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Joined: Oct 2012
Posts: 1,882 Likes: 15
8 point
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8 point
Joined: Oct 2012
Posts: 1,882 Likes: 15 |
Earlier in this same thread, some were bashing folks for living at home after finishing college. The alternative is to rent or buy a home. You have to have credit to rent, and you have to have credit to buy a home unless you're paying cash. Explain to me how a young adult can make and save enough money by the time they get out of school to buy a home in cash. They cannot. So their options are 1) live it home for several years while saving every penny and then buying a home in cash, or 2) build credit and rent or take out a mortgage.
I 100% agree that "old school financial principles (spend less than you make, save, invest, etc) are great and everyone should strive to follow them.....but you can't deny that "the system" is [intentionally] rigged against them because there is an enormous industry built on profiting from other peoples' debt. I don't pretend to know everything about young people and their mindset, but it's not wise to paint with the broadest of brushes because there are exceptions. There are many young adults who live at home due to not having viable choices available to them. However, there are also many young adults who live at home because they are lazy and not willing to do what's necessary to begin an independent life. There's no universal truth about all young adults in this scenario. The matter of credit is similar to training on other matters with parents. Knowing the landscape, as parents we need to teach our children about credit and help them learn how to build it. Not at the age of 22 or 23, but long before that age. The building of one's credit is easily done if someone is disciplined and has guidance along the way. In this way, life is certainly different than in times past, but it's up to us as parents to help teach/train our kids for this new environment. The same is true when it comes to college costs. If we know we want our children to go to college, we need to prepare for that in advance. Set money aside in a college account, shop tuition prices, understand FAFSA, etc. One thing I see living near Tuscaloosa is that many parents in our area are insistent that their children attend UA. They went to UA, were in a fraternity/sorority, graduated from ____ school, etc. and they want their children to have that same experience - even if they can't afford it or put their children in a horrible debt situation coming out of school. There are more economical college choices in our area, but for many it HAS to be UA. Those situations aren't about the economy, inflation, etc. They're about making sound fiscal choices and frankly, many simply won't exercise the discipline to say no.
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Joined: Oct 2012
Posts: 1,882 Likes: 15
8 point
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8 point
Joined: Oct 2012
Posts: 1,882 Likes: 15 |
We just visited our granddaughter and grandson in law at their new house yesterday. We took them two old rockers and an old outdoor side table from the beach house to use on their porch.
He just got out 82nd Airborne this past year and they have been living with his mom and saving their money. They are both 24. She is a big thrifter and takes things that other people throw away, repurposes or refurbishes and uses them to decorate, use, wear or sell on Instagram or Facebook marketplace. Our grandson in law is very frugal. They save just about everything they make. He saved something like $30k while he was in the military for 6 years. They both drive older used cars and are furnishing their entire house with free and used stuff.
They just told us yesterday they are going to try to have a baby now that they are settled into their home. Which means I'm going to be a great grandfather here soon, God willing. I'm pretty stoked about that.
Young people like that give me hope for the future. I know several young adults like this and it's encouraging to see their willingness to sacrifice in order to secure a promising future for themselves in this economy. Kuddos to them and I know you're proud of them.
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Joined: Aug 2014
Posts: 22,824 Likes: 197
Impatient Stinky Britches Wearin’ Off-Roadin’ Guru
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Impatient Stinky Britches Wearin’ Off-Roadin’ Guru
Joined: Aug 2014
Posts: 22,824 Likes: 197 |
Earlier in this same thread, some were bashing folks for living at home after finishing college. The alternative is to rent or buy a home. You have to have credit to rent, and you have to have credit to buy a home unless you're paying cash. Explain to me how a young adult can make and save enough money by the time they get out of school to buy a home in cash. They cannot. So their options are 1) live it home for several years while saving every penny and then buying a home in cash, or 2) build credit and rent or take out a mortgage.
I 100% agree that "old school financial principles (spend less than you make, save, invest, etc) are great and everyone should strive to follow them.....but you can't deny that "the system" is [intentionally] rigged against them because there is an enormous industry built on profiting from other peoples' debt. I don't pretend to know everything about young people and their mindset, but it's not wise to paint with the broadest of brushes because there are exceptions. There are many young adults who live at home due to not having viable choices available to them. However, there are also many young adults who live at home because they are lazy and not willing to do what's necessary to begin an independent life. There's no universal truth about all young adults in this scenario. The matter of credit is similar to training on other matters with parents. Knowing the landscape, as parents we need to teach our children about credit and help them learn how to build it. Not at the age of 22 or 23, but long before that age. The building of one's credit is easily done if someone is disciplined and has guidance along the way. In this way, life is certainly different than in times past, but it's up to us as parents to help teach/train our kids for this new environment. The same is true when it comes to college costs. If we know we want our children to go to college, we need to prepare for that in advance. Set money aside in a college account, shop tuition prices, understand FAFSA, etc. One thing I see living near Tuscaloosa is that many parents in our area are insistent that their children attend UA. They went to UA, were in a fraternity/sorority, graduated from ____ school, etc. and they want their children to have that same experience - even if they can't afford it or put their children in a horrible debt situation coming out of school. There are more economical college choices in our area, but for many it HAS to be UA. Those situations aren't about the economy, inflation, etc. They're about making sound fiscal choices and frankly, many simply won't exercise the discipline to say no. I agree with all of that. Funny you mention that about parents insisting their kids go to UA, we had that exact conversation with GomerJr recently. He's a HS Freshman and as of this moment, wants to go to UA for Engineering. I went to UA and paid out-of-state tuition, no less. I told him if he wants to go to UA, he's going to have to have a 4.0 GPA in HS and do all the extra stuff it takes to get a full Academic scholarship, because otherwise it's just not the great investment it used to be. Not that it isn't a good school, but it's insane what it costs now, and it's not worth it if you have to go into debt to do it.
Isaiah 5:20
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Joined: Sep 2003
Posts: 13,177 Likes: 196
Doing the best I can.
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Doing the best I can.
Joined: Sep 2003
Posts: 13,177 Likes: 196 |
Earlier in this same thread, some were bashing folks for living at home after finishing college. The alternative is to rent or buy a home. You have to have credit to rent, and you have to have credit to buy a home unless you're paying cash. Explain to me how a young adult can make and save enough money by the time they get out of school to buy a home in cash. They cannot. So their options are 1) live it home for several years while saving every penny and then buying a home in cash, or 2) build credit and rent or take out a mortgage. This is something we learned the hard way with my daughter. When she graduated nursing school and got a job, she was making more than I did right out of the gate. She was marrying a young man who had been working for a public utility for a couple years, worked his way up a little, and was making decent money. They went to try and buy a house that they could easily afford the payment on but couldn't get financed because neither had ever built any credit. The only way they could get financed was to have a VERY large down payment, which they didn't at the time. The moral of the story.........if you have a young one at home who is close to going out on their own, find a way for them to build some kind of credit ahead of time. With my son, we got a low limit credit card in his name. He puts almost everything on it he buys and then pays the balance when the bill is due to avoid interest. He's been doing this a couple years now so when he graduates he will have some sort of credit score.
The true mark of a man is not how he conducts himself during times of prosperity, but how he conducts himself during times of adversity.
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Joined: Oct 2012
Posts: 1,882 Likes: 15
8 point
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8 point
Joined: Oct 2012
Posts: 1,882 Likes: 15 |
I agree with all of that. Funny you mention that about parents insisting their kids go to UA, we had that exact conversation with GomerJr recently. He's a HS Freshman and as of this moment, wants to go to UA for Engineering. I went to UA and paid out-of-state tuition, no less. I told him if he wants to go to UA, he's going to have to have a 4.0 GPA in HS and do all the extra stuff it takes to get a full Academic scholarship, because otherwise it's just not the great investment it used to be. Not that it isn't a good school, but it's insane what it costs now, and it's not worth it if you have to go into debt to do it. When I attended orientation with my son 4 years ago, out of state tuition at UA was $57k per year. Without serious financial help, that's a hard "no" for people that I'm advising UNLESS that particular degree is going to open major doors down the line (and even then it's questionable/risky). For most kids around here that want to go to college, it seems the usual MO is to choose UA regardless of anything else.
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Joined: Oct 2012
Posts: 1,882 Likes: 15
8 point
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8 point
Joined: Oct 2012
Posts: 1,882 Likes: 15 |
This is something we learned the hard way with my daughter. When she graduated nursing school and got a job, she was making more than I did right out of the gate. She was marrying a young man who had been working for a public utility for a couple years, worked his way up a little, and was making decent money. They went to try and buy a house that they could easily afford the payment on but couldn't get financed because neither had ever built any credit. The only way they could get financed was to have a VERY large down payment, which they didn't at the time. The moral of the story.........if you have a young one at home who is close to going out on their own, find a way for them to build some kind of credit ahead of time. With my son, we got a low limit credit card in his name. He puts almost everything on it he buys and then pays the balance when the bill is due to avoid interest. He's been doing this a couple years now so when he graduates he will have some sort of credit score. This is the way... all parents of teens need to listen to this ^^^^.
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Joined: Nov 2009
Posts: 2,966 Likes: 14
10 point
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10 point
Joined: Nov 2009
Posts: 2,966 Likes: 14 |
That’s all I did. Low limit credit card at the credit union. Paid it off every month. Came time for a mortgage and they were willing to loan me $250,000 making $60k a year. I said no thank you.
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