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The old adage "they can take out loans for college, you can't take loans out for retirement" (except I guess a reverse mortgage) is true and one we adhere to. If they take out loans and are responsible with jobs, we may help pay them off.
even with the money saved, id still prefer to get loans for the kids for college if the interest rate is right. ill pay off the loans over time, id rather have my money working and making me more money.
Middle class in America implies having a decent, newer house, a new car every few yrs and since we talkin bout household, prolly two incomes and kids so given the high col here:
middle-120k-180
upper middle-180-350
rich-350+
Middle class in America implies having a decent, newer house, a new car every few yrs and since we talkin bout household, prolly two incomes and kids so given the high col here:
middle-120k-160
upper middle-160-300
rich-300+
according to whom? I missed that memo - we have a 15 yr old and 8 yr old car. didn't realize I wasn't even middle class.
My wife and I have this debate every few months when we hear Obama label rich people as families that make 200-250k.. I'll tell you right now, we are under that 250k by less thank a 6 figure margin, but it certainly isn't anywhere near wealthy or rich. I consider it just making middle class owning a townhouse and two semi newer vehicles and paying all our bills monthly and not having that souped up cable tv package.
We go out 1-2 times a month and are expecting our 1st. With that new child, we feel 200k to 250k is middle class to be able to afford to save for their college fund, pay bills and live decently and not even be able to buy a nice home with a yard... unless we lived in Texas or Charlotte, then we'd be doing REALLY well. hah.
Rich people in NJ pull well over a million dollars a year in.. 250k is something you can blow your nose at in NJ.
Yep. There are parts of the country where a 1960's ranch house in a decent neighborhood starts at $750,000.
Try Washington DC. I know someone who's living in old rowhouse on a block with crack dealers standing on the corner - they paid $560,000 and it was a steal!
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