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The couple better hope all goes well and nothing unexpected happens like getting sick, job loss, home repairs etc. Doubt much could be put away for retirement.
My parents covered all that. We had home insurance...upgraded to central air, changed flooring a few times, a new roof, a little fire damage once, braces, child having major back surgery, college, etc, etc.
We always had health insurance (that my parents complained about being expensive)...we had a home, cars and my parents contributed regularly to 401ks that they still have. We even went on a few vacations every YEAR (accidentally put month had to edit lol).
Yeah, the small home they bought in 1977 for $22k might cost $100k today ($400 mortgage) but the SAME process can be repeated for almost all Americans RIGHT NOW if they want it.
Last edited by 87Camarottop; 12-27-2020 at 01:26 PM..
My parents covered all that. We had home insurance...upgraded to central air, changed flooring a few times, a new roof, a little fire damage once, braces, child having major back surgery, college, etc, etc.
We always had health insurance (that my parents complained about being expensive)...we had a home, cars and my parents contributed regularly to 401ks that they still have. We even went on a few vacations every month.
Yeah, the small home they bought in 1977 for $22k might cost $100k today ($400 mortgage) but the SAME process can be repeated for almost all Americans RIGHT NOW if they want it.
Parents are unaware the influence they can have over their children in negative ways, in limiting and stifling their curiosity to learn and grow. Toxic households keep the children below the parents even into adulthood.
You could be 39 years old with a mortgage and three kids, but still somebody's "boy". When I turned 18, my parents were like "well, you're a man now - we can't tell you what to do but we're here if you need us". And that hands-off manner set a relaxed tone that kept a friendly adult-to-adult relationship well after I moved out on my own.
I proceeded to research personal finance in addition to my (unrelated) job skills. I have an amount in retirement savings that no family member would have ever amassed on their own. Pensions, when more abundantly offered, were THE retirement plan for my parents and grandparents. You "had a good job with retirement, or you were poor when you couldn't work anymore" as they'd say.
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Quote:
Originally Posted by ddm2k
Parents are unaware the influence they can have over their children in negative ways, in limiting and stifling their curiosity to learn and grow. ... You could be 39 years old with a mortgage and three kids, but still somebody's "boy". When I turned 18, .....
I was CARING for my parents by age 18 (and for the subsequent 30+ yrs)
Bought them a home, covered their food and care needs (as possible), and paid off a LOT of family debt they had accrued.
Each person has their own story to write and barriers to climb.
My in-laws lost 100% of their wealth in retirement. (building spec houses in 1980's) Lost their businesses (3) + a couple spec houses and finally their own home. (10+% interest rates / economic downturn tanked them)
Of course, you can get a house for $800 per month, but who wants to live in some holler in WV like a slum king making $15. If you feel like a king with $15, the people around you must be making $10 per hour. $800 per month pays for my property tax and insurance add-in utilities, and it’s well over $1000, and I live in Texas, and my house is mortgage-free.
I agree that America is the best for someone wanting to make money and become successful, with far fewer restrictions and red tape.
I also agree that we have the most expensive military in the history of the world. But when was the last time we won a war?
Our best protections are two oceans and two friendly neighbors, and a half a##ed wall that will not keep anyone out.
I was CARING for my parents by age 18 (and for the subsequent 30+ yrs)
Bought them a home, covered their food and care needs (as possible), and paid off a LOT of family debt they had accrued.
Each person has their own story to write and barriers to climb.
My in-laws lost 100% of their wealth in retirement. (building spec houses in 1980's) Lost their businesses (3) + a couple spec houses and finally their own home. (10+% interest rates / economic downturn tanked them)
I couldn't imagine. I am getting ready to do that at 30, but my heart goes out to those who had to grow up faster than they'd anticipated and never had that time to focus on growing their own household when both they and their parents were self-sufficient.
Of course, you can get a house for $800 per month, but who wants to live in some holler in WV like a slum king making $15. If you feel like a king with $15, the people around you must be making $10 per hour. $800 per month pays for my property tax and insurance add-in utilities, and it’s well over $1000, and I live in Texas, and my house is mortgage-free.
I agree that America is the best for someone wanting to make money and become successful, with far fewer restrictions and red tape.
I also agree that we have the most expensive military in the history of the world. But when was the last time we won a war?
Our best protections are two oceans and two friendly neighbors, and a half a##ed wall that will not keep anyone out.
Let me get this straight — you’re complaining that people nearly in poverty have it bad because living in 90% of America’s land area (rural or semi rural) is considered “uncivilized” to you?
Do I have this right? You want people making $15/hr to live where exactly? America’s poorest people deserve what $700k 3000+ sq ft homes and life isn’t fair unless they get them?
LOL — for a sum of $40k I will personally place you in a home with a sub $800 mortgage (10% down payment). Let’s say $850ish after my $40k finders fee.
Deal?
Any takers?
I promise true 4 season climate and very low property tax — access to 500,000+ population city within at least 30 minutes of any of the homes I choose for you. At least 800 sq ft and 0.3 acre yard.
I have a check made out for $40,000 and just waiting to put your name on it and move into the property you are finding for me.
Our property is a hot commodity. Our stock market won’t slow for any force of nature.
My conclusion:
There is simply no better place on earth to live than the United States of America in 2020. There has never been anywhere better to live as far as having access to so much with such a high degree of upward mobility for even people with no skill following simple practical financial advice.
The US empire is just getting started.
I agree, and we will rebound. It will take a few years, but we will remain the best nation regarding freedom for those with drive and initiative.
A couple averaging $15/hr each can (in most cases) still afford to buy a decent home in a decent area. $200k home with 10% down is a $180k mortgage = ~$750 payment. They should bring home enough to cover mortgage/utilities with 1 weeks pay.
Except that with a 10% down payment, you will be required to escrow property taxes and homeowner's insurance. I played around with a mortgage calculator and for my zip code (lowish property taxes, highish property insurance costs) a reasonable estimate of tax and insurance adds $468 a month to that payment, bringing monthly mortgage cost to $1200+. In some places like Texas or New Jersey, the property tax hit will be a lot worse.
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