Are you financially better off than your parents were at your age?

[Rain Man]

Simple question, multifaceted answer. Do you think you're better off, worse off, or about the same as your parents were when they were your current age?


Poll coming, and I promise not to tell your parents.

[ThaVirus]

Originally Posted by O.city

I didn't have any from undergrad, between academics and golf and mom and dad.



I had 301k after 4 years of dental school at 6.7% but am paying about 4200 per month, sometimes more to try and get out from under that shit.

HOW DO YOU SLEEP AT NIGHT!?!?!

[Saul Good]

Originally Posted by NewChief

That's the damned truth. 100k family income is pretty lower middle class right now, imo. Shit is expensive. At one time, that would have been upper middle class. That being said, people can make 100k, live frugally, and do just fine. But you're not going to be able to splurge on 100k like I think you once could.

Hell, maybe my view is distorted, though. My parents were wealthy and never talked about money. We lived on a lot of land and took some pretty cool trips growing up, but they never made us feel rich by any means. That's mainly because they lived well within their means and put a lot more back than they spent.

We, on the other hand, live at the top of our means. We don't have a huge house or anything of that nature, but we take the trips we want to take and give our kids the advantages we feel they should have (music, art, sports, etc...). We definitely stress about finances, though. I never remember my parents saying a word about financial stress.

Median household income in the U.S. is under $55,000.

According to this, middle class is any household earning between 67% and 200% of the state's median income. In Arkansas, it's $27,000 to $81,000. In Missouri, it's $47,000 to $94,000. In Kansas, it's $51,000 to $102,000.

http://twocents.lifehacker.com/the-s...ate-1695393156

[Rain Man]

Originally Posted by BWillie

Good lord, I'm 31 and I've had less than $2000 for the last 3 or 4 years. I pay $50 a month, and my interest is like 2.25%. Only reason I haven't paid it off is because the interest rate is soo low, and it's like the rate of inflation. I don't even see how they are making money off of me. Instead I just threw everything at my house and paid it off last year.

My GF is on the same boat as you though, she went to a private school, and unfortunately her parents were too dumb to tell her to look for grants and aid. She has 200k and she ONLY has a bachelors. If you look for it, and even just ask the admissions office, you can get TONS of grants and aid if you go to private schools, and once it's said and done usually you can get the cost down to just at or below what a state school is. Well, she didn't do that and she has/had 200k of debt too, and she hasn't paid it down too much either.

I did a little blog for my company on the payback of higher education last year, for associate, bachelor, and master's degrees. If I remember right, the average payback period for a college degree is six years in terms of salary. I assumes various years of lost income pursuing the degree, and then analyzed the average income differential once you get the degree. For all three types of degrees, the payback period was about six years. i thought that was interesting.

But your point also reminded me of the cost. That payback period was for a public school and in-state tuition, and I think I included room and board. For all the talk about massive student debt, I was shocked at how inexpensive college costs are if you're doing an in-state public school. There's no need to go $200,000 in debt for a college degree if you think the quality of public universities is adequate.

[Saul Good]

Originally Posted by Rain Man

I did a little blog for my company on the payback of higher education last year, for associate, bachelor, and master's degrees. If I remember right, the average payback period for a college degree is six years in terms of salary. I assumes various years of lost income pursuing the degree, and then analyzed the average income differential once you get the degree. For all three types of degrees, the payback period was about six years. i thought that was interesting.

But your point also reminded me of the cost. That payback period was for a public school and in-state tuition, and I think I included room and board. For all the talk about massive student debt, I was shocked at how inexpensive college costs are if you're doing an in-state public school. There's no need to go $200,000 in debt for a college degree if you think the quality of public universities is adequate.

People like to include meals, rent, and pretty much every other expense when talking about the price of college. It's as if they think they wouldn't have to eat nor pay rent if they weren't taking classes for some reason.

[NewChief]

Originally Posted by Saul Good

Median household income in the U.S. is under $55,000.

According to this, middle class is any household earning between 67% and 200% of the state's median income. In Arkansas, it's $27,000 to $81,000. In Missouri, it's $47,000 to $94,000. In Kansas, it's $51,000 to $102,000.

http://twocents.lifehacker.com/the-s...ate-1695393156

Okay. So I'm rich, bitch!

[ChiTown]

Originally Posted by stevieray

Opposite for me..bar was set pretty high...OTOH, I've been self employed now for twenty years, and the perks that come with that are pretty sweet, but nowhere near what she accomplished.

When I look back now, it's impressive the drive she had, raising a son by herself in the 60's.

Love my mom and the example of work ethic she put forth, but she's even a better person.

Yeah, I never gave a shit that we didn't have much money. My Parents were just amazing people. Without them and their willingness to spend the time to raise me right, I'd be nothing today. It's a debt I can never repay.

[ThaVirus]

Originally Posted by Baconeater

Yep. It cost me less than 3 grand to go to school for HVAC for a year and it paid immediate dividends for me. Best money I ever spent, only regret is that I didn't do it 10 years earlier.

In retrospect, I wish I had spent my time, money and effort on something different. It's my one, true regret thus far in life.

Congrats to you for having the balls to make it happen no matter how late.

[ThaVirus]

Originally Posted by lewdog

Holy shit!

Bright side is, if he's paying that much then he's bringing home a ****ing shit ton. Imagine when he gets out from under that debt. Straight cash, homie!

[stevieray]

Originally Posted by ChiTown

Yeah, I never gave a shit that we didn't have much money. My Parents were just amazing people. Without them and their willingness to spend the time to raise me right, I'd be nothing today. It's a debt I can never repay.

Ya, we lived with my g-ma (God bless)until she could afford our first apt.....lots of clothes on layaway, but never went without.

We're great friends now. She's my biggest fan.

[DeezNutz]

Conversations about the utility of a college degree ultimately seem to circle back to the 80-20 rule. The degree, on its own, is simply a start. Nothing more. If individuals believe it's a golden ticket to a career, they are wrong, generally speaking.

However, a college degree is a good entry point, and the statistics relative to career earning potential confirm this.

At the end of the day, though, that new ****ing Kia you bought, the fully loaded model, is still a great investment. Outstanding. I would never hesitate to pull that ****ing trigger because that's about the equivalent of the average student loan debt. Luckily, they appreciate about the same.

But people like to blame the system, the college, the degree. It's never the individual and the lack of marketability in an increasingly difficult job market. Again, the degree, any degree, is an important start, but it's not the end when it comes to educating yourself and getting on the job market and being successful.

[DeezNutz]

Originally Posted by NewChief

That's the damned truth. 100k family income is pretty lower middle class right now, imo. Shit is expensive. At one time, that would have been upper middle class. That being said, people can make 100k, live frugally, and do just fine. But you're not going to be able to splurge on 100k like I think you once could.

Hell, maybe my view is distorted, though. My parents were wealthy and never talked about money. We lived on a lot of land and took some pretty cool trips growing up, but they never made us feel rich by any means. That's mainly because they lived well within their means and put a lot more back than they spent.

We, on the other hand, live at the top of our means. We don't have a huge house or anything of that nature, but we take the trips we want to take and give our kids the advantages we feel they should have (music, art, sports, etc...). We definitely stress about finances, though. I never remember my parents saying a word about financial stress.

Translation: The lifestyle you want to lead is expensive.

[O.city]

Originally Posted by ThaVirus

Bright side is, if he's paying that much then he's bringing home a ****ing shit ton. Imagine when he gets out from under that debt. Straight cash, homie!

That's the plan .....

[lewdog]

Originally Posted by ThaVirus

Bright side is, if he's paying that much then he's bringing home a ****ing shit ton. Imagine when he gets out from under that debt. Straight cash, homie!

Well that all depends on the lifestyle you choose to live at that point. If he decides once the debt is gone to take on a $500k mortgage, then the amount of money you make doesn't really take away your financial stress. This seems to be the common in this country sadly.

[ThaVirus]

Originally Posted by lewdog

Well that all depends on the lifestyle you choose to live at that point. If he decides once the debt is gone to take on a $500k mortgage, then the amount of money you make doesn't really take away your financial stress. This seems to be the common in this country sadly.

Absolutely true. I'm just assuming he's "smart".

About this time last year my dad secured a job making almost double what he was making at his previous job. So what did he do? Go out and buy himself a luxury car and a new Jeep for his fiancé, naturally.

[lewdog]

I think my generation, millenniums, tend to over-estimate how good our financial situation happens to be. Most look at income brought home and solely that compared to others or their parents. However, this generation has very few homeowners compared to our parents at this age, has higher living expenses (by choice at times) and has virtually no savings for retirement or even a clue on how to prepare for the future. I know plenty of people who are offered 401k's at work and either have no clue what they are investing in them or some of them decide not to even have one. So while many feel good about things, their grasp on a full financial picture is very poorly defined.