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I have a similar neighbor. Instead of paying the mortgage and property taxes, the money pays for the kid's out of state tuition and room and board- $75K a year. Attorney figures she will need to move just about the time kiddo finishes school. They could not deny their kid the opportunity to attend a top school.
I sometimes wonder if the kid realizes he will likely have to support his parents in 15 years.
The costs for books and tuition just skyrocket, they far out pace inflation
I guess the thread title means that 22% of the American people are not making it from paycheck to paycheck and are just running up more debt. The remaining 2% are making all the loans and reaping all the profits.
No, there are plenty of us who avoid debt. I have no credit card debt, no car loan, no student loans (went to a cheaper public school and got lots of scholarships), and a cheap phone and a cheap apartment. Therefore, I make a substantial profit on each of my paychecks to the point that, just 5 years after graduating college, I now have so much saved up that I can easily afford any random big expense that might come up... or if, for some reason, I lost my job, I could probably afford to live for 2-3 years before feeling a pinch and needing a new one.
No, there are plenty of us who avoid debt. I have no credit card debt, no car loan, no student loans (went to a cheaper public school and got lots of scholarships), and a cheap phone and a cheap apartment. Therefore, I make a substantial profit on each of my paychecks to the point that, just 5 years after graduating college, I now have so much saved up that I can easily afford any random big expense that might come up... or if, for some reason, I lost my job, I could probably afford to live for 2-3 years before feeling a pinch and needing a new one.
My grades and test scores were in the top 5% and I got ungatz (not counting a state scholarship that consisted of a mere $100/yr for books, which is pretty meaningless). What's up with that?
Totally agree. But the propaganda about student loans is pretty thick and heavy.
"Everyone can go to college and Uncle Sam will pay your way."
You know what ? Stay at home and go to the CC. Take only classes you can afford to pay for.
Get a p/t job and apply for scholarships and/or pell grant.
So it takes longer than 4 years. Not like there's lots of jobs out there that you need to be rushed.
What if you want to get away of your dysfunctional family? For one thing a relative was claiming me as a dependent and not providing support, so I was screwed out of financial aid because a lower middle class income in NYC is too much to qualify for aid.
Generally speaking, Americans are addicted to immediate gratification and thus deb and historical savings rates reflect this compared to other developed nations.
This predates the Great Depression/ New Deal.
Landlords are addicted to immediate gratification, so what do you expect of the rent slaves? When they don't get the check on time like clockwork, I imagine things get hairy. I took a property management class and learned that n Oregon, you can start the process to clear out the riff-raff 5 days past due.
Combined with a monetary policy that ensures you are eternally indebted in acquiring those possessions...
Yes?
great point alot of people don't talk about the monetary policy. inflation and the failing value of the dollar are a 1 2 punch that is effecting alot of people, people who dont know of the effects and failure of the current monetary policies
Burger flippers don't generally believe in education.
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