Most advice columns these days are just bait. Rage bait, pity bait, contempt bait or some kind of clickbait that was clearly made up by someone. But sometimes it’s just too hard to resist.
Question: By the end of 2022, I will have made $350,000 before taxes as the sole breadwinner and head of household. This is a great starting point and I’m very aware how blessed we are to be in this position, but I’m always looking ahead on how to improve. I currently have $88K left in student loans (originally close to $150K) and very little credit card debt (less than $2K with more than $25K available). I have two auto loans totaling $170K for two electric vehicles at 5% interest…
I’ve recently been offered a $200K HELOC at 9%, which would help me bring down some of my monthly payments…
But my biggest concern is that after taxes, 401(k) contributions, bills, savings and mortgage ($4,500), on paper I’m paycheck to paycheck.
What human being could possibly think Biden’s economic policies make sense?
I think we just found him.
There’s actually a serious point to be made here which is that we may find the Biden economic program to be evil or bonkers, but some people live in a world in which it makes sense. It makes sense to live practically paycheck to paycheck to have $170K in auto loans for electric cars. And some of the folks who live like this are setting economic policy.
If you spend some time in D.C., it’s not hard to spot them, they’re sharply dressed but walk out of shabby government buildings, they make good money, read the New York Times, the Washington Post and The Atlantic, and believe everything that it tells them. They’re exhausting to actually interact with because they’ll insist on reading those articles to you. Out loud. At length.
Modern Monetary Theory, massive green energy subsidies and all the rest of the stuff make perfect sense to them. They’ve got solar panels, green energy investments and they’re convinced that climate change is going to change everything. They’re not the elites who buy seaside mansions, they make sure to buy homes based on green charts 50 years in advance.
And yes, they’re capable of having $170K in electric car loan debt while living paycheck to paycheck. The future is so bright, you gotta wear shades.