It's not how much you make, it's how much you spend. If you make a million and spend a million and one, you're in debt.

My wife, in her work as a CPA, was often surprised at how well-educated people(Doctors, lawyers, etc) seemed incapable of managing their money, often resulting in large amounts of debt. For too many people, no matter what other skills they may have(Doctors, lawyers, or engineers), they simply never learned the basic principle of "Don't buy something you can't afford." I've had friends who were the same way. Unfortunately, they get used to a certain lifestyle, and they don't want to give it up, even if it pushes them farther into debt.

I have NO sympathy for people that have this level of income and run themselves into debt. I'd love to make $160k per year. I'd have a nice fat bank account and live simply.

Long ago in an earlier life I worked retail in a picture framing store. I still remember a customer who ordered about $300 worth of framing, presented his credit card for payment, then had it declined. He then proceeded to call the credit card company and ask to have his limit raised, from $20,000. This was in the early '90s, so a $20K limit was pretty frickin' high at the time.

I was incredulous, no doubt because I was making about $6.50/hr at the time. Here was a guy with a maxed out $20K credit card, upping the ante for something as completely non-essential as a picture frame. Who knows, maybe the guy was a millionaire and a $20K credit limit was a petty nuisance and he paid it off every month…but I sort of doubt it.

I dated a guy who made more than $200,000 a year and he was eying cashing out his 401K plan to make ends meet. I had more in my bank account than he did and I was just a little secretary.

It's all about living within your means. Look at M.C. Hammer!

I'm mostly impressed by the fact that the forum is trying to give him good advice instead of ripping him to shreds. It takes guts to own up like that and also helps people realize that making money and having money aren't the same, even when the earnings are high.

@Maulleigh: "It's all about living within your means."

E X A C T L Y !

I'm glad someone said it, because it's so true.

...man, they make more than 3 times my total income, and I still manage to provide my wife with a modest 4 room home in real-estate high Massachusetts (but trust me, that month in Tahti always gets put off on a regular basis, and there ain't no talk of a second condo!). He should consider themselves lucky to a degree to be a high earner, but also he really, really, really, (did I say, really) needs to get serious about his families spending & management....c'mon, 3 vehicles, and two at over 1k a month....

absolutely no sympathy for this guy/family...
it is called responsibility and self-restraint.

we live in a time when taking responsibility is taking a back-seat to the fantasy of living the "big" life flashing on our tv screens.

i am a recent grad taking in 2k a month (after taxes),
i give my parents 300/month to help them out, pay 250/month for college debt, pay 600/month in rent and still manage to put away 200/month towards my retirement.

people like this are just about as dumb as a box of nails.

its called sacrifice!

remind me of the story CNN Money or something ran 6+ months ago about some guy that was a financial planner. He told other people what to do with their money, but the guy had $52k in credit card debt because right after college he felt he deserved a vacation and took some month long tour around the world, then got his manhattan apartment and spend $10k on furniture, and had student loan debts. the article made me LOL.

Is it me, or do his two $500+ car loans seem really high? $500/mo for a Jeep?

The guy's bipolar, AND a contractor. Bipolar is an invitation to get yourself ass deep in debt, and being a mobile contractor practically cuts his salary in half (extra residence, extra car, travel expenses, etc). I have close relatives falling into both classifications, and they each have had some serious debt issues (the bipolar especially).

The person admitted his problem to a forum full of people, and had already corrected much of his flamboyant spending (with plans in place to slowly work off his debt). He opened up and admitted that he needed help, and a couple of you are ripping him for it.

Props to the forum dwellers for giving him good advice, instead of criticism. And to the guy, for admitting his problem. Keeping it secret/personal is the worst thing you can do with stuff like this.