Reply to Over half of Millennials earning 250K or more a year lives paycheck to paycheck

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Not surprising with millennials need to constantly keep up with the Jones’s. That’s why a high income means nothing if you can’t even balance a checkbook. [/quote]

What a joke. I am 37. My parents live in a 55+ community. The level of "keep up with the Joneses is way higher among that set. The term originated in the early 1900s. This is not a Millennial-specific issue. [/quote]

It’s not a joke. I’m 35. I have so many friends my age who buy the latest Audi or Tesla or Rolex and wonder why they have no savings and expect Biden to pay back their student loans. People just don’t know how to budget at all. I see it all the time

This^^^^ You took the student loans, you need to budget to pay them off.  And if you took 100K worth of loans, you need to plan for that and live accordingly.  Drive a beater car for 15 years, live in a cheaper apartment, don't take fancy vacations, etc.

We had over $60K in student loans when we got married (25+ years ago).  We used one salary over 1.5 years to pay off ALL of the loans.  We didn't take fancy vacations (drove somewhere and stayed for $100/night for 3-4 days type of vacations), we lived simply in a 1 bedroom apartment, with the furniture we had from grad school (not nice, but it worked).  Drove basic cars, not fancy/luxury. Had a budget for eating out and kept to it.  packed our lunches and took them almost daily to work, etc.    Simply put, we made it a priority to pay off the student loans before we stopped living like miserly grad students.  Would have done it for 3-4 years if that's what it took (but we were able to do it in 1.5 years).  Then we could move on to live like normal adults and save for first home, and purchase one we could qualify for with only 1 income (in case we wanted to stay home with the future kids).  And continued to save save save rather than spend spend spend.  But that meant at age 30 we could purchase a luxury car with cash, as we had driven a car for 12 years and put the car payment into savings once it was paid off.

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