What money habits keep you poor?

[Anonymous]

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Anonymous wrote:Sending your kid to private school k-12 & then making that kid take out loans for college

+1 and I’ll add —— sending your kids to a $50K/year private school only to watch similar kids who go to public schools get into the same high tier colleges that your kid got into.

If you don’t get it, you don’t get it. It’s not about “getting into college.” It’s about college preparation, being able to participate in whichever sports you want in 9th grade, well-behaved student body and so many other things.

Hey believe what you want to believe to justify all that money you are paying to a private school while also paying property taxes and subsidizing public school students. Confirmation bias at its best.

If private schools prepare their students for college so well, why do ALL of my friends who send their kids to private schools also pay for tutors and test prep outside of their school. The reality is public schools prepare their students for college just as much as private schools do and public school parents also pay for tutors and test prep. Public school kids can participate in any sport they want in 9th grade as well (not sure where you are coming from on this). A well-behaved student body --- paahleeeze lol -- you are kidding yourself. Private schools have drug and discipline problems just as bad as public schools. In fact, the drug problem is worse since these kids have access to money.

That's super weird. I know of no one who is paying for tutors. Maybe test prep, but lets get real, I don't want my school prepping for the SAT, that's not really education and its what publics already do teaching to the SOLs.

Sure, if you don't have an athletic kid but want them to participate in a "regular" sport (rather than frisbee or 'running in circles' sports), public schools are terrible. Travel players take all teams spots and there are not varsity or intramurals offered because of insufficient field space (see 3000 students). And rec sports mostly stop at 8th around here.

Blah, Blah, Blah. Whatever you need to think to justify that huge private school tuition you pay. You must not live in a good school district. Moving would be cheaper than paying for private school. Oh and by the way, those private school athletes play club sports from early age as well so they can make the team as well.

Curious where you suggest I move to? I actually did the math that with higher interest rates private high school is cheaper than moving to a place like McLean.

DP here - Springfield, Burke, Centreville, or Chantilly

Don’t pay for private high school - unless you are aiming for highly selective colleges AND your child is really going to be able to be competitive for those schools. Now is the time for honesty with yourself about your child. Do they excel at school at simple stuff like taking multiple choice tests? Are they self motivated ? No not like if you prompt them over and over and but as in they take out a planner and plan things out. And make sure to look at the colleges the students go to from the private schools you are considering. The bulk of students will go to run of the mill schools that even in a low rated public school students still get admitted to the same school.

The other reason for private high school - your local public high school is low rated.

My child went to a public high school and then went to a very selective private university. You don’t need private high school to do this. But don’t tell the parents that just spent $200K to send their kid to a private high school this. They get very defensive.

My kids attended public schools and have enjoyed scholarships and student aid to good colleges. Overpaying for private would have changed nothing except a depleted bank account.

[Anonymous]

Anonymous wrote:

Anonymous wrote:-not bringing myself to invest but just saving up cash
-feeling uncomfortable with unusually large (for me) amounts of money

Also lack of earning potential and laziness
Maybe also the hidden appeal of being poor. It’s much simpler and there are ways to get free things and free money

This comment reveals both lack of strong education and life experience!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:-not bringing myself to invest but just saving up cash
-feeling uncomfortable with unusually large (for me) amounts of money

Also lack of earning potential and laziness
Maybe also the hidden appeal of being poor. It’s much simpler and there are ways to get free things and free money

Why don't you try it, then?

[Anonymous]

Spending too much on food, takeout and restaurants.
Not saving.

[Anonymous]

Living in a 1BR alone when you’re single & childless.

[Anonymous]

Anonymous wrote:Living in a 1BR alone when you’re single & childless.

Depends on the price, really. A cheap one bedroom never made anyone poor.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:-not bringing myself to invest but just saving up cash
-feeling uncomfortable with unusually large (for me) amounts of money

Also lack of earning potential and laziness
Maybe also the hidden appeal of being poor. It’s much simpler and there are ways to get free things and free money

This comment reveals both lack of strong education and life experience!

Oh trust me I have both

[Anonymous]

Anonymous wrote:

Anonymous wrote:Living in a 1BR alone when you’re single & childless.

Depends on the price, really. A cheap one bedroom never made anyone poor.

Doesn’t exist around here. And it’s always going to be more expensive than living with roommates. No reason to give up that extra savings.

[Anonymous]

Anonymous wrote:Following a passion career while coming from a LMC background

This. I've seen lots of DC people (mostly women) from LMC/MC backgrounds who see their UMC/UC classmates go into these low-paying, prestigious, nonprofit fields. They want to jump to the higher class, so they do the same. Then the wealthy classmates are buying nice condos and cars with family money. Then it becomes great homes, private school and nannies for their kids, etc. all with family money and/or their high earning spouse. Meanwhile the women from LMC/MC backgrounds tend to marry men from their same backgrounds and don't have the same HHI. Or they stay single because most men earning $150K+ want to marry women with a stronger financial situation. They eventually become disillusioned. They didn't realize that they were trying to live the trust fund lifestyle without a trust fund.

There should be a mandatory class in college that explicitly tells students that these jobs are for the trust fund set and were never meant to support a family.

[Anonymous]

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Anonymous wrote:Voting Democrat

Voting Republican

How so? Republicans want to generally reduced my tax burden. Democrats want to continually increase my tax burden and redistribute my wealth.

I would never have graduated college or med school if I wasn’t able to get an abortion in college, for one.

Same here.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Following a passion career while coming from a LMC background

This. I've seen lots of DC people (mostly women) from LMC/MC backgrounds who see their UMC/UC classmates go into these low-paying, prestigious, nonprofit fields. They want to jump to the higher class, so they do the same. Then the wealthy classmates are buying nice condos and cars with family money. Then it becomes great homes, private school and nannies for their kids, etc. all with family money and/or their high earning spouse. Meanwhile the women from LMC/MC backgrounds tend to marry men from their same backgrounds and don't have the same HHI. Or they stay single because most men earning $150K+ want to marry women with a stronger financial situation. They eventually become disillusioned. They didn't realize that they were trying to live the trust fund lifestyle without a trust fund.

There should be a mandatory class in college that explicitly tells students that these jobs are for the trust fund set and were never meant to support a family.

This set of people also have the old money background and work at prep schools and send their kids there with the tuition discount.

[Anonymous]

Thinking you need to over indulge your kids. Nikes, Air Jordans, latest iPhones, Taylor Swift tickets, boba teas, going out to eat every night.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Following a passion career while coming from a LMC background

This. I've seen lots of DC people (mostly women) from LMC/MC backgrounds who see their UMC/UC classmates go into these low-paying, prestigious, nonprofit fields. They want to jump to the higher class, so they do the same. Then the wealthy classmates are buying nice condos and cars with family money. Then it becomes great homes, private school and nannies for their kids, etc. all with family money and/or their high earning spouse. Meanwhile the women from LMC/MC backgrounds tend to marry men from their same backgrounds and don't have the same HHI. Or they stay single because most men earning $150K+ want to marry women with a stronger financial situation. They eventually become disillusioned. They didn't realize that they were trying to live the trust fund lifestyle without a trust fund.

There should be a mandatory class in college that explicitly tells students that these jobs are for the trust fund set and were never meant to support a family.

Yikes
What backwards way of thinking
Women’s liberation means that women have the freedom to love a person who is not wealthy and the freedom to pursue a career of their choice and follow their dreams
Perhaps you are over estimating the value of money
There are worse fates than having friends who send their kids to private school

[Anonymous]

Anonymous wrote:Thinking you need to over indulge your kids. Nikes, Air Jordans, latest iPhones, Taylor Swift tickets, boba teas, going out to eat every night.

There was a thread very recently with a parent wondering how to try to limit what their kid spends on UberEats and Grubhub in a week. She seemed afraid to approach her own child with this. How about....nothing? I can't imagine giving a child a credit card to indulge their every whim.