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Not necessarily. Prices have gone waaaay up. Wages have not.
Some people have all they can do to keep food on the table. Those are the people that need to spend every dime of their own. They don't qualify for anything nor are they asking for it.
I know quite a few like this. Not living in huge homes, some are renting. No car payments. Just monthly bills. Rent, food, lights, heat or oil, garbage, water, sewer, phone bill, cable bill, gas to get to and from work. I don't know about you, but the grocery bill is quite high these days.
Don't forget clothing, lunches for kids at school, school supplies, kids going to a birthday party, upcoming holidays if they celebrate anything. Money goes quick and we should be thankful that they are working for it and not relying on others to support them.
For some people.
I know others where they overextend on stupid items.
By the way How is it then we never hear the word inflation? Or in this case stagflation?
Not to mention helping your kids go to college. There is no way an average middle-class family is going to have a lot left over if they have kids in college.
Very true. I paid off my $80k in student loans in 6 years and vowed that my kids would not suffer that kind of debt for a college education. Student loan debt is an albatross and parents who plan accordingly to pay for college are doing their children a huge favor.
Last week, online lender CashNetUSA said 22% of the 1,000 people it recently surveyed had less than $100 in savings to cover an emergency, while 46% had less than $800. After paying debts and taking care of housing, car and child care-related expenses, the respondents said there just isn't enough money left over for saving more
If you are paying for childcare, own or rent a home and have cars you have significant income.
I don't know what you mean by significant income, but your average working person or even working poor, have to live somewhere, so they are either renting or own a home, are paying for childcare if both parents work, and usually have cars even if they are old and beat-up.
It's one thing to lend on a modest home that will appreciate over the long term. Your grandfather handled his finances differently than the average American these days. Now days people lend on EVERYTHING.
Average home size in 50's: 983 square feet
in the 2000's: 2300 square feet
More than double.
I had to reference family to get the details...
OK, so he didn't pay cash outright.
House was built in 1953 he purchased it in 1960 for $11,000. The loan was taken out against $4500. So he put down $6500. The house was 1896 sq ft.
WE can thank the Government for the student loan crisis.
They flood the market with loans then Universities have a green light to raise tution at incredible rates.
I think you have the cause and effect mixed up. Tuition rates go up, and then student loan amounts have to go up accordingly.
I am sure you are of the type that if someone is working at Walmart, you would say that's their fault for not bettering themselves, they should go and get an education, so are you against student loans or something?
I don't know what you mean by significant income, but your average working person or even working poor, have to live somewhere, so they are either renting or own a home, are paying for childcare if both parents work, and usually have cars even if they are old and beat-up.
Well I have been fortunate enough to live in affluent areas.
So the ones I see that live paycheck to paycheck are the ones I described earlier in the thread.
Some are as you describe but too many of that 76% are living the highlife when they should be more prudent.
My neighbor- divorced, twins going to college in the next few years, home in forclosure, Drives a convertible Bmer.
I think you have the cause and effect mixed up. Tuition rates go up, and then student loan amounts have to go up accordingly.
I am sure you are of the type that if someone is working at Walmart, you would say that's their fault for not bettering themselves, they should go and get an education, so are you against student loans or something?
HA- I have many thousands in SLs.
Your first sentance is completely inaccurate. In fact with Universities are beginning to realize student loans are becoming more of a risk we are now beginning to see less enrollment so tuition maybe starting to deflate.
Last edited by BoomBen; 06-25-2013 at 01:45 PM..
Reason: sp
Well I have been fortunate enough to live in affluent areas.
So the ones I see that live paycheck to paycheck are the ones I described earlier in the thread.
Some are as you describe but too many of that 76% are living the highlife when they should be more prudent.
My neighbor- divorced, twins going to college in the next few years, home in forclosure, Drives a convertible Bmer.
Give me a break.
Well if you live in an affluent area, you are not likely to see the people who are living paycheck-to-paycheck. Since affluent would mean at least in the top 10 %.
Well if you live in an affluent area, you are not likely to see the people who are living paycheck-to-paycheck. Since affluent would mean at least in the top 10 %.
You are obviously not understanding the concept so I can no longer converse with (educate) you.
Thank you for trying though.
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