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Posted on 10/2/23 at 9:49 pm to Ignignokt
quote:
People are racking up CC debt.
This is the answer. I can only imagine the financial trouble my ex has accumulated. It’s why I split with her, 58 years old and she has the maturity of a 12 year old when it comes to finances.
Posted on 10/2/23 at 9:56 pm to Bdiddy
Why is this a surprise? Put everything on credit, go buy a new vehicle with a 96 month term. Who cares? They lend you the money for a house or vehicle, that they know most people can’t afford, but when you can’t pay the banks/loan companies just take it back. Debtors prison isn’t a thing anymore, so who the hell cares.
This post was edited on 10/2/23 at 10:24 pm
Posted on 10/2/23 at 10:04 pm to tigerbacon
And you will have not a cent to take with you when you die homie
Posted on 10/2/23 at 10:05 pm to Bdiddy
Not us. CC are used but paid off. We’ve have had some big expenses (namely new roof) and pool needing to be Re plastered (getting estimated mow) but we had cash to pay for these.
I’m not comfortable with debt .. neither are our 3 adult kids. They’re savers but still leave enough to do fun things with friends and enjoy life.
I’m not comfortable with debt .. neither are our 3 adult kids. They’re savers but still leave enough to do fun things with friends and enjoy life.
Posted on 10/2/23 at 10:07 pm to GatorPA84
Who cares about money when you die?
Posted on 10/3/23 at 1:07 am to tiger91
debt is slavery
savings is freedom
savings is freedom
Posted on 10/3/23 at 5:41 am to DVinBR
quote:
debt is slavery savings is freedom
I experienced both sides of this and agree wholeheartedly. The effect that it had on my emotional well being was an eye opener. For the first time in my life I experienced depression.
Now I am happy as a clam.
Posted on 10/3/23 at 6:26 am to Motownsix
quote:
True, but wasn’t it $950 billion prior to Covid?
Not quite. It had gotten to $850B but then began a historic run of shedding $100B over the next year. The return of the increase after that period has been a sharper incline (meaning faster growth) of debt accumulation.
That increased growth and growth rate comes while credit card interest rates have skyrocketed (from the average of ~14% to average of ~20%, for those not wanting to click the link).
Predictably, not long after consumers started hitting credit cards hard again credit card delinquencies have increased sharply as well.
The biggest point to remember in all of this is that there's nothing, absolutely nothing, in the works to change any of this anytime soon. No inflation-killing spending cuts (quite the opposite), no jobs bills... nada.
People spending to enjoy today because they don't believe there will be a worthwhile tomorrow are just making that tomorrow ever worse.
Posted on 10/3/23 at 6:27 am to kingbob
quote:
I have met so many friends through attending concerts. As a result, concert tickets (and the expense of gas and parking) make up a significant part of my entertainment budget. I get to feel a part of something bigger than myself and enjoy the company of strangers whom I can turn into lifelong friends. Many of my best memories of my adulthood so far (early 30’s) were made at concerts with people I loved or friends I was meeting for the first time. Granted, I’m a weird autistic musician type, so it would make sense that concerts would be my happy place.
It's basically what church and religion is supposed to be but has been lost. At least church is free.
Posted on 10/3/23 at 6:39 am to Cdawg
quote:
quote:
Woodstock was in the late 60’s when most of the boomers were still too young to go.
You're right, nobody associates Woodstock or that music with Baby Boomers.
College age young adults were almost exclusively baby boomers by 1969 (ages 23 and under). If they were older than a recent college grad, they were silent gen, if college aged they were boomers.
Posted on 10/3/23 at 6:54 am to McLemore
quote:
Someone told me once that the cheapest car is the one you have. It’s sort of obvious and not always true.
Exception would be if it needs a major repair every few months.
Posted on 10/3/23 at 7:16 am to StringedInstruments
quote:
Imagine jacking up debt and refusing to contribute to society's future because "I got mines."
Spending money on life experiences with my family is a bad thing?
Posted on 10/3/23 at 7:36 am to Bestbank Tiger
quote:
Exception would be if it needs a major repair every few months.
For sure. And time=money.
Before COVID, I donated two cars that now I could sell for a decent amount of money. 2000 XJ 4x4 w 135k that needed a tranny and a 2003 Civic w 205k miles w various things I was tired of dealing with.
Posted on 10/3/23 at 7:38 am to msutiger
quote:all these are great and things we work towards
Prioritize saving.
Trying to max out a 401K, Roth IRA and HSA versus a lavish vacation.
Driving economical vehicles over luxury vehicles.
Cooking at home to save money over eating out three to four times a week. Bringing lunch to work instead of going out to eat.
Things like that are what I consider to be the right thing.
on the flip side, my parents did this and my mom passed away from cancer before she could retire and left a laundry list of things she wanted to do
There is definitely a balance
Posted on 10/3/23 at 7:47 am to mylsuhat
quote:
all these are great and things we work towards
on the flip side, my parents did this and my mom passed away from cancer before she could retire and left a laundry list of things she wanted to do
There is definitely a balance
Exactly this.
Posted on 10/3/23 at 11:29 am to titmouse
quote:
It's basically what church and religion is supposed to be but has been lost. At least church is free.
Did churches used to have socials or something? There’s almost no opportunity to interact during or after services unless you just run someone down and stop them to spit game on the church steps, which feels disrespectful. Any time I go to an event at the church outside of mass, it’s all retirees.
Posted on 10/3/23 at 7:39 pm to brass2mouth
Probably not. But it may not be the best possible thing either.
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