A close relative of ours has worked in corporate America for decades making nearly $200K a year. Last year, he lost his job and did get a severance. His wife has never worked and they are not "realtors" (they sell 1 house every 6-8 years). They bought a brand new home (almost a million dollar home) and immediately put in a $50K pool and outdoor kitchen. They have not stopped spending (despite turning down our invitation to go to a buffet because they said it was too expensive). They have a teen son in league sports (pay to play) and spend thousands on that a year. They have blown through their kids college funds and one child is about to go off to college and they don't make him work, they are paying for his apartment and all college expenses. When we told them that maybe they should consider selling the house ($2000 + a month mortgage) they claimed they "could not sell it because nobody would buy it right now". And yet, they are always bellyaching to us about how poor they are. So, what is the best thing financially in situations like this? And yes, they have asked our opinion.
Read more: He lost his job but still lives in a mansion, should he sell it & cut costs?
