Originally Posted by alarmguy
Originally Posted by ZZman
I mean financially, health, security etc...
I think if things don't change they will be worse off.
I feel for my kids.
They are better off then ever, the younger generation has been spoiled with "free stuff", they dont know about budgets and saving money.
They take out loans for everything they buy, not mature enough to save.
They also will live longer then ever. 100 years ago the average male lived to 48 years old.
When taking out loans, they buy things they have no right owning to begin with. Why?
There is no reason to borrow money from people for things you can not afford, our parents generation saved and invested, the young spend and borrow.
They have been spoiled and unable to deal with the real world.
1. They own cell phones and cell phone plans they can not afford
2. They borrow massive amounts of money to buy cars they can not afford. No reason to borrow more then $5000 for a car if you have no cash.
3. They take out college loans with no clear ave for an income, even more, they are unwilling to work while in college and they do not calculate the cost of these loans.
They are unable to say no to spending money they do not have, so they give it to banks in interest and very, very FEW of them ever calculate how much the money they borrow actually cost them and I am not only talking about interest, for example they take out a car loan for 425. a month, that means they actaully have to make over $500 a month to pay the $425 loan because after taxes that over $500 is reduced to $425.
They are literally slaves to banks because it is what they CHOOSE to do.
They believe all this garbage on the internet they plays into their feeling of being worse off, they can not stand on their own two feet without going to a bank to borrow money for things they will not save for.
Not all kids by any means but the majority for sure. Too immature to not buy things that they have not saved for.
Im tired of whining from young people and proud of my kids, now out on their own and can stand on their own two feet earn and work hard for what they have.
They see it in their other friends, borrow and spend, it doesnt impress them.
Well, let's look at something another way, Alarmguy...
What have I personally borrowed money for?
-Oh, some dumb stuff, I won't lie. Nope. NO excuse for it other than "I had/have fun!!!"
-A house and some land...house interest rates are amazing right now. Let's consider what they have historically been, and let's consider what they are now...were I to save up and put 100% down, I would be renting for a good while, yes? That's money I'll NEVER get back that got me NOTHING. Also, if I were to say, save up 50% or even just 25%, there is nothing to say the market won't creep up 1-3% on the interest rates, and over the life of the loan, my savings would be worth LESS than their cash value, and I would have LOST money by "being responsible". Also...rent.
Life isn't forever, and renting sucks. Living somewhere where the land lord is in charge sucks. You have very little tenant rights in some states, and you basically traded your mommy and daddy for a landlord. Screw that.
-A vehicle. You're right, here. I should have just bought cash, from a financial standpoint. From an enjoyment/safety/reliability standpoint, I got a new vehicle that tops the safety charts and is very reliable. I drive 100+ mi a day. My interest rate is pretty low, too. I believe over the life of the loan it will cost me a few thousand dollars in interest.
Am I a slave to the bank? Well, maybe. I work 3 days a week to pay for my things. That kindof sucks. I wish I didn't have to work ANY days of the week, yeah? Anyway, what if I had decided to save instead of finance? I'd just be a slave to my piggy-bank, so to speak, then, right? And not only that, I'd be a slave to a Rental agreement/Landlord, too, yeah?
Look man, if someone is financially stable, solvent, and enjoying life...rock on?
I get what you're saying about the whiners and total "toddler with a gun" types, though, for sure!