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.
This person sounds like they have more of a spending problem than an income problem. They brag about dropping 200 on Amazon without worry and I bet that's part of their issue. They even talked about if they didn't have the debt, they'd buy the million dollar home.
I come from a similar background. I'm 41 and immigrated to the country in the late 80s. I make a lot less than her, but I also didn't take out hundreds of thousands in school loans. Since I didn't have debt I was able to buy my first house at 23, the second at 29. Since I bought it earlier, I spent less on it and now I have enough money in my brokerage to pay it off if I feel like it. Instead I keep the money invested and working. No debt and being willing to invest has allowed me to build up over 1m in investable assets.
When you're making that kind of dough, $200 seriously is nothing.
Sounds like she's waiting for Biden to forgive some of her student loans.
The Dems' loan forgiveness push is CLEARLY to buy votes---plain and simple! To be fair, I think the Republican Party should counter with a vote-buying plan of its own! Republicans should campaign on a plan that promises to forgive ALL outstanding loans, regardless of what the loan was for!! You can thank me later!
When you're making that kind of dough, $200 seriously is nothing.
Sounds like she's waiting for Biden to forgive some of her student loans.
If she wants loan forgiveness, she is going to have to give up her high paying job and go into public service for 10 years. No way Biden is going to forgive her loan.
The Dems' loan forgiveness push is CLEARLY to buy votes---plain and simple! To be fair, I think the Republican Party should counter with a vote-buying plan of its own! Republicans should campaign on a plan that promises to forgive ALL outstanding loans, regardless of what the loan was for!! You can thank me later!
The Dems' loan forgiveness push is CLEARLY to buy votes---plain and simple! To be fair, I think the Republican Party should counter with a vote-buying plan of its own! Republicans should campaign on a plan that promises to forgive ALL outstanding loans, regardless of what the loan was for!! You can thank me later!
Like tax cuts when the economy is doing well? Interest rate cuts then too?
This article reminds me of the type of people in my social circle that complain about student loans. They complain that student loans are stopping them from buying a house, but turn around and go on several international trips each year.
I had student loans after grad school, but I lived like extremely frugally until I paid them off. Now I will say I haven't been on any international trips yet. By the time we had our student loans paid off, our car debts paid off, etc. we had young kids and a 2 week trip to Eastern Europe wasn't in the cards. But, if instead of paying my loans off I had used that ~$5k/yr to go on trips I don't think it'd be fair for the tax payers to help me out.
Having said this I realize that this isn't every person. There are people that are really struggling to pay off their loans and live. I think we can figure out some middle ground between pay off every single person's student loans and give nobody anything. IMO if we pay off even a chunk of student loans it sets a precedent for inflated future borrowing. Instead of me taking out $25k to get through undergrad now I'll take out $35k because I can use that extra money to enjoy my summers or live in a nicer place. After all the precedent is that at some point in the future the govt. will forgive $10k of it and I'm completely comfortable paying off the $25k myself.
This article reminds me of the type of people in my social circle that complain about student loans. They complain that student loans are stopping them from buying a house, but turn around and go on several international trips each year.
I had student loans after grad school, but I lived like extremely frugally until I paid them off. Now I will say I haven't been on any international trips yet. By the time we had our student loans paid off, our car debts paid off, etc. we had young kids and a 2 week trip to Eastern Europe wasn't in the cards. But, if instead of paying my loans off I had used that ~$5k/yr to go on trips I don't think it'd be fair for the tax payers to help me out.
Having said this I realize that this isn't every person. There are people that are really struggling to pay off their loans and live. I think we can figure out some middle ground between pay off every single person's student loans and give nobody anything. IMO if we pay off even a chunk of student loans it sets a precedent for inflated future borrowing. Instead of me taking out $25k to get through undergrad now I'll take out $35k because I can use that extra money to enjoy my summers or live in a nicer place. After all the precedent is that at some point in the future the govt. will forgive $10k of it and I'm completely comfortable paying off the $25k myself.
The issue is that you'll often need a big downpayment for a home. 10% down on even a $300,000 home, no mansion even my semi-low COL area, is $30,000. That's a big chunk to come up with. You could go on a couple of international trips a year and pay a fraction of that $30,000.
I bought my home in 2019. At the time I qualified for the financing, I made about $60,000, which is pretty good for this area. Between taxes, insurance, and 403b savings, I cleared a little over $3k/month. My house was just $100k, but saving up even $10k liquid would have taken awhile.
I couldn't have gotten the place without a first-time homebuyer program through a local credit union. Even with a credit score pushing 800 then, that was $10k liquid - kind of hard to save up single with rent over $1,000 and nearly going to zero every month.
I have a 2BR/2BA townhome with a loft that doubles as my home office. The loft could be used as a third bedroom in a pinch. My mortgage is just $675/month. I don't see how not having 20% down makes me any less worthy of being a homeowner than continuing to rent - rent comparable to my townhome - with a drive-under garage, granite countertops, stainless appliances, etc., would be at least $1,200 - $1,300. I save many hundreds per month by owning.
I had to replace a heat pump last year. Even the cost of the heat pump is basically the delta between rent and owning for a year.
Some of the humble bragging in this thread is seriously laughable. Great that you, your kids, grandkids and uncle’s cousin’s sister are high earners in a high COL area. That’s not the reality for the vast majority of the country.
That being said, I did my first undergrad on all student loans, a small scholarship and a part time job. No other aid was available to me on a state or federal level and my parents were not high earners.
I graduated with $45k in loans and a degree in a career field that was no longer personally enticing. I took a job while “figuring out what next” and 21 years later I’m still here with a 2nd undergrad, a Masters and in progress PhD, all paid for by my employer. I’m grateful because none of that would have happened without the tiered reimbursement structure.
Being 24 and in $45k debt with a 32k job in 2001 was no joke and I’d imagine it’s much less manageable for recent grads. My rent was $850 and that same apartment is now $1500. I grew up and lived in same high COL area as a poster and their children. I had the privilege of a private/Catholic school education thanks to the super sacrifices of my parents — same for my circle of friends. Not a single one of us is anything more than comfortable with some wiggle room, and that includes the Manhattan attorney and the MD who is passionate about serving in a poorer community. And that is directly tied into the costs of higher education and terminal degrees.
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.
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.
