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Elizabeth Warren DOES talk about it in the book, which is whom your quoted poster was talking about. She specifically addresses the irrelevancy of talking about cutting coffee and increases in sundries, and focuses on the very specific examples of housing and college costs. Furthermore, she actually addresses women's doubling of the labor force and the subsequent race amongst neighbors to price each other out, as central in the chokehold housing costs have on the median american worker, when tied to access to K-12 education worthy of competitive college admission for their children.
See, the whole point of dual income wasn't so that people went out and outbid each other, now we're all screwed because the labor market got diluted with working females and nobody is turning back the clock. Those who wish to remain solvent basically have to sock away the second income (if your wife has that level of self control mind you, most unfortunately are of the mindset of "ugh, I didn't go to work to save money") and become the scorn of peers.
Here's my plan going forward. Find the cheapest house in a majority (hispanic or non-hispanic) white suburban school district where classroom distractions and social strife are absent as the only hard requirement, and top off my kid myself in whatever deficit in math and science my child experiences in school,if any. Done. I'm not paying 50% of my net income in housing costs just because of the silly idea my child has to be in the school district du jour otherwise he'll die poor and lonely.
This plan requires two things: A supportive spouse and a non-entitled spouse. If your spouse is entitled and/or combative about material lifestyle then you're screwed, this doesn't work and you'll be an indentured servant for the rest of your life for a façade of a lifestyle few can afford genuinely. the beauty of this plan is that nobody is gonna sweat the cable bill or the starbucks coffee. It's liberating.Housing cost is the biggest ripoff this Country has going on. If you're willing to sidestep that land mine, life feels a lot more affluent in this Country for the money. Weekend entertainment is always a short car drive away. To each their own.
This is a very sensible and realistic post.
If both spouses are type A career people, they will likely chase everything that requires money. That means child care, urban living, private schools, etc. If one of the spouses (doesn't matter which) is happy not to wear the pants in the family it is likely less stressful to have children.
I really wish that it wasn't so American to live in separate houses and States from your parents. In many cultures families live in multigenerational homes. That would make it WAAAYYY easier to have kids. Let alone the tons more money youd have stashed away in investments. I have a lot of Asian coworkers who live in the same house as their parents and theyre loaded. One of them (early 30s) already has 600k in her retirement funds. Once she maxes out her 401k she sends the rest off to Fidelity. Some of them buy houses and rent them out, using the cash to buy more houses.
I proposed this to my dad and he looked at me like I was insane. He would much rather sit and rot in a lazyboy watching Bonanza....
I really wish that it wasn't so American to live in separate houses and States from your parents. In many cultures families live in multigenerational homes. That would make it WAAAYYY easier to have kids. Let alone the tons more money youd have stashed away in investments. I have a lot of Asian coworkers who live in the same house as their parents and theyre loaded. One of them (early 30s) already has 600k in her retirement funds. Once she maxes out her 401k she sends the rest off to Fidelity. Some of them buy houses and rent them out, using the cash to buy more houses.
I proposed this to my dad and he looked at me like I was insane. He would much rather sit and rot in a lazyboy watching Bonanza....
A lot of people grew up in small towns, the South, or rural areas where work is hard to come by. Many of us would like to live closer to family, but economic necessity demands we live in areas where there are jobs.
I really wish that it wasn't so American to live in separate houses and States from your parents. In many cultures families live in multigenerational homes. That would make it WAAAYYY easier to have kids. Let alone the tons more money youd have stashed away in investments. I have a lot of Asian coworkers who live in the same house as their parents and theyre loaded. One of them (early 30s) already has 600k in her retirement funds. Once she maxes out her 401k she sends the rest off to Fidelity. Some of them buy houses and rent them out, using the cash to buy more houses.
I proposed this to my dad and he looked at me like I was insane. He would much rather sit and rot in a lazyboy watching Bonanza....
I don't think it's as common as City Data forums (this is a forum where a lot of transplants gather) would lead you to believe. Admittedly, I grew up in a small town, but I would say 85% of the people that went to my high school still live within 30-40 miles. The bulk of them live within 10 miles. Most of the people that moved away joined the military, came to town from another state and moved back and a few became pro sports players.
Ever hear the bandied about statistic that a bunch of college grads and people under 35 are living with parents? Obviously those people didn't move away.
About twenty years ago, my parents moved out from under me to a retirement haven with low taxes, but no jobs. Now, they're growing old, and they lay on the guilt that we live so far away. Every phone call ends up with me biting my tongue so hard it bleeds. I love them, but sometimes I just want to scream, "You two created this situation, NOT ME!"
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Multi-generational homes are far more common in other countries, and now even in our area builders are designing homes with two masters (at $800k) to cater to the influx of families from India coming here to work and bringing their parents with them. We moved from CA to WA leaving family including parents behind, but they followed us soon after. We've all lived in our own homes, however, and like it that way. The needs of working people with kids, without kids, and those that are retired are different, and people should live where they like not stay just because their family is there. My parents are about 3 hours way with a ferry ride along the way, but they love it where they are but there are very few jobs there.
Truth be told, I'd say it's higher than this. They didn't include college expenses, which many parents at least chip in some on. Day care can run well over $1000/month. It's not the day to day that gets you - it's the big ticket items (day care and college).
Truth be told, I'd say it's higher than this. They didn't include college expenses, which many parents at least chip in some on. Day care can run well over $1000/month. It's not the day to day that gets you - it's the big ticket items (day care and college).
Don't think it includes preschool either. Again, recalling what I read/seen from Elizabeth Warren's research.
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