Official Austin COVID-19 thread and discussion. (San Antonio, West: mover, loans, university)

[cBach]

Originally Posted by Westerner92

Just remember, if you don’t “self-determine” into a near-perfect SAT, then into straight A’s at one of the most rigorous programs in the world, then into exactly the right industry niche at the right time, it means your entire world can be turned upside down with no warning and it’s your fault. Good luck with no home and no insurance during the pandemic. If you say anything at all about how dystopian it is, it means you’re an ungrateful beggar and don’t respect WWII veterans.

Also college tuition is now like $80k a year, it used to be $20k a year. There's a big difference between $80k of debt and $320k of debt.

It's one of the reasons I've decided to let my son stay with me as long as he needs to, to get firm footing. My dad's generation kicked us to the curb at 18 and told us to "man up".

[cBach]

Originally Posted by Need4Camaro

This one is derailing pretty bad. Would really like to keep this topic open.

Anyway...

In some cases (depending on situations) mortgages may be suspended for up to a year.

https://www.npr.org/2020/03/19/81834...mortgage-break

I actually think everything discussed has been spot on as far as discussing events related to coronavirus.

[Need4Camaro]

Originally Posted by m1a1mg

The article doesn't specify whether interest is halted for the 12 months.

This is still America...what can be said.

Eitherway as long as foreclosures are kept at bay until things get ramped up again its better than nothing.

[cBach]

Originally Posted by Need4Camaro

This is still America...what can be said.

Eitherway as long as foreclosures are kept at bay until things get ramped up again its better than nothing.

One year delay of foreclosures isn't going to help. This thing is going to take 2-3 years before things even start to even out.

[Need4Camaro]

Originally Posted by cBach

One year delay of foreclosures isn't going to help. This thing is going to take 2-3 years before things even start to even out.

True but given our current administration even 1 month is a god send.

[Austin97]

Originally Posted by Westerner92

I am indeed privileged, one of the few I know of that didn’t inherit it.

But again, you have nothing but personal arguments that aren’t even correct. You are beyond out of touch with how bad the widening class divide in America is, the distinct generational component to it, and how this COVID-19 shutdown will leave a large segment of America destitute without emergency safety nets put in place.

I come from a different world. A world of poor immigrants who came to this country with nothing. America still allows anyone who perseveres to become a millionaire. I have been surrounded by these immigrants my whole life, some who came here are recently as 10 years ago with almost nothing and are making it.

Most americans have no clue how to do this because they have no idea how to not spend every penny. It literally is as simple as that.

Some of the immigrants I have known have only ever been cleaning staff. They still sent their kids to college and 40 years after coming here are millionaires.

It isnt how much you make, it is how much you keep.

dont go out to eat, ever
Dont buy pre made foods
buy inexpensive clothes, dont follow any fashion trends
make your kids study all the time
dont have your kids participate in any paid activities
buy few to no toys for kids
Live multiple families to a home
dont study majors where you cant get a good high paying job
work as many hours as you need to
minimize subscriptions, borrow from the library
drive a junky car
etc etc

[cBach]

Originally Posted by Austin97

I come from a different world. A world of poor immigrants who came to this country with nothing. America still allows anyone who perseveres to become a millionaire. I have been surrounded by these immigrants my whole life, some who came here are recently as 10 years ago with almost nothing and are making it.

Most americans have no clue how to do this because they have no idea how to not spend every penny. It literally is as simple as that.

Some of the immigrants I have known have only ever been cleaning staff. They still sent their kids to college and 40 years after coming here are millionaires.

It isnt how much you make, it is how much you keep.

dont go out to eat, ever
Dont buy pre made foods
buy inexpensive clothes, dont follow any fashion trends
make your kids study all the time
dont have your kids participate in any paid activities
buy few to no toys for kids
Live multiple families to a home
dont study majors where you cant get a good high paying job
work as many hours as you need to
minimize subscriptions, borrow from the library
drive a junky car
etc etc

What kind of life is that? If you sacrifice all for your child and then you get in a crippling accident and you have medical bills for life? Or they end up coming down with cancer or something? Even if people sacrificed everything like you say, if one malady afflicts them, it's game over. What do you say to that?

[Austin97]

Originally Posted by cBach

What kind of life is that? If you sacrifice all for your child and then you get in a crippling accident and you have medical bills for life? Or they end up coming down with cancer or something? Even if people sacrificed everything like you say, if one malady afflicts them, it's game over. What do you say to that?

The hilarious thing is that none of those things are sacrifice. They are just normal life for most of the world. Americans are so spoiled (even many of the poor) they have no idea how luxurious their lives are.

You dont need any of the things I listed to have a great life.

[Westerner92]

Originally Posted by Austin97

I come from a different world. A world of poor immigrants who came to this country with nothing. America still allows anyone who perseveres to become a millionaire. I have been surrounded by these immigrants my whole life, some who came here are recently as 10 years ago with almost nothing and are making it.

Most americans have no clue how to do this because they have no idea how to not spend every penny. It literally is as simple as that.

Some of the immigrants I have known have only ever been cleaning staff. They still sent their kids to college and 40 years after coming here are millionaires.

It isnt how much you make, it is how much you keep.

dont go out to eat, ever
Dont buy pre made foods
buy inexpensive clothes, dont follow any fashion trends
make your kids study all the time
dont have your kids participate in any paid activities
buy few to no toys for kids
Live multiple families to a home
dont study majors where you cant get a good high paying job
work as many hours as you need to
minimize subscriptions, borrow from the library
drive a junky car
etc etc

If it’s not about how much you make, then why did anyone bother to immigrate in the first place?

Quite a large portion of America lives exactly as you describe. The ones with discretionary income have stopped spending, and it’s throwing the majority of people’s incomes, regardless of class, into jeopardy.

But let’s play along. Do you ever run any numbers in your head to see if anything has changed in the past 40 years? Let’s assume a married couple immigrates here after the pandemic, cleaning for $12/hour, 50 hours/week, so $62.4K/year pre-tax, $55.3K post tax, $4600/month. Two families to a house Rundberg, so $800/month, $90/month for electricity. Egg, noodles, and vegetables every single meal, so $5/meal for the whole family, or $500 on food a month, $50/month to splurge on hygiene products, meat, and spices. $75/month on gas for a single used minivan that was given to you and magically never breaks down, $75/month in car insurance. Bottom barrel thrift shop clothes, $10/month. No health insurance, no medical visits, no phone or internet, no unexpected expenses, no breaks, no fun ever. Every single bit of the rest of the money goes to savings, $36.6K/year.

After two years, they buy a $300K house in a neighborhood that doesn’t have gang activity in the schools, $1800/month mortgage including taxes and insurance. They should probably have health insurance if they’re buying a home and starting a family, $500. Keeping the other expenses the same, they save $18K/year in stocks earning 6%/year while building home equity. After 20 years, that’s $662K. Time to start withdrawing to put kids through college.

University keeps up the same trend and increases 2.5x in price over the next 20 years. The kids live at home, go to UT, and maintain their austere (to put it mildly) lifestyle. $200K cashed out of stocks for two kids’ tuition. Your house doubles in value by the time you pay off the 30-year note. The couple is worth roughly $1.6M.

So the list of genuinely unreasonable expectations: decades of overtime manual labor with 0 breaks, living in mind numbing boredom, zero medical issues or accidents or mistakes ever, and here’s the kicker from that doozy of a list: a literally physically impossible economic expansion. For all that, you get a million bucks and couple professional class kids who desperately need therapy to get through the hyper-competitive rat race.

Your anecdote is now more feasible in the large cities of middle income nations than it is in America. It is not a good way to live for either the parents or the kids. Nor is it reasonable to think all Americans’ kids can be part of the professional class, which calls into question the entire premise of expecting entire segments of American society to live like refugees and pray nothing bad ever happens to them.

[CarnivalGal]

Originally Posted by Austin97

I come from a different world. A world of poor immigrants who came to this country with nothing. America still allows anyone who perseveres to become a millionaire. I have been surrounded by these immigrants my whole life, some who came here are recently as 10 years ago with almost nothing and are making it.

Most americans have no clue how to do this because they have no idea how to not spend every penny. It literally is as simple as that.

Some of the immigrants I have known have only ever been cleaning staff. They still sent their kids to college and 40 years after coming here are millionaires.

It isnt how much you make, it is how much you keep.

dont go out to eat, ever
Dont buy pre made foods
buy inexpensive clothes, dont follow any fashion trends
make your kids study all the time
dont have your kids participate in any paid activities
buy few to no toys for kids
Live multiple families to a home
dont study majors where you cant get a good high paying job
work as many hours as you need to
minimize subscriptions, borrow from the library
drive a junky car
etc etc

I grew up like that too. I worked my behind off and have done quite well. I enjoy plenty of luxuries, but I still live well below our means. That said, growing up like that sucked. I don't want my kids to deal with some of the same thing I did. Part of the reason I worked so hard (and my parents before me), is so that future generations don't have to. Otherwise, what's the point?