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Old 09-07-2020, 01:13 AM
 
Location: Las Vegas & San Diego
5,633 posts, read 2,166,264 times
Reputation: 6628

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Quote:
Originally Posted by MarianRavenwood View Post
Two years' savings is a completely unrealistic goal for the vast majority of the world--it's not just the United States. We've had stagnant wages for a decade.
Where did you get 2 years, the previous post said 6 months which is pretty standard recommendation and should be very realistic - too many spend everything they make and wonder why can not save. Quit leasing new cars and taking expensive trips. How are you going to save for retirement if can't even save for 6 months (let alone 30 years of retirement). Citing wage stagnation is a cop out, transfer responsibility to others by saying "not my fault".
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Old 09-07-2020, 01:47 AM
 
Location: Oregon, formerly Texas
9,496 posts, read 6,293,956 times
Reputation: 16380
Quote:
Originally Posted by lieqiang View Post
Bottom line as of 2018 most Americans thought they were doing just fine financially. The Fed Reserve survey on economic well-being is here: https://www.federalreserve.gov/publi...lds-201905.pdf

• When asked about their finances, 75 percent of adults say they are either doing okay or living comfortably. This result in 2018 is similar to 2017 and is 12 percentage points higher than 2013.

Adults with a bachelor’s degree or higher are significantly more likely to be doing at least okay financially (87 percent) than those with a high school degree or less (64 percent).

• Nearly 8 in 10 whites are at least doing okay financially in 2018 versus two-thirds of blacks and Hispanics. The gaps in economic well-being by race and ethnicity have persisted even as overall wellbeing has improved since 2013.

• Fifty-six percent of adults say they are better off than their parents were at the same age and one fifth say they are worse off.



Clearly they would have entirely different answers since covid-19 started rolling through in the spring, and it's self-reported so perhaps people who think they are doing well are naive. However the notion that people were all drowning financially or all believed their parents were better off in the glory days isn't (wasn't!) supported by responses to the survey.
Yes, it makes sense people in 2017-18 said they were doing better than 2013. We were only just coming out of the recession then.

Based on the latest jobs report, college graduates aren't even in a recession anymore. Their unemployment rate dropped to 5.3%. The covid-induced recession is far more unequal than the 2008 one, when pretty much all groups were hit equally hard.

If education and health care weren't so expensive, I'd say I was doing better than my parents. My house is nicer and worth more, etc...

But I have no idea how I'm going to finance college for my kids at the current rate of increase. By the 2030s when they hit the age, assuming current rates of increasecontinue (~6-10% per year) , it will be about 40k per year for a normal state university like what I went to, vs. 11k for me in the early-mid-00s, and about 22k a year now. I can't save or even invest my way out of that unless I torpedo my retirement, which I won't do. I feel bad about not being able to give my kids what my parents gave me, but F***ing college should not equal or exceed the cost of a house. I figure I'll buy them cars when they graduate high school and with them best of luck. I'm confident I will be able to afford them decent cars.
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Old 09-07-2020, 07:01 AM
 
2,096 posts, read 1,359,088 times
Reputation: 2299
Quote:
Originally Posted by Thatsright19 View Post
The article mentions that she was a victim of physical abuse by her husband and she’s in divorce proceedings. All of his financial support stopped this January. It’s more of a situation with a jarring change in means/finances than it probably is about her not doing basic math.
not one to victim blame, but i somehow doubt he flipped a switch and turned from loving supportive husband to wifebeating dead beat. We all make our own beds.... Also hearing only one side of the argument is hardly fair. I would not be surprised if deadbeat dad has quite a tale to tell about victim mommy.
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Old 09-07-2020, 07:08 AM
 
5,782 posts, read 3,894,932 times
Reputation: 13033
Quote:
Originally Posted by rya96797 View Post
not one to victim blame, but i somehow doubt he flipped a switch and turned from loving supportive husband to wifebeating dead beat. We all make our own beds.... Also hearing only one side of the argument is hardly fair. I would not be surprised if deadbeat dad has quite a tale to tell about victim mommy.

Hmmm. I guess I have a hard time justifying physical abuse of a woman and totally abandoning your duty as a father no matter what you feel about your former spouse. And you can doubt his shift in behavior but people can change...drugs, loss in life, maybe from being unhappy of being “tied down” with a wife and kids. Someone can definitely change into a monster that you don’t even recognize. We only know what the article says(and quite honestly the details of how their relationship failed are irrelevant to me). As I pointed out on page one, she had a rapid shift in means. Throw a world wide natural disaster and an ongoing/rapidly approaching economic crisis on top of that and here we are. Self employed and a cook isn’t the place to be right now. That (shift in means) can hurt anyone big time in the short run.


But as you can see by the contempt of many posters here, they don’t even consider the actions of the...I guess I’ll settle for calling him “other half”...and blame her problems all on her.

Last edited by Thatsright19; 09-07-2020 at 07:16 AM..
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Old 09-07-2020, 07:28 AM
 
4,718 posts, read 2,784,148 times
Reputation: 12122
Quote:
Originally Posted by rya96797 View Post
not one to victim blame, but i somehow doubt he flipped a switch and turned from loving supportive husband to wifebeating dead beat. We all make our own beds.... Also hearing only one side of the argument is hardly fair. I would not be surprised if deadbeat dad has quite a tale to tell about victim mommy.
And that justifies his not paying court-ordered child support? Ummm, no, even if he has some legitimate complaints about the marriage.

I left an abusive marriage after 13 years. I thought I could live with his difficult personality but he got worse- and then he lost his job and was unemployed the last 5 years of the marriage. It took 2 years from when I went to see an attorney to when I got a decree- he fought it every step of the way. So, no, a switch isn't flipped. Sometimes it takes a long time for the abused partner to come to their senses and file for divorce.

Yeah, the car payment is too much, but I find it refreshing that Thatsright19 posted about the ex-husband's responsibility. Frequently the default is to totally ignore Deadbeat Dad when he needs to be named and shamed.
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Old 09-07-2020, 07:33 AM
 
Location: Bangkok
11,900 posts, read 6,176,872 times
Reputation: 20904
Quote:
Originally Posted by redguard57 View Post
But I have no idea how I'm going to finance college for my kids at the current rate of increase. By the 2030s when they hit the age, assuming current rates of increasecontinue (~6-10% per year) , it will be about 40k per year for a normal state university like what I went to, vs. 11k for me in the early-mid-00s, and about 22k a year now.
Public college, 2008-2009 = $16,460
Public college, 2018-2019 = $21,370



That's an increase of about 30% over ten years, which for same rate of increase over the next decade we'd expect about $27,781 for the 2029-2030 school year. Most of that increase happened earlier in the decade as well, rate of increase has slowed considerably in recent years.


Quote:
Originally Posted by redguard57 View Post
I can't save or even invest my way out of that unless I torpedo my retirement, which I won't do. I feel bad about not being able to give my kids what my parents gave me, but F***ing college should not equal or exceed the cost of a house. I figure I'll buy them cars when they graduate high school and with them best of luck. I'm confident I will be able to afford them decent cars.
If college is 22k per year now, 4 years = 88k. Is that the median home price where you live?

Your kids are lucky they have parents who are buying them decent cars, I know I would have been envious as hell of anyone who's folks gifted them a car as a graduation present. Maybe they can start at community college then transfer, that would save a lot of money. Maybe a stint in the US military, can come out with a assoc degree then use GI bill for last two years at a state uni. There are also loans, scholarships, grants, most students don't pay the full tuition rate
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Old 09-07-2020, 08:34 AM
 
Location: It's in the name!
6,938 posts, read 8,827,060 times
Reputation: 3646
Quote:
Originally Posted by k374 View Post
So, no emergency fund making $60-100k/yr? And one cannot afford a $581 car payment making $60k/yr living in an area where rents are $2,650.

In addition, one cannot live on $60k/yr in LA raising 2 kids and living in a nice area and driving a nice car. Looks like this woman isn't too good at basic math.
Everyone is not like you k374. Stop blaming people for not being you. They don't live with you, work where you work, they don't have your skin, your career, your fate, luck, etc.

Why are there millionaires who file for bankruptcy? How can there be homelessness and hungry kids in the wealthiest country the world has ever seen?

Let's ask those questions.
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Old 09-07-2020, 09:13 AM
 
3,940 posts, read 2,042,028 times
Reputation: 8873
Quote:
Originally Posted by lieqiang View Post
Public college, 2008-2009 = $16,460
Public college, 2018-2019 = $21,370



That's an increase of about 30% over ten years, which for same rate of increase over the next decade we'd expect about $27,781 for the 2029-2030 school year. Most of that increase happened earlier in the decade as well, rate of increase has slowed considerably in recent years.
You keep trying to make a case that there is minimal inflation for the cost of higher education. I’ll use an example from our own experience, the University of Denver, that shows significant price inflation. DU is a private school, nothing special about it, and certainly not in the higher tier of cost.

2008 — undergrad expenses for a year:$45K
2019 — undergrad expenses for a year:$72K.

A 60% increase over ten years or roughly 5% annually. To their credit in 2008 that rate is what the admissions office told us to expect. The cost of higher ed seems to increase at a rate much higher than the “official” CPI numbers.
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Old 09-07-2020, 09:20 AM
 
8,778 posts, read 13,034,755 times
Reputation: 9033
Quote:
Originally Posted by Heidi60 View Post
Is she getting welfare from the taxpayers? How much does she make off her children's disabilities? It is hard to really go hungry in this country as there is so much free food around from charities and food stamps.

I suspect there is more to the story than was told.
You are being nasty and have poor reading comprehension

She is a victim of physical abuse
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Old 09-07-2020, 10:09 AM
 
Location: Bangkok
11,900 posts, read 6,176,872 times
Reputation: 20904
Quote:
Originally Posted by TimAZ View Post
You keep trying to make a case that there is minimal inflation for the cost of higher education.
No, I'm not trying to make that case at all. Inflation in higher education has certainly outpaced CPI as a whole, I wouldn't call it minimal. Questioning the math on 22k becoming 40k in ten years is something entirely different than making the case it's minimal, but tell your pet straw man I said hello.


Quote:
Originally Posted by TimAZ View Post
I’ll use an example from our own experience
I'm not interested in your personal anecdote, since aggregated data is what is useful to discuss inflation. One data point from one type of category is even more useless than the Big Mac index you proposed earlier as a better barometer of inflation than CPI.
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