If you take a 35% pay cut and continue to spend and borrow like your were still earning the extra 35%, where exactly would you see yourself in 4 years time? Homeless? Car-less? Eating a lot of Spaghetti? Or would you just laugh it off and keep incurring more debt because you know your kids will have to pay the bill?

Or maybe you'd just rob a bank or mug someone on the street to make ends meat?