How is ANYONE supposed to get ahead nowadays?

So my wife and I are moving and we both have above average incomes. We are deciding to rent until we get to know the area. I can't believe what they ask on a rental app nowadays!!!! We need almost $10k in several months rent and security deposits just to rent a f'ng house! Wtf? We might as well buy! But we can't buy because we don't have anywhere near a 20% down. I mean we have good incomes and can get by and eventually save a little and can barely afford it. But what are all these young kids going to do? It's hard enough finding a job that pays how is anyone under the age of 30 going to afford to even rent? Let's say you graduate college with the average loan debt of $20k. You get a decent job paying around $40-$50k. Ok so how are you supposed to afford a rental with several grand in upfront costs? A car? Insurance? Basic bare bones furnishings I.e. Bed, furniture, pots pans? Food, gas, utilities, etc? Credit cards? Mommy and daddy? Our society is so screwed up! Young people are screwed before they even get out of the gate! We aren't setting anybody up for success. All we can do is set people up for debt and failure.

I don't get it! Then I know people who's parents are paying half their mortgages, giving them 50k for down payment on a house, sending them a fat check for Xmas to help out! I mean without that help how is any millennial ever going to be able to save $50k for a house?
I'm just bitter I guess. My father in law is wealthy but never offers any help to my wife and I. We don't want to ask and don't expect free money. But wouldnt he rather see us say take out a loan or borrow from him than get screwed by a bank and the system? My own father died when I was 24 and although raised us three boys up right didn't have much to leave us. Although I have a good income and career I feel like a total failure in America. I'll never be able to achieve what generations before me had and I make more in salary than they ever did. But it just seems the things that really led a person to accumulate wealth like a first home, college education are too expensive and right off the bat sink you into debt.
I notice white middle class Americans also
Don't help each other out as much as other cultures and races. I see Indians giving loans to their children to start businesses etc. Koreans do this a lot. But like my father in law many white families have the if I did it on my own so can you.

a reply to: MiddleClassWhiteBoy

It's because they're "helping" the middle class. I wish they'd quit. Don't you?

Seriously, we feel your pain.

Welcome to America land of the no longer free...The American dream Died in 2008 dont hold your breath down hill freefall from here...a reply to: MiddleClassWhiteBoy

Average loan debt of 20k? Where did u get that...wife just got her bachelors, cost 55k....we both make 30k each a year, government takes over 7k of my income in taxes, how the hell can they take so muych? and yes it is very hard to get ahead and save nowadays

Average loan debt of 20k? Where did u get that...wife just got her bachelors, cost 55k....we both make 30k each a year, government takes over 7k of my income in taxes, how the hell can they take so muych? and yes it is very hard to get ahead and save nowadays

a reply to: MiddleClassWhiteBoy

Eh if you aren't born sucking a golden bottle, good luck.

It's funny because people just don't understand that concept, of how very difficult it is to survive or ever have a chance of getting ahead in the U.S. if you don't have that support structure.

Check into the Home in 5 program. I am buying a house here in Phoenix using this program. Basically, you get a grant for your down payment. So all you really need is closing costs, and the usual stuff... inspection, earnest deposit, etc. You can even roll the closing costs into the mortgage if you like.

Edit to post... This may be a state program here in AZ... You may want to check with some lenders in your area.

a reply to: MiddleClassWhiteBoy

Bro, I along with countless others could have written the same thread. It sucks! I can't imagine having kids, and the kicker... My wife and I apparently made too much money last year. So this year will be the very first year I've ever PAID the IRS. We owe $1,100.

"Lower middle-class is the worst place to be by far" - says my friend.

No offense to the poor.

Still, we've managed to save a good chunk over the last year and plan on buying a house/condo this summer in Austin, where we currently reside. It won't be easy, and we may even be forced to wait another year due to my wife's family needing assistance (a lot). But we've been renting ever since we've been adults and we are trying to be optimistic about the American dream.... or nightmare.

a reply to: MiddleClassWhiteBoy

This guy gives very realistic financial advice: www.daveramsey.com...

In this day and age, in my opinion, you have to go in with other people and pool your resources. If you don't have family who will do it then find like-minded individuals.

a reply to: MiddleClassWhiteBoy

People don't help each other as much because our society has decided to delegate charity to the state. Socialism discourages unorganized voluntarism and erodes familial ties by design so as to produce the highest degree of citizen dependence upon state assistance.

Many people actually believe that by paying taxes they have helped some people, they have not (well, they have helped the social engineers and state employees but, that is another story).

Simply revoking the income tax would give such an enormous benefit to the poor on up as to be staggering in its productive 'stimulus'.

a reply to: DeepImpactX

That is very true.

But honestly people are fickle in the long run and doing so with non-relatives seems like a bad idea.

I haven't even had any good experiences from roommate situations, I can't imagining taking it a step further.

I used to believe that education was the great equalizer here in the U.S., and maybe it was. But not anymore. I grew up as flat-broke, poor white trash, but always thinking if I performed well in school things would work out and I'd gain some social mobility. Boy was I wrong.

Between my undergrad and medical education, my brain has about a quarter-of-a-million dollars, plus interest, invested in it. If it weren't for some loan repayment programs, etc, I'd be even more screwed in a year and a half than I already am. Good thing I'm already accustomed to being flat broke, else the next 15 years would be a lot worse.

Education is the new form of indentured servitude. Institutions of "higher learning" have become self-serving entities. Administrators demand ever increasing paydays and commissioning more and more vanity projects (new buildings that are of questionable necessity/utility) that are funded by raising tuition. And all of these colleges and universities know the majority of their students are there on federal loans, which I suspect is why they feel than can get a way with it- the student isn't harmed immediately.

There should be a law that limits the tuition and fees that an institution, which accepts federal financial aid money, can charge. Capping the tuition madness will help not only students, but the lending institutions as well. There's a massive wave of default coming in the near future...just watch

a reply to: FatherStacks

Yep. This is because the government got in to make it affordable, and the colleges saw that the government would pay and had deeper pockets than anyone, so they priced into governments pockets. So now, NO ONE can afford college and we're all in dept up to our eyeballs forever.

Oh, and since the government took over all the student loans - we're paying the government loans payments AND taxes. So we're getting taken at both ends of our paycheck for decades! Fancy that! We're all government wage slaves.

a reply to: FatherStacks

The law (specifically subsidy) is what has decreased the quality and made it so expensive.

a reply to: MiddleClassWhiteBoy

We need almost $10k in several months rent and security deposits just to rent a f'ng house! Wtf?

Where the hell are you moving to that you need 10k in advance payments to rent a house ??

Does it cost that much to rent a house anywhere in the country ?

If that's the case, how is anyone managing to rent a house in the US then ?

a reply to: MiddleClassWhiteBoy

The next generation will be utilizing group housing far more than we did. They'll probably start having children even later in life and simply live with several roommates. It's really the only way, even with government assistance.

My wife and I goofed up with a poor moving choice (paperwork issues caused things to fall through after we had already moved out of our last place... stupid move, I know) a few months back and ended up having to rely on her parents for a spare room to stay in while we look for a new place. If not for them, we would have been on the street (with a kid, no less) as we didn't have everything immediately saved up for a new place.

It's taken us faaaar longer to save up than we thought. Neither of us smoke, drink, or go out for meals. Rental market has gone up almost 50% in most of our town in the short span we've moved. I hate complaining but, damn... these kids who are about to experience it are going to be in for a rough road.

I hope the housing market gets stabilized soon. I agree with that one politician about "the rent is too damn high!"

a reply to: MiddleClassWhiteBoy

Never rent....

Alway buy on a real estate contract if possible and let the owner carry the paper.

Have you even tried to locate grants, low interest loans, foreclosures etc.

I buy and flip a house about once a year...imo it's a buyer market. And there are plenty of properties you can get for just paying the back taxes.
It takes effort but it's well worth the time and initial investment.

perhaps a little research.....

www.bankforeclosuressale.com...

How is ANYONE supposed to get ahead nowadays?

By using creative thinking, going into business for yourself, providing a needed service....really there are no limits if you are not afraid to think outside the box and get your hands dirty and work. It's really simple...but it's not easy.

I grew up poor as $%&t.

We were literally homeless for a stretch when I was a kid - on two separate occasions.

I own two houses, three cars, and have a variety of nice things. My credit was crap when I was 18-22 because I was young and stupid and the examples provided to me by my parents were horrible. I just bought a truck for towing a boat, now I am shopping for a boat.

I eventually learned how to manage my money, save what wasn't needed, and to make smart investments. I've never had any hand outs from my parents or my wife's parents.

I don't mean to sound unsympathetic, but everything you need to be successful is available to you. No one owes you anything. You need to start at the bottom and work your way up just like the rest of us, and stop complaining that you aren't getting what your peers are from their parents.. I assure you, doing it on your own will bring a satisfaction that a handout will never bring.

If you and your wife are both making $40-50k you should have no problem getting a home loan. You don't need to get a traditional loan - if your credit is good look at FHA loans or even USDA loans. I bought my second home with a USDA loan with only about 5% down, a fantastic interest rate and very low mortgage insurance. There are ways to build your empire if you're persistent enough to seek them out.

Good luck.

I agree with you but I got involved with a MLM, three years ago and its all I do now. I"m finally seeing daylight, It took time but I kept at it. I work from home and I finally found something I like doing to help people. If you are willing to learn and put in the work the dream is still achievable. reply to: MiddleClassWhiteBoy

originally posted by: olaru12
a reply to: MiddleClassWhiteBoy

Never rent....

Alway buy on a real estate contract if possible and let the owner carry the paper.

Have you even tried to locate grants, low interest loans, foreclosures etc.

I buy and flip a house about once a year...imo it's a buyer market. And there are plenty of properties you can get for just paying the back taxes.
It takes effort but it's well worth the time and initial investment.

perhaps a little research.....

www.bankforeclosuressale.com...

My first home was a pre-forclosure. I essentially paid the back payments and taxes and moved in. Was about $12k out of pocket. Got the home with a ton of equity in it and now it's a rental property.

I plan on doing the same with my current home in 5-7 years and building our dream house.