Actually am an X’r. One character trait of our generation is we are very independent and self reliant!
When will you be able to retire?
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Actually am an X’r. One character trait of our generation is we are very independent and self reliant!
I'm an Xer who was raised by Greatest. I went to school with kids of my sister's classmates. It was odd. Felt like having grandparents for parents. Not sure if that makes me different than the average Xer, I don't feel so. I will say have 0 similarities to the boomer hippies.
I'm 53 now and just switched job a few years ago. I get to travel, take my spouse with me on certain trips, company vehicle, work out of my house and I love what I do. I wouldn't know what to do with myself if I did retire. I feel like I would become one of those types of people that goes out to an "old country buffet" sit home at home watch TV, going out to eat with friends and just vegging out at home. Give me another 12 years and I may change my mind.
Neighbor retired last year and he is so bored he like mows his yard every other day whether it needs it or not cleans the snow out of the street curb gutters in the winter. I don't want to be that way!
Hard to determine what all the changes could be coming down the road with healthcare, SS, etc. Not looking forward to it too much. especially with all the political turmoil we live with everyday.
Neighbor retired last year and he is so bored he like mows his yard every other day whether it needs it or not cleans the snow out of the street curb gutters in the winter. I don't want to be that way!
Hard to determine what all the changes could be coming down the road with healthcare, SS, etc. Not looking forward to it too much. especially with all the political turmoil we live with everyday.
Being a crack whooore has that downside of not being able to retire...
This exact situation you are describing, I did, and graduated in 3 years. (1 CC, 2 ISU) Saved me 1 year of tuition and room/board.I'm in agreement with you for most things, probably came off a little lecturing type. Probably my dad with a kid leaving for college next fall part of me.
In regards to community college, I won't let me kids go there no matter what. Maybe a year of schooling would be ok, but seen more times than not that community college blows up in people's face than being a help. Back in my day, you could only get 60 credits to transfer and needing 128, it basically put everyone on the 4 1/2 to five year plan no matter what.
I have now talked to kids and they say a local one here in north iowa (not saying names) will tell you that everything is fine and dandy and then you check with the universities and they start eliminating classes that count for you. End up with another semester added on. If you live in the town of the CC, or within 10 miles, it possibly saves by living at home; but it you live 35-40 miles from one like we do, it doesn't save much especially if you live in the dorms or an apartment. Another piece of crap they have been pushing is this Hope grant, you are told you get it for going to a CC. GUESS WHAT, everyone is eligible whatever school you go to.
I know I will get taken to task about CC and I don't care, I honestly have not seen it save money for anyone who has a strong idea what they want to do for a career and live a distance from the CC.
Agree. I'm also a millennial but find the "poor us" attitude that is echoed so often a bit annoying. It absolutely can be done. You might have to make some sacrifices for a while that aren't fun or flashy but it can be done. Know where every dollar you spend goes and save whenever and wherever you can. You have to take responsibility for yourself. If you want to spend all your money and work forever, that's fine. That makes some people really happy. But with the endless resources we have available online, if you get to be 70+ years old, don't have adequate savings and don't like it, it's your fault. Not the system's fault, not the 1 percent's fault, not Uncle Sam's fault. It's your fault. $100 a month for 45 years in an index fund is 350k with conservative returns. When you're making $300 payments on a new car when you could be driving a paid for car... Let's just say it doesn't take a certified accountant to know what 350k x 4 is.
I don't agree with Dave Ramsey on everything but he hits the nail on the head on 95% of things he preaches.
I am saving and paying down debt. I hope to have the mortgage paid off in 10 years and then soft retire. Soft retire to me is leaving my career and getting a less demanding job I can enjoy more and be more flexible in. We will see, by the 10 year mark I may be in a different state of mind with the kids out of the house, who knows. But that’s my plan.
You took 20 credits each semester for spring and fall? Congrats, I wouldn’t advise that load for anybody though.
The cost difference of an education now versus when I went is brutal. People want to criticize millennials for their spending/saving habits, but I couldn't imagine starting out in the hole that some people start off in. Plus, having to pay for a cell phone is an extra expense that I never had.
Wages were certainly not near what some are getting fresh out of college now, but some are over-simplifying how hard it is to escape a student loan debt that equals a low-end mortgage.
Every generation has examples of people that spend foolishly and those that pride themselves on their ability to pull themselves up by their bootstraps. I doubt that ever changes.
Wages were certainly not near what some are getting fresh out of college now, but some are over-simplifying how hard it is to escape a student loan debt that equals a low-end mortgage.
Every generation has examples of people that spend foolishly and those that pride themselves on their ability to pull themselves up by their bootstraps. I doubt that ever changes.
I'm in agreement with you for most things, probably came off a little lecturing type. Probably my dad with a kid leaving for college next fall part of me.
In regards to community college, I won't let me kids go there no matter what. Maybe a year of schooling would be ok, but seen more times than not that community college blows up in people's face than being a help. Back in my day, you could only get 60 credits to transfer and needing 128, it basically put everyone on the 4 1/2 to five year plan no matter what.
I have now talked to kids and they say a local one here in north iowa (not saying names
I know I will get taken to task about CC and I don't care, I honestly have not seen it save money for anyone who has a strong idea what they want to do for a career and live a distance from the CC.
I was in this boat 20 years ago. Went to a CC for two years expecting most of those credits to transfer to ISU, lots of wasted time and cash. Ended up finishing my BS while working full time with a newborn. However, those that are looking for careers in a trade, most CC's are a great option to jumpstart that career.
I haven't made a lot of financial mistakes, but one I did make was buying a new car after I got my first job. Last new car I will ever buy... Couple years after I bought it got job with a car provided and my "new" one sat in a shed. Sold it a couple years later and lost a lot in depreciation. If I would have held onto it just a bit longer, my girlfriend(who is now my wife) really could have used it instead of the piece of junk she was driving...Oh well live events aren't always linear..!
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One thing I’ve realized over the past few years is that I don’t need “stuff” and I value my experiences much more. I care less about what I drive as long as it’s reliable and paid for. I move more money to travel with the family and make memories with my kids. My parents have been ailing quickly over the past few years and they express a lot of regret not doing what I mentioned above. It’s really changed my view.
Hopefully when I'm 55. I should have about $2200/month pension and have a few other investments that should be worth 200k or so. I'm heading to Central America so I can live dirt cheap. **** work!
Not to get into specific details of the OP, but living in Kansas City I see a lot of people doing something like this. Once they are eligible to retire in their home state they do so and start taking their MoPERS or KPERS, and then they take a job on the other side of the state line until whatever time they are ready to retire fully. Seems like a pretty solid deal if you can swing it.
But the upside of being able to be on Cyclone Fanatic during the day.
Clapping my hands....Am hopeful my kids turn out like you!
Interesting note. When I got engaged/married, my wife had credit card debt. I paid that off by selling my nice vehicle and trading down.
She had done the credit consolidation thing. When she called for payoffs, they came unglued I’m her for wanting to pay off early. She sent the checks in and got about 10% back. Apparently the companies make their money by getting reduced amounts or getting them in non-accrual and hitting you with low interest and making on the margins.
I should have realized she would be expensive then because she was excited about the money back that she went and spent it. I told her to put it in savings but she doesn’t listen well to me.
She had done the credit consolidation thing. When she called for payoffs, they came unglued I’m her for wanting to pay off early. She sent the checks in and got about 10% back. Apparently the companies make their money by getting reduced amounts or getting them in non-accrual and hitting you with low interest and making on the margins.
I should have realized she would be expensive then because she was excited about the money back that she went and spent it. I told her to put it in savings but she doesn’t listen well to me.
Interesting conversation with some folks in debt that I can definitely relate to. I just want to echo what some others have said about student loans and car payments. My wife and I made it our goal to be debt free aside from a mortgage payment about five years ago.
80k in student loan payments + another 30k in car payments later and we made it out the other side. Once that lifestyle becomes your new normal it won't feel like you're making the huge sacrifice it seems at the start. Plus, it's a hell of a lot of fun watching your cash flow ramp up by paying off individual disbursements one by one.
This is coming from someone who thought he would for sure be paying off his student loans for a looooong time.
80k in student loan payments + another 30k in car payments later and we made it out the other side. Once that lifestyle becomes your new normal it won't feel like you're making the huge sacrifice it seems at the start. Plus, it's a hell of a lot of fun watching your cash flow ramp up by paying off individual disbursements one by one.
This is coming from someone who thought he would for sure be paying off his student loans for a looooong time.
My FIL is your classic "new car guy." In the 15 years I've known him, he's averaged a brand new car every 12 months. It's some weird addiction with him. He takes the "keep my payments the same" perspective. Every time he goes into the dealership for his oil change, they start talking him up about the next new model they can get him in without increasing his payments. So, he's had a $400 +/- car payment every month for 20 years. He and my MIL both drive brand new cars all the time. $800 x 2 x 20 yrs = $192,000. Ignoring interest, that's 2-3 years of healthy living wages in retirement.
Thankfully, I've brought my wife over to my side of the argument, but we've both learned to just let it be. It's their money and their decision, not ours. Though it's hard when they complain about not being able to retire as early as they'd like. #eyeroll
