Very few of us are better off
06-26-2014, 11:17 AM
#11
People just don't live within their means in this country. They are leasing cars that they can't afford to buy. The banks are allowing them to take larger mortgages than they should. Everybody thinks high dollar cable and smart phone contracts are a necessity. Got to have that gym contract too. Kids can't entertain themselves in the great outdoors anymore. Mom and Dad have to fund their entertainment with smart phones, video games, cable TV, and on and on.
My wife and I are very well prepared for our retirement years. We cut the cable years ago. We pay cash for lightly used cars, (usually lease returns where some sucker took the depreciation hit for us.
) Oh, and we usually keep those same cars for 10+ years. We don't have cell phones, (and seem to manage very nicely without them.) I don't feel like we've deprived ourselves of much either. We have a very nice house, (our only debt...that will be paid off when I retire at 55), on almost 3 acres, with an in ground pool, garage space for 4 cars, an S2000, etc. What we do is keep a budget spreadsheet. If it isn't a necessity, we don't buy it until all the other budget columns are taken care of. We both maxed out our 401Ks from the first day we started working. Easy to put away 20% or more for life when you budget your life around the remaining 80%.
I realize some people have unfortunate circumstances that destroy their financial well being, but I think most people live in the moment and don't plan for their future.
My wife and I are very well prepared for our retirement years. We cut the cable years ago. We pay cash for lightly used cars, (usually lease returns where some sucker took the depreciation hit for us.
) Oh, and we usually keep those same cars for 10+ years. We don't have cell phones, (and seem to manage very nicely without them.) I don't feel like we've deprived ourselves of much either. We have a very nice house, (our only debt...that will be paid off when I retire at 55), on almost 3 acres, with an in ground pool, garage space for 4 cars, an S2000, etc. What we do is keep a budget spreadsheet. If it isn't a necessity, we don't buy it until all the other budget columns are taken care of. We both maxed out our 401Ks from the first day we started working. Easy to put away 20% or more for life when you budget your life around the remaining 80%.I realize some people have unfortunate circumstances that destroy their financial well being, but I think most people live in the moment and don't plan for their future.
06-26-2014, 11:37 AM
#12
Registered User
People just don't live within their means in this country. They are leasing cars that they can't afford to buy. The banks are allowing them to take larger mortgages than they should. Everybody thinks high dollar cable and smart phone contracts are a necessity. Got to have that gym contract too. Kids can't entertain themselves in the great outdoors anymore. Mom and Dad have to fund their entertainment with smart phones, video games, cable TV, and on and on.
My wife and I are very well prepared for our retirement years. We cut the cable years ago. We pay cash for lightly used cars, (usually lease returns where some sucker took the depreciation hit for us.) Oh, and we usually keep those same cars for 10+ years. We don't have cell phones, (and seem to manage very nicely without them.) I don't feel like we've deprived ourselves of much either. We have a very nice house, (our only debt...that will be paid off when I retire at 55), on almost 3 acres, with an in ground pool, garage space for 4 cars, an S2000, etc. What we do is keep a budget spreadsheet. If it isn't a necessity, we don't buy it until all the other budget columns are taken care of. We both maxed out our 401Ks from the first day we started working. Easy to put away 20% or more for life when you budget your life around the remaining 80%.
I realize some people have unfortunate circumstances that destroy their financial well being, but I think most people live in the moment and don't plan for their future.
My wife and I are very well prepared for our retirement years. We cut the cable years ago. We pay cash for lightly used cars, (usually lease returns where some sucker took the depreciation hit for us.
) Oh, and we usually keep those same cars for 10+ years. We don't have cell phones, (and seem to manage very nicely without them.) I don't feel like we've deprived ourselves of much either. We have a very nice house, (our only debt...that will be paid off when I retire at 55), on almost 3 acres, with an in ground pool, garage space for 4 cars, an S2000, etc. What we do is keep a budget spreadsheet. If it isn't a necessity, we don't buy it until all the other budget columns are taken care of. We both maxed out our 401Ks from the first day we started working. Easy to put away 20% or more for life when you budget your life around the remaining 80%.I realize some people have unfortunate circumstances that destroy their financial well being, but I think most people live in the moment and don't plan for their future.
gary
06-26-2014, 12:49 PM
#14
Thread Starter
Personally, we have zero debt but we had zero debt a decade ago. A decade ago we had greater net worth both in the house and the market, so I can't say we are better off. Are we worse off? No, not in terms of our standard of living but we are in terms of net worth and that was the point of the study. As for our kids . . . you hit the nail on the head.
06-26-2014, 01:01 PM
#15
Registered User
Originally Posted by ralper' timestamp='1403803830' post='23219378
Are we better off today? Probably not, but many of us are probably not too much worse off either. It's our kids who will probably be much worse off if nothing is done.
gary
06-26-2014, 01:46 PM
#16
06-26-2014, 06:29 PM
#17
Originally Posted by dlq04' timestamp='1403815742' post='23219688
[quote name='ralper' timestamp='1403803830' post='23219378']
Are we better off today? Probably not, but many of us are probably not too much worse off either. It's our kids who will probably be much worse off if nothing is done.
Are we better off today? Probably not, but many of us are probably not too much worse off either. It's our kids who will probably be much worse off if nothing is done.
gary
[/quote]
Perhaps, but only if some real job creation takes place.
06-26-2014, 06:46 PM
#18
People just don't live within their means in this country. They are leasing cars that they can't afford to buy. The banks are allowing them to take larger mortgages than they should. Everybody thinks high dollar cable and smart phone contracts are a necessity. Got to have that gym contract too. Kids can't entertain themselves in the great outdoors anymore. Mom and Dad have to fund their entertainment with smart phones, video games, cable TV, and on and on.
People need to live within their means, no question about it, but people need to have means to live within.
06-26-2014, 07:04 PM
#19
Originally Posted by ralper' timestamp='1403803830' post='23219378
Are we better off today? Probably not, but many of us are probably not too much worse off either. It's our kids who will probably be much worse off if nothing is done.
06-26-2014, 07:19 PM
#20
People just don't live within their means in this country. They are leasing cars that they can't afford to buy. The banks are allowing them to take larger mortgages than they should. Everybody thinks high dollar cable and smart phone contracts are a necessity. Got to have that gym contract too. Kids can't entertain themselves in the great outdoors anymore. Mom and Dad have to fund their entertainment with smart phones, video games, cable TV, and on and on.
My wife and I are very well prepared for our retirement years. We cut the cable years ago. We pay cash for lightly used cars, (usually lease returns where some sucker took the depreciation hit for us.) Oh, and we usually keep those same cars for 10+ years. We don't have cell phones, (and seem to manage very nicely without them.) I don't feel like we've deprived ourselves of much either. We have a very nice house, (our only debt...that will be paid off when I retire at 55), on almost 3 acres, with an in ground pool, garage space for 4 cars, an S2000, etc. What we do is keep a budget spreadsheet. If it isn't a necessity, we don't buy it until all the other budget columns are taken care of. We both maxed out our 401Ks from the first day we started working. Easy to put away 20% or more for life when you budget your life around the remaining 80%.
I realize some people have unfortunate circumstances that destroy their financial well being, but I think most people live in the moment and don't plan for their future.
My wife and I are very well prepared for our retirement years. We cut the cable years ago. We pay cash for lightly used cars, (usually lease returns where some sucker took the depreciation hit for us.
) Oh, and we usually keep those same cars for 10+ years. We don't have cell phones, (and seem to manage very nicely without them.) I don't feel like we've deprived ourselves of much either. We have a very nice house, (our only debt...that will be paid off when I retire at 55), on almost 3 acres, with an in ground pool, garage space for 4 cars, an S2000, etc. What we do is keep a budget spreadsheet. If it isn't a necessity, we don't buy it until all the other budget columns are taken care of. We both maxed out our 401Ks from the first day we started working. Easy to put away 20% or more for life when you budget your life around the remaining 80%.I realize some people have unfortunate circumstances that destroy their financial well being, but I think most people live in the moment and don't plan for their future.
OTOH, I do agree that most kids of those in their 30s and 40s will have a harder time becoming financially sound; luckily, we are able to help them out ours when necessary. Generally, our two adult children have pretty modest material needs and will be ok.