MTFCA Forum

MarketWatch 10-3-22
"I’m paycheck to paycheck.’ I make $350K a year, but have $88K in student loans, $170K in car loans and a mortgage I pay $4,500 a month on...."

I don't make anywhere near that much. Never have. I suppose I should be required to pay off your loans. (?)

I think the highest paying Job I ever had was $25.25 an hour. with proper management and investing I now own 2 houses and about 8 cars. Maybe they should start teaching kids how to balance a check book again!

when parents shield their children from all consequences and reward them for simply existing, this is the progeny you create. Shaming the author is like blaming a dog for barking...they do what is in their nature and understand.

the question is: what went so wrong in the parenting of this person, and why?

the most frightening aspect of the story is that this person is of voting age, and in the future, will vote in their own best self interest. In that light, you don't need to be Nostradamus to see where this leads.

One of my sons asked me, when he was around 16 for "more responsibility". I think he wanted me to ease some restrictions or rules, which I didn't. However, I gave him about $100 a month (around 1980) and told him he was now responsible to pay his own bills. Clothes, fees for school activities, and other things. He bought a lot of toys and other items he liked and his clothes got a bit raggy, but after a few months, he began to pay for his own haircuts and clothes and other bills he owed. When he went to college, he applied for a scholarship, and was able to pay some of the expenses. Then he got a student loan. I agreed to make the payments as long as he stayed in college. He lived in the dorm. Then he and some buddies, wanted to get a room off campus. I told him he would have to pay for that himself, which he got some part time work and was able to do so. Then when he graduated, I gave him the cash amount due to pay off the loan and told him it was now his responsibility to pay it off or spend it however he wished. He paid off the loan and has been on his own ever since. He is now 57 and retired! Just moved to Idaho. Will do some on line work and also work in his spare time. He was in charge of computers for a large county for quite a few years, so he is able to find work if he needs to. He has a pension, but will need to wait a few more years for SS.
Norm

Norman

remarkable what solid parenting can produce! Good for you and good for him.

ya done good

https://www.msn.com/en-us/money/other/i ... 3127127b4b

here is the link if you would like to read the entire thing.
Makes me sick to read something like that. She could be driving 2 good used gas powered cars with a debt of 50 grand or less paying for them.
What kind of a house does someone need that cost 4500 $ a month?
No reason she couldn't down grade to a less expensive house.

She put her self in that position. she should have to dig herself out.
I think the old saying goes, "if you make a mess in your bed,you have to lay in it">


1 short quote I found interesting,I had never heard of it,but if you look at people and how they operate, it is true,

" Parkinson’s Law, which essentially states that your spending will always rise to meet your income no matter how high that income rises, "

I thought it very respectful for the respondents to ignore your last sentence.
I won't.
Nope! They can pay it back themselves.
We'll see how that plays out.
Pay-off's for votes? Dirty pool.
Norm, that's excellent!
Scott, sounds like a few grandsons of mine. Entitled. They're 9 and 10!!
When they get that stupid around me, Please don't tell else I be targeted, I kick 'em in the can! Wake up call!

$170K in car loans? What???
I never owned a Ferrari.....

Sounds a lot like self inflicted to me.

Why have a car loan at all, with 350K? Taxes?

I was six years old when my parents gave me chores and an allowance,
which was balanced that I could no longer ask them to buy things for me.
Allowance was 25¢ a week, and the chores included sorting the trash and
distro'g it to the go-to-dump cans and burning the paper, cleaning the
horse stalls and corral, feeding the horses, and patrolling the in-use pasture
fence for problems, and fixing. The suggested that if I wanted anything
more, I get a job. Living in farm country, kids could always find work on
the area farms. It was an excellent foundation of learning to live debt-free.
One of the truly great lessons my parents imparted upon me.

That looks like a very high loan payment on a car. The whole car should not cost that much. How many cars do you own on?
Norm

Norm, I think the article mentioned 2 electric cars.

Welcome to the future fellas! Where pickup trucks never leave the pavement or tow a dingy, yet have 3’ of ground clearance, platinum trim packages, and 1000 hp engines. Where civilian commuter cars have 12 way automatic power seats, 3 sunroofs, refrigerated glove boxes, and a dash monitor larger than most 20 year old TV’s. Go without luxury trinkets…? No way! Would rather be indentured for countless years, paying unmeasurable interest and penalties on debt that I don’t even remember incurring! It’s the American way…

6 years old and burning trash, feeding horses, cleaning stalls and fixing fences? That is just amazing.

Tim Moore

Had to take care of the chickens too !

When I was nine, Saturdays I swept up the sawdust in my dad's furniture factory and hauled it to the incinerator and burned it for 10c per hour. And I also helped him assemble "Taylor Tot" strollers for babies. I got 10c for each one I assembled, but the customer paid $1 over the cost of one in the box un-assembled. I thought I should get a dollar! I saved up half enough for summer camp and he contributed the other half.
Norm

Seems our Children are being taught they don't have to be responsible for anything. they advertise an insurance against vehicle breakdowns, household appliance breakdowns etc,etc,etc (said in Yule Brenner voice from the king and I)

As an employer, this conversation is one I am immersed in constantly.
I truly believe we are doomed, running on our present course, and now
fully understand my Grandmother's comments about looking forward to
not being around anymore. This bus is going over a cliff. Given my age
and what appears to be the current trajectory of things, I will time my
exit perfectly to miss the fecal matter hitting the air oscillation unit.

Look, nobody is getting out of here alive. Smile, live it up, and enjoy the things that matter.

Doctor: “I have some bad news and some very bad news.”
Patient: “Well, might as well give me the bad news first.”
Doctor: “The lab called with your test results. They said you have 24 hours to live.”
Patient: “24 HOURS! That’s terrible!! What could be worse? What’s the very bad news?”
Doctor: “I’ve been trying to reach you since yesterday.”