controversial opinion: money & finances edition

[Anonymous]

Anonymous wrote:

Anonymous wrote:My not so controversial opinions:

Expensive private colleges aren't worth it unless you get substantial aid or can easily afford it. I say this as a double Ivy grad. Your kid is better off going to a good state school and putting the differential into a retirement account and not touching it until he/she retires 50 years later. Or use it to help buy a house.

Better to save as much as you can while still living a reasonably comfortable life. No need to penny pinch, but build up the net worth as quickly as you can. Having six months' savings in the bank is a nice weight off the shoulders. Even better is having five years' living expenses saved. You feel very free.

Always have your long term savings plans and objectives factor in at least one long period of unemployment. Something will come up. It may not be unemployment, but something damn expensive will still come up. I've had $45,000 worth of dental bills in the last year alone through no fault of my own. Damn genetics.

So, the lesson for kids here is- become a dentist

I have been encouraging my kids to think about being an orthodontist, talk about a license to print money

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My not so controversial opinions:

Expensive private colleges aren't worth it unless you get substantial aid or can easily afford it. I say this as a double Ivy grad. Your kid is better off going to a good state school and putting the differential into a retirement account and not touching it until he/she retires 50 years later. Or use it to help buy a house.

Better to save as much as you can while still living a reasonably comfortable life. No need to penny pinch, but build up the net worth as quickly as you can. Having six months' savings in the bank is a nice weight off the shoulders. Even better is having five years' living expenses saved. You feel very free.

Always have your long term savings plans and objectives factor in at least one long period of unemployment. Something will come up. It may not be unemployment, but something damn expensive will still come up. I've had $45,000 worth of dental bills in the last year alone through no fault of my own. Damn genetics.

So, the lesson for kids here is- become a dentist

I have been encouraging my kids to think about being an orthodontist, talk about a license to print money

This guy wants you to call him to discuss https://www.wsj.com/articles/mike-meru-has-1-million-in-student-loans-how-did-that-happen-1527252975

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My not so controversial opinions:

Expensive private colleges aren't worth it unless you get substantial aid or can easily afford it. I say this as a double Ivy grad. Your kid is better off going to a good state school and putting the differential into a retirement account and not touching it until he/she retires 50 years later. Or use it to help buy a house.

Better to save as much as you can while still living a reasonably comfortable life. No need to penny pinch, but build up the net worth as quickly as you can. Having six months' savings in the bank is a nice weight off the shoulders. Even better is having five years' living expenses saved. You feel very free.

Always have your long term savings plans and objectives factor in at least one long period of unemployment. Something will come up. It may not be unemployment, but something damn expensive will still come up. I've had $45,000 worth of dental bills in the last year alone through no fault of my own. Damn genetics.

So, the lesson for kids here is- become a dentist

I have been encouraging my kids to think about being an orthodontist, talk about a license to print money

Or a fertility doctor.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My not so controversial opinions:

Expensive private colleges aren't worth it unless you get substantial aid or can easily afford it. I say this as a double Ivy grad. Your kid is better off going to a good state school and putting the differential into a retirement account and not touching it until he/she retires 50 years later. Or use it to help buy a house.

Better to save as much as you can while still living a reasonably comfortable life. No need to penny pinch, but build up the net worth as quickly as you can. Having six months' savings in the bank is a nice weight off the shoulders. Even better is having five years' living expenses saved. You feel very free.

Always have your long term savings plans and objectives factor in at least one long period of unemployment. Something will come up. It may not be unemployment, but something damn expensive will still come up. I've had $45,000 worth of dental bills in the last year alone through no fault of my own. Damn genetics.

So, the lesson for kids here is- become a dentist

I have been encouraging my kids to think about being an orthodontist, talk about a license to print money

This guy wants you to call him to discuss https://www.wsj.com/articles/mike-meru-has-1-million-in-student-loans-how-did-that-happen-1527252975

Meh. He went to private schools in high COL areas while supporting a SAHM and two kids on borrowed money. There are a lot smarter ways to become an orthodontist.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Anyone who is not a moron knows that if you can pay in cash you do. A house, a car, whatever.

Those who argue otherwise are still trying to make it rich. Those who have know otherwise.

Curious PP, what is your income?

Zero debt. 300k HHI. Net worth 7.5 million.

How impressive


~ 3.8M HHI , 38 M net worth 15 M debt

Looks like you're a bit of your league

NP here. You seem nice.

Not that we had any doubt, considering the current inhabitant of the White House, but thank you for reconfirming that money cannot, in fact, buy class.

Well, you started it

And considering you make only a 4% return, I wouldn't consider you financially savvy either.

Another NP -- the person responding clearly stated they are a new poster, not the person who you said "started it."

[Anonymous]

Anonymous wrote:This thread is oddly cathartic.

I think the "latte factor" is nonsense. Depriving yourself of your $5-$10 coffee or avocado toast or joy of choice is not going to a darn thing to make a house or college tuition more affordable.

However, it allows me to pay my rent if I skip the $5 latte daily and $10 lunch

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Anyone who is not a moron knows that if you can pay in cash you do. A house, a car, whatever.

Those who argue otherwise are still trying to make it rich. Those who have know otherwise.

Curious PP, what is your income?

Zero debt. 300k HHI. Net worth 7.5 million.

How impressive


~ 3.8M HHI , 38 M net worth 15 M debt

Looks like you're a bit of your league

NP here. You seem nice.

Not that we had any doubt, considering the current inhabitant of the White House, but thank you for reconfirming that money cannot, in fact, buy class.

Well, you started it

And considering you make only a 4% return, I wouldn't consider you financially savvy either.

Another NP -- the person responding clearly stated they are a new poster, not the person who you said "started it."

Well now you have started it again

[Anonymous]

Housing is not unaffordable - you can't afford it. There are plenty of people who can

Private school is marginally a better use of money than burning it

[Anonymous]

There are way too many poor people on this forum.

This is money and finances, a place for people who actually have them

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Anyone who is not a moron knows that if you can pay in cash you do. A house, a car, whatever.

Those who argue otherwise are still trying to make it rich. Those who have know otherwise.

Curious PP, what is your income?

Zero debt. 300k HHI. Net worth 7.5 million.

How impressive


~ 3.8M HHI , 38 M net worth 15 M debt

Looks like you're a bit of your league

Not PP but I don’t want the management issues and stress of dealing with a lot of investments. Some people love that shit but honestly, zero desire here to be your kind of wealthy. Enjoy it, though, as you seem to.

However, class is not valued by net worth. The fact you brag about your $$ makes you low class, no matter what your financial position is.

It's the money and finances forum

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Anyone who is not a moron knows that if you can pay in cash you do. A house, a car, whatever.

Those who argue otherwise are still trying to make it rich. Those who have know otherwise.

Curious PP, what is your income?

Zero debt. 300k HHI. Net worth 7.5 million.

How impressive


~ 3.8M HHI , 38 M net worth 15 M debt

Looks like you're a bit of your league

NP here. You seem nice.

Not that we had any doubt, considering the current inhabitant of the White House, but thank you for reconfirming that money cannot, in fact, buy class.

Well, you started it

And considering you make only a 4% return, I wouldn't consider you financially savvy either.

Another NP -- the person responding clearly stated they are a new poster, not the person who you said "started it."

I am the rich PP

I seem to have triggered a lot of people with my posts.

Why are you so worked up about it

[Anonymous]

Anonymous wrote:This thread is oddly cathartic.

I think the "latte factor" is nonsense. Depriving yourself of your $5-$10 coffee or avocado toast or joy of choice is not going to a darn thing to make a house or college tuition more affordable.

If you spend $10 on coffee everyday you are an idiot. I DOES make a difference, how could it not? $300 a month X 12 = $3600 a year doubling every 5-8 years? Remember a lot of people live on less than $40,000. So spending more than 10% of your take home pay on a couple of cups of coffee somehow is justifiable???
I worry about the world when the next gen takes over!

[Anonymous]

Anonymous wrote:

Anonymous wrote:My not so controversial opinions:

Expensive private colleges aren't worth it unless you get substantial aid or can easily afford it. I say this as a double Ivy grad. Your kid is better off going to a good state school and putting the differential into a retirement account and not touching it until he/she retires 50 years later. Or use it to help buy a house.

Better to save as much as you can while still living a reasonably comfortable life. No need to penny pinch, but build up the net worth as quickly as you can. Having six months' savings in the bank is a nice weight off the shoulders. Even better is having five years' living expenses saved. You feel very free.

Always have your long term savings plans and objectives factor in at least one long period of unemployment. Something will come up. It may not be unemployment, but something damn expensive will still come up. I've had $45,000 worth of dental bills in the last year alone through no fault of my own. Damn genetics.

More nuance to the expensive private college thing. First, for kids wanting to go into certain fields, the connections they build at even strong regional private schools are worth it. Vandy, Rice, USC, etc. Second, I think most kids eventually going to competitive graduate programs that are driven by standardized tests are better off killing it at a lower ranked school and saving the money for their graduate degree (law and medicine, in particular).

The networking at regional colleges is real and can serve you well if you never leave your area. But that doesn't always translate to other parts of the country/world that you might move to later.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This thread is oddly cathartic.

I think the "latte factor" is nonsense. Depriving yourself of your $5-$10 coffee or avocado toast or joy of choice is not going to a darn thing to make a house or college tuition more affordable.

If you spend $10 on coffee everyday you are an idiot. I DOES make a difference, how could it not? $300 a month X 12 = $3600 a year doubling every 5-8 years? Remember a lot of people live on less than $40,000. So spending more than 10% of your take home pay on a couple of cups of coffee somehow is justifiable???
I worry about the world when the next gen takes over!

My controversial opinion: It matters tremendously if you are middle class or trying to get ahead and upper middle class. Skipping buying coffee or lunches allowed me to pay of my undergrad loans, cash flow grad school (while working full time), and save for a.downpayment on a house. I still make coffee at home and rarely buy lunches during the week. It's helping us save for retirement and my kids' college education.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:People, please stop engaging the bizarrely angry and enraged pro-leasing poster. He derails so many threads on this forum. Just treat him like a troll and ignore.

NP, but the pro-leasing guy is closer to being correct than the anti-leasing guy, and is being less obnoxious as well.

+1 the pro lease poster does not assign any moral value to leasing as the anti leasing guy does

Not true. He treats anyone who doesn’t lease as a moron. Leasing doesn’t bother me, but there is nothing wrong with choosing not to lease.

I didn't get that impression at all. If you trade cars every 3-4 years and don't lease you are a moron