Log in
Register
Search
Search titles only
By:
Search titles only
By:
Forums
New posts
Forum list
Search forums
Leaderboards
Games
Our Blog
Blogs
New entries
New comments
Blog list
Search blogs
Credits
Transactions
Shop
Blessings: ✟0.00
Tickets
Open new ticket
Watched
Donate
Log in
Register
Search
Search titles only
By:
Search titles only
By:
More options
Toggle width
Share this page
Share this page
Share
Reddit
Pinterest
Tumblr
WhatsApp
Email
Share
Link
Menu
Install the app
Install
Forums
Discussion and Debate
Discussion and Debate
News & Current Events (Articles Required)
29% of households have jobs but struggle to cover basic needs
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="ThatRobGuy" data-source="post: 77660149" data-attributes="member: 123415"><p>...but like I noted before, two things can be true at once.</p><p></p><p>We could all probably find some things that we spend a little too much on that would be best if diverted toward savings or something else.</p><p></p><p>And while it's true that GenZ seems (from all the available data) to be worse at those prioritizing exercises than other generations. Their gripes still have some validity.</p><p></p><p>If you take 2 people who are 26, both making $45k/year...</p><p></p><p>One saves next to nothing, spends their money on the latest phones, trendy clothes, etc...</p><p>The other is extremely frugal and lives as cheaply as they possibly can, eats all meals at home, put almost every additional dime above and beyond their bills in savings, etc...</p><p></p><p>The thing those two people have in common? Neither will be able to buy a house in the suburbs and start a family by 30 without seriously struggling.</p><p></p><p></p><p>Unlike what the boomer generation was able to do back when they were their age with relative ease (thanks to the favorable conditions the US had in the manufacturing sectors in the 2 decades following WW2 due to the rest of the world being in the rebuilding process after the war)</p><p></p><p></p><p>Point of reference, in just doing a random browse of some real-estate (this is from a town that's about a half hour way from me here in Ohio...which is a relatively "cheap" state to live in)</p><p>[ATTACH=full]346903[/ATTACH]</p><p></p><p>And extremely modest home that needs work. $249k.</p><p></p><p>If you have an 800+ credit score and 20% to put down (which most people in their 20's do not)...here's what you're looking at:</p><p>[ATTACH=full]346904[/ATTACH]</p><p></p><p>Almost $1800 (plus whatever utilities would cost)...after utilities, you're probably looking at around $2100 a month.</p><p></p><p>Per the IRS</p><p>After tax take home pay for someone in Ohio making $45k/year and making a modest 2% contribution to their 401k and paying $125/month toward a company health plan would be in the ballpark of about $2550/month.</p><p></p><p>In a nutshell, what the boils down to is that even the most financially responsible young person is going to have an extremely difficult time making that work with what little money they had leftover after covering bills and food.</p><p></p><p>So it's not surprising that most don't go that route.</p><p></p><p>If you were 26, would you want to be "house poor" just so you could live in a place that will need thousands of dollars of work and that's in a "meh" neighborhood? That kind of "pick your poison" decision isn't one that the boomer generation wasn't faced with when they were in their 20's. People from that era "doing everything right" could comfortably afford to buy a home by the time they were 23 if they got a job at the local factory when they were 18 and saved their money.</p></blockquote><p></p>
[QUOTE="ThatRobGuy, post: 77660149, member: 123415"] ...but like I noted before, two things can be true at once. We could all probably find some things that we spend a little too much on that would be best if diverted toward savings or something else. And while it's true that GenZ seems (from all the available data) to be worse at those prioritizing exercises than other generations. Their gripes still have some validity. If you take 2 people who are 26, both making $45k/year... One saves next to nothing, spends their money on the latest phones, trendy clothes, etc... The other is extremely frugal and lives as cheaply as they possibly can, eats all meals at home, put almost every additional dime above and beyond their bills in savings, etc... The thing those two people have in common? Neither will be able to buy a house in the suburbs and start a family by 30 without seriously struggling. Unlike what the boomer generation was able to do back when they were their age with relative ease (thanks to the favorable conditions the US had in the manufacturing sectors in the 2 decades following WW2 due to the rest of the world being in the rebuilding process after the war) Point of reference, in just doing a random browse of some real-estate (this is from a town that's about a half hour way from me here in Ohio...which is a relatively "cheap" state to live in) [ATTACH type="full" width="685px"]346903[/ATTACH] And extremely modest home that needs work. $249k. If you have an 800+ credit score and 20% to put down (which most people in their 20's do not)...here's what you're looking at: [ATTACH type="full" width="555px"]346904[/ATTACH] Almost $1800 (plus whatever utilities would cost)...after utilities, you're probably looking at around $2100 a month. Per the IRS After tax take home pay for someone in Ohio making $45k/year and making a modest 2% contribution to their 401k and paying $125/month toward a company health plan would be in the ballpark of about $2550/month. In a nutshell, what the boils down to is that even the most financially responsible young person is going to have an extremely difficult time making that work with what little money they had leftover after covering bills and food. So it's not surprising that most don't go that route. If you were 26, would you want to be "house poor" just so you could live in a place that will need thousands of dollars of work and that's in a "meh" neighborhood? That kind of "pick your poison" decision isn't one that the boomer generation wasn't faced with when they were in their 20's. People from that era "doing everything right" could comfortably afford to buy a home by the time they were 23 if they got a job at the local factory when they were 18 and saved their money. [/QUOTE]
Insert quotes…
Verification
Post reply
Forums
Discussion and Debate
Discussion and Debate
News & Current Events (Articles Required)
29% of households have jobs but struggle to cover basic needs
Top
Bottom