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Started By
Message
re: American middle class families must really not be saving any money.
Posted on 3/20/23 at 8:39 am to OU812ME2
Posted on 3/20/23 at 8:39 am to OU812ME2
quote:
Don't fall for the lie that teachers don't make good money. At least in Georgia... they may start around 45k, but quickly ramp up to around 70k with less days to work as well.
Same here. There's teachers in town that make over 100k.
0
Posted on 3/20/23 at 8:39 am to DiamondDog
quote:
handouts are great huh
Yeah dumbass. As long as it’s from family and not the government
I will make your burn a little more by saying my in-laws gave us $25k for a down payment on a house 20 years ago.
How bout them apples?
Posted on 3/20/23 at 8:41 am to StringedInstruments
quote:
I have no idea how this is sustainable. There are $50k+ trucks and SUVs all over the distant suburbs of Birmingham (Pelham, Helena, Alabaster). No way people are pulling in $200k to support having a nice home, vacations, vehicles, kids, etc AND being financially smart enough to save money.
It isn’t sustainable and there have been plenty of articles posted to the OT that people are choosing luxuries over savings. The majority of people are living paycheck to paycheck. Credit card debt is at all time highs. The majority of people can’t afford a $1,000 emergency.
Posted on 3/20/23 at 8:43 am to DiamondDog
quote:
handouts are great huh
Massive difference between family wealth sharing and the government forced financial equity where they scoop a massive percentage off the top for themselves.
Posted on 3/20/23 at 8:44 am to notiger1997
quote:
As long as it’s from family and not the government
I am incredibly lucky as I have never paid for a bay sitter. kids are older now, so i never will. this is a cost of not leaving family to pursue other employment opportunities. just a decision everyone makes. no right or wrong answer.
quote:
in-laws gave us $25k for a down payment on a house 20 years ago
i have gotten nothing (other than kid watching services above) from parents nor in laws. part of why i live more frugally than I need to is so I can leave something to my kids. they will have it a bit better than I have. that is one of my goals as a parent.
Posted on 3/20/23 at 8:46 am to DiamondDog
They have 401Ks and Social Security that they expect to get them through retirement. By that time they expect to own their house outright. It's not an unreasonable position, and it has worked for several generations in a row. Many are predicting a collapse of SS, but I seriously doubt that. It might get devalued some, and the retirement age will surely get pushed back, but it won't disappear.
Posted on 3/20/23 at 8:49 am to Penrod
SS isn’t going to collapse. One side uses it as a fear tactic, but there is ultimately no political benefit to allowing it to collapse. The Legislature has the ability to fully fund it for several decades if they wanted to.
It’s also not a viable retirement plan.
It’s also not a viable retirement plan.
Posted on 3/20/23 at 8:49 am to Morpheus
quote:Right.
Why save? Government is gonna pay us to stay home right?
Posted on 3/20/23 at 8:51 am to TomJoadGhost
quote:
SS isn’t going to collapse. One side uses it as a fear tactic
100.
however, i imagine that it will become partial payments (or a % of what you hoped for), and push back the age....again.
Posted on 3/20/23 at 8:53 am to TomJoadGhost
quote:
SS isn’t going to collapse
Depends how you define that.
It certainly will change.
Posted on 3/20/23 at 8:54 am to TigerGrad2011
quote:
I’m pretty interested what things will look like when people are retiring in the next 20-30 years. We try to save a lot and I’m pretty sure we save more than most, but I’m still not sure if it’ll be enough.
It’s a little scary.
Yeah my 401K is still $35k below what it was when Biden took office and I put 12% every check. Feel like is little more than most but its lack of movement the last few years makes me wonder if retirement will actually happen.
Posted on 3/20/23 at 8:55 am to danilo
quote:
You do you. Don’t worry about anyone else’s business.
The monetary policy of the last 10-15 years should tell you that “doing you” could be a pretty worthless endeavor if you are just saving part of your paycheck to accumulate wealth. The government has shown they will not let systems fail, regardless of what it does to currency value.
Until the government shows they are tightening their belt, and stop spending more than they make, the citizens will spend recklessly as well. There are no signals that show this is real to anyone.
Posted on 3/20/23 at 8:55 am to StringedInstruments
quote:
Any source for this? Two people in the same home making that much is rare. Quick Google search says it’s ~7% of American households making $200k or more. The median US home price is now $400k as of 2022. That’s all homes. I imagine the areas that have families with two decent paying incomes cost more on average. You can’t get a new vehicle (used or not) without spending at least $20k. Most are spending more. I have no idea how this is sustainable. There are $50k+ trucks and SUVs all over the distant suburbs of Birmingham (Pelham, Helena, Alabaster). No way people are pulling in $200k to support having a nice home, vacations, vehicles, kids, etc AND being financially smart enough to save money.
I’m just going off my own experiences with my personal friends and my old neighborhood. Houses were $300,000 to $600,000K on the high end. The friends who had single income families and income 150,000k or below seemed to have gotten help in the beginning with cars and home which helped them a lot.
Posted on 3/20/23 at 8:56 am to deeprig9
quote:
There's a lot of generational wealth that people don't admit to. Examples: Close friend is a low-paid social worker and his wife works for the Girl Scouts. Their child goes to a private school that they shouldn't be able to afford. Because they are my long-time friends, I happen to know they pay for it with an inheritance. Close friend (different from above) got married, their wedding gift from parents was a house. Yes a whole fricking house. Here's your house! They don't have a mortgage. But you bet they have private school and very nice vehicles on middle class household income. There's also millions of people, millions, who have slip and fall lawsuit settlements, who should be set for life, but instead spend it all on shiny shine. There's many reasons that people who present as "middle class" have things that middle class "shouldn't" have, logically.
Was surprised when I started seeing this around me. Never knew that was part of the plan: grow up, go to school, work hard, get a career, then continue to have mom and dad pay for stuff? More power to them though
This post was edited on 3/20/23 at 8:59 am
Posted on 3/20/23 at 8:59 am to George Dickel
quote:i did this and retired at 56 confortably
Ways to build wealth are to live below your means and get out of debt. It’s hard and takes a lot of determination and commitment.
Posted on 3/20/23 at 9:00 am to danilo
quote:this is a low income/class way to look at it.
then continue to have mom and dad pay for stuff?
why is getting some help after graduating college or getting married worse than getting it all when they die and the kid (now 45+) presumably already has some real assets.
eta: if i had a kid right now, my parents would probably offer to pay for private school. it would be idiotic to not take them up on that.
This post was edited on 3/20/23 at 9:02 am
Posted on 3/20/23 at 9:02 am to GreatLakesTiger24
quote:
this is a low income/class way to look at it.
The things you tell yourself..
Posted on 3/20/23 at 9:02 am to AutoYes_Clown
quote:
boob job
waste good money i like little tits
Posted on 3/20/23 at 9:02 am to GreatLakesTiger24
quote:+1
then continue to have mom and dad pay for stuff?
this is a low income/class way to look at it.
Posted on 3/20/23 at 9:04 am to mthorn2
quote:
Yeah my 401K is still $35k below what it was when Biden took office
My balance is exactly where it was 3 years ago, and that's with 12% every single check.
Dumbasses want to revert to the old pension system. They seem to forget why they abandoned it decades ago.
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