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re: How does a family do it financially
Posted on 6/5/22 at 6:33 pm to LSU alum wannabe
Posted on 6/5/22 at 6:33 pm to LSU alum wannabe
quote:
There is no savings plan that can appreciate enough for 4 years of college in 18 years of saving.
A $5k deposit and $1k a year subsequently at 6% return would give you $50k in 18 years. Most everyone making $80k household could easily do that if they prioritized it and that with good grades would easily pay for college
quote:
If it could everyone would be investing there.
Half of people don't even contribute to their own retirement.
2
Posted on 6/5/22 at 6:34 pm to LSU alum wannabe
quote:
When we do have extra we spend it on chopping down debt and home improvements
We made the same mistakes when we were a young couple with kids and decided to get out of it in our mid 30s or so. I can't tell you how liberating it is to not owe money to pretty much anyone.
Posted on 6/5/22 at 6:34 pm to tigerbacon
It’s difficult to save the first couple of years if you’re paying daycare. Gets better after.
Posted on 6/5/22 at 6:34 pm to Steadyhands
quote:
Not everyone desires to live in a big city
I understand, but even some of those people that don't are able to use their brains to know that some people do or have to.
Posted on 6/5/22 at 6:40 pm to Mingo Was His NameO
quote:
$50k in 18 years.
So with LSU for instance, you’ve covered tuition and I’d say books for 4 years. Now just have to do room and board (or rent), food, etc.
Posted on 6/5/22 at 6:41 pm to lsupride87
quote:
mortgage of $1,800 would be high? That’s like a 275k house….
With bad credit or a high rate maybe. Also little to no down payment
Posted on 6/5/22 at 6:41 pm to Indfanfromcol
quote:
So with LSU for instance, you’ve covered tuition and I’d say books for 4 years. Now just have to do room and board (or rent), food, etc.
With TOPS, $50k should cover most everything to come out debt free not spending out of pocket.
Posted on 6/5/22 at 6:43 pm to Steadyhands
quote:
Not everyone desires to live in a big city
I'd rather live in Bawcomville than Dallas at 44 if I could afford to make a decent living
Posted on 6/5/22 at 6:45 pm to HeadyMurphey
quote:Not really
With bad credit or a high rate maybe
Posted on 6/5/22 at 6:46 pm to tigerbacon
I have to imagine many people aren’t putting all that much into retirement
Posted on 6/5/22 at 6:47 pm to Mingo Was His NameO
Honestly completely forgot about TOPs. You are correct, kid gets that and 50k then they are set. Issue is not all states have programs as easy to get as TOPs. Georgias scholarship program is a lot more difficult to get than Louisianas. But then the argument would be too if you can’t get TOPS in Louisiana, should you really be going to a 4 year college. Teachers for the past 30 years have been telling kids you have too or you’ll be nothing. Hopefully that changes.
Posted on 6/5/22 at 6:48 pm to Mingo Was His NameO
quote:
$50k in 18 years
That’s what a year. 18 months.
Posted on 6/5/22 at 6:48 pm to LSU alum wannabe
quote:
That’s what a year. 18 months.
Uhhh, no it is not.
Cost of Attendance at lsu is $18k/year
This post was edited on 6/5/22 at 6:49 pm
Posted on 6/5/22 at 6:48 pm to fallguy_1978
quote:
Our mortgage is cheap but not like yours. Do y'all live in a single wide or a travel trailer?
Nope, small house on .33 acres. Didn't plan on being in it more than 4 or 5 years but idk about that now.
Posted on 6/5/22 at 6:49 pm to tigerbacon
quote:If you're "eat out" means the average sit down restaurant, then that's approx $50/meal after tip. That's $150/week, $600/month, $7200/year out of your pocket right there. 5% of your pay per year gone on restaurants.
One bad thing is we do eat out 3ish times a week
Posted on 6/5/22 at 6:51 pm to deeprig9
Yeah this is right. Only contribute enough to get the maximum employer match. Put the rest of your saving money in an IRA. You have a lot more options in an IRA and it’s considered personal property unlike the 401k which is community property. Those target date funds…money just leaks out from those things.
Posted on 6/5/22 at 6:53 pm to TchoupitoulasTiger
quote:
Those target date funds…money just leaks out from those things.
I've had 3 different 401k's, all three had decent funds to contribute in. Do you only have target date fund options?
Posted on 6/5/22 at 6:53 pm to TchoupitoulasTiger
quote:
Those target date funds…money just leaks out from those things
Those things are shite. Invest in 100% stocks until you are 55-60 imo. I am not a financial advisor.
Posted on 6/5/22 at 6:54 pm to tigerbacon
quote:
Me and my wife bring in 133k a year. We have no kids. We both bought our dream cars ten years ago so no car payments. No credit card debt. No student loan debt. Our mortgage is 18% of our monthly income. We both max out our 401k’s. One bad thing is we do eat out 3ish times a week. But we try to save 1500 a month. Was just thinking the average middle class income is 80k a year for a family of 4-5. How do they afford life?
They don’t buy their dream cars, they don’t max out their 401k, and they don’t go on vacations.
Posted on 6/5/22 at 6:55 pm to redneck hippie
quote:
Where does your money go?
The OP is bringing in $133k household and saving $59k/yr across different accounts. That is an absurd savings rate. Probably in the top 0.01% for that household income. That is where their money is going.
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