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Not sure where you are from but here in Mass in-state tuition is $13K a year and growing by 8% a year. Also I'm not technically disagreeing with your point because we have a great CC to 4 year degree option where anyone who complete an associates degree with a 3.0 GPA or higher is almost guaranteed entry and reduced TUITION (tuition is highlighted because it's only $1K a year, "fees" are $12K). But to me we need to encourage people from lower and middle class backgrounds to go the 4 year route form day one.
I got an offer from a fortune 100 company at the beginning of my senior year and the main factor for employers is competitive work experience/internship. The most competitive internship usually recruit from 4 year campuses and do not extend opportunities to community college students. Also environment for most is key. 40 to 45 percent of students graduate from a typical 4 year university within 6 years. 10 to 15 percent of students graduate from a typical 2 year college within 4 years.
The biggest problem I see in my generation is kids from not bad but not great and pretty good backgrounds falling into an environment of comfortable low expectations.
George Bush was a disaster as a president but the best line he had was "the soft bigotry of low expectations".
I also think the bolded is an important thing to consider when looking at community colleges. Plus you have to consider that a lot of 4 year colleges give people a lot of grief about transferring credits from community college. Theoretically, none of this should matter. In practice, it often does.
Dude can you tell me what's your profession lol? I have to literally KILL myself for the little $75k I make .
Are you serious? That guy lives in Silicon Valley, his $200k+ income affords him a lesser quality of life than someone who makes $75k a year in the Midwest has. $75k a year in Metro Detroit is actually a very good income and short of having 10 kids, there's no reason why you won't be able to build a large nest egg for retirement.
Are you serious? That guy lives in Silicon Valley, his $200k+ income affords him a lesser quality of life than someone who makes $75k a year in the Midwest has. $75k a year in Metro Detroit is actually a very good income and short of having 10 kids, there's no reason why you won't be able to build a large nest egg for retirement.
Also....
Age: 24
Income: $55,000
Net worth: $55,000
I should probably take a pay cut and move. What quality of life are you talking about?
Now i am curious. Bay area had been challenging. But i doubt what you say. I expect to save 130-150k a year, something tells me that would be difficult at 75k a year. As for quality of life, yes, i cannot afford a single family home. i doubt i could do better regardless of where i move. Where else could i build a nw of 450k in six years and almost triple my pay in that many years.
The first million in Net worth is likely the most difficult phase in building a decent nest egg. As its been said, your magic number depends heavily on your location, lifestyle, and risk tolerance, so a comparison is not as drycut as one might expect.
I should probably take a pay cut and move. What quality of life are you talking about?
Now i am curious. Bay area had been challenging. But i doubt what you say. I expect to save 130-150k a year, something tells me that would be difficult at 75k a year. As for quality of life, yes, i cannot afford a single family home. i doubt i could do better regardless of where i move. Where else could i build a nw of 450k in six years and almost triple my pay in that many years.
Yes, places like SV do offer a lot of potential for some and your situation proves that. If you judge "quality of life" only by the size of the house you can buy, then I think that's a very narrow parameter. However, there are a lot of people who live in SV who are really just on a treadmill who really would be better off living somewhere cheaper. And when kids are involved, not having to pay through the nose for a modest single family home seems like a reasonable desire.
i agree with you. I was on that treadmill too. I am fortunate to have what I do. I just didn't like the way a generalization was made. thats all I was reacting to.
i agree with you. I was on that treadmill too. I am fortunate to have what I do. I just didn't like the way a generalization was made. thats all I was reacting to.
Understood. But there's a reason for those generalizations. They can't be true for everyone, but they are for many. You were able to get off the treadmill. A lot of people never do.
The first million in Net worth is likely the most difficult phase in building a decent nest egg. As its been said, your magic number depends heavily on your location, lifestyle, and risk tolerance, so a comparison is not as drycut as one might expect.
took me 50 years to hit 1 million but only 12 years to triple it . the more you have the bigger the deals , the more privy the deals and the better the talent you can partner with .
there is a huge difference between going about it on your own vs great professionals with their connections and talent who do this as a profession , especially with real estate . .
I suppose thats inline with the idea that those of us who have rich parents have a pretty significant advantage. ie. The help with the first few 100Ks of education and downpayment assistance goes a long way. Wealth accumulation is inherently a non-linear growth curve.
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