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I bought 10 acres for $40,000 @6.5% interest?!?!?!??!?!?!? lol............try adding a zero to that for 2016 dollars. Those were completely different times economically back then.
I went to school right after high school, but also got a degree later in life so have a little bit of a different eye towards what is going on with the new grad.
Things where so much easier in the past. Compared to today, it was like taking candy from a baby. Don't let all these people fool you into talking about how tough their life was.
When I first went to school
Tuition - Just under $1,000 for the year (not counting summer), I believe it was $968
Minimum wage - $4.25/hr
Entry level wage - $38k/yr and no experience was needed at all, just the degree was good enough and getting multiple offers was normal. Finding a job was a given, no one even questioned it.
My first house - $205k
Today, same school, same exact house
Tuition- $8,523/yr (not counting summer)
Minimum wage - $10/hr
Wage for same position - $45k/yr and you better have a couple internships or else you won't even get a look
Same house - $700k+
"Bought a house in his 20's with a 9 to 5 that didn't require a bachelors degree."
"kids these days have it easy"
Yeah, and don't forget, those Boomers who did go to college worked their way through it without any debt, unlike lazy Millennials (sarc).
Sarcasm aside, there is some truth to the notion that some Millennials have been spoiled/babied by their parents. The term "helicopter parents" didn't exist for my generation (Gen X). There were a few of them, I'm sure, but not as may as there are now.
Just my general gist from the blog is she was successful in the same way people are successful at anything. She had specific goals. She had a long term focus. She was willing to give up other stuff that other people wouldn't in order to get what was most important to her. She understood that you can probably have anything you want, but you can't have everything you want. And you probably aren't going to get what you want right away.
She probably also developed good relationship skills with other people. She was also willing to learn new skills on her own. Having practical "handyman" skills and a general mindset of self reliance greatly reduces the need for money.
I bought 10 acres for $40,000 @6.5% interest?!?!?!??!?!?!? lol............try adding a zero to that for 2016 dollars. Those were completely different times economically back then.
Last week we were helping our son shop for a new house for his family. I was shocked at how many homes near us are on the market starting at $25k.
Off and on over the last few years, my wife and I have been discussing buying some apartment buildings again. We had collected four rental properties when I was working, and sold them when I retired. We have knocked around the idea of going back into it again. So Wednesday of this week she and I got a list of tri-plexes and four-plexes near the State Uni that are on the market and we drove by a few. The first four-plex we looked at is listed for $89k.
Last week we were helping our son shop for a new house for his family. I was shocked at how many homes near us are on the market starting at $25k.
Off and on over the last few years, my wife and I have been discussing buying some apartment buildings again. We had collected four rental properties when I was working, and sold them when I retired. We have knocked around the idea of going back into it again. So Wednesday of this week she and I got a list of tri-plexes and four-plexes near the State Uni that are on the market and we drove by a few. The first four-plex we looked at is listed for $89k.
maybe your standards are different? Studies have shown that price of real estate hasn't fluctuated much over the decades, cost per sq foot is about flat.
People just want larger homes so they cost more today
I bought 10 acres for $40,000 @6.5% interest?!?!?!??!?!?!? lol............try adding a zero to that for 2016 dollars. Those were completely different times economically back then.
They sure were. Waitresses were lucky to make $2/hour. You can still buy 10 acres of attractive land for less than $40,000 if you pick your location.
I am a 'boomer' [born in 1959]. When my Dw and I were both 25, we were both fulltime college students, working fulltime for Minimum-Wage [she was a truckstop waitress. I went from digging tunnels by hand to tossing pizza dough] and we decided to buy our first home. It is a parcel with three houses on it. We lived in one house and we rented out the other two houses.
When we graduated, I went back to the US Navy, at our next duty station we bought a five-plex. We lived in one unit and we rented out the remaining four units. At the next duty station we bought another Tri-plex. Then a four-plex. By the time that I had completed 20-years of Active Duty service in the Navy we had collected four properties. We consolidated down to one property which we refinanced and used the cash to buy our current farm. Where we live today, debt free on pension.
That is how we 'did it'.
I am certain that ever boomer has a story.
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