This is one of the major problems with society today. This is a piece posted to MarketWatch...this person makes $29,000 per month and lives "paycheck to paycheck".
@vtgrad2003 I can help that young man in the Forbes article.
Son, you are spending way above your means. Do you really need to the most expensive vehicles on the road? Most people don't make $170K a year and don't live paycheck to paycheck. And do you think you are a millionaire? Do you really need a house that expensive.
@PappyJoe It's amazing how logical what you're saying is, but the last generation (or two) doesn't seem to have much financial common sense. I still have a checkbook I balance and an actual budget sheet I use (albeit in Excel versus the old days when I kept it in a notebook)...pinheads these days, though, can't even add and subtract, much less balance either of these.
@vtgrad2003 I think most can add and subtract, but they don’t care to. It’s not their responsibility to keep their finances in check. They have been raised to expect someone else to “take up the slack” and and pay for their overspending on luxury items that “they have earned”, or deserve somehow🤔. Who wouldn’t want to live outside their means if someone else (the government included) is paying for it. The government gets money for free, they just print more😉
@vtgrad2003@RockyMountainBriar When I stopped working for other people in 2006, I bought quickbooks and have been using it for both the house account and my business account. Makes it real easy comes tax time.
The biggest problem I see with younger people in debt is they are trying to live “The Lifestyle of the Rich & Famous.”
When me Bride and I were first married, we didn't buy anything until we had saved enough to pay for it. When we bought our first new car, we took out a loan only after we had the money in the back and we paid it off early. Even in those days a lot of people bought cars, houses, etc. just because they thought they could impress others. Now days I think they buy stuff only because they want it. Our kids wanted the same stuff we had, only it took us forty years to acquire it.
I have to admit one thing, the price of “generic” (not Ivy League, MIT, or Berkley level), upper education is ridiculous. I had some student debt after four years as MSU Bozeman, but nothing like what my nieces and little sister had after their recent college graduations😳. They all have jobs that pay a helluva lot better than mine though, so maybe it equals out? Their loan amounts seem large to me, but the dollar was worth a heck of a lot more 30-40 years ago.
@RockyMountainBriar Real student loan debt (adjusted for tuition inflation and weighed against past/present incomes), as you pointed out, isn't any worse today than it was back when we were going to school, it just seems like a "big" number. A $100,000 student loan debt today for someone starting out at $75,000 per year is exactly the same as someone back then with $40,000 of debt starting out with a $30,000 a year job. The big difference, which a lot of people don't realize, is that lifetime incomes for most most college graduates are quite a bit higher now even when adjusting for inflation, which means that yes, they had the same 'difficulties' we had just out of college, but 7 or 10 years out, absorbing a $400 a month loan payment is peanuts compared to what it was back then.
Plus, remember, these students have their entire lives to pay these loans back. The ones that complain the most are the idiots that major in Creative Writing or English or something with no marketability; of course they will have a more difficult time paying back their loans because they chose a field that doesn't pay very well.
@opipeman My wife and I are the same way. Granted, we have a mortgage (that I pay an extra $1,000 a month on to try and pay it off early), but pretty much everything else we buy is cash only. Our boat, RV, trips, etc.., are all cash buys unless there's a very good reason for it not to be. For instance, we got 0% financing on her car back in 2020--we would be stupid to pay off that loan early because inflation is eating away at the real cost of the car, so we are actually making money from having a loan on that car. Also, I just bought a new truck (an F250 Super Duty), after trade-in and cash, I still owed $9,000 on it. I have that in the bank but I don't like our cash position to fall below a certain amount (i.e., at least 10 months income) so I put the $9,000 on my HELOC which I had zero balance on anyway (I just have one for emergencies). That said, you can guarantee that I will pay that $9,000 off before the end of next summer after I get paid money for courses I teach over the summer, so in the end, that would have basically been a 'cash purchase' as well.
When I was a professor at CTU in my first year teaching business, I was surprised how most of the students could not write in a business setting. At the college level, I have certain expectations and none of them achieved it out of 40 students. I'm sure its much worse now. There is little logic in their thinking let alone expecting critical thinking. Society is being taught by our backwards and corrupt government how to behave and what they deserve. It's only going to get worse folks.
Comments
https://www.marketwatch.com/picks/im-paycheck-to-paycheck-i-make-350k-a-year-but-have-88k-in-student-loans-170k-in-car-loans-and-a-mortgage-i-pay-4-500-a-month-on-do-i-need-professional-help-01664544530?cx_testId=22&cx_testVariant=cx_1&cx_artPos=0&mod=home-page-cx#cxrecs_s
Love that honk your horn when pressing key fob. I'm sooo doing that.
Ted be the man. A true American in every way possible. Thanks for sharing this video.
Government Warns That With Elon Owning Twitter They Will Only Control 97% Of The Media
https://babylonbee.com/news/government-warns-that-with-elon-owning-twitter-they-will-only-control-97-of-the-media
I can help that young man in the Forbes article.
Son, you are spending way above your means.
Do you really need to the most expensive vehicles on the road? Most people don't make $170K a year and don't live paycheck to paycheck.
And do you think you are a millionaire? Do you really need a house that expensive.
It's amazing how logical what you're saying is, but the last generation (or two) doesn't seem to have much financial common sense. I still have a checkbook I balance and an actual budget sheet I use (albeit in Excel versus the old days when I kept it in a notebook)...pinheads these days, though, can't even add and subtract, much less balance either of these.
I think most can add and subtract, but they don’t care to. It’s not their responsibility to keep their finances in check. They have been raised to expect someone else to “take up the slack” and and pay for their overspending on luxury items that “they have earned”, or deserve somehow🤔. Who wouldn’t want to live outside their means if someone else (the government included) is paying for it. The government gets money for free, they just print more😉
When I stopped working for other people in 2006, I bought quickbooks and have been using it for both the house account and my business account. Makes it real easy comes tax time.
Exactly, without actually being rich or famous.
large to me, but the dollar was worth a heck of a lot more 30-40 years ago.
Real student loan debt (adjusted for tuition inflation and weighed against past/present incomes), as you pointed out, isn't any worse today than it was back when we were going to school, it just seems like a "big" number. A $100,000 student loan debt today for someone starting out at $75,000 per year is exactly the same as someone back then with $40,000 of debt starting out with a $30,000 a year job. The big difference, which a lot of people don't realize, is that lifetime incomes for most most college graduates are quite a bit higher now even when adjusting for inflation, which means that yes, they had the same 'difficulties' we had just out of college, but 7 or 10 years out, absorbing a $400 a month loan payment is peanuts compared to what it was back then.
Plus, remember, these students have their entire lives to pay these loans back. The ones that complain the most are the idiots that major in Creative Writing or English or something with no marketability; of course they will have a more difficult time paying back their loans because they chose a field that doesn't pay very well.
@opipeman
My wife and I are the same way. Granted, we have a mortgage (that I pay an extra $1,000 a month on to try and pay it off early), but pretty much everything else we buy is cash only. Our boat, RV, trips, etc.., are all cash buys unless there's a very good reason for it not to be. For instance, we got 0% financing on her car back in 2020--we would be stupid to pay off that loan early because inflation is eating away at the real cost of the car, so we are actually making money from having a loan on that car. Also, I just bought a new truck (an F250 Super Duty), after trade-in and cash, I still owed $9,000 on it. I have that in the bank but I don't like our cash position to fall below a certain amount (i.e., at least 10 months income) so I put the $9,000 on my HELOC which I had zero balance on anyway (I just have one for emergencies). That said, you can guarantee that I will pay that $9,000 off before the end of next summer after I get paid money for courses I teach over the summer, so in the end, that would have basically been a 'cash purchase' as well.
What you make is irrelevant, It's what you spend that matters most. This too is basic.
When I was a professor at CTU in my first year teaching business, I was surprised how most of the students could not write in a business setting. At the college level, I have certain expectations and none of them achieved it out of 40 students. I'm sure its much worse now. There is little logic in their thinking let alone expecting critical thinking. Society is being taught by our backwards and corrupt government how to behave and what they deserve. It's only going to get worse folks.
Apparently the great-grandson of the real Aunt Jemima is not happy with her legacy being erased.
http://expresscnn.com/aunt-jemimas-great-grandson-is-furious-that-her-legacy-is-being-erased-2/?fbclid=IwAR064sVKoktMQ3y73dLgQLuBaS6AB4kpRmiN-8wanfO6jJ0LeZtdBl3sIAw
BRILLIANT!
And we thought the current generation was nuts.
It's really really good.