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If you had a paltry $210,000 in your account invested in the S&P 500 in 2009 and contributed just $500/month since then to now you would now have a MILLION dollars.
The market has essentially tripled in the last 10 years... most people should at least be half-millionaires if not outright millionaires by now.
It seem like every average Joe could've done this. Why aren't you one of them??
Well, this house is an interesting study. When I bought it, it was a dumpy little farmhouse in an undesirable school district, it didn't appraise and I had to bring extra money to closing to keep the loan to value ratio palatable to the lending bank.
When I re-financed it in about 93, (to get a substantially lower interest rate) it had somehow, in the eyes of real-estate appraisers and bankers, morphed into a "prestigious view property" and they would happily lend me considerably more than I owed. Whatever. It is and was a house that worked for me, privacy, able to shoot guns in my own yard (we all kind of have a gentleman's agreement to limit this to .22s and perhaps my own cast-bullet reduced power handloads in centerfires, to limit noise.) Although, legally, as long as the sun is up, I could shoot a .50 BMG rifle if I had one. Or host a Rolling Stones concert, so long as they quit before sundown. And room to add shops and a garage. I have 4 shops or sheds with electric power in them, and at least 2 more with no power (a flat roofed shed with concrete floor for my F-350 1975, and a small wood shed.
As to kids making their own way in college, if you set that as an expectation now, they may rise to the occasion. Too many parents cave in to "Well, Johnny's Dad is doing this for him..." Help them, sure, I helped my step daughter. But, said step daughter was making good grades, and working towards a degree in Accounting (as the economy was down when she graduated, I went along with getting a second degree in Finance). (She graduated at 10:00, that same day, by 2:00, she had her first job, so it was worth it. ) So, serious degree + good grades means I will help. Bad grades, or a fluff major, and "I'm out!" as the Sharks say. Remember:
Science graduates ask "Why does it work?"
Engineering graduates ask "How does it work?"
Business graduates ask "How much will it cost?"
Liberal studies graduates ask "Do you want fries with that?"
What are liberal studies? I don't think that's a thing.
What actually matters more than your degree is the internships and networking while in college. Also, most lawyers making $$$$$$$$$$$$$$ are liberal arts majors.
As to kids making their own way in college, if you set that as an expectation now, they may rise to the occasion.
We started when they were age 4 when it comes to basic financial understanding. Everything (except gifts and lessons.. like music and such) is paid with a % of their own money which they earn via certain (beyond expected chores) and rewards. We also share with them thoughts and decisions we make as a family... why we have a small home... why we don't buy new cars... etc..
At times it is hard to stick to it as many of their friends are spoiled.. Especially with our elder son now that he is almost a teenager. He doesn't get his own phone for example.. just one I lend him when he is out on his own... all his friends have their own.
We live fairly frugally and I hope they also learn through example.
However, no matter what... not everyone is going to be top of their class or athletic top.... And those that still make it.. no matter how smart.. no matter how well you teach them... will still be faced with a college expense the size of a house mortgage. Those with a full rideis relatively small percentage and those that don't get it are still very capable, smart, with potential.
That is the reality.... "rising to the occasion" sounds great but the reality is that people go broke helping their kids through college.
Me... I paid my own way through a 4 year degree which took me 6 years. Graduated debt free and bought a house with savings soon after. But even looking back then... I have to admit. Those days are long gone. College costs were doable.. and decent paying jobs were plentiful. I was a non-degreed high schooler who landed a software development job earning entry level salary. That simply doesn't happen anymore with the job market and requirements these days.
I reflect back and really... I don't think kids can do that these days on their own. No matter how capable nor how much they "rise to the occasion".
As for my home... 1923 built 2 bedroom 1 bath at the bottom of the price range in my area. It still about the same (don't want to expand and accrue more property tax). I probably paid relatively more than your home because we have a great school district. A great investment in my opinion considering it betters my children's chances of a good start and I don't have to pay private school (like some of my friends). I also live near a county college and county vocational school. So my kids will certainly have options.
We didn't plan on 3 kids. We planned on two... but we had twins on our second... twins with expensive medical issues. Life has thrown me quite a few curve balls....
If you'd done the same thing with bitcoin you'd be a trillionaire.
Shoulda coulda woulda nonsense post. Avg Joe doesn't have $20k much less $200k to invest in anything long. Not only that, it depends on the stock.
Dumb a$$ post of the month.
Also, most lawyers making $$$$$$$$$$$$$$ are liberal arts majors.
AND law school.
I think liberal arts on its own is going to be tough to justify. There are several majors that don't stand a good chance on their own but do serve the purpose as a stepping stone to advanced education path.
Despite all the trauma in my life I am not rich because I keep putting off myself. I have reasons to blame other people but I am not organized and I am and can be a nice person but the lack of enthusiasm towards me is what keeps me back. My father had opportunities to invest me but would rather invest in extra apartment, living free off somebody he was not married to, and boat, Mercedes, among other toys. My father undermined my mothers intelligence and broke his vows by committing adultery. Going to school I was outcast because I was the closest thing to a white person and love for learning ( I was the kid that raised my hand all the time ). My only outlet was illustrating and video-games. Despite I had a computer as a boy going through puberty I was always searching things I should have not been searching. It is like being a rainforest sapling growing up in a pot of manure.
That is why I am not wealthy. The outlook of my life was doomed because my family was against it self. Society was against me. Treating me like an outcast no matter where I venture. Between me and any art student I am no different with the same ideas and same goals. However even now they go against me. Lying down and dying to be honest would not be a thing anybody could want and the opposition of being angry at the world is childish and does not achieve anything.
I feel and wish I could make a difference in this world. Not just make it somebody on top and somebody on bottom mentality. To use and abuse of people mindset.
If my parents was together, and we were in a house with a yard, and my father invested in me and my mother. Without hesitation would actually feed my interest in subjects and support my goals my life would be more productive. However I am thankful for the knowledge I have and not for being as stupid as most people are even without vicious amount of wealth.
The majority of people in my area all have the street mentality with their cultural values underlining their lives. I know I can do more if given the chance and look forward to the day when I can.
What are liberal studies? I don't think that's a thing.
What actually matters more than your degree is the internships and networking while in college. Also, most lawyers making $$$$$$$$$$$$$$ are liberal arts majors.
Law is not a field that makes money anymore. That’s been long gone. The law field that makes money is the IP law which requires some sort of technical degree for undergraduate. The lawyer who my husband worked with has an engineering degree from Georgia Tech. Not a piece of cake school.
Why are most not millionaires now is because most, including myself, don't have the paltry 210k to begin with. While it maybe paltry to some, it's almost enough to retire for others.
The next question is why doesn't one have paltry 210k to begin with? It could be for a number of reasons but one of the reason might be they haven't earned a income for an extended period of time since they are not able to find work with a livable wage, even with a degree and job related skills.
So, to OP, not EVERY Joe could have done it. Since not every Joe can come up with 210k to invest AND have additional 500 a month to continue to contribute to their investments.
Law is not a field that makes money anymore. That’s been long gone. The law field that makes money is the IP law which requires some sort of technical degree for undergraduate. The lawyer who my husband worked with has an engineering degree from Georgia Tech. Not a piece of cake school.
Well that is kind of a problem. IP lawyer I know worked for a law firm and eventually him and his buddies got sick of working for the firms and decide to form their own firms. Then of course we have criminal lawyers ( if you go to court ). A good example is with anti-privacy law ( like the patriot-act ) and other things against you.
Honestly I do not think it is so with the IP lawyer. You have to ask yourself "what kind of engineering degree"??? Sound engineering????
If you had a paltry $210,000 in your account invested in the S&P 500 in 2009 and contributed just $500/month since then to now you would now have a MILLION dollars.
The market has essentially tripled in the last 10 years... most people should at least be half-millionaires if not outright millionaires by now.
It seem like every average Joe could've done this. Why aren't you one of them??
Having a million in investments is not what it once was, especially if that is your main income in retirement. If use 4% rule as estimate of income can safely use from investements, you would have roughly $40,000 a year. That gets you at the very bottom of middle income in the US. If add in the average SS payment of $17,500, gets you to $57,500, still below average income in the US. Not really the definition of wealthy anymore.
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) So, serious degree + good grades means I will help. Bad grades, or a fluff major, and "I'm out!" as the Sharks say. Remember: 
