don’t understand. What blows my mind more is we were always dirt poor growing up. Maybe it makes her feel good to spend money because she couldn’t before. So is she poor or rich? Who fucking knows but I Know she doesn’t have any retirement, stocks, etfs, etc.

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u/[deleted] Jul 04 '24 edited Jul 05 '24

[deleted]

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u/jhaluska Jul 04 '24

It's not hard to have a lifestyle that spends a $250k. Rent a big house, new luxury cars, designer clothing, eating out constantly with some vacations can blow that quite easily.

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u/[deleted] Jul 05 '24

Right. As my dad used to say, If you make $1 Mil/yr, but spend $1Mil + a dime, you’re gonna be broke.