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originally posted by: annoyedpharmacist
originally posted by: BlueJacket
a reply to: TEOTWAWKIAIFF
Yes sir...thats it. I buy everything except cars and house with cash...and if i had it to do over...id not of bought our new vehicles...total waste
When I buy something, I pay it in full. Car: paid off Credit Cards: no balance. The only major debt I have is school loans, and wow, is it a doozy unfortunately. I am also preparing as much as possible for retirement. My paycheck has the most I am allowed to remove pre tax to put into my 401k.
If I continue to save at this rate, and the market doesnt fall apart, I should have over 750,000 to retire on. The only trade off is that my take home is significantly less than it could be......so sometimes I do not have a huge margin for error. But I will take that, to ensure a comfortable retirement.
originally posted by: cynicalheathen
originally posted by: WeRpeons
a reply to: toysforadults
It's only going to get worst since colleges and universities are strapping this young generation with enormous debt! They have no disposable income left to put back into our economy, save for their retirements or buy a home. I've said it before, this will be one of the main reasons that will cause the U.S. economy to crash. If young people have no spendable income, it will directly effect businesses, the real estate and stock market.
Who forced the young people to get that debt? Was a gun held to their head?
I hold a GED. I make 10% more than the median household income of my state by myself. This doesn't include my wife's income.
I saw no benefit to a college degree. I didn't have a degree in mind for what I wanted to do. I wasn't willing to take on debt without a goal in mind. Now I have a much higher net worth than my friends who went to college and don't use their degrees.
originally posted by: Aazadan
originally posted by: kyleplatinum
a reply to: toysforadults
If you make 6 figures and live paycheck to paycheck, you are definitely doing something wrong.
It depends on where you're living in the country. $125k in Carlsbad, CA for example will get you a 2 bedroom apartment with a roommate.
The supply of Labour is a huge part of the problem - more people going for each job - the success of immigration is the destruction of salaries. Before anybody accuses me of racism etc - I married an immigrant and I employ many.
The reality, still, is that many businesses do fail. According to the 2015/2016 Global Entrepreneurship Report published by Babson College and several other organizations, over half of businesses discontinue operations because of lack of profits or financial funding.
A big issue is under-capitalization at the outset of starting a business. Business owners frequently underestimate how much money will be needed to fund operations. At the same time, they can overestimate how quickly their products and services will catch on in the marketplace.