Dad refuses to give his son $20K to pay off his credit card bills because his son makes $112K a year: 'He must be living beyond his means.'

There's no reason he should need to borrow money from his dad when he makes that much.

Just because somebody makes a lot of money does not mean that they're not broke. You might be a high earner who is not yet wealthy, but that's not the kind of person I'm talking about. I'm talking about those earning $100K who spend their money as if they were earning $200K. They spend more than they make, racking up credit card debt like it's going out of style. It's incredibly common for employees who start earning a higher salary to develop bad spending habits. They buy houses and cars they can't afford, with insane monthly payments that drain their take-home pay. They don't save any of the extra money they make, and they assume it will keep rolling in indefinitely, so they can be as financially irresponsible as possible.

It's hard to feel sympathetic towards people with high incomes who can't get their personal finances in order. If you can survive and thrive in a high-cost-of-living area on a salary some people would consider unlivable, you're unlikely to shed tears for a banker who has to stop eating out at the most expensive restaurants to pay off his credit card debt. The truth is, your exact salary matters a lot less than what you do with it. If you're making $60K a year, but you're able to save 25% of your take-home pay, you're in a much better financial situation than somebody who makes twice your salary but spends every cent. Your net worth is probably higher, and you have the discipline to restrain yourself, which will probably make you a good enough employee to be able to make more in the future. It's kind of mind-boggling that someone can do work worth six figures and do it well, but can't manage their own money well enough to take care of themselves.

01

via Vitaly Gariev

_{Image is representative only and does not depict the actual subjects of the story.}
This dad has little to no sympathy for his high-earning son, who can't get his financial life under control. His son wants him to bail him out of credit card debt, but his dad doesn't have the money and doesn't want to.
02

via u/Ecstatic_Cash_1903
03

via u/Ecstatic_Cash_1903
04

via u/Ecstatic_Cash_1903
05

via Serena T

_{Image is representative only and does not depict the actual subjects of the story.}
06

via u/Ecstatic_Cash_1903
07

via u/Ecstatic_Cash_1903
08

via u/Ecstatic_Cash_1903
09

via Daniel

_{Image is representative only and does not depict the actual subjects of the story.}
10

via u/Ecstatic_Cash_1903
11

via u/1234-for-me
12

via u/Ecstatic_Cash_1903
13

via u/Lovebeingadad54321
14

via u/Ecstatic_Cash_1903
15

via u/jatlantic7
16

via u/Ecstatic_Cash_1903
17

via u/1234-for-me
18

via u/Ecstatic_Cash_1903
19

via u/classicicedtea
20

via u/Ecstatic_Cash_1903
21

via u/Any-Research-8140
22

via u/Ecstatic_Cash_1903
23

via u/Spare-Shirt24
24

via u/Ecstatic_Cash_1903
25

via u/b0sanac
26

via u/Ecstatic_Cash_1903
27

via u/chiguy307
28

via u/Ecstatic_Cash_1903
29

via u/AdeptStudent77
30

via u/Ecstatic_Cash_1903