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She is trying.... just had an interview last Thursday, fingers crossed... She doesn't like not pulling her weight, although I fear it may be a very long time before she gets anything. The job market is absurdly competitive and I only got mine because I was willing to move anywhere. She has to stick to the area...very bad.
You can save at lower income levels... but it won't go far. One problem like a major car repair and it's gone. I suppose that's better than saving nothing and having to put the car repair on a credit card.
That isn't true if you are defining anything under $45k for a single as "low income". I am living proof.
What I was trying to say is that there is a difference between saving & building wealth & saving just enough to cover unplanned expenses.
Both are better than saving nothing and going into debt.
Yes, clearly. But I think several of us got the vibe that you have this "You must have X" income before you can save/invest/build wealth and, while we acknowledge it's harder to save on a lower income, it's not quite as hard as you made it out to be. They key is that one much question all of the standard assumptions about what are "needs".
What I was trying to say is that there is a difference between saving & building wealth & saving just enough to cover unplanned expenses.
Both are better than saving nothing and going into debt.
I agree. Still, it is not true that one must have the income you stated in order to consistently sock money away for wealth building. You just make it priority.
What I was trying to say is that there is a difference between saving & building wealth & saving just enough to cover unplanned expenses.
Both are better than saving nothing and going into debt.
Hey I agree with you 1,000%.
The reality is that "retirement" going forward for my Generation (Millennials) is going to be a luxury for only about 20% of us. The numbers just don't add up. Wages are going down or staying the same, job security is nowhere to be found, who knows what social security will look like in 20 years, cost of living is continuing to go up, and the Fed has done a very GOOD job of destroying just about every passive investment class to where nobody has a clue about the future of stocks and fixed income.
I just tell people to do the best they can, try to only have children when you have two working adults along with enough income between the both of you to afford them, and try to live in areas that don't have a significant cost of living without the associated high incomes to support it. Also, try to major in something that builds real marketplace skills in this new 21st century GLOBAL economy.
But other than that, man the reality is that "retirement" for my Generation (Millennials) is going to be a luxury, a luxury that only 20% have. The other 80% is going to most likely have to continue working until they are literally too old or too sick to work.
we thought the same thing 35 years ago too . you have no idea how anyone will end up . my generation started out pretty crappy too with no good in sight.
sure just like every generation , you will have those who fail financially by retirement but you also have many who succeed
She is trying.... just had an interview last Thursday, fingers crossed... She doesn't like not pulling her weight, although I fear it may be a very long time before she gets anything. The job market is absurdly competitive and I only got mine because I was willing to move anywhere. She has to stick to the area...very bad.
You can save at lower income levels... but it won't go far. One problem like a major car repair and it's gone. I suppose that's better than saving nothing and having to put the car repair on a credit card.
Your location is hampering her ability to earn income, so she gave up that to be with you. My brother is somewhat in the same situation, though he makes a lot more.
Someone told me early on that in order to move up you have to be willing to move around. Do you see yourself staying where you are to max out at $55K in income?
Yes, it's hard to save at lower income levels without one little car repair, or unforeseen tax bill, etc wiping out months of diligent saving.
Unfortunately, some of us don't do as good of a job picking our spouse. I know I wish I had done a better job.
Marriage is a business contract. When you form this new corporation, you are totally joined in finances, work ethic, debt, and future goals.
Treat it in an emotional manner, or without solid business sense and you risk peril.
My career field has among the highest divorce rates. This was among the first lessons I learned when I got started. Even 24 years later, regardless of what sub I was serving on, every time we surfaced, in the mail bags we would get were ALWAYS letters from wives who decided to file for divorce, legal notices and court orders. Nearly every time were also stacks of notices from maxxed-out CCs and over-due bills. All of the financial responsibilities that were entrusted to the wife, when she 'lost it', the bills accumulate and 3 months later when we surface there it all is. I have seen happily married men, who suddenly in one day, became divorced and $50k in debt.
It is one of the scary parts of surfacing. Kind of like Russian roulette. in a way. You have 135 men on board and none of them have any idea what awaits in the mail bags.
But every time 2 or 3 will suddenly find that they have been divorced, they have lost their car, their house, and they have huge debt.
I have known 3 career submariners who have had successful long-term marriages, out of probably 1,000 crewmen I have served with over the years.
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