First, a financial advisor was invoked: "Too many people have "unrealistic expectations," says Mr. Kalscheur. They figure they should be vacationing in Italy, driving expensive cars, the whole deal. "We need to knock him upside the head. He's got to stop spending money." Every financial planner will tell you the same thing: The real challenge is tackling the psychology."
Then the standard array of budget tricks: track your spending, refinance your mortgage, rethink the private schools decision, pay down debt before saving/investing, hire fewer people, buy cheaper stuff. And think about moving your professor and doc gigs to a cheaper place.
Straightforward, obvious, useful advice to a wide array of people. What a nice public service this blogger is doing.
There are two zingers for the prof:
"contrary to what you seem to think, federal taxes are not extortionate by modern historical standards. According to the CBO, families in the top 20% pay average federal taxes of 25.1%. The figure in President Reagan's final year in office: 25.6%."
"Never, ever, ever again blog about how hard it is to live on $300,000 or $350,000 a year at a time when one middle-aged man in four can't find a full-time job, and one in five can't find any job at all."
Think of it as the memo for rich people. At least one version of it. Nice to see it in the WSJ, even if it's only in an online blog associated with the WSJ.