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You have to qualify for grants, loans and many scholarships based on financial need. Guess what they use to determine need???? Your PARENT'S net worth. My net worth will be used to determine if my kids qualify for anything and that includes anything in my 401K. My kids would be better off right now if I'd never saved anything.
If I leave my kids uneducated, they will not contribute what they could to society and I increase the risk they will be a drain on society. I owe it to them and society to make sure that doesn't happen.
I would consider an electrician educated in a trade. Education doesn't just mean a degree. Some educations are hands on.
Now your sounding as if you don't get an education you will become a "drain on society". Education or not we all can become a drain on society.
So you give up your retirement and work until you die as you have said (which isn't likely) then who becomes the "drain on society" when your in some kind of government assistance building for the elderly because they saved nothing.
I agree. I mean if you take out 5-10% before you even factor in take home you won't notice it. It just isn't easy, but when your 70 and can't physically work anymore you will be glad you have aything.
A college degree though doesn't guarantee anything as we can see now with people who can't find jobs in their degree fields. I don't have a degree I wouldn't say it is a "lifetime of hardship" by a longshot.
We will just have to agree to disagree.
No it isn't a guarantee but not having one is pretty much a guarantee you'll go nowhere.
LOL, you think you can retire asing 5-10%? Try again. If your investments return 5% (very high), you'd need 10 years income invested just to replace half of your income without touching the principle. (FTR, I contribute 4% and get a 3% match from my employer, the feds take about 6.5% in ss taxes and I contribute another 7% to a state pension fund I'll probably never see a dime from. My problem isn't my contributions. It's the fact I'm contributing to too many things I may never see a dime from.)
No it isn't a guarantee but not having one is pretty much a guarantee you'll go nowhere.
Since when?
(Insert examples from Bill Gates to a guy I know who is self taught/on the job CADD, to a plumber I know who, while he gets dirty makes more than many 'White collar professionals')
Heck, I HAVE A degree and I'm in NO WAY using it... and doing quite nicely.
Now your sounding as if you don't get an education you will become a "drain on society". Education or not we all can become a drain on society.
So you give up your retirement and work until you die as you have said (which isn't likely) then who becomes the "drain on society" when your in some kind of government assistance building for the elderly because they saved nothing.
You're more likely to be. What are the odds my dd's will be self sufficient without an education?
If I have to work until I die, I work until I die. I accepted an obligation when I chose to become a parent.
(Insert examples from Bill Gates to a guy I know who is self taught/on the job CADD, to a plumber I know who, while he gets dirty makes more than many 'White collar professionals')
Heck, I HAVE A degree and I'm in NO WAY using it... and doing quite nicely.
Ah yes, the exception to the rules now proves ANYONE has this capabilty.
Try again. Just because some make it big without an education does not mean everyone can. The fact is, most don't. You have to look at the odds here.
Ah yes, the exception to the rules now proves ANYONE has this capabilty.
Try again. Just because some make it big without an education does not mean everyone can. The fact is, most don't. You have to look at the odds here.
I knew you'd say this when I threw in Bill Gates.
Which is why I threw in a couple other examples! (And who said making it big... the guy who knows CADD isn't making it big. But he's got job security, bennifits, and more than he needs to be able to live decently and save.)
Then we come to YOU.... I assume you have a degree, since you look down at those who don't... And yet your 'plan' is to fail, and be (in your words) a "drain on society".
I guess that helps to show that it's not this piece of paper that I don't even bother to hang on the wall... but the PERSON!
I know a guy with a Masters degree who is working for $12/Hour. I HIRED HIM at $10 (in no way relating to his masters degree in music)
(Read the Millionaire next door.. there should be enough examples there of 'uneducated success' to knock you off your high horse!)
And yes, ANYONE DOES have the capability to choose to enjoy a few fewer luxuries, and instead save a little more. Doesn't mean they will though!
If you want to be a marty for your kids that is up to you.
Teach your kids to be self-sufficient....they don't need a degree to learn this.
I don't know of any parents whose obligation to their kids is to "work until I die" so that you can provide an education. Your getting out there now.
She's making a colossal mistake. But she is not the first. Her reasoning is precisely why so many Americans are in such sorry financial shape. There are scholarships, grants and loans for students. Or perhaps the best of all, the GI Bill. There is no GI Bill for retirement. Americans, for the most part, are financial illiterates. This woman is very likely consigning herself to unnecessary future hardship, and it will affect her children's well-being as well.
No it isn't a guarantee but not having one is pretty much a guarantee you'll go nowhere.
LOL, you think you can retire asing 5-10%? Try again. If your investments return 5% (very high), you'd need 10 years income invested just to replace half of your income without touching the principle. (FTR, I contribute 4% and get a 3% match from my employer, the feds take about 6.5% in ss taxes and I contribute another 7% to a state pension fund I'll probably never see a dime from. My problem isn't my contributions. It's the fact I'm contributing to too many things I may never see a dime from.)
5-10% with 5% returns and with a 401k that matches....that won't be too bad of a retirements if your saving for 40 stinking years.
Not all of us need 7 mil to retire.
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