U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Closed Thread Start New Thread
 
Old 12-03-2019, 08:32 PM
 
12,424 posts, read 7,441,278 times
Reputation: 6784

Advertisements

Quote:
Originally Posted by ihatetodust View Post
Curious why travel is a factor. I have no interest in it myself. I can see being interested in a summer home and going there but not travel just for no reason. I already like where I live. Probably I am boring . . .
You aren’t boring. I tend to think people that work a lot are more likely to think travel is great. I can see how it can get tiring for celebs/athletes.

 
Old 12-03-2019, 08:38 PM
 
1,483 posts, read 477,789 times
Reputation: 3265
Quote:
Originally Posted by eddiehaskell View Post
Perhaps this person with $800k already has a 4 year old they love with all their heart. What changes?

My desire is to live “America-middle-class” with complete ownership of my time and thoughts.
College tuition changes everything. I paid my son's college tuition which was half your $800K. He's in graduate school paid by loans. It is $2,400 out of my pocket every month for his apartment, internet, gas and electric.

My daughter needed help when starting too. As the middle class shrinks, it is harder for kids to get established.

My in-laws retired in 1990. They lost money in dot-com bubble. They didn't plan on 3.4% inflation either. My mother-in-law didn't plan on my father-in-law spending a year in hospice care costing $120,000.

On the other hand, my grandfather sold all his stock before the 1929 crash. A year later, he brought a two family foreclosed house. His tenant apartment produced additional income. He was a barber, in a time when men had a straight shave before job interviews, and did very well. Until WWII shipped out all his customers and his business took a nose dive.

No one can predict the future.
 
Old 12-03-2019, 09:07 PM
 
19,753 posts, read 14,367,207 times
Reputation: 15214
Quote:
Originally Posted by ihatetodust View Post
Curious why travel is a factor. I have no interest in it myself. I can see being interested in a summer home and going there but not travel just for no reason. I already like where I live. Probably I am boring . . .
He asked about what the upper 5% were doing. Unless I’m not remembering correctly he had stated in the past that he didn’t really travel
 
Old 12-03-2019, 09:09 PM
 
19,753 posts, read 14,367,207 times
Reputation: 15214
Quote:
Originally Posted by YorktownGal View Post
College tuition changes everything. I paid my son's college tuition which was half your $800K. He's in graduate school paid by loans. It is $2,400 out of my pocket every month for his apartment, internet, gas and electric.

My daughter needed help when starting too. As the middle class shrinks, it is harder for kids to get established.

My in-laws retired in 1990. They lost money in dot-com bubble. They didn't plan on 3.4% inflation either. My mother-in-law didn't plan on my father-in-law spending a year in hospice care costing $120,000.

On the other hand, my grandfather sold all his stock before the 1929 crash. A year later, he brought a two family foreclosed house. His tenant apartment produced additional income. He was a barber, in a time when men had a straight shave before job interviews, and did very well. Until WWII shipped out all his customers and his business took a nose dive.

No one can predict the future.
Your son’s undergrad cost 400k?
 
Old 12-03-2019, 09:10 PM
 
12,424 posts, read 7,441,278 times
Reputation: 6784
Quote:
Originally Posted by YorktownGal View Post
College tuition changes everything. I paid my son's college tuition which was half your $800K. He's in graduate school paid by loans. It is $2,400 out of my pocket every month for his apartment, internet, gas and electric.

My daughter needed help when starting too. As the middle class shrinks, it is harder for kids to get established.

My in-laws retired in 1990. They lost money in dot-com bubble. They didn't plan on 3.4% inflation either. My mother-in-law didn't plan on my father-in-law spending a year in hospice care costing $120,000.

On the other hand, my grandfather sold all his stock before the 1929 crash. A year later, he brought a two family foreclosed house. His tenant apartment produced additional income. He was a barber, in a time when men had a straight shave before job interviews, and did very well. Until WWII shipped out all his customers and his business took a nose dive.

No one can predict the future.
You paid it or chose to pay it? Think about it...the service I can provide as a stay at home father is far more valuable than tuition. I won’t be some dad that works all the time and shows up on the weekends. I’ll be there for EVERYTHING. Relationships trump money all day for me.

BTW - $400k in tuition is sink or swim territory in my book. $400k tuition =you better come out paying huge chunks back quickly....by yourself.

I’m not buying into the notion that parents must be prepared to spend $400k on college. Get a scholarship or find your own way to pay it back if your brain is worth that kind of coin. A little bit of life is finding your own way.
 
Old 12-03-2019, 09:20 PM
 
752 posts, read 370,138 times
Reputation: 1396
Quote:
Originally Posted by Lowexpectations View Post
He asked about what the upper 5% were doing. Unless I’m not remembering correctly he had stated in the past that he didn’t really travel
Oh. I was confused, sorry.

Well, I guess if OP is comfortable taking on risks associated with his choice, then its up to him. I am projecting for worst cases in my personal planning so I can sleep at night.

Am also older than the OP and can't really afford to mess it up - a 30 year old can start over with new work more easily.
 
Old 12-03-2019, 09:22 PM
 
1,483 posts, read 477,789 times
Reputation: 3265
Quote:
Originally Posted by eddiehaskell View Post
You paid it or chose to pay it? Think about it...the service I can provide as a stay at home father is far more valuable than tuition. I won’t be some dad that works all the time and shows up on the weekends. I’ll be there for EVERYTHING. Relationships trump money all day for me.

BTW - $400k in tuition is sink or swim territory in my book. $400k tuition =you better come out paying huge chunks back quickly....by yourself.

I’m not buying into the notion that parents must be prepared to spend $400k on college. Get a scholarship or find your own way to pay it back if your brain is worth that kind of coin. A little bit of life is finding your own way.
NOOO!!! $400k for two kids, not one!!! Sorry.

It was $45K per year or $180k four years. The college charged $60K plus per year. His merit scholarship was $15K per year.


I was a stay-at-home mom mainly because my husband's career meant moving every two to four years. I was always packing or unpacking somewhere.

While my kids where in school, I was a class mom, Girl Scout Leader and a school librarian helper.

I got to say . . It was boring after awhile. After first grade, kids want to be with their friends. Peer groups become more important, leaving parents on the sidelines. It's healthy. The rest of the time, I was cooking/baking, gardening or cleaning. I feel those years were vital to my children, but not the best use of my brains.
 
Old 12-03-2019, 10:43 PM
 
12,424 posts, read 7,441,278 times
Reputation: 6784
Quote:
Originally Posted by YorktownGal View Post
NOOO!!! $400k for two kids, not one!!! Sorry.

It was $45K per year or $180k four years. The college charged $60K plus per year. His merit scholarship was $15K per year.


I was a stay-at-home mom mainly because my husband's career meant moving every two to four years. I was always packing or unpacking somewhere.

While my kids where in school, I was a class mom, Girl Scout Leader and a school librarian helper.

I got to say . . It was boring after awhile. After first grade, kids want to be with their friends. Peer groups become more important, leaving parents on the sidelines. It's healthy. The rest of the time, I was cooking/baking, gardening or cleaning. I feel those years were vital to my children, but not the best use of my brains.
The point is that we all compromise in some way. My compromise is living a lifestyle that allows me comfortably be the best me while having 100% of my time to give to my child. If my child doesn’t like that she can sue me.

BTW - I would be a bigger fan of this:

- Gulp. Give each of child ~$200k invested at say 5% at the age of 18. Of course, it’s only used as a stipend for the next ~15 years of life (where interest rates are highest). Money is controlled by you and their must be a POSITIVE return on the fund yearly...even if it’s all invested in a CD at 2.5%.

- give each child free room and board. They can come and go as they please but the $200k must grow.

- In order for the $200,000 to grow to your liking, the child must be gainfully employed. They’re young...let them take their lumps and interact with the working men/women of the world. Let them see how people live. Let them see what it is to appreciate your lot in life. Let them eat Ramen Noodle to cut a grocery budget to $150 for the month so they can do something else.

- TEACH THEM FINANCES. Show them how to make a dollar out of FIFTEEN cents. How do you make your own shampoo for $0.05? Show them how delayed gratification works. Show them temperance. Modesty.

Now if your child becomes something like a used car salesman, perhaps they would be financially independent by 26 instead of looking at $400k (undergrad, grad school, living expenses, etc) worth of mommy debt and a degree that might be useless in the game of life.

Make them financial wizards.
 
Old 12-03-2019, 11:18 PM
 
3,309 posts, read 3,109,173 times
Reputation: 1946
Quote:
Originally Posted by eddiehaskell View Post
The point is that we all compromise in some way. My compromise is living a lifestyle that allows me comfortably be the best me while having 100% of my time to give to my child. If my child doesn’t like that she can sue me.

BTW - I would be a bigger fan of this:

- Gulp. Give each of child ~$200k invested at say 5% at the age of 18. Of course, it’s only used as a stipend for the next ~15 years of life (where interest rates are highest). Money is controlled by you and their must be a POSITIVE return on the fund yearly...even if it’s all invested in a CD at 2.5%.

- give each child free room and board. They can come and go as they please but the $200k must grow.

- In order for the $200,000 to grow to your liking, the child must be gainfully employed. They’re young...let them take their lumps and interact with the working men/women of the world. Let them see how people live. Let them see what it is to appreciate your lot in life. Let them eat Ramen Noodle to cut a grocery budget to $150 for the month so they can do something else.

- TEACH THEM FINANCES. Show them how to make a dollar out of FIFTEEN cents. How do you make your own shampoo for $0.05? Show them how delayed gratification works. Show them temperance. Modesty.

Now if your child becomes something like a used car salesman, perhaps they would be financially independent by 26 instead of looking at $400k (undergrad, grad school, living expenses, etc) worth of mommy debt and a degree that might be useless in the game of life.

Make them financial wizards.
Assuming your spouse also does not work*, when your kid gets old enough to understand that they are growing up in poverty because you made the conscious and optional choice not to work without enough assets to provide adequate subsistence for an entire family, how do you think they will feel about that? Do you think they will believe that neither of their parents working while they were in school, and them living in material deprivation as a result, was out of a desire to have 100% of your time for them?

You're talking something very different than retiring early with adequate assets to comfortably support a family or taking a lower paying job that involves less evening/weekend work. Sorry for how harsh/hostile this comes off, I mentally put myself in your kid's shoes while writing it and the result is bleeding through into the tone.

*If they do you're just an unusually wealthy housewife/househusband and all objections withdrawn.
 
Old 12-03-2019, 11:29 PM
 
12,424 posts, read 7,441,278 times
Reputation: 6784
Quote:
Originally Posted by ALackOfCreativity View Post
Assuming your spouse also does not work*, when your kid gets old enough to understand that they are growing up in poverty because you made the conscious and optional choice not to work without enough assets to provide adequate subsistence for an entire family, how do you think they will feel about that? Do you think they will believe that neither of their parents working while they were in school, and them living in material deprivation as a result, was out of a desire to have 100% of your time for them?

You're talking something very different than retiring early with adequate assets to comfortably support a family or taking a lower paying job that involves less evening/weekend work. Sorry for how harsh/hostile this comes off, I mentally put myself in your kid's shoes while writing it and the result is bleeding through into the tone.

*If they do you're just an unusually wealthy housewife/househusband and all objections withdrawn.
What poverty?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Closed Thread


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top