How much debt have you got? Do you know anyone with big debt

We all see plenty of people driving Mercs and BMWs that cost more than 100k. These people always seem to have Gucci handbags and their girfriends have the latest Beckham jeans costing 200 Euros. I know some of these people but I’m not in a position to enquire about their financial situation. My close friends all seem to be pennyless and they don’t mind telling anybody who’ll listen.
I was just wondering if anybody knows someone who has all the expensive accessories, maybe you are one of those people. In particular I’d like to know if these people are in debt up to their ears or do they just have plenty of money. If they have plenty of money then where’d they get it?
Anybody any info? :smiley:

wow you must move in sheltered circles! :smiley:
I know lots of them…

How about someone (single) on ~€80k p.a. with:

a new 5 bedroomed hosue in Dublin (600k mortgage)
a new-ish Merc
‘champagne lifestyle’
no pension
several credit cards, all maxed out

there are lots of them out there…

El Stuntman. Is that you?

I do know a lot of people who fit the description but none are the type who would discuss their financial details. It is cause I know these people and I’m too afraid to ask them about their finances that I am asking this question. I just can’t understand where they get their money from. Really, if there is some secret they have for getting lots of money I want in. :smiley:

The secret is to buy land (because they are not making any more of it).

Simple really…

I know of one or two, but my close friends are only working a year or two at the most, and have yet to engage in this. Hopefully, they’ll no longer be allowed to in any case.

I know a couple who have the lot. A couple of cars (neither Mercs, but still nice cars), an apartment in Bulgaria (shudder), as well as the 3 bed apartment in commuterville.

I imagine most people who are borrowed to the hilt and bought these things will either a) Be cagey about it or outright lie as to how they ‘paid’ for the goods or b) Think there’s no problem. Credit is great!

no, not me - just an acquaintance of mine. I’m not single, I have a pension, our mortgage is comfortable and we have no other debt…I’m quite boring really!

Yes. They are not making more of it. However, there is a little caveat. The price of land is subject to supply and demand and in Ireland it costs a whole lot. In the future it will cost much less. So if you buy now then you will loose money. I’m sorry that I had to be the one to tell you.
However, if you mean that all the rich ones have their finger in the property market over the last few years then you could be right. Since most of the people who made money on property were “The Donkey who played the flute” then you can expect them to sit on their property while it looses it’s value over the next few years.

I’m sorry to be the one to tell you bertie but johnboy was cracking a standing joke on the 'pin.

Land has a negative carry. Means you are losing 4-5% per annum on average before you start.

I knew that, I was eh cracking a standing joke myself. :blush:

I don’t know anyone with a terribly flash lifestyle but I do know people who have very ordinary lifestyles, yet are in debt. Maybe not a huge amount of debt by current standards but enough to leave me unable to sleep at night if it was mine. I think that’s actually worse than being flash with credit as it shows an inability to live an ordinary life within generous means.

What job does s/he do, and how can I get some of that!?

Yes it was a joke, I have another about a property developer, a priest and a prostitute stuck in a lift but that is for another day.

Assuming the 80k job is Dublin based, that’s about enough to service a 300k mortgage. You don’t get much in Dublin for 300k.

“How can I get some of that” in Dublin means consigning yourself to a lifetime of debt, and then after thirty years of working your bollix off you’ll be the proud owner owner of a one bedroom dogbox.

Is that a dream, or a nightmare?

How about pulling 80,000 per year for 10 years. Rent for 1,500.00 and save a lot while still going out and enjoying yourself. Then head to culchi-ville and buy a bloody big 4 bed outright. Your salary would drop but since you’ve no mortgage what does it matter? :smiley:

What happened to the lifestyle mentioned at the start of this thread? Surely, this is dependent on being able to swan down to have breakfast of a Saturday morning in the centre of town? Non? :wink:

Sure. I was thinking of buying in one of those section 23 ghost towns in Leitrim. I would set out an aul cane table on the main street and sit there drinking my Mocha from a National Rifle Association cup watching Yuppies drive by on their way to cruise on the Shannon. I may even sit a shotgun across my knees to discourage the Yuppies stopping or even staring too long. :smiley:

Zero debt that is. We travel a couple of times a year, own a decent car outright and live reasonably well in a 3br semi in an excellent neighborhood. I pay the credit cards off every month. I don’t “own” a mortgage either but that means on a few weeks notice I can follow my job anywhere. This kind of freedom is more valuable in my career right now than the freedom to paint my living space’s walls purple and plant a chestnut tree in the garden.

Last time I checked my income was above average but for several years Ireland’s schizophrenic immigration policy prevented my wife from working and kept us out of dual income territory. Now that she can work, we have children and we think they’re better off with their mother than in a creche even if she were able to earn enough to offset the cost of a creche.

I do know people who have hundreds of thousands of Euro in debt on property which is probably financially underwater but fortunately they still have the income to support that debt. I know of someone with 80 properties he was trying to push off onto friends as a “sure thing” about 12 months ago.

With friends like that, who needs enemies :exclamation: