Total wealth since 1989

[Goose]

TAMU


I have no idea how may kids leave college debt free and never paying a dime to get an education. If your numbers are correct, and I believe you, then I am bigger sucker or nicer guy than I thought was for all of these years. For the record, I agree 100000% that anyone leaving college with debt is backed into a corner and it is difficult to get out. I will say the numbers you noted surprised me, but maybe it explains why it did not seem like a lot of my friends were as anxious about writing tuition checks when their kids were in college. That was a very stressful time in my life.

I told Hards he was the sucker at the table in this conversation and it now appears I am the sucker in this conversation. That said, I do not think I could have spent the money in a better way.

[Pakuni]

Pakuni

If someone paid for their own college education, I agree that causes a major issue. I felt it was my responsibility to pay for our children to get an education and it did not cost them a dime. So, the cost of college should not weigh into their ability to save or buy a home.

Your kids are very fortunate, and in the minority.
According to this, 64 percent of undergraduates leave college in debt, and the average debt is nearly $30,000.

https://www.usnews.com/education/best-colleges/paying-for-college/articles/see-how-student-loan-borrowing-has-changed

And those who go on to get a graduate degree leave with another $70,000 debt, on average.

https://www.bankrate.com/loans/student-loans/average-graduate-school-debt/

[Goose]

Pakuni

I stand somewhat corrected on my posts on this thread. I truly had no idea that was the case. Not afraid to admit I spoke without knowing all of the facts. There is no way in hell my three boys could have bought houses or a condo if they were $30k in debt. Now it is my time to reload the bank account.

[MU82]

I’m sure there’s a lot of anecdotal examples of millennials spending on some nice things or things a different generation. Also, there’s a lot of millennials with generous parents that help set them up in a good spot. I see friends or neighbors that belong to a country club or drive nice cars. Although, I’d say I’m exposed to a pretty narrow subset of the population.

I don’t think those anecdotes mean that on the whole a generation is in a better spot. Just looking at the stats on the cost for a house or college compared to salaries 30 years ago show that some things that were available to boomers may not be as easily attainable to the current generation, and not just due to spending habits.

I don’t think saying kids these days just need to get a side hustle or cut down on the Starbucks and avocado toast if they want to own a home is seeing the situation for what it is.

Thanks for bringing in this perspective.

As a Boomer who also is a dad to two Millennials, I'm seeing a lot of generalizations being made in this thread.

[rocky_warrior]

According to this, 64 percent of undergraduates leave college in debt, and the average debt is nearly $30,000.

/cue gen-x rant

Heck, in 1997 I left MU with about $25k in debt, so I'm not seeing the big deal with $30k now.  I paid mine off in about 4 years (and starting salaries are higher now), and don't feel like it held me back much at all.

/rant

[🏀]

Boomers boomin’ in here.

Of course they have their personal quips and perspectives from the country club. And because they saw a golf bag full of whatever chunky-ass game improvement clubs TaylorMade is offering now, that’s all that matters. Millennials spend stupidly.

I would have loved to be able to afford a brand new Chevelle SS in ‘67 working on a grocery baggers salary.

[Jay Bee]

/cue gen-x rant

Heck, in 1997 I left MU with about $25k in debt, so I'm not seeing the big deal with $30k now.  I paid mine off in about 4 years (and starting salaries are higher now), and don't feel like it held me back much at all.

/rant

Similar thoughts. 97… although I only had $15k, but I paid a lot of cash generated from starting working in 8th grade and my internship (semester long - also helped bc I only had a full semester of tuition for 7 semesters)

But, I considered how the loan would help me, my career goals & expectations and whether I was willing to take on the risk. The idea most kids are unfairly tricked into loans and stupid majors sounds off to me.

[Goose]

Rocky and JayBee

Job well done. I admire what you accomplished equally to my loving Herman’s story.

Retire

As I stated, I think many people, myself included, do not always make great decisions on spending. I think you missed my point, but such is life.

[🏀]

Rocky and JayBee

Job well done. I admire what you accomplished equally to my loving Herman’s story.

Retire

As I stated, I think many people, myself included, do not always make great decisions on spending. I think you missed my point, but such is life.

I got your point, my message wasn’t really directed at you, but I also really wanted to make fun of bad looking golf clubs.

[Hards Alumni]

Hards

A wise man once told me that if you think you have a lot of money, double it. Sound advise from a crazy boomer I had the privilege of learning a great deal from in a past life.

Hold on, it's sound advice to have double the money you have?  My mind is blown!

The point is that your buddy, rocket here is slinging mud.  I think it's fine for me to stick up for myself. You should probably help your friend and his mental problems instead of dick riding him.  It doesn't help him, it just makes your 'crew' look ridiculous.

Then you should pay your employees more.  Share the wealth, bigwig.  Jesmu would agree with me.

They're paid well, and have benefits despite the position requiring very few qualifications.  I think (not surprisingly) that you have a poor understanding of what socialism is.

[Hards Alumni]

Herman

Outstanding post and thanks for sharing. That post should shut the door on this topic, but sadly, I am sure someone will find fault in your life story.

It is anecdotal, don't be silly.

[Goose]

Hards

I think you may have missed the advice on doubling your money. There is more to it than just doubling your money.

[Hards Alumni]

TAMU


I have no idea how may kids leave college debt free and never paying a dime to get an education. If your numbers are correct, and I believe you, then I am bigger sucker or nicer guy than I thought was for all of these years. For the record, I agree 100000% that anyone leaving college with debt is backed into a corner and it is difficult to get out. I will say the numbers you noted surprised me, but maybe it explains why it did not seem like a lot of my friends were as anxious about writing tuition checks when their kids were in college. That was a very stressful time in my life.

I told Hards he was the sucker at the table in this conversation and it now appears I am the sucker in this conversation. That said, I do not think I could have spent the money in a better way.

You're insanely nice and generous to have paid for your children's education.  It is absolutely the outlier for normal behavior though.  You're ability to do so has set your children up for success by removing a massive barrier to financial success... especially in their 20s.

Most parents can't afford to pull off what you've done.  I had grants, scholarships, and worked while in school.  I graduated in 04 with around 20k in loans.  I am incredibly lucky to have had everything go my way as well, but my parents didn't pay for anything outside of the meal plan... and I'm not sure that was a gift considering the cuisine at the dorm halls. 

[Hards Alumni]

Hards

I think you may have missed the advice on doubling your money. There is more to it than just doubling your money.

Oh, I understood it.  I just think it's a strange thing to say.  More money is always better.  Does this advice apply to Mr. Bezos?

[Goose]

No, that actually is not the point.

[ZiggysFryBoy]

No, that actually is not the point.

Not surprised.

[Hards Alumni]

Not surprised.

Another gem.

[rocket surgeon]

my new associate dentist, graduated from MUSOD 4 years ago over $400k in debt.  has paid it down by $300k.  i told him to slow down as he has that financed by sofi at 2.25%.  that's the cheapest money he will see in his life time.  plus he's gonna need some dry powder to buy me out

when i graduated, i owed $120k at 14% thank you jimmy c 

paid off both my kids MU educations of over $200k, the first half at 7.9%, then sofi came to the rescue thank God

[Lennys Tap]

You're insanely nice and generous to have paid for your children's education.  It is absolutely the outlier for normal behavior though.  You're ability to do so has set your children up for success by removing a massive barrier to financial success... especially in their 20s.

Most parents can't afford to pull off what you've done.  I had grants, scholarships, and worked while in school.  I graduated in 04 with around 20k in loans.  I am incredibly lucky to have had everything go my way as well, but my parents didn't pay for anything outside of the meal plan... and I'm not sure that was a gift considering the cuisine at the dorm halls. 

Evidently I know a hell of a lot of insanely nice and generous boomers. And better yet, I’m one too! And all the while I just thought I was doing my job.

Sorry your folks coulcn’t or didn’t do it for you but it’s time to put that grudge to bed.

[Hards Alumni]

Evidently I know a hell of a lot of insanely nice and generous boomers. And better yet, I’m one too! And all the while I just thought I was doing my job.

Sorry your folks coulcn’t or didn’t do it for you but it’s time to put that grudge to bed.

It's not a grudge, Lenny.  I don't hold those. 

I'm not surprised you know a lot of rich boomers since you are one, and you went to a private university.  Big shock that a bunch of wealthy boomers you know and hang out with can pay for their children's college.

But doesn't that counter Goose's point that he was making?  He said my generation doesn't know HOW to work for things... and YOU guys paid for your children's schools... so uhhhhh I hate to take this logic step for you guys (since it seems to escape you more and more often), aren't you guys the problem? 

I'm the kid you were.  I worked for my education, I got scholarships, I paid my loans back in full.  I did everything that is right (according to your weird values) and yet you all try to make me out to be some sort of self-pitying, entitled, millennial.  When, by YOUR definition, you raised the kids who relied on mommy and daddy for their money.

Get your narratives straight, guys.  This is embarrassing.

I assumed you're were smarter than this.

[Goose]

Hards

I have never said or implied that your generation does not how to work for things. I have said opportunity is still there and if you want something to happen you need to make it happen.

I do believe the younger generation spends far too much time on the woe is me and spends a lot more money than previous generation.

I do agree with Lenny in the fact of doing our job by paying for our kid’s education. From the day my kids were born my wife and felt it was our responsibility and we have zero regrets.

[rocket surgeon]

hards-
 
   even though i paid for my kids educations, i did leave them with around $20-25k of their own to pay back specifically so they could feel it a little bit.  however, it was no incentive to slack off.  how often today you hear of these kids taking off for europe for 2-3 mos because it seems to the thing?  my boys were at their jobs the monday after graduation and they haven't looked back.  my oldest son started out in the banking business as a teller, moved up to regional manager and is now regional marketing manager for one of the biggest banks in wisconsin.  my youngest has worked himself up to managing the web sales of a large local manufacturer for a large retail business and they want more

the most important thing we gave them is what was handed to us growing up-work ethic. 

  no surprise hards, that you don't see your own bitterness.  that usually takes some humility.  without that, you're missing a lot more than your bitterness.  ya don't know, what ya don't know and never will

[Uncle Rico]

hards-
 
   even though i paid for my kids educations, i did leave them with around $20-25k of their own to pay back specifically so they could feel it a little bit.  however, it was no incentive to slack off.  how often today you hear of these kids taking off for europe for 2-3 mos because it seems to the thing?  my boys were at their jobs the monday after graduation and they haven't looked back.  my oldest son started out in the banking business as a teller, moved up to regional manager and is now regional marketing manager for one of the biggest banks in wisconsin.  my youngest has worked himself up to managing the web sales of a large local manufacturer for a large retail business and they want more

the most important thing we gave them is what was handed to us growing up-work ethic. 

  no surprise hards, that you don't see your own bitterness.  that usually takes some humility.  without that, you're missing a lot more than your bitterness.  ya don't know, what ya don't know and never will

2 out of 10

[The Hippie Satan of Hyperbole]

nm

[UWW2MU]

I'm going to make a bold statement here regarding living anywhere other than one of the supremely overpriced metro areas like San Fran, NYC, DC, Chicago a bit, etc.   

Here we go: If you are a dual income household where both spouses are college graduates 5 years out of school and/or a journeyman tradesperson, even with 30k in student loan debt, you can afford a home. 



Obviously this statement is not taking into account poor life decisions like getting deep into other debts, having 6 kids before you’re ready, renting an apartment way out of your price range, etc.  But otherwise point stands.  There is still plenty of affordable housing available in most metro areas, it’s just a question of whether that housing meets your needs or (and this is really the crux) if it meets your wants.  I’ve noticed far too often that people complaining about not being able to afford a home are looking to buy a home that is more than what they really need or in a community that is much higher priced simply because it’s THAT community.  Have people forgotten the concept of a “starter home?”  Or, do they remember it, but they wanted to live in a sweet albeit expensive apartment downtown for the years that their parents slummed it in a starter home and now need more but didn’t build the equity?

At this very moment, I could find you quite a few nice homes in quiet/safe neighborhoods in Milwaukee or Waukesha Counties in the $200k range.