Financial Trouble on a Six Figure Salary

I come across articles from time to time that discuss financial issues on what seems to be a good salary.  I like to share the good ones here.  

http://theweek.com/article/index/254134/i-make-a-six-figure-salary–but-im-in-financial-trouble

Here are a few of my thoughts on this article.

1) The article is better than many I have read because the author is actually making plans to correct the financial troubles.  Many of the articles I have read like this are filled with complaints and lack any effort to change.  

2) The author lives in New York, so cost of living is higher there.  Six figures certainly doesn’t go as far in some parts of the country.  Even so, you must make an effort to live within your means regardless of the cost of living.

3) I like the fact that the author mentions that she felt like she deserved to have nice things.  I think that’s a common sentiment, and one that I often struggle with as well.  It’s often tough to balance what we think we should be able to afford with what we can actually afford.

What are your thoughts?

Comments

  1. says

    I expected an article about “how I blew my six-figure salary on shoes and workout clothes” but instead got one about “how my huge medical bills plus not smart spending got me in a hole.” A good reminder to save for an unexpected future, and plan for that future by not spending poorly now. Horrible accidents can happen to any of us, and medical bills can destroy even people with great salaries. Excellent article.
    zoe @ my unhoardED life´s last blog post ..This week’s decluttering

    • says

      I agree it was a nice change from the usual “can’t live on 6 figures” article. Savings is important. Whether it’s medical bills or car repairs, unexpected events happen and it’s a good idea to save some money for these emergencies.

  2. says

    Hmm, interesting. When I still lived in London some years ago, I had the mind set of “I deserved to buy nice things for my home because I worked hard at a job I wasn’t particularly enjoying any more”. I felt I was working just to pay bills and therefore this other stuff was my “reward”. I didn’t go into debt for it fortunately but I did end up getting rid of a whole van load of hardly used stuff to a charity! And I didn’t have too much in the way of savings. Once I had made up my mind to move and downsize I was able to save towards that plan and working became worth while again – because I had an aim I was able to stop the “treating myself” mentality. And I did it! Hurrah!

  3. says

    Hi Freedom! I just found your website link from Lyle at The Joy of Simple and this post caught my eye. I agree it was a well thought out post and the author seems to be making practice. I so agree that a big problem with the “American Dream” of more and more and more is that people work so hard that they feel their only way to reward themselves is to spend money and enjoy themselves. Unfortunately as we know, that’s a dead-end trap. It reminds me of the Lily Tomlin quote, “The trouble with winning the rat race is that you are still a rat!” When my husband and I “right-sized” our lifestyle and went debt free it was the BEST thing we ever did. (Talk about freedom!) I hope the young women in the article sticks with her plan and gets out of that terrible debt!
    Kathy @ SMART Living 365.com´s last blog post ..Ten Awesome Benefits to Growing Older

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