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Started By
Message
re: How can folks afford to live their lives today?
Posted on 9/12/23 at 9:49 am to Tiger Ryno
Posted on 9/12/23 at 9:49 am to Tiger Ryno
quote:
People will have less kids going forward with the exception of the government leeches.
Damn aint this the truth. We both work and spend a ton on daycare.
0
Posted on 9/12/23 at 9:53 am to Paul Allen
quote:
Never thought we would see the day where eating out is cheaper than eating at home.
Where can you eat out with a family of five for $40-$50?
Posted on 9/12/23 at 9:53 am to Triple Bogey
quote:
Jerome Powell was nominated by Trump, not Biden. Not saying the rest of your post is inaccurate but the Fed Reserve Chairman who told everyone inflation was transitory was a Trump guy
Yellen said it too.
Posted on 9/12/23 at 9:54 am to LSUZombie
(no message)
This post was edited on 10/17/23 at 8:43 pm
Posted on 9/12/23 at 9:57 am to sosaysmorvant
quote:
Not to mention private school.
Move to an area without shitty schools.
Louisianan's dependency on private schools is the exception, not the norm.
Posted on 9/12/23 at 9:57 am to Triple Bogey
quote:
Jerome Powell was nominated by Trump, not Biden. Not saying the rest of your post is inaccurate but the Fed Reserve Chairman who told everyone inflation was transitory was a Trump guy
Jerome Powell was not the guy initially telling everyone at the beginning and well into 2021 that inflation was transitory. It was Janet Yellen, Peppermint Patty and all of Biden's cabinet. Biden didn't nominate Jerome Powell to serve as the Fed Chairman under his new administration till...WAIT FOR IT...November 22, 2021.
Here, have a link to see that Powell wasn't the Biden officially nominated Fed Chairman till 11 months AFTER Potato in Chief got in office.
Biden Nominates Powell November 2021
This post was edited on 9/12/23 at 10:01 am
Posted on 9/12/23 at 9:59 am to Areddishfish
quote:
There is always a part of me that wonders this. Part of me thinks maybe they just make that much money.
That is rarely the case. It's generally pretty easy to see the people living beyond their means.
quote:
It's not like people really brag about being in debt so there could be a lot of that going around
That is a lot of what is going around. That, and many people have little to nothing in savings.
My father abhorred the idea of being in debt and paying interest on anything. He didn't want to move to a larger, nicer, newer home (even though he could easily afford it) because our (then) current, much smaller, much older, home was already fully paid for. He never took out a loan for a new vehicle. He would, instead, pay himself a "monthly note" (basically just putting money in a designated savings account) so he could just write a check for the full amount when it came time to buy a new car. Then once he bought that car he would start the process all over again to save for the next car 8, 9, 10 years down the road. He rarely used a credit card, unless for some reason the store was offering a 0% rate as a promotion. And when he did, he ALWAYS paid it off monthly. If a purchase required him to take out a loan he just didn't purchase it. End of story.
Most people today don't mind living with debt. They also don't mind living paycheck to paycheck with nothing in savings. I'm not saying they are right or wrong for having that mindset. It's just how they are able to afford a lifestyle that others may think is beyond their means.
Obviously the proliferation of credit cards and availability of financing has accelerated this. But more than anything, social media, has driven this mindset. People get on social media every single day and see their peers buying new cars/goods, taking luxury vacations, living in a big house, and they want to meet that standard of living too so they can likewise post on social media. That desire overrides a lot of fiscally responsible decisions.
Posted on 9/12/23 at 10:00 am to RB5
I try to practice gratitude but man its tough when you play by all the rules and still feel like you aren't getting ahead.
We are almost triple the median household income for our area, it really does boggle the mind to think what half the people I see out and about are doing to make ends meet.
So many must exist purely on debt and entitlement programs.
We are accustomed to the trajectory of each generation living exponentially better than the one before it, and that just isn't the case today. The progress during the boomer era may never be seen again.
To think my dad grew up in a single room store building without plumbing and ac and went on to have a 3000 square foot house in the suburbs by his mid 30s, and I'm nowhere near where my parents were at my age despite having a better career position than he did at that time and a full time working spouse. shite just doesn't add up.
We are almost triple the median household income for our area, it really does boggle the mind to think what half the people I see out and about are doing to make ends meet.
So many must exist purely on debt and entitlement programs.
We are accustomed to the trajectory of each generation living exponentially better than the one before it, and that just isn't the case today. The progress during the boomer era may never be seen again.
To think my dad grew up in a single room store building without plumbing and ac and went on to have a 3000 square foot house in the suburbs by his mid 30s, and I'm nowhere near where my parents were at my age despite having a better career position than he did at that time and a full time working spouse. shite just doesn't add up.
Posted on 9/12/23 at 10:04 am to Alt26
quote:
Most people today don't mind living with debt. They also don't mind living paycheck to paycheck with nothing in savings. I'm not saying they are right or wrong for having that mindset. It's just how they are able to afford a lifestyle that others may think is beyond their means.
I use my credit card for almost every purchase but I also pay off my credit card about every 2-3 weeks. I refuse to have any long standing debt on my credit card.
Posted on 9/12/23 at 10:08 am to RB5
It's times like these that make me thankful I've been a cheap arse pretty much my entire life.
Posted on 9/12/23 at 10:12 am to fallguy_1978
its the cars for me. I pick my daughter up from gymnastics in a middle class neighborhood in MS (thats lower lower middle class outside LA/MS/AL). Every damn mom is in an $80K SUV
Posted on 9/12/23 at 10:16 am to nolaks
quote:
its the cars for me. I pick my daughter up from gymnastics in a middle class neighborhood in MS (thats lower lower middle class outside LA/MS/AL). Every damn mom is in an $80K SUV
I notice the same thing. It seems like half of the vehicles on the road are 45k plus and BR isn't exactly a wealthy city.
I'll keep my 7yr old truck until the wheels fall off at this rate.
Posted on 9/12/23 at 10:19 am to Tomatocantender
quote:
Janet Yellen
Also served as fed chair while Trump was in office from 2016-2018. But, Jerome Powell and the fed were the main ones talking of "transitory" as monetary policy post covid wasn't changed until inflation was already way out of control.
Janet Yellen on the fiscal side has 0 control of interest rate policy and Trump was going to renominate her in 2017 until Mnuchin told him to go with Powell instead.
Posted on 9/12/23 at 10:25 am to RB5
I won't deny it's tough, but it's manageable with strict budget management tactics.
I've got a 1 yr old and a stay at home wife already asking for a second baby. Only debt I carry is the mortgage but I am dreading having to buy one of us a new vehicle at these prices and rates.
I've got a 1 yr old and a stay at home wife already asking for a second baby. Only debt I carry is the mortgage but I am dreading having to buy one of us a new vehicle at these prices and rates.
Posted on 9/12/23 at 10:28 am to thegreatboudini
quote:
and a stay at home wife already asking for a second baby
Good thing it is a mutual decision and not just up to her.
Posted on 9/12/23 at 10:30 am to Fletch1985
quote:
- shop all insurance every year. Insurance companies use algorithms to determine who isn’t like to shop every year and then raise those people’s rates the most. Use an independent brokerage like Goosehead or a good local broker
I don't do this every year, but pretty often. I will tell you that your "insurance credit score" goes DOWN when you switch carriers frequently. They've now found a way to ding people for shopping around and built it into the algorithm they use to determine your rates. You're damned if you do and damned if you don't.
Posted on 9/12/23 at 10:30 am to BlackPawnMartyr
They are not dumping the dollar...you guys heard a bit of Saber rattling and think the USD isn't lubricating most transactions. I suppose we are all moving to the yaun, right?
Posted on 9/12/23 at 10:31 am to RB5
Thankfully I sweep the floors for a non profit hospital. 10 years of service and student loans go poof
Posted on 9/12/23 at 10:33 am to GetCocky11
quote:
Good thing it is a mutual decision and not just up to her.
Ain't that the truth. I told her if she gets a second one right now her personal discretionary monthly budget will be cut in half. "Ok maybe we'll wait a little longer".
Posted on 9/12/23 at 10:40 am to thegreatboudini
quote:
I've got a 1 yr old and a stay at home wife already asking for a second baby. Only debt I carry is the mortgage but I am dreading having to buy one of us a new vehicle at these prices and rates.
New vehicle pricing is insane.
The manufacturers seem to also be canceling the affordable models and replacing them with more expensive vehicles with turbochargers and CVTs.
The Camry has been a great affordable choice. It’s still around for now.
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