Author Topic: Poor oil workers didn't save a grand from $100K/yr  (Read 14512 times)

RosieTR

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Poor oil workers didn't save a grand from $100K/yr
« on: September 15, 2015, 09:28:31 PM »
http://www.marketplace.org/topics/sustainability/oilfields-salaries-boomed-suddenly-bust

There are some folks in this article that make you want to punch them in the face. OTOH, if for some reason you are in the market for a HUGE TRUCK that's all tricked out, look to Wyoming!

nobodyspecial

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #1 on: September 15, 2015, 10:10:08 PM »
What's even stranger is that the oil (and mining) companies are even worse.

In a boom they can't spend money fast enough, everyone is competing for the same people and equipment so salaries, consulting rates and rentals get up-bidded through the roof. 
Then when prices drop, when you think it would be a good time to spend some of those $bn they had been making on developing new fields and new technologies, they immediately cancel everything.

ShoulderThingThatGoesUp

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #2 on: September 16, 2015, 03:57:03 AM »
Probably a great time to be apartment-hunting in Houston.

bagap

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #3 on: September 16, 2015, 05:41:44 AM »
Quote
“I had like maybe three grand saved. I went through that in two or three weeks,” Couch says. “Truck payment $1,000 a month; rent payment, $1,000 a month; food, and then everything else.”

By the time work picked up, Couch says he was already two months behind on truck payments and was almost evicted from his apartment. One of the problems, he explained, is that oilfield money can change spending habits. When he was a cowboy, he didn’t make much money, and so he didn’t spend much money. But then he started working in the oilfields.

Our town has a huge oil-based industry and we see that here all the time.  It's feast or famine with these guys.

Quote

“So you’re going to the bar and it turns into $500 a night because you’re drunk buying Patron for everybody sitting at the bar,” Couch says with a laugh.

Yup, that's a hoot and a holler...sad.

paddedhat

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #4 on: September 16, 2015, 06:24:32 AM »
What's even stranger is that the oil (and mining) companies are even worse.

In a boom they can't spend money fast enough, everyone is competing for the same people and equipment so salaries, consulting rates and rentals get up-bidded through the roof. 
Then when prices drop, when you think it would be a good time to spend some of those $bn they had been making on developing new fields and new technologies, they immediately cancel everything.

It is amazing. My kid is in management with an oil field support company. A year ago he was pocketing $2K a weekend with a side gig to paint truck sized tanks. He would charge $5400 each, pay his help generously, and the customer was thrilled. He recently spent weeks waiting for the bean counters at his biggest customer's headquarters to agonize their way through the fact that he was charging $10/day more than his competition to rent a small piece of equipment, and would not lower the price. He held firm as he rents equipment by the 24 hour day, for as long as you need it, and provides 24/7/365 service. The competition offers the same equipment by the week (40 hrs on the meter, then extra charges per hour) and services it during banker's hours, five days a week. It took nearly two months for management at a drilling company to get past the fact that they were spending $300 more a month for a machine that they could put three times as many hours on, and have round the clock service on.

As you have also correctly noted, these same business geniuses literally call  for a full stop as soon as the market drops. Finish whatever you were doing and fire everybody immediately.

acroy

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #5 on: September 16, 2015, 06:50:41 AM »
My wife's side of the family has been in oil their entire lives -
It is feast or famine for sure!

HairyUpperLip

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #6 on: September 16, 2015, 07:35:17 AM »
“Nothing is secure. Unless you’re making toilet paper, I guess,” Gamble says.

Thanks for the dope line, Gamble.

slugline

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #7 on: September 16, 2015, 07:35:52 AM »
Probably a great time to be apartment-hunting in Houston.

I am in the Energy Corridor and have watched Houston's cityscape in recent years. Apartment rents are still rising, just at a less nutty pace. This is not the 1980s -- Houston's economy has more diversification this time. So what we're seeing is more of a "soft landing" where the most stupidly-high valuations are finally being blunted rather than a crash. Maybe next year? :)

The article linked in the OP was about the workers who live in actual oilfield regions, by the way. Those areas will certainly be taken for the hardest rides on the boom-bust cycle.

Rezdent

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #8 on: September 16, 2015, 07:45:01 AM »
Lots of the field workers bought travel trailers to live in, so now might be a good time for those looking to live small :)

Chris22

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #9 on: September 16, 2015, 08:04:36 AM »
What's even stranger is that the oil (and mining) companies are even worse.

In a boom they can't spend money fast enough, everyone is competing for the same people and equipment so salaries, consulting rates and rentals get up-bidded through the roof. 
Then when prices drop, when you think it would be a good time to spend some of those $bn they had been making on developing new fields and new technologies, they immediately cancel everything.

Most of these companies are independents and leveraged to the hilt.  They finance each project, and as soon as the price drops below break even, the financing dries up.  Not saying it's right, but it's how it's done.

MgoSam

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #10 on: September 16, 2015, 08:38:25 AM »
I remember listening to NPR and they interviewed a few oil workers that were making $120k a year and bragging about it. I wish they would do a followup with them now to see how much they currently are making, or if they saved anything....but on how they were bragging about what they had been buying, I doubt it.

MgoSam

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #11 on: September 16, 2015, 08:39:00 AM »
Two of my company's better retail customers are in ND and yeah, I can see how the bust has been affecting their purchasing.

TheGrimSqueaker

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #12 on: September 16, 2015, 10:00:19 AM »
Quote

“So you’re going to the bar and it turns into $500 a night because you’re drunk buying Patron for everybody sitting at the bar,” Couch says with a laugh.

Yup, that's a hoot and a holler...sad.

I used to think that most people who are psychologically disposed to get into that kind of situation to begin with only have it happen once. The first massive bar tab or empty wallet after a night on the town has a wonderful wake-up effect. A person can then learn from the experience and change their decision making so as to not get into the same situation again.

But then I realized that, for whatever reason, significant numbers of people aren't learning from the aftereffects of binge spending, binge drinking, or other binge behaviors. Are the consequences just not unpleasant enough?

Alex321

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #13 on: September 16, 2015, 10:03:37 AM »
I remember listening to NPR and they interviewed a few oil workers that were making $120k a year and bragging about it. I wish they would do a followup with them now to see how much they currently are making, or if they saved anything....but on how they were bragging about what they had been buying, I doubt it.

It's always fun to celebrate the downfall of others, isn't it?

MgoSam

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #14 on: September 16, 2015, 10:09:09 AM »
I remember listening to NPR and they interviewed a few oil workers that were making $120k a year and bragging about it. I wish they would do a followup with them now to see how much they currently are making, or if they saved anything....but on how they were bragging about what they had been buying, I doubt it.

It's always fun to celebrate the downfall of others, isn't it?

Actually I don't take much glee in this. I would prefer if they were instead to have saved up every penny and are doing well. My point is that they came across as people boasting of their salary, and didn't appear to be considering the future or what might happen if market conditions changed. I don't have much sympathy for many people, I know way too many people that are making money hand over fist and then go out and drink it all away and sure enough, things change. My partner is like that, he gambled away more money than I care to imagine, and doesn't have nearly as much to show for it, which is why he is still working.
« Last Edit: September 16, 2015, 10:41:26 AM by MgoSam »

FatCat

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #15 on: September 16, 2015, 10:36:10 AM »
Quote
Back at the bar, Couch shows me his shiny white truck equipped with air conditioned seats, Sirius XM Radio and a video screen for watching movies. Despite his recent financial troubles, he is keeping it.

“Oh, 100 percent. Even if I go back to cowboying, I’m still making $1,000 a month. I can make the payment,” Couch says. “Who eats, right?”


What is it about expensive vehicles? I know plenty of people who live in old beat up trailers, but own brand new expensive trucks. As long as they have an expensive vehicle, they feel like they've somehow "made it" regardless of the state of the rest of their belongings. Anytime they get a raise, 100% of the raise value goes to bigger payment for more expensive and newer vehicle. They act like this is the status symbol to beat all status symbols. Nothing else matters as long as the vehicle is expensive.

runningthroughFIRE

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #16 on: September 16, 2015, 10:45:53 AM »
Quote
Back at the bar, Couch shows me his shiny white truck equipped with air conditioned seats, Sirius XM Radio and a video screen for watching movies. Despite his recent financial troubles, he is keeping it.

“Oh, 100 percent. Even if I go back to cowboying, I’m still making $1,000 a month. I can make the payment,” Couch says. “Who eats, right?”


What is it about expensive vehicles? I know plenty of people who live in old beat up trailers, but own brand new expensive trucks. As long as they have an expensive vehicle, they feel like they've somehow "made it" regardless of the state of the rest of their belongings. Anytime they get a raise, 100% of the raise value goes to bigger payment for more expensive and newer vehicle. They act like this is the status symbol to beat all status symbols. Nothing else matters as long as the vehicle is expensive.

For many, their vehicle is the most public status symbol they have.  Sure, you can get a fancy house and brag about it, but how many people are actually going to *see* it?  Fancy cars and trucks are more visible, since anyone who sees pulling in at work, running errands, etc. will see it, and not just the people you like enough to invite to your home.

jinga nation

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #17 on: September 16, 2015, 11:47:23 AM »
Quote
Back at the bar, Couch shows me his shiny white truck equipped with air conditioned seats, Sirius XM Radio and a video screen for watching movies. Despite his recent financial troubles, he is keeping it.

“Oh, 100 percent. Even if I go back to cowboying, I’m still making $1,000 a month. I can make the payment,” Couch says. “Who eats, right?”


What is it about expensive vehicles? I know plenty of people who live in old beat up trailers, but own brand new expensive trucks. As long as they have an expensive vehicle, they feel like they've somehow "made it" regardless of the state of the rest of their belongings. Anytime they get a raise, 100% of the raise value goes to bigger payment for more expensive and newer vehicle. They act like this is the status symbol to beat all status symbols. Nothing else matters as long as the vehicle is expensive.

For many, their vehicle is the most public status symbol they have.  Sure, you can get a fancy house and brag about it, but how many people are actually going to *see* it?  Fancy cars and trucks are more visible, since anyone who sees pulling in at work, running errands, etc. will see it, and not just the people you like enough to invite to your home.

In other words,
Flaunt it if you've got it.
Drive it like it's stolen.
It's the consumption economy, stupid!
Capitalism, bitches!
/irony

47%MMM

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #18 on: September 16, 2015, 12:42:50 PM »
I remember listening to NPR and they interviewed a few oil workers that were making $120k a year and bragging about it. I wish they would do a followup with them now to see how much they currently are making, or if they saved anything....but on how they were bragging about what they had been buying, I doubt it.

It's always fun to celebrate the downfall of others, isn't it?

Actually I don't take much glee in this. I would prefer if they were instead to have saved up every penny and are doing well. My point is that they came across as people boasting of their salary, and didn't appear to be considering the future or what might happen if market conditions changed. I don't have much sympathy for many people, I know way too many people that are making money hand over fist and then go out and drink it all away and sure enough, things change. My partner is like that, he gambled away more money than I care to imagine, and doesn't have nearly as much to show for it, which is why he is still working.

Okay, I'll admit that I find the fall entertaining. Just as I enjoyed the TV show Broke (ESPN's 30on30). BUT I also enjoy the other side too. I hate the Pats but can't help telling everyone how smart Gronk seems to be - only living off endorsements and not spending a single paycheck yet (http://www.businessinsider.com/rob-gronkowski-saves-nfl-salary-lives-off-endorsements-2015-6).

If people want to live like there is no tomorrow, I find it entertaining to see how that works out for them.

bagap

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #19 on: September 16, 2015, 01:21:08 PM »
If people want to live like there is no tomorrow, I find it entertaining/educational/eye-opening/sobering/frightening to see how that works out for them.

I agree with the original statement but added the other feelings I get/experience when I hear about the fall out that inevitably comes from horrible money management.  None of them are joyful.

Eric

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #20 on: September 16, 2015, 02:02:08 PM »
I remember listening to NPR and they interviewed a few oil workers that were making $120k a year and bragging about it. I wish they would do a followup with them now to see how much they currently are making, or if they saved anything....but on how they were bragging about what they had been buying, I doubt it.

It's always fun to celebrate the downfall of others, isn't it?

It's always a curious thing to me when people come to the Anti-Mustachian Wall of Shame and Comedy section and attempt to shame people for making fun of those around us who suck with money.  I will not shy away from proclaiming these people to be idiots who are terrible with money.  And I also don't feel bad for them after making and wasting so much of it.  So cheers!  Here's to the idiots!

If that bothers you, this forum section may not be where you'll want to hang out.

scottish

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #21 on: September 16, 2015, 07:20:45 PM »
Just remember these words to live by:
Quote
Sometimes the love of a truck trumps any attempt to manage your money.

LPeters

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #22 on: September 16, 2015, 07:26:18 PM »
Oh my...

Quote
Back at the bar, Couch shows me his shiny white truck equipped with air conditioned seats, Sirius XM Radio and a video screen for watching movies. Despite his recent financial troubles, he is keeping it.

“Oh, 100 percent. Even if I go back to cowboying, I’m still making $1,000 a month. I can make the payment,” Couch says. “Who eats, right?”

I shouldn't discount the possibility that this in fact a shrewd financial move because he is planning on living in the truck.
True, and maybe he can eat the seats. Save on food costs.

MgoSam

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #23 on: September 16, 2015, 08:58:53 PM »
Oh my...

Quote
Back at the bar, Couch shows me his shiny white truck equipped with air conditioned seats, Sirius XM Radio and a video screen for watching movies. Despite his recent financial troubles, he is keeping it.

“Oh, 100 percent. Even if I go back to cowboying, I’m still making $1,000 a month. I can make the payment,” Couch says. “Who eats, right?”

I shouldn't discount the possibility that this in fact a shrewd financial move because he is planning on living in the truck.
True, and maybe he can eat the seats. Save on food costs.

What are "air conditioned seats," do they have little holes that pour out cold air? I understand heated seats, and while I wouldn't pay for them on my car, I do appreciate them when stepping into a family member's car in winter.

Syonyk

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #24 on: September 16, 2015, 09:18:35 PM »
What are "air conditioned seats," do they have little holes that pour out cold air? I understand heated seats, and while I wouldn't pay for them on my car, I do appreciate them when stepping into a family member's car in winter.

Yeah, they're typically a perforated leather (great for summer motorcycle gear, btw) that has ducts to vent chilled air.

nobodyspecial

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #25 on: September 16, 2015, 09:44:13 PM »
What are "air conditioned seats," do they have little holes that pour out cold air?
Well if you are a roughneck cowboy working in the oil patch the last thing you need is a sweaty back  !

HairyUpperLip

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #26 on: September 16, 2015, 10:10:23 PM »
I despise how convenient comfort is becoming.

I wonder when we will see air conditioning systems designed for the outdoors so we can chill on our back porches in absolute comfort. Fuck breaking a sweat or mild discomfort.



Sid Hoffman

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #27 on: September 16, 2015, 10:14:46 PM »
What are "air conditioned seats," do they have little holes that pour out cold air? I understand heated seats, and while I wouldn't pay for them on my car, I do appreciate them when stepping into a family member's car in winter.

Actually the best implementation of air conditioned seats I've ever experienced was in a convertible in the hot Phoenix summer.  A friend of mine borrowed such a car from work and although it was 95+ degrees out, with the A/C on and the A/C seats, it was still reasonably pleasant driving around with the top down.  When we were done, we were still largely dry, as opposed to having back and butt sweat.  So yeah, it's a luxury feature and I don't think it makes sense on a truck, but it is a pretty amazing feature in situations that warrant it.

Syonyk

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #28 on: September 16, 2015, 10:28:28 PM »
Depends on how much you hate ass crack sweat.

"Not getting leather seats" also being a valid solution...

EngineerMum

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #29 on: September 16, 2015, 10:47:47 PM »
I despise how convenient comfort is becoming.

I wonder when we will see air conditioning systems designed for the outdoors so we can chill on our back porches in absolute comfort. Fuck breaking a sweat or mild discomfort.

Many outdoor venues here (Perth, Australia) now have mist systems that spray every minute or so. (Like the ones that recently caused a furore at Auschwitz) Bear in mind we have had to build 2 desalination plants to provide enough water (for a city of less than 2M), and the sprays have to use drinking water or there is a public health risk.

They are lovely when it's 40 degrees C (that's over 100 F) plus though.

MgoSam

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #30 on: September 17, 2015, 08:40:15 AM »
What are "air conditioned seats," do they have little holes that pour out cold air? I understand heated seats, and while I wouldn't pay for them on my car, I do appreciate them when stepping into a family member's car in winter.

Actually the best implementation of air conditioned seats I've ever experienced was in a convertible in the hot Phoenix summer.  A friend of mine borrowed such a car from work and although it was 95+ degrees out, with the A/C on and the A/C seats, it was still reasonably pleasant driving around with the top down.  When we were done, we were still largely dry, as opposed to having back and butt sweat.  So yeah, it's a luxury feature and I don't think it makes sense on a truck, but it is a pretty amazing feature in situations that warrant it.

I googled it and found an article that made the point that it might be better for your gas mileage than having A/C in the whole car as if you are the only person than you only really need to personally comfortable. Of course, that's assuming that you only have the chair's A/C on, which I don't believe is a reasonable assumption. I imagine that anyone that springs for it, is someone that likely will crack up the entire car on A/C.

Making Cookies

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #31 on: September 17, 2015, 09:41:00 AM »
I despise how convenient comfort is becoming.

I wonder when we will see air conditioning systems designed for the outdoors so we can chill on our back porches in absolute comfort. Fuck breaking a sweat or mild discomfort.

Look up "neck airconditioner". Its a thing.

Living in the south - a/c is  very, very nice thing. The problem is to me that the more you have a/c, the more you feel like you need a/c. Back when I working outside alot, I was used to it and a 95F southern summer day with humidity wasn't nearly the big deal it is for me now when I work inside most of the work week.

Syonyk

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #32 on: September 17, 2015, 10:16:45 AM »
*clutches his pearls*

Mild... Mild discomfort????

What kind of monster ARE you?????

mm1970

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #33 on: September 17, 2015, 10:21:43 AM »
Oh my...

Quote
Back at the bar, Couch shows me his shiny white truck equipped with air conditioned seats, Sirius XM Radio and a video screen for watching movies. Despite his recent financial troubles, he is keeping it.

“Oh, 100 percent. Even if I go back to cowboying, I’m still making $1,000 a month. I can make the payment,” Couch says. “Who eats, right?”

I shouldn't discount the possibility that this in fact a shrewd financial move because he is planning on living in the truck.
I make that joke.  I live in CA, where a small starter home is $700k, but you can get a 1BR condo for $450k.

So many people drive really nice expensive SUVs.  But ya know, if you can't afford a house, why not?  You may have to live in your car someday.

Bobberth

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #34 on: September 17, 2015, 02:57:35 PM »
Through the power of Facebook and a mutual friend, I am now friends with the people that purchased our previous house.  He worked on offshore oil platforms around the world.  6 weeks on, 6 weeks off and made about $200k/year.  Until the price of oil crashed and he got laid off.  It took him a couple of months but he finally found another job in the sailor world at a 60% pay reduction.  He knows I work in finance so while looking for a job, he asked me a few questions.  One was whether they should pay off one, or more, of their 3 newly purchased cars.  Two are family cars/suv for their family of 5.  Ok, other than being brand new and fancy, I can get that.  One is a z3 or whatever the 2 seater BMW convertible is.  For a family of 5.  I mention that since they have 3 cars, maybe they could sell one to get rid of a payment instead of paying one off and losing access to that cash that they might need for food since he didn't have a job at that point.

He goes away sailoring at the new, lower paying job.  During that time period, his wife posts to fb about how fun it is to drive around in a convertible.  So they didn't sell it.  Posts several trips and new outfit purchases.  He comes home.  I post on FB that I won free tickets to a concert coming up.  He responds by saying, "I'd love to go to that but that is the weekend of Riot Fest in Chicago".  Then he messages me asking which is the least bad place to withdraw money from: pre-tax retirement account or post-tax retirement account because, "We have cut all that we can and we are still short."

At this point, I'm not sure he has even told his wife how bad of a financial situation they are in.  Actually, I'm hoping that he hasn't.  It would be a lot easier to grasp than them being that absolutely fucking stupid with their spending in their current situation.

okits

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #35 on: September 17, 2015, 08:33:42 PM »
I can't help but facepalm and weep a little on the inside.  Stories of people frittering away giant (but temporarily-high) incomes make me sad.  Oh, the opportunity lost...

lostamonkey

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #36 on: September 17, 2015, 08:44:07 PM »
Honestly I feel a little happy when I hear stories of oil rig guys who get laid off and go broke. I live around a ton of oil field workers and they were very cocky when the oil price was up and the local economy was booming. It is awesome to see them broke and forced to take a massive paycut at another job.

bagap

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #37 on: September 17, 2015, 09:03:56 PM »
I remember listening to NPR and they interviewed a few oil workers that were making $120k a year and bragging about it. I wish they would do a followup with them now to see how much they currently are making, or if they saved anything....but on how they were bragging about what they had been buying, I doubt it.

It's always fun to celebrate the downfall of others, isn't it?

It's always a curious thing to me when people come to the Anti-Mustachian Wall of Shame and Comedy section and attempt to shame people for making fun of those around us who suck with money.  I will not shy away from proclaiming these people to be idiots who are terrible with money.  And I also don't feel bad for them after making and wasting so much of it.  So cheers!  Here's to the idiots!

If that bothers you, this forum section may not be where you'll want to hang out.


Yes. Yes. A million times yes.

babysnowbyrd

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #38 on: September 18, 2015, 12:16:26 AM »
I had a job with an oil company and was was laid off in June. Most of the people I worked with weren't making six figures except upper management. A few had big clown trucks but a lot had older vehicles, some more reliable than others.

Not every one in the oil industry is cocky. Sure, most of the people I know who are struggling might not be very mustachian, but they weren't as ridiculous as the cowboy in the story. They're all living what is "normal" which is house and car payments and spending that barely stays within their income which has now been compromised.

I tried being frugal though of course now I see that I could have done better.

Lots of the field workers bought travel trailers to live in, so now might be a good time for those looking to live small :)

Yep. :) I bought a trailer to live in for a pretty good deal. Sold it for $2,000 profit and ended up with $6,000 cash to help me move back close to family.

So yeah, I could have done worse.

Others may not have, but I think I learned a good lesson.

abbot31

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #39 on: September 18, 2015, 01:11:03 AM »
Oops that's sad.

Syonyk

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #40 on: September 18, 2015, 10:22:30 AM »
Focusing on oil field workers who live reasonably and save a lot doesn't get clicks, though.

Kriegsspiel

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #41 on: September 19, 2015, 01:07:17 AM »
Focusing on oil field workers who live reasonably and save a lot doesn't get clicks, though.
Frankly, we're uninteresting, my dear.

music lover

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #42 on: September 19, 2015, 09:22:16 AM »
Focusing on oil field workers who live reasonably and save a lot doesn't get clicks, though.

Yup. My friend's nephew made a ton of money in Fort McMurray in a short period of time and saved most of it. Now, at age 34, he owns a nice lake side home worth about $500k, and is debt free with substantial savings.

TomTX

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #43 on: September 19, 2015, 10:43:54 AM »
Probably a great time to be apartment-hunting in Houston.

Maybe Midland or around Karnes City - not Houston.

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #44 on: September 19, 2015, 02:36:29 PM »
Focusing on oil field workers who live reasonably and save a lot doesn't get clicks, though.
Frankly, we're uninteresting, my dear.

A lot of the guys I worked with up in Williston, ND during the boom were there because they were at the end of their financial rope. Coming from areas like the Flathead or Highline in Montana or Western Minnesota, they went to work in the oil fields because they didn't have a lot of better options.

You'd figure they would be saving like crazy once they started making decent money. But I definitely saw a lot people making stupid financial decisions.

I made out all right, all student loans/CC debt/car loan paid off and 70k+ in retirement/investment accounts after 3 years. Figure with severance and unemployment I can make it for about a year if I end up getting laid off before I have to dip into savings.

zephyr911

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #45 on: September 20, 2015, 08:47:31 PM »
I saw a bit of this as an overseas defense contractor. Everyone was making six figures, some 200K or more, and a lot of them were blowing months worth of pay on 1-2 weeks off mid-tour, etc. The guy I replaced had been in Iraq for two years and grossed probably at least $400K (when I went it was $180K annualized but the danger pay had come down recently), was around 60 and had been employed in the field (mostly stateside) for like 25 years, and was retiring to live in a new house he'd built during his tour.

IT WAS MORTGAGED. And he had minimal equity! He'd spent most of his last year's pay on upgrades like landscaping and fountains, that is, whatever he didn't blow on 5-star hotels in Jordan and Dubai on his breaks. He was hoping his pension would cover the debt service and his other living costs, but he didn't sound so sure.

I spent my year over there, paid off all kinds of past financial mistakes, divorce settlement, car loans, etc, and came home with fifty grand in the bank. And my predecessor? When I got home, I heard he was queued up to go back over just to pay his bills. I cannot in my life fucking imagine how anyone could decide it's worth doing something like that unless you're going to change your life forever, for good, as a result.

I recently hosted (via AirBnB) a guy who's spent most of his life back and forth to Saudi Arabia and other places like that, and has little to show for it. Divorced, legal fights, child support, etc. He was going over with this plan to save up another 200 G's and bring it all home to start a new business. I hope it works out... may hear from him when he gets home and needs a place to stay.

attackgnome

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #46 on: September 20, 2015, 09:37:48 PM »
I saw a bit of this as an overseas defense contractor. Everyone was making six figures, some 200K or more, and a lot of them were blowing months worth of pay on 1-2 weeks off mid-tour, etc. The guy I replaced had been in Iraq for two years and grossed probably at least $400K (when I went it was $180K annualized but the danger pay had come down recently), was around 60 and had been employed in the field (mostly stateside) for like 25 years, and was retiring to live in a new house he'd built during his tour.

IT WAS MORTGAGED. And he had minimal equity! He'd spent most of his last year's pay on upgrades like landscaping and fountains, that is, whatever he didn't blow on 5-star hotels in Jordan and Dubai on his breaks. He was hoping his pension would cover the debt service and his other living costs, but he didn't sound so sure.

I spent my year over there, paid off all kinds of past financial mistakes, divorce settlement, car loans, etc, and came home with fifty grand in the bank. And my predecessor? When I got home, I heard he was queued up to go back over just to pay his bills. I cannot in my life fucking imagine how anyone could decide it's worth doing something like that unless you're going to change your life forever, for good, as a result.

I recently hosted (via AirBnB) a guy who's spent most of his life back and forth to Saudi Arabia and other places like that, and has little to show for it. Divorced, legal fights, child support, etc. He was going over with this plan to save up another 200 G's and bring it all home to start a new business. I hope it works out... may hear from him when he gets home and needs a place to stay.

My brother was in Afghanistan as a contractor doing the same gig. He saw a lot of the same stupidity. After a couple of years, he is coming back to the states with the seed money to start a business and hopefully never go back.

401Killer

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #47 on: September 21, 2015, 07:46:58 AM »
I remember listening to NPR and they interviewed a few oil workers that were making $120k a year and bragging about it. I wish they would do a followup with them now to see how much they currently are making, or if they saved anything....but on how they were bragging about what they had been buying, I doubt it.

It's always fun to celebrate the downfall of others, isn't it?

"Antimustachian Wall of Shame and Comedy"



Making Cookies

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #48 on: September 21, 2015, 08:02:14 AM »
Focusing on oil field workers who live reasonably and save a lot doesn't get clicks, though.

Good point. That summarizes most of the mainstream media. I wish some of the folks around us would learn this point. They might calm down a little. Instead they are worried about some of the most hairbrained rumors they hear on talk radio and other similar "news" outlets.
« Last Edit: September 21, 2015, 08:06:15 AM by Joe Average »

zephyr911

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Re: Poor oil workers didn't save a grand from $100K/yr
« Reply #49 on: September 21, 2015, 08:09:45 AM »
My brother was in Afghanistan as a contractor doing the same gig. He saw a lot of the same stupidity. After a couple of years, he is coming back to the states with the seed money to start a business and hopefully never go back.
Good luck to your brother! Sounds like he did it right.