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Old 01-03-2016, 11:35 AM
 
5,064 posts, read 5,712,967 times
Reputation: 4769

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Quote:
Originally Posted by No_Recess View Post
Only on C-D do "cleaning ladies" take home $65K per year.
I pay my cleaning lady $25 an hour. And that's still cheap compared to using a service.
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Old 01-03-2016, 11:43 AM
 
5,064 posts, read 5,712,967 times
Reputation: 4769
Quote:
Originally Posted by mlassoff View Post
That's strange... I find that the great "people-mover of life" (I like that!) favors some over others. I went to one of the top public high schools in the US. That was followed by a top public university with a top 10 computer science program. My dad was an executive at a venture capital firm and paid for my college education by check. When I came out of college I leveraged my dad's connections for a job at a Fortune 500 company. Even today, I leverage the network I have built through the town I grew up to build my current businesses as an entrepreneur.

I work hard. So does the minimum wage worker, working two jobs.

I live in a beautiful 4 bedroom contemporary home on 3 acres in Connecticut with my partner. I know of families who have 3 kids and a two bedroom apartment. We have two cars and a boat. Others have to travel by public bus....

I have to say that I had some good favor and it certainly was easier for me to achieve success than a kid who grew up in poverty, surround by crime in Bridgeport, CT.

It's not as simple as making bad choices. You have to acknowledge that.

On the other hand, despite the situation you are born in to, in the end you ARE responsible for your choices-- but the path is by no means equal.
My husband grew up dirt poor. He remembers people coming to repossess their farm equipment when he was growing up. His dad finally began making decent money right before my husband started college, so my husband was not eligible for incone based scholarships, but his parents were still digging themselves out of huge debts, so they had no money to help him with college.
He worked his butt off to pay for college and became a software enigneer. (First in his family to graduate college.)
We've lived below our means most of our married lives, and now live in a nice house in one of the wealthiest counties in the country as well as owning investment property.
You may have been born on 3rd base, but many successful people worked hard themselves to achieve their wealth.
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Old 01-03-2016, 11:46 AM
 
33,843 posts, read 16,875,949 times
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Quote:
Originally Posted by brentwoodgirl View Post
My husband grew up dirt poor. He remembers people coming to repossess their farm equipment when he was growing up. His dad finally began making decent money right before my husband started college, so my husband was not eligible for incone based scholarships, but his parents were still digging themselves out of huge debts, so they had no money to help him with college.
He worked his butt off to pay for college and became a software enigneer. (First in his family to graduate college.)
We've lived below our means most of our married lives, and now live in a nice house in one of the wealthiest counties in the country as well as owning investment property.
You may have been born on 3rd base, but many successful people worked hard themselves to achieve their wealth.

Well stated!
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Old 01-03-2016, 12:15 PM
 
33,016 posts, read 27,371,229 times
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Originally Posted by crone View Post
How do you know they don't?

'I don't, but it's important to prepare for events that can impair your income stream. I'd downscale the house and neighborhood and sock away as much as possible.
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Old 01-03-2016, 12:16 PM
 
33,016 posts, read 27,371,229 times
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Originally Posted by InformedConsent View Post
They are.

Are they prepared for an abrupt total loss of income?
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Old 01-03-2016, 12:37 PM
 
33,016 posts, read 27,371,229 times
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Quote:
Originally Posted by middle-aged mom View Post
Every day.

I was going to scoff and say I can't talk to Chuck but I just went to the website and was surprised to see only a $1,000 minimum to open. And a 529 takes only $25 to open.

I was on the website maybe 60 seconds and got a pop-up chat window.

Chuck likes conversation.
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Old 01-03-2016, 01:10 PM
 
Location: the very edge of the continent
88,729 posts, read 44,535,751 times
Reputation: 13600
Quote:
Originally Posted by freemkt View Post
'I don't, but it's important to prepare for events that can impair your income stream. I'd downscale the house and neighborhood and sock away as much as possible.
They are socking away a lot. Their incomes are quite high for their ages. They have no student loan or credit card debt. Plus, they live near their jobs so they don't even need to have a car. That means no expense for a parking spot/garage. They use public transportation.
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Old 01-03-2016, 01:13 PM
 
Location: the very edge of the continent
88,729 posts, read 44,535,751 times
Reputation: 13600
Quote:
Originally Posted by freemkt View Post
Are they prepared for an abrupt total loss of income?
Yes, but that's not likely to happen. They get frequent cold call offers from headhunters.
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Old 01-03-2016, 01:43 PM
 
33,016 posts, read 27,371,229 times
Reputation: 9074
Quote:
Originally Posted by InformedConsent View Post
They are socking away a lot. Their incomes are quite high for their ages. They have no student loan or credit card debt. Plus, they live near their jobs so they don't even need to have a car. That means no expense for a parking spot/garage. They use public transportation.

They sound precisely like the sort of people to blame for gentrification and displacement.
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Old 01-03-2016, 01:56 PM
 
25,619 posts, read 36,587,660 times
Reputation: 23293
I don't have any money in an idiotic savings account. 6 figures in the black and will be well over 7 come retirement. I come from families of laborers only one generation removed. Hustle your ass, pay frigging attention in school(yes even those government indoctrination centers), did I mention hustle your ass?
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