I can't say that I was shocked.
Here you have a couple making $450,000 gross income. He's 41 and a physician and she's 39 and a dentist. Combine their ages and you likely have their financial IQ.
Five members aside from them in their household are either in diapers, somewhat potty trained and almost becoming pre-teen potty mouths.
You think you have problems?
- They "regret not having bought a house years ago" according to the physician luxury bread winner
- All five of their kids are in or about to go to private school
- They have a live-in nanny
- They bought a $1.1 Million lot (with an $800k mortgage)
- Are crying because the bank won't lend them another $1 Million to build a house
- So they went to her parents to borrow money.
Problems of the first world. Bah humbug, we collectively say.
Here's a couple who would be laughed off of Dragons Den for having a completely flawed business, flawed business model and should just stick to their day jobs. Though i don't know how much i trust their judgement now...
If you're reading this and making $60k per year and saving 20% of that, you are far more financially literate than these two.
No wonder athletes and lottery winners go bankrupt faster than any other segment of the population.