Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think most people learn from their parents. My parents were always frugal and good with money. They passed this down. I have done the same.

No. Just no. This doesn’t explain all the dynamics where one kid is great with money and the others aren’t. Just read the family relationship forum.

Yep. My dad had to declare bankruptcy, go to credit counseling, and cut up all but one of his credit cards.

He’s doing okay now but it was a rough road.

How long would it take him to get back on track - 5 years? How many times of his income he had the debt?

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Yes, this board is full of people born on third base who thought they hit a triple. I’m from a normal middle class background. Single mom, first in my family to graduate from college, took out student loans, paid them back. My kid also has student loans and will pay his back. Even if we cut every corner, I still don’t have enough to pay for everything. I always pay off my credit card debt but until I stop paying for college, it is super tight every month.

This. Most people I know with absolutely zero debt come from privilege that benefits them well into adulthood. Even if their parents aren't explicitly cutting them checks (and many of them are!), they paid for college, wedding, downpayment on the house, family vacations, gifted older cars, etc. One friend talks about how she stands to inherit $4 million dollars. Crazy stuff.

very true. Though I was raised by mentally ill parents and suffered housing insecurity. I still support one of my siblings who inherited the mental illness. My DH parents were true blue collar. I went to CC, Stopped there and DH to a state school with loans. We got VERY VERY lucky and hit the tech boom and companies at the sweet spot all through the late 90s -2000s. We both worked places with IPO and RSUs and can’t believe our luck. However i see how damn lucky our kids are.No school debt, my oldest is in college an we’ve basically found him incredible internships, they will both start adulthood with paid off reliable safe cars, and will always have it in the back of their mind that their parents will never let them be without the essentials in life no matter what happens. but no we will not cut gigantic checks for homes that’s for sure!

I actually think n way my kids are at a disadvantage as compared to my very rough childhood, which was a blessing in disguise. they will never know what it feels like to be hungry for something. This has been a big driver in my and my DHs lives. We have always wanted more than what we came from. we have always know we had to make our own way and we knew what we wanted. I’m so grateful for my early life even though it did give me some personal issues i struggle with: I would not trade it for anything.

We are struggling with this. Our son is so lazy and takes everything for granted. It's crazy. I hate the idea that our son thinks that no matter what mommy and Daddy's money will be there for him. He has zero motivation and just wants to be average and become cruise control.

When kids start talking about trust, inheritance etc that's pathetic if you want my honest opinion.

I had none of that and I am glad I didn't. It toughened me up.

Anonymous wrote:

Anonymous wrote:Yes, this board is full of people born on third base who thought they hit a triple. I’m from a normal middle class background. Single mom, first in my family to graduate from college, took out student loans, paid them back. My kid also has student loans and will pay his back. Even if we cut every corner, I still don’t have enough to pay for everything. I always pay off my credit card debt but until I stop paying for college, it is super tight every month.

This. Most people I know with absolutely zero debt come from privilege that benefits them well into adulthood. Even if their parents aren't explicitly cutting them checks (and many of them are!), they paid for college, wedding, downpayment on the house, family vacations, gifted older cars, etc. One friend talks about how she stands to inherit $4 million dollars. Crazy stuff.

very true. Though I was raised by mentally ill parents and suffered housing insecurity. I still support one of my siblings who inherited the mental illness. My DH parents were true blue collar. I went to CC, Stopped there and DH to a state school with loans. We got VERY VERY lucky and hit the tech boom and companies at the sweet spot all through the late 90s -2000s. We both worked places with IPO and RSUs and can’t believe our luck. However i see how damn lucky our kids are.No school debt, my oldest is in college an we’ve basically found him incredible internships, they will both start adulthood with paid off reliable safe cars, and will always have it in the back of their mind that their parents will never let them be without the essentials in life no matter what happens. but no we will not cut gigantic checks for homes that’s for sure!

I actually think n way my kids are at a disadvantage as compared to my very rough childhood, which was a blessing in disguise. they will never know what it feels like to be hungry for something. This has been a big driver in my and my DHs lives. We have always wanted more than what we came from. we have always know we had to make our own way and we knew what we wanted. I’m so grateful for my early life even though it did give me some personal issues i struggle with: I would not trade it for anything.

don’t know, OP. I agree with you that financial education is totally lacking and too many people get accustomed to the “monthly payment” mindset instead of the “how much is this actually costing me” mindset. That goes for people of all income levels.

At the same time, many LMC and poor families simply cannot make ends meet without putting things on credit or making spending choices that are suboptimal. Frugality has its limits. Most people aren’t willing to be “frugal” when it comes to therapies for their special needs kids, for example. You pay because it’s an investment in their life and hope you can find the money for other necessities before they come due. Eating cheap and buying second hand clothes becomes a way to keep the lights on but never to actually get ahead.

Same if the fridge goes or the daily commuter car needs a new transmission. You put it on credit because you need it now and try to ignore the fact it is going to ultimately cost you four times what you paid - you just do your best to keep up with the minimums. Maybe juggle some low/no interest offers if you have good credit.

Forget things like buying in bulk. That requires having slightly more budget than the bare minimum to meet needs. Not willing to risk scurvy so I can buy that mega pack of meat that’s such a deal.

Living that way is absolutely stressful and a total grind, and it so easy to fall for the constant temptation to “treat yourself” with some wasteful small luxury purchase you really can’t afford. I grew up LMC and it took several years of solidly UMC income, paying off my student loan debt, and acquiring a million in assets by living well below my means before I finally felt something like comfort with my financial situation. And ironically, I have never felt less pressure to “treat myself”. If anything, I have to remind myself that I’m allowed to use my money to make my life easier.

When the easy credit stops flowing in this country we are going to have a violent revolution because it is going to expose just how bad things have gotten for so many people.

Anonymous wrote:

Anonymous wrote:Yes, this board is full of people born on third base who thought they hit a triple. I’m from a normal middle class background. Single mom, first in my family to graduate from college, took out student loans, paid them back. My kid also has student loans and will pay his back. Even if we cut every corner, I still don’t have enough to pay for everything. I always pay off my credit card debt but until I stop paying for college, it is super tight every month.

This. Most people I know with absolutely zero debt come from privilege that benefits them well into adulthood. Even if their parents aren't explicitly cutting them checks (and many of them are!), they paid for college, wedding, downpayment on the house, family vacations, gifted older cars, etc. One friend talks about how she stands to inherit $4 million dollars. Crazy stuff.

I am an immigrant and after my divorce my total annual income is around 36k with one child. I have zero debt except the monthly credit card bill I pay off fully. My only privilege was free education from my home country.
One doesn’t need to have rich parents to not have any debt.

Anonymous wrote:It’s at a point where I think it’s predatory how much credit most people are getting. Someone who makes under 50k should not have 5k or even 10k credit limit. They shouldn’t be able to finance a 50k car.

Car loans are really out of control.

I have made under 20k for the last 10 years (mom of multiple kids, luckily I got a 50k job recently woo lmao). My credit limit for the only card I own has always been like 15k 😂 makes no sense to me. My apartment is 1,700 a month! Thank God my parent pays most of it, but that won't last forever. I took a 12k loan out for my car, guess who co signed that mistake? Lol. At least I pay that bill on my own.

Luckily I'm frugal as heck, besides the rent issue. California

Anonymous wrote:I think most people learn from their parents. My parents were always frugal and good with money. They passed this down. I have done the same.

My parents are horrible with money. I am great with money.

Have you met the cult of maga stupid

Today $10 billion Taxpayers will have to pay trump and family for maga stupid.

Tariffs we taxpayers pay maga stupids
Christian right shits like Ericka Kirk come on down maga dummies give that con more of your money

By 2027 in about 12 months from
Now you idiots will have nothing no retirement no savings nothing . SS and Medicare gone rights gone, disease rampant you go ahead and claim you understand 2 plus 2.

Anonymous wrote:

Anonymous wrote:I think most people learn from their parents. My parents were always frugal and good with money. They passed this down. I have done the same.

They were also likely gainfully employed and emphasized work. Having money makes it easy to not be in debt.

They were also likely well-educated.

Anonymous wrote:

A car loan for a 15k used car- yes that’s a need.

Where does one find a reliable $15,000 used car that doesn’t have high mileage and isn’t going to break down frequently or need expensive repairs? No, nobody needs a $50,000 car, but I love how people on this board make it seem like inexpensive, reliable used cars are so easy to find.

Or you put some money down. You shouldn't be financing the entire car purchase. But yes, even up to 25k is reasonable.

As someone who grew up poor (dh) and middle class (me), we learned to work on our own cars. I remember one time, dh put in a new radiator in the parking lot of autozone. But we kept that car going until we could afford a new one. Being poor IS hard, no doubt about it, but it will be even harder being poor and in massive debt.