Gen Next May Not Do As Well As Its Parents

[sciphi]

Originally Posted By: mechanicx
Originally Posted By: CivicFan
The party is over, now it's time to pay the bills.


More like it's party time for the wealthiest, now it's time for the middle and lower class to pay the bills.

They get to party while sticking us with the bill.

I'm glad to have had good teachers in good schools who taught me well, and two good parents growing up. I'm doing what I can on the first part to give the next generation a fighting chance, and may I not mess up the second part when I decide to have kids!

 

[kb01]

I truly worry about the world that I'm going to be handing off to my kids.

It's going to be very tough for them to have any quality of life while paying the draconian taxes that will be necessary to simply finance the debt that we and our parents accrued on their dime.

I imagine many of the aspects of middle class life that we take for granted, like health care or higher education, wont even be an option for them in the coming decades. It wont be long until health insurance for a family costs $30,000/year and tuition at a public college is $40,000 if the current hyper-inflation holds up.

 

[joaks]

I remember hearing this when I was in the 7-8th grade (I'm 34). I think there is a lot of truth to it, but I don't think the 'good ole days" were that good. I think I will do okay, but when my father was my age he already had both of this children, a 4-bedroom, 2-story house where continues to live. And at least 2 cars. I am okay with living a life with less luxury than his (he is middle class for his generation). I may never have children and will be content with a smaller house and basic cars. I have colleagues and friends who are having children now and I think they are crazy. Last I heard it will cost $250,000 to raise a child using 2004 dollars. Yikes!

 

[Smokescreen]

I was able through sound financial choices, be 40 years ahead of my parents as far as housing is concerned and 20 years ahead of them in terms of cars and other items. I didn't have any windfall in the market or other or pull in large incomes, in fact I make the same or less than my parent do now. I live modestly in nearly every aspect that I can think of and had kids at nearly the same time in life they did as well. Kids do come at a cost, but the quoted cost is debatable and the rewards far outweigh those costs.

Fiscal restraint is/was key in those decisions. Living within our means is huge. I am teaching my kids these principals and illustrating where not practicing these ideals often lead to hardship. The examples of those hardships are all around in every nation and my kids are catching on.

 

[Drew99GT]

Originally Posted By: Smokescreen

Fiscal restraint is/was key in those decisions. Living within our means is huge. I am teaching my kids these principals and illustrating where not practicing these ideals often lead to hardship. The examples of those hardships are all around in every nation and my kids are catching on.

 

[SteveSRT8]

I raised 3 kids as a single dad. It requires a bit of sacrifice, and a lot of money. But it is a rewarding job, perhaps one of the best things I ever did.

I thank God that we have parents out there like Smokescreen trying to instill traditional values in their children.

Good luck!

 

[joaks]

SteveSRT8: do you mind me asking how old your kids are now? If they are reasonably young my next question will be "how did you manage"? "bit of sacrifice" sounds too easy. "lots of sacrifice" sounds too easy.
Yeah, kids scare me a little.

 

[PandaBear]

Kids are luxury in today's world because you don't just feed them and let them drop out at high school to work as they feel like. You have to put them through college, which means lots of time tutoring when they are young as well as financial planning so they have the support to go through. The days that they can support themselves part time is over. It cost more to pay for tuition than what they will make flipping burger part time.

Health care cost is the new food cost. What used to be the percentage of income going toward auto payment and food will reduce, while non demand driven cost like health care will increase. It is not impossible, but harder, to live within your mean when the fixed portion of your cost is the biggest single item that you have no control over (other than having fewer or no kids).

Originally Posted By: JHZR2
The combination of competition plus a history of unsustainable living is what is going to cause some peoples' standards to drop.


+1

Originally Posted By: Al
If it delays having kids..let her go for a Doctorate.


PhD is also no longer a guarantee for higher income.

 

[Al]

Originally Posted By: PandaBear
Kids are luxury in today's world
Originally Posted By: JHZR2
The combination of competition plus a history of unsustainable living is what is going to cause some peoples' standards to drop.


+1

Originally Posted By: Al
If it delays having kids..let her go for a Doctorate.


PhD is also no longer a guarantee for higher income.


Strangely I agree with above posts.

I realize a doctorate may not present a higher income level. But it 'might' avoid the Baby Train.

Also a Doctorate presents more of a likelihood of a college degree.

 

[Turk]

Well, some of you know I didn't get my full degree, but I can humbly say I didn't need it. Neither did Steve Jobs, and on and on.

I've been in so many more classes, certifications, exams, etc than ANY college could ever teach in a few to several years!

The many fresh trainings coupled with wisdom of 30+ years in high-tech microelectronics saving hundreds of thousands of lives is an incredible experience. Would not trade it as I have come up with creative breakthroughs that may not have occurred with narrow college pathways of teaching.

 

[PandaBear]

Originally Posted By: tpitcher
Well, some of you know I didn't get my full degree, but I can humbly say I didn't need it. Neither did Steve Jobs, and on and on.

I've been in so many more classes, certifications, exams, etc than ANY college could ever teach in a few to several years!

The many fresh trainings coupled with wisdom of 30+ years in high-tech microelectronics saving hundreds of thousands of lives is an incredible experience. Would not trade it as I have come up with creative breakthroughs that may not have occurred with narrow college pathways of teaching.



Great to know, and you're right that college education isn't necessary. It is also very true that if one find his/her calling early in life and decide to pursue that instead of the traditional route of college education, that's great too.

But, statistically speaking, it is a good thing to have a degree in a "useful" field, and statistically speaking, those who jump into a low end, no education needed job early on do not have as much financial stability in life.

Just statistic for the typical, average Joe.

 

[JHZR2]

Originally Posted By: Drew99GT
Originally Posted By: Smokescreen

Fiscal restraint is/was key in those decisions. Living within our means is huge. I am teaching my kids these principals and illustrating where not practicing these ideals often lead to hardship. The examples of those hardships are all around in every nation and my kids are catching on.

+1

 

[Mr Nice]

My wife and I put 30% of our gross pay for retirement and I still don't think thats enough. As long as you budget your income there is no reason why the middle class in America can't be *comfortable* living a middle class life.

No need to spend money on stuff you can't afford and really don't need in the first place.

 

[JHZR2]

Originally Posted By: LT4 Vette
My wife and I put 30% of our gross pay for retirement and I still don't think thats enough. As long as you budget your income there is no reason why the middle class in America can't be *comfortable* living a middle class life.

No need to spend money on stuff you can't afford and really don't need in the first place.



The scary part is when they end up saying that because youre so fortunate and have more, you get to pay more.

It will be conveniently forgotten that 30% put away plus 30% for taxes doesnt leave a whole lot left.

Now someone making $40k/yr will say that someone making $100k/yr and doing just that still has it so much better...

And while that is true, nobody can help somebody elses' salary.

its just scary.

 

[hattaresguy]

http://www.youtube.com/watch?v=pHyXr5Jjzw8&feature=related

Yeah poor sucks.

But seriously $100k a year is nothing. I don't know how people live on $40k a year, at least in my area. Outside of New England where everything is far cheaper I can see it.