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Biggest purchase that was out of your income level?

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  • Biggest purchase that was out of your income level?

    We all find ourselves wanting to buy something we shouldn't. What is the biggest or most expensive item you've bought that you really didn't have the money for?

    Mine was a Rainbow playset for the kids. We wanted to buy a play center but knew the ones at Walmart and other places have weight limits, short warranties, and usually fall apart in a year or two(especially in the South with hot summers). We went out and found a Rainbow dealer about an hour and a half away that was running a 50% off sale year-end event. They are commercial grade playsets that have a lifetime warranty and no weight limits(so my fat but can swing with the kids). I got it HALF off and still paid nearly 4k$ for it, and this is for one of their entry sets! Good thing we have two kids coming up that will use it or it would have been a major waste. They will come and disassemble it and move it to your new house if you move at least. I mean, we paid as much for this as a small used car. I can't imagine paying full price!? The part where we couldn't afford it is when we put it on a 0% for a year card we were approved for(through the dealer), but paid it off in 6 months while my wife was still working. She was going to homeschool when that school year was over, so we knew her income was going away and the kids needed more to do at home, so we bought this. To get ready for no income from her we just put her whole check to the swingset. This was the biggest purchase out of our comfort zone I think we've ever made for something that wasn't practical for us. We don't regret it, but it still baffles me I actually bought it. lol
    Everything happens for a reason. Sometimes that reason is you're stupid and make bad choices.

    Current Occupation: Spending every dollar before I die

  • #2
    I really can't think of a material item that we purchased, but we went overboard on vacations one year. Two trips to Disney PLUS our annual trip to the beach. And that was when we still had a mortgage.

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    • #3
      I dont have any...and hope I never do. Ive never splurged on anything I couldnt easily pay off...minus a house but that was only 1.5x our combined salary...so even that doesnt count.

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      • #4
        Timeshare. Because we were dumb. We could afford it but NOT really. I mean the maintenance annual fee. And we never used it.
        LivingAlmostLarge Blog

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        • #5
          Nothing at all comes to mind. We pay cash for everything (house purchases excepted); it's hard to spend beyond your means when you pay cash.

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          • #6
            $24k car when I was making 30k/year (car payment, plus student loan debt and monthly rent payment, etc)

            it all worked out for me though since I budgeted/saved for it.

            But that's as close as I've gotten to outspending my income level.

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            • #7
              A car we couldn't really afford. Still dealing with the aftermath of that one.
              Last edited by HundredK; 10-12-2016, 10:20 AM.

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              • #8
                College - I took out several times my yearly income in loans for 4 years. My student loan debt was actually totally manageable, so I'm not complaining. But, it is rather mind boggling to think that I casually took out loans for more money than I'd seen in my lifetime.

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                • #9
                  I bought my own place when I was young and really should have waited until I had a bigger down payment and a raise. That was a struggle.

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                  • #10
                    I'm glad some of you had something. For a few posts there I was starting to feel like a pig at a dog show.
                    Everything happens for a reason. Sometimes that reason is you're stupid and make bad choices.

                    Current Occupation: Spending every dollar before I die

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                    • #11
                      I bought a 25k Honda Civic in 2007 when I was making 40k a year. I had the cash to pretty much pay for everything but I invested 10k in an Edward Jones account. 2 years later when I was needing the money to get married it was only 6.5k. Ouch! Wish I'd simply paid the car off earlier and started saving cash again.
                      ~ Eagle

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                      • #12
                        Goodstewart my timeshare really hurts to know I never used it. I will say my biggest easily stupidest and most expensive financial mistake.

                        Sigh there have been others but that still makes me whack my head on the table.

                        I have to laugh though because many on here seem so responsible. And yet we all have made mistakes.
                        LivingAlmostLarge Blog

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                        • #13
                          The scene of the (spending) crime: a boutique store in the lobby of a high class hotel
                          The time: the late-80's
                          The object of my desire: a Coach handbag

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                          • #14
                            I bought my first house 15 years ago for $342K when I was only making $70K a year with 5% down and the interest rate being around 7%. Luckily, the interest rates went down, so I refinanced a few times, and also my income more than doubled. The house is now worth over $800K and I owe only $250K. What looked like a bad idea at the time, turned into the best purchase I've ever made. Sometimes it's worth taking a risk.

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                            • #15
                              This is embarrassing:

                              $125k credit card debt
                              $45k auto loans
                              -$3k / month net (expenses were $3k greater than income / month)

                              I bought a $33k BMW and financed it.

                              Top that.

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