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Another observation that would have been foreign back then: lawn and garden crews. People did their own lawn-mowing and gardening. I'm still disconcerted driving in suburbia to this day weekends in the summertime. Complete silence. As recently as the 1980s, you would have heard every family working on the lawn or garden. Nowadays, this is done by weekday work crews.
I guess that depends on where you live? Most people in my neighborhood manage their own lawns and gardens. There certainly are more that pay someone else to do it, than there used to be, but for the most part, those are older or more well-off people.
It HAS been pretty standard for many many years, in Florida. The rest of us are just catching up.
I think we're kidding ourselves on that one. All we did was move the debt from the banks' balance sheets to the government's. But even if I'm wrong on that, you're missing the point. And the point was we got into trouble because of overspending. It was a response to the "oh no, if people actually save money, the economy will collapse!" type hysteria. I was pointing out the economy also collapses when people spend more than they make.
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Originally Posted by Serious Conversation
I was 22 then and finishing up college in an economics major. It was really a fascinating time to be alive. I still remember watching markets crumble on CNBC and Bloomberg. Big institutions that were thought to be TBTF, like Lehman and Bear Stearns, went down.
I make in the mid $60k range with bonus. That's top 10%-15% in my local area. Let's say I save $30k and live on $30k or so - that's about $1500-$1600 net per month. It's doable, but it's barebones. Most people are not making what I am locally and it would be horrible trying to make it on <$20k gross.
....which is why worrying that people will actually save large percentages of their income is kind of silly. I personally disagree with you, but most people think as you do.
My parents (thankfully both still alive in their 90s) were similar. Difference was they were native born and grew up during the Great Depression. It affected their entire worldview. Nothing was ever purchased "on credit." Debt was dangerous.
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Another observation that would have been foreign back then: lawn and garden crews. People did their own lawn-mowing and gardening. I'm still disconcerted driving in suburbia to this day weekends in the summertime. Complete silence. As recently as the 1980s, you would have heard every family working on the lawn or garden. Nowadays, this is done by weekday work crews. I have no idea what the typical suburban teenager does today. Except driving -- every kid has a car, often nicer than mine.
Congratulations on your parents living such a long and productive life! I wish them many more years with you! My parents are 82 and 78, and are great shape for their age. My Dad is in better shape, but that's because he still tends his farm on a daily basis. My Mom is slacking and it's showing. My Dad has really got on her case and they're doing daily walks that has helped her blood pressure. They grew up in post-WWII Philippines so I can only imagine how challenging that was. I'm sure that shaped their lives.
Maybe it depends on the neighborhood, but I would say most of my neighbors still cut their own lawns. On my street, I've only seen a handful of houses that have a service do it. Not sure if their older homeowners as I don't think I've ever seen them in front of their house. I'm really enjoying things warming up as we've planted peas, beans, lettuce, broccoli, potatoes and watermelons. The strawberries and blackberry plants we have look like they'll be very productive this year.
A wonderful tale of overcoming life's obstacles, and a wonderful contrast to others who just list life's obstacles as excuses for not doing anything with their lives.
Thank you for the kind words. I share my story to try to motivate people who say they just can't manage to get ahead or that someone is holding them back from success. I literally was born in a bamboo hut in a 3rd world jungle and if I can live the American dream, then it's accessible to others as well. I'm aware a fair amount of luck was involved in my success, but I don't discount the hard work that got me here either.
I'm aware a fair amount of luck was involved in my success, but I don't discount the hard work that got me here either.
A valid point. A lot of people like to think of hard work and luck in black and white terms. You're either lucky or you're not. You're either successful because of hard work or you're lazy.
The truth is both are required. Lots of lucky people win the lottery and are back to being broke in 5 years. So luck alone will never be enough. Hard work is essential, too. But lots of people work hard but don't do well. To be honest, I think that's more common in poor countries than rich ones, though.
I started college as an economics major before changing my field of study.
The sky will fall if Americans in their 30's start socking away a LOT of their money rather than spending.
What's good for the individual - careful saving and thrift - would kill the US economy. And that's not hyperbole.
The middle class is under no moral obligation to put their retirements in danger by spending their cash, while the top 0.1% is scooping up a higher and higher fraction of GDP.
If there is not enough spending, perhaps you should aim your judgments at the people that can actually afford to spend more, rather than those who can't.
It is absurd to think that people in the middle class should let themselves be set up to eat dog food in retirement in order to increase the profit margins of billionaires. And yet you seem to be implicitly proposing just that.
The middle class is under no moral obligation to put their retirements in danger by spending their cash, while the top 0.1% is scooping up a higher and higher fraction of GDP.
If there is not enough spending, perhaps you should aim your judgments at the people that can actually afford to spend more, rather than those who can't.
It is absurd to think that people in the middle class should let themselves be set up to eat dog food in retirement in order to increase the profit margins of billionaires. And yet you seem to be implicitly proposing just that.
The middle class is under no moral obligation to put their retirements in danger by spending their cash, while the top 0.1% is scooping up a higher and higher fraction of GDP.
If there is not enough spending, perhaps you should aim your judgments at the people that can actually afford to spend more, rather than those who can't.
It is absurd to think that people in the middle class should let themselves be set up to eat dog food in retirement in order to increase the profit margins of billionaires. And yet you seem to be implicitly proposing just that.
Id rep you again nicole if i could.
I really dont have a need to buy lots of stuff that isnt consumed relatively immediately. (Food, tp, kleenex, etc).
I'd rather save than have the latest thingamajig.
All ive bought this year that WASN'T consumables is a small plastic "dresser", and some vegetation for the yard.
Oh. And some cheap grass seed for bare spots, yard fertilizer and a yard spreader, on sale for less than $20.
I also bought some underwear( 4 more pair i got tired of always washing the only 4 pr i had) and 2 prs shorts for summer ( the ones i have are getting raggedy).
Bought 2 new pair of dress shoes for my OH, who's been after me to chalk up the $. $20/pr from wish. They are leather, would have cost $100+ in the store, so a months wait for them to get here for a huge savings was worth it.
In 4 months, i dont think that's bad. Only 12 items, 10 of whi h should last a long time. 1 item every 10 days roughly.
Id rather line my future pockets than the walton family's, for instance.
Speaking of which...ive got to check my deposit for tomorrow's pay check. Its going right straight into savings, all if it. Later all
Last edited by galaxyhi; 04-26-2019 at 01:10 AM..
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