The Story of an Idiot and his Idiot Wife (Part 2)

This is the second installation of what NOT to do. For some background, read yesterday’s post.


I also read the comments, and Meg you are so sweet to give everyone the benefit of the doubt but in this case, no. I’m afraid not.

She was perfectly healthy, no problems, and they CLAIM that it was some magical Chinese doctor that gave them “herbs” (whale sperm, tiger penis, that sort of thing) was what got them pregnant. I vote for in vitro. Anyway.

Where they ended up

He finally decided to move to Montreal without any job prospects, but get this….

He was sick of paying for rent. So he wanted to buy a home.

Yep. A home.

A home, when he just finally finished paying off all the appliances which by the way, he was NOT going to be bringing to the new place (they just left all their shiny appliances there because it was a rented apartment…), and were still broke.

Broke as hell. No job. No money. No savings.

Twin babies, and the wife who now finally had a purpose – to be the stay at home mom.

They still weren’t cooking by the way, and going out to eat every day as well as buying formula for the babies because she didn’t want to breastfeed.

He got to Montreal, found a job at $30,000 a year (this guy has an MBA by the way and could have found a better job but was really too lazy to do it by using his contacts or asking for help), and he felt lucky.


Back to the house. The kicker is that he bought the house without looking at it.

Oh yea.

You love that don’t you?

He bought the house from a real estate agent, after giving her the estimate that he was looking to spend around $300,000.

But he wanted to live in a very expensive part of Montreal, and $300,000 when the market was hot, was just not enough money to get anything decent.

He bought the home on paper, after reading it had 2 bedrooms, a kitchen, a living room and a dining room.. plus, it came FURNISHED! He had (uhh sort of) learned his lesson from before.

He paid $320,000.

He didn’t even have the money for the down payment. They were asking for $15,000 as the MINIMUM, and he couldn’t even afford that since he was broke the whole time he was married to this woman who ran up the credit cards.

Anyway, he asked the money from his parents.

And he put the down payment on the house worth $320,000 with the actual estimate from the city of being worth $150,000.

The wife NEVER saw the house, and when they finally moved from Quebec City to Montreal, she stepped into the house and immediately said: We need a bigger house.

Please. Who was she to complain?!

If I were in her position with what has been going on, I would’ve just been happy to have had a 1500 square foot home to live in, food to eat and a loving family.

Instead, she complained the whole time and had these fantastic dreams about buying a second home in Montreal just so they would be able to say that they owned two homes. A summer and a regular home.

She also demanded a Mercedes because she felt she deserved one. (I was incredulous at this part). She had absolutely no concept of the value of a dollar and how hard it was to earn one, because she never worked a day in her life.

To her, she wanted to buy everything an image-conscious family should own to show off because she was still insecure about herself and her racial background, and the Mercedes was her thing.

A Mercedes. Sports car. In Montreal.

The city of wind and snow in the dreadful winter. With twin babies to tote around.

Brilliant, wasn’t she? So practical and smart. *heavy sarcasm*

By the way, the wife, even after living in Quebec City for the two years it took, still didn’t know enough French even after taking lessons, because she never practiced it or needed to because she doesn’t work, and they just speak Spanish at home.

He got a job at $30,000. Today, he wouldn’t have been able to get that house for $320,000 but these were the Wild West times before.

She still had the kids to take care of, and they had NO SAVINGS because they lived for a year without making any money in Quebec City, just so they could learn French.

They lived like that for about 6 months, until BF helped him find a job at $80,000 a year, $20,000 LESS than what he could’ve gotten because he was so scared he wouldn’t get the job.

BF kept repeating he could’ve asked for $100,000 and the negotiated, but he went for $5000 UNDER what he was making before, because he wanted to land the job.

I get that. It was hard times for the past 2 years.

He got the job, and immediately leased a car to drive to work. A Jeep. Not a Mercedes.

So imagine the situation now.

A home worth $320,000, has now dropped to $265,000 (we checked).

The mortgage is probably $1500/month, Car Lease at $400, Utilities are another $100, Food at $600 with the children included, plus Telephone, Internet etc.. we’re looking at around $3000 in expenses each month.

He pulled in $4000 a month from his $80,000 year job.

But she continued to keep shopping and running up the credit card bills, buying unnecessary items for the babies, like more toys that they didn’t need or understand that they needed (they were 1 year old), and buying DVDs because she loved to watch DVDs… she kept spending, and is still spending to this day.

BF asked him the other day how it was going. The guy said that he wanted to sell his home in 2 years for $450,000 (I choked at this point), and move to a larger home.

So let’s break this down financially

He bought the house at $320,000.

Today, it’s worth $265,000. (The real estimated value is $150,000 but it’s a nice location).

$320,000 – $265,000 = $55,000 drop in value in the past year alone

He only put 5% down, and then his mortgage is $1500/month, and they’ve been there for 1.5 years.

5% down = $16,000

$1500 x 18 months = $27,000

His equity in the home: $27,000 + $16,000 = $43,000

It doesn’t even COVER the drop in the home’s value. He’s still $12,000 short. And the prices are dropping even lower every day.

And this guy expects to SELL the home for $450,000.

An increase of $130,000 over what he paid for it.
$130,000 / $320,000 = 40% return in 2 years, is what he is expecting.

But the housing prices have DROPPED to $265,000. No one will pay $320,000 for the house now (and he didn’t even negotiate the standard 10% that they were expecting).

For $320,000 today you will get an apartment with 2 extra bedrooms and about 800 more square feet than what they have now.


Oh, and he now has credit card debt which he has jokingly admitted to, but BF and I suspect it’s true that he’s maxed out all 3 cards. And he now has a mortgage, a lease.. and practically no assets to his name whatsoever.

He only has the equity in the home which is $43,000 but his debt and liabilities are around $300,000. He doesn’t even own the car. It’s a lease.

On top of that, no retirement savings (minimal at best), no regular savings except for a couple of thousand, and definitely NO emergency fund.

As for the job status, he’s increasingly unhappy with what he is doing because he’s travelling so much.

He already quit a $130,000 a year job a couple of months ago on IMPULSE because he was sick of travelling so much. His wife, upon hearing the news, was SO EXCITED. “Let’s take a big trip to Mexico now that you’re free!“, she said.

With no solid emergency savings and 2 babies. They relied on credit cards at this point.

He luckily had more brains than that, and told her that he didn’t have a job which meant they were going to tighten their belt until he got one, because this was NOT the time to go on a big expensive trip with two babies.

This is the only smart thing I’ve ever heard him say, financially speaking.

But my whole philosophy on it is that he is the sole breadwinner in the family – that means he is the one responsible for making sure he makes money so they can eat.

He doesn’t seem to think that, because he has been quitting his job, his high paying over $100,000 salaried job that people would kill for (even without these hard economic times).

He was lucky to get the second job at the same salary, but imagine if he didn’t?

The conclusion?

They’re nice people. But they’re idiots, and what makes it worse is the following:

1. He’s in finance. I know I shouldn’t assume things, but I’d assume you can at least BUST OUT A BUDGET!

2. They’re unrealistic about everything.
A $130,000 increase in your home price in 3 years, when you bought it for $320,000? Take a look at the market prices TODAY and it will give you a reasonable idea of what you could sell your house for in 2 years. He would’ve seen that the prices were crap.

3. The wife is truly a lazy, stupid woman.

She doesn’t know how to cook, so they don’t get to eat at home and save money because they go out to eat all the time. This would be fine, if she were a trophy wife, and he was making the big bucks and able to afford to pay for her and the kids.


She also buys unnecessary items on huge shopping sprees. The first month, after living in Houston, TX should’ve been the tip off that she has a problem spending and to start the process of learning how to stop. I know. Because I had a problem spending too much in the past, and it took me a year or two to detox that kind of attitude about shopping.

When they were CHILDLESS for 15 – 16 years now, and they lived in Mexico and then Houston, TX, she never ONCE worked.

She was a stay at home wife (not mother) for 15 years.

She was at least able to work in Mexico and in Houston (we asked, she had the Visa), and she could’ve gotten a simple job as an office assistant, bringing in SOME money instead of spending the time spending it all in the malls.

And she could work by the way. She had the visa to do so in the States and even if she didn’t, you can ALWAYS find ways to make money if you are really desperate (*cough*) and at least learn how to live a frugal lifestyle and not spend all day shopping like money grew on trees.

And the worst is that one year where he lost his job and lived off the savings for the year (savings? more like credit card debt), because they were BOTH idiots and refused to get low paying jobs just to try and stem the bleeding of their cash reserves.

4. He doesn’t think anything through.

I think the best examples are him buying the house without even seeing it in person, and quitting his $130,000 a year job on impulse without any real substantial savings to do so.

I think that pretty much sums it all.


About the Author

Just a girl trying to find a balance between being a Shopaholic and a Saver. I cleared $60,000 in 18 months earning $65,000 gross/year. Now I am self-employed, and you can read more about my story here, or visit my other blog: The Everyday Minimalist.