How do you live?

[PandaBear]

Originally Posted By: sprintman
Define "pay for kids college". I've never understood what Americans mean by college as college here is free, so maybe it has a different meaning in the U.S?


It is not free here. Typically today people pay about $6k-60k a year for tuition and another $8k-12k for living expense if away from home.

Most of the time students can get grants to reduce the expense, or find work on campus. It used to be that they can work enough to pay for all the expenses but it is no longer realistic, and therefore many people have student loans that cannot be paid off in less than 5 years after they graduate.

 

[sprintman]

What years are college in the U.S?

 

[Familyguy]

Was living pretty large until a recent divorce. So now I'm basically back to square 1. Fortunately, I make a fairly fat salary and have zero debt, but the ex takes a nasty bite out of my income for the next 6.5 years.

How do I live? First and foremost, I don't charge anything. Nothing. Nada. If I can't pay for something with a debit card or cash, I just don't buy it. Period.

Sold my hemi charger and hotrodded A6 and replaced them with a 15 year old Saturn that gets 35mpg. Sold my collection of guitars. Moved into a fairly small apartment. I buy meat in quantity when it's on SALE at the supermarket, but I still "splurge" and only buy fresh vegetables at the local organic place. I very rarely eat out anymore and I do ALL of my own maintenance for everything...from ironing my shirts, to changing my oil, to replacing output transistors in my audio amp. I mostly stopped drinking except for occasional outings with office mates. That has made a huge improvement on my bottom line. I don't know how people who drink AND smoke deal with the expense in addition to all the health issues.

With all that, I'm sometimes able to squirrel away $500-1000/month in savings. Not a fortune, but much better than some of my friends who were living well beyond their means and are now pounding the pavement while drowning in debt.

Onward and upward.

 

[tom slick]

Originally Posted By: sprintman
What years are college in the U.S?


"college" in the US is "University" in most other places, after the mandatory grade 12 (high school). We have 2-year colleges called "community college" that often teach trades (automotive, welding...) and certificate programs (nursing, etc) along with studying subjects that can transfer to a 4-year University.

 

[Dave Hess]

Some community colleges are now removing 'community' from their name since they are offering Bachelor degrees.

 

[bigmike]

Originally Posted By: sprintman
We live day by day, buy the best of everything, never have or will buy 'cheap'. All organic food, milk etc. Threw A$4,000 at the BMW suspension a week back and didn't think twice about it. I've watched to many people go without everything then die including my parents. Remember you only live once, and you cannot take anything with you.


Did you inherit all of their money?

 

[XS650]

Originally Posted By: tom slick
Originally Posted By: sprintman
What years are college in the U.S?


"college" in the US is "University" in most other places, after the mandatory grade 12 (high school). We have 2-year colleges called "community college" that often teach trades (automotive, welding...) and certificate programs (nursing, etc) along with studying subjects that can transfer to a 4-year University.


This does about as good a job of explaining it as anything I have seen, since there is no one definition in the US.
http://www.educationbug.org/a/college-vs-university.html

There used to be a lot more colleges in the US but there was pressure to change their names to university for prestige purposes.

For instance, California used to haven the University of California system and the California State College System. About 1970 the name of the state college system was changed to California State University system. I enrolled in San Jose State College and Graduated from San Jose State University without changing a thing. The state colleges did start getting serious about gradate degree programs abut then.

 

[stockrex]

you only live once, but may end up in bankruptcy court many many times.

we live in a society where individuals equate affordability with how much the bank will loan them.

 

[SteveSRT8]

Too bad more people can't realize that there is so much more than simple material wealth.

 

[mechanicx]

Originally Posted By: sprintman
Define "pay for kids college". I've never understood what Americans mean by college as college here is free, so maybe it has a different meaning in the U.S?


In the US we have public colleges and Universities that receive government funding yet the student is still expected to pay a pretty hefty tuition. If they don't have the money, they can take out government backed loans that they must repay and can't get out of. There are Grants that don't have to be repayed which if you qualify for the maximum will just pay for the tution but in order to get the full amount the student has to basically have no money (not uncommon)and their parents have to be very poor too if the student is under 23 years-old (or has no child, is not a veteran etc). I can agree with helping the poor fund a college education. But there are other grants available if you are the arbitrarly deemed a "minority", and more things that I won't go into which I don't agree with.

Basically kind of like the healthcare system Academia cost a lot of money and they continue to ask for more. What you get for all the expense is debatable since it is now hard for college grads to find a job commensurate with their education let alone keep the jobs.

 

[bigmike]

There are scholarships also that are awarded to certain individuals based upon differing criteria. Sports/athletes and academics are a few examples.

I was actually "paid" to go to college for my first 2 years. I received my books and tuition as well as a check every semester as part of my scholarship money.

 

[Dave Hess]

Originally Posted By: stockrex
we live in a society where individuals equate affordability with how much the bank will loan them.

I was at Best Buy last year and when I swiped my Visa to pay for the $11.99 CD and the cashier told me I was..... "automatically approved for their store credit card with a $5000 limit"

I asked how did they know if I was worthy of a $5000 line of credit ?

She told me their software can determine by my Zip Code at the approx income level and line of credit. I said no thanks, but I wonder how many people applied for th instant line of Best Buy credit, maxed out the card at a low 24.99% interest rate and only paid the minumum.

The same scenario goes for people that had no business buying that expensive car or house, boat, .....etc.

 

[sprintman]

Received nothing from parents. I earn't my money, just as my daughter will get nothing from us. The only way to learn responsibility.

 

[bigmike]

Originally Posted By: sprintman
Received nothing from parents. I earn't my money, just as my daughter will get nothing from us. The only way to learn responsibility.


And hardship.

If that's your parenting style, so be it. I watched every single generation from my great-grandparents to my parents teach that same "lesson." Now, people that have financial sense such as myself, have to pay the piper when certain family members cannot help themselves. This sometimes is not a matter of just financial sense or irresponsibility. There has been medical tragedy that set back some and another, unfortunately, is mentally disabled. Since their parents decided they wanted their children to inherit nothing, it has fallen on sisters, brothers, nephews, etc. to pick up the tab for these individuals.

Your view isn't taking the potential statistical outlier into account into your decision. God help them if they end up in some of the ways I've had family end up.

 

[greenaccord02]

Originally Posted By: sprintman
Received nothing from parents. I earn't my money, just as my daughter will get nothing from us. The only way to learn responsibility.


Not the only way, but it basically lets hardship do the parenting for you, which is good I suppose. I mean, you COULD spend your daughter's formative years teaching her how to responsibly manage money so that when the time comes she is able to take advantage of the blessings your life has provided so that she never has to make the compromises and sacrifices that you faced, or you could kick her out and make her struggle in the same way that you have. Obviously the latter is much easier.

 

[javacontour]

There are some kids who just won't learn anyway other than the hard way.

My daughter gets an allowance. It's spent long before the next pay day. Same with my step son, the half life of money in his pocket is measured in minutes it seems.

My step daughter may have the first dollar she's ever been given. Shops in thrift stores, is looking for a job, etc.

So to complete the lesson, it may require some personal failure on the parts of at least two children. My daughter is just 11, so there is still a chance.

My step son soon turns 18, and both oilBabe and I agree, he doesn't learn anything until it's painful for him. He'll choose the most difficult and painful means to learn.

So we can teach him to sleep on spending his allowance, and if he runs out and blows it as soon as he has it, we have to allow him to suffer until the next "payday."

Ditto on the job thing. He can't just drive around, etc because he's not paying for the fuel or insurance on his car, nor is he even trying to find a job.

Meanwhile, his sister went on an interview yesterday. So she's trying.

Some may say it's hard to get a job, and I would agree. It's even harder when you spend the day playing video games, watching G4 TV, etc.

But he's at the age where he has to live by the consequences of his choices. If he's not trying to find work, I'm not very sympathetic.

 

[IndyIan]

Originally Posted By: bigmike
Originally Posted By: sprintman
Received nothing from parents. I earn't my money, just as my daughter will get nothing from us. The only way to learn responsibility.


And hardship.

If that's your parenting style, so be it. I watched every single generation from my great-grandparents to my parents teach that same "lesson." Now, people that have financial sense such as myself, have to pay the piper when certain family members cannot help themselves. This sometimes is not a matter of just financial sense or irresponsibility. There has been medical tragedy that set back some and another, unfortunately, is mentally disabled. Since their parents decided they wanted their children to inherit nothing, it has fallen on sisters, brothers, nephews, etc. to pick up the tab for these individuals.

Your view isn't taking the potential statistical outlier into account into your decision. God help them if they end up in some of the ways I've had family end up.

I believe in Australia(like Canada) there is more of a social safety net which takes care of a lot of the big bills with illness or disabled family. It's not perfect but I have a mentally disabled extended family member that lives well on government assistance.
Learning the value of money is a good lesson for people but some financial assistance to get a child through school is also a good lesson in helping others. My parents helped pay for my university and I'm planning to do the same for my kids, if they help themselves with some sort of job.

 

[sprintman]

My daughter is 11 and gets the best of everything from organic food to a A$15,000 horse. Highly intelligent, she will never strruggle.

 

[greenaccord02]

Well I'm glad you weren't serious.

 

[sprintman]

Always serious.