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Old 11-09-2018, 06:41 PM
 
1,734 posts, read 1,953,704 times
Reputation: 3906

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Quote:
Originally Posted by Mightyqueen801 View Post
I have a mortgage. I am retired. (Disclaimer, I work part-time, but I don't rely on the PT money to meet necessary expenses.)

I bought a condo at 52, knowing the 30-year mortgage would probably outlive me. But I made sure my monthly payment would be manageable on my pension and did not listen to the real estate people and their financial cohorts who urged me to buy something more expensive "because you have a good salary".

Who cares if I have a mortgage? I'd have had to pay rent anyway, and it's not much different.

Talking to the guy now about refinancing to a 15-year, so I might have a shot at outliving it after all.
Brava! Well done! (I think I'm quoting David Ramsey. Don't hold it against me. Message is the same).

 
Old 11-09-2018, 07:07 PM
 
1,734 posts, read 1,953,704 times
Reputation: 3906
Quote:
Originally Posted by ocnjgirl View Post
Let kids don’t fit under the umbrella of kids being actively recruited. Olympic athletes and Rhodes scholars are both rare. Many who get in have good grades and SAT scores but aren’t necessarily cream of the crop “we’ll do anything to have you” kids. One of my good friends went to Fordham and parents and she had to take loans out the wazoo. Not here to debate the wisdom of that but simply to say she got accepted but did not get all these financial adjustments you believe are being handed out like candy.
You're right - I SHOULD have qualified my post. The schools that have top 10/Ivy League-type endowments can afford to do this. It's the endowments that enable the generosity, and the policy of "if you can get in, we'll make sure it works financially".

I was a beneficiary of that kind of largesse. I was well aware of my status - the pail hanging way out on the brittle branch. Unbelievably, I had enough motivation from fourth grade on to cultivate "the metrics". I hit the checkboxes. Applied only to schools that had enormous endowments. Totally invested in the tradeoff: "you have no life now, but you'll have opportunities later on, and without debt overhang". I failed on at least one measure: did not get a ride to med school, and was unwilling to sign up for the debt. So I didn't go.

It's turned out OK anyway. My hobbies are reading; walking my dog; and having in-house get-togethers every so often with others who've been around the block a couple times. I am a wild and crazy guy (cf. SNL).

I can engage in my pleasures on SS and RMDs from a severely depleted portfolio.

Jeez, knock on wood! That statement sounds arrogant. I do NOT want to tempt the Gods to pull the rug.
 
Old 11-09-2018, 07:15 PM
 
1,734 posts, read 1,953,704 times
Reputation: 3906
For kids who don't buy into "the metrics" of academic scholarships: the smart thing to do is to study like heck at your local community college, make grades, and then transfer those credits to the state school of your choice.

Most states have a reciprocity program. The state schools all have a GPA requirement from their "feeder" community colleges. In Virginia, for example, when you graduate community college with a 3.8 GPA IN THE COHORT PROGRAM (where the required courses are specified - no basketweaving, women's studies, etc.), you have guaranteed admission into the State's flagship university. That is, the University of Virginia. At the other end of the spectrum, Virginia State guarantees admission to Virginia students who graduate their local VA community college with much less than a 3.8. I don't know the exact GPA requirement.
 
Old 11-09-2018, 07:33 PM
 
6,352 posts, read 5,088,595 times
Reputation: 12910
Quote:
Originally Posted by jane_sm1th73 View Post
Let's debunk the myth of the out-of-reach private school, once and for all.

If you have the qualifications to get in, "they" will make sure you can afford it. They will adjust the aid package for parental contribution if parents are low income. They will ensure that you have some kind of pocket money coming in from a campus job. The amount of loans you are expected to take on fluctuates with how much they want you. If they want you a LOT, the loan load is minimized. They will dig into endowment earnings to make up the difference.

The wild card is, the Admissions Committee evaluates the candidates. Although there's a publicized profile about "typical" class standing and SAT scores, each school has a secret sauce of factors they consider probative. I have no idea what they are.

For example: if you have mediocre grades and are an Olympic athlete, the school will probably weigh the Olympic status highly enough to accept you anyway. If you have mediocre grades and outstanding SATs, and you spent your high school years raising your younger siblings, and you can tell the story - same. Regardless of other factors, if you're a National Merit Finalist (an accolade that derives from performance on PSATs), that is probative. In all of these cases, there is some element of outstanding achievement that outweighs otherwise weak parts of the record.

That's been my observation, and I trust the evidence.
YEAH - I have a nephew at Yale right now. Very small poor south texas town, but he had what they were looking for. All expenses paid.
 
Old 11-09-2018, 08:04 PM
Status: "Loving life, wife and job!" (set 20 days ago)
 
Location: USA
1,004 posts, read 393,759 times
Reputation: 2725
Quote:
Originally Posted by NoMoreSnowForMe View Post
Imagine you never made much money to begin with. Your parents were poor and couldn't afford to pay for your college education. You couldn't afford to just go to college without student loans - and - work at the same time.

Then, you get divorced and you get custody of the kid. Yay! But, then your ex never pays child support, and you're working full time and trying to afford a house payment and student loan payments and your child care costs more than your house payment. And, your kid needs braces, and has allergies, on and on.

Then, you are severely injured and end up on disability.

You're really good at budgeting the money that you have. But, you definitely qualify as within the definitions of the poverty levels for assistance, etc.

Stuff happens. Why assume the people who are struggling in retirement are somehow losers, gamblers, drug addicts or whatever? Yeesh.

This is the same kind of narrow thinking of people who assume all immigrants are terrorists (even though all of our ancestors were immigrants). Really, try imagining a different scenario based on an open mind and kindness. You might surprise yourself.
And his dog was run over and his wife ran off with his best friend.

Sheesh.

My examples are limited at best but there were half a dozen or so of us who were in training at Maxwell in the 70’s. I don’t recall everyone’s reason for going in the service. Out of that six or so, one is a veterinarian, one is a doctor and there are two engineers. I lost track of the other two.

This group clearly isn’t representative of the population large. We passed the ASVAB with high enough scores to receive training as med lab techs. That’s a 12-month long training class, one of the longest in the service. The GI Bill helped finance two degrees for me. I worked many different jobs while in school also. $324 a month from the GI Bill didn’t go very far in the early 80’s but it was better than nothing. One job as a med lab tech paid $13 and change an hour. Tremendous help.

My wife, on the other hand, grew up poor in Brazil. She started working full time at 14 and didn’t graduate from college until she was 38. She could only afford one class at a time. When she arrived here, she spent the next 10 years always trying to improve herself. Class after class after class. She now has a masters. Not bad for someone who didn’t speak English when we met.

You can’t motivate people but motivated people will always find a way. We will not retire “poor”. Or, “rich”. Very comfortable though.
 
Old 11-09-2018, 08:30 PM
 
Location: Coastal New Jersey
56,308 posts, read 54,748,439 times
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Quote:
Originally Posted by mathjak107 View Post
I guess you could say that. Awe shucks now I feel so cheap
Bloody well right.
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Old 11-09-2018, 09:49 PM
 
Location: Honolulu, HI
6,105 posts, read 1,844,343 times
Reputation: 8675
Quote:
Originally Posted by LHS79 View Post
You can never retire if you have a mortgage.
Nonsense, plenty of retirees have a mortgage.
Quote:
A recent “Retirement and Mortgages” survey by American Financing, a national mortgage banker, found 44 percent of Americans age 60 to 70 have a mortgage when they retire, with as many as 17 percent saying they may never pay it off.
https://www.washingtonpost.com/news/...=.4785007f9552


You're more than welcome to work until you're dead though if you think you can't retire with one.
 
Old 11-09-2018, 10:39 PM
 
6,326 posts, read 4,768,647 times
Reputation: 12993
Quote:
Originally Posted by k7baixo View Post
And his dog was run over and his wife ran off with his best friend.

Sheesh. .....

You can’t motivate people but motivated people will always find a way. ......
There are some rare examples when health issues and extreme bad luck make life difficult. For the vast majority of situations it seems that people make their own luck. Others just find excuses. They couldn't get an education, they married with wrong person, bad luck just follows them everywhere.


BTW, your story sounds a lot like mine. I came back from Vietnam and could not find a job. After weeks I found a job drawing blood and working as a medical lab aide. I was paid a lot less than $13/hr. Unemployment in Cleveland (my wife's home city) was over 20%. My wife also struggled and often worked several part time jobs at once. I used the GI bill to get additional education while both of us worked hard making very little money. The $300 per month GI bill was a major help. I also remember thinking how strange it was that I only make a fraction of that amount while serving in Vietnam.


Both of us could have easily cited health issues as a reason for failure. I went for years with severe flu like symptoms, hives, and a low grade fever until finally getting some relief from medical help. I passed out due to pain and was hauled to the ER several times, even from my job. My wife faced fibro and severe migraines. Both of us struggled so hard, that I give little credence to those who seem to have endless excuses.
 
Old 11-09-2018, 10:54 PM
 
908 posts, read 485,087 times
Reputation: 1216
And the Federal Government is still garnishing the social security checks of seniors who owed money on education loans. You'd think at that point, the Feds would write off the loan and realize these people need the money more then they do.
https://www.consumerreports.org/stud...student-loans/
 
Old 11-09-2018, 10:55 PM
 
6,326 posts, read 4,768,647 times
Reputation: 12993
Quote:
Originally Posted by ocnjgirl View Post
Let kids don’t fit under the umbrella of kids being actively recruited. Olympic athletes and Rhodes scholars are both rare. Many who get in have good grades and SAT scores but aren’t necessarily cream of the crop “we’ll do anything to have you” kids. One of my good friends went to Fordham and parents and she had to take loans out the wazoo. Not here to debate the wisdom of that but simply to say she got accepted but did not get all these financial adjustments you believe are being handed out like candy.
Fordham tuition is way, way over the cost of college at City of NY or SUNY colleges and universities. Way over!!


A great many kids drag their parents into paying for expensive schools. The kids often also take out loans. Many of them do not work that hard and do not exactly overachieve. Then they complain about the costs. No one in NY State should EVER, EVER complain about the cost of college. You can get a first rate education for less than the cost of day care. Even less expensive are the choices for community colleges. I am not sure if college is as cheap in NJ, but I think it is pretty close.
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