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  1. #1
    Forum Frontman It's Mike's Avatar
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    12.13.17 @ 11:04 AM
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    Default Parents Are Bankrupting Themselves to Look Adequate

    Excellent read on a real problem that doesn't get discussed enough.

    http://www.bloombergview.com/article...-look-adequate

  2. #2
    Atomic Punk edwardv's Avatar
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    12.13.17 @ 10:27 AM
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    My father always said live below your means,save/invest conservative, and avoid debt. Good article.
    EVH 1979: Well, actually it's not much of a vacation, because we run everything ourselves. We design our own album cover, we have to be in the office every day to sign checks - the whole corporation revolves around us. Nothing can be done without our approval. We even have photo approval.

  3. #3
    Atomic Punk Dave's Dreidel's Avatar
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    12.13.17 @ 07:47 AM
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    Default

    Debt is a tool, just like everything else.

    Used correctly, it can be used as leverage and increase your wealth exponentially. Used incorrectly and you're in a mess.

    Unfortunately after the last recession, many people were using debt just to pay the bills, ad now they are trying to dig out of that hole.
    Taylor Swift is nice to look at. Adele can sing.

    Emperor Brett - "I can't believe you guys are analyzing song-by-song Van Halen III? What next, analyzing the script of Stroker Ace looking for some shred of Citizen Kane?"

    David Lee Roth did the impossible. He made Van Halen better. Deal with it!

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  4. #4
    Gird your loins Daisy Hill's Avatar
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    12.13.17 @ 09:45 AM
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    Default

    I see this all the time with people i deal with. and they all think that because i am a business owner, I am rich and have no real pressing need for them to pay me what they owe me.

    small businesses that I do business with have tightened up their credit ....they want a card number available at the time of service or they send a bill that is due on receipt where before it was net 30 days

    these are all middle class people, and as a business owner, I have felt the pinch of skipping a paycheck to make sure that the bills get paid.

    but I was talking to someone the other day about how housing is affecting peoples financial stability.

    in my mothers generation, they bought "starter homes" and worked and saved to get the bigger family home that for the most part, they raised their family in and lived in until old age. The goal was to own the home free and clear and many had mortgage burning parties when the home was paid off

    in my generation, the starter home became a little more upscale and the rise up to the family home frequently ends with a 4 bedroom 3 bath home in same the kind of suburban neighborhood. and many of us have fallen into the trap of home equity loans where we shake our home like a piggy bank every time the home value rose and used the money to pay for things unrelated to housing. No mortgage burning party there

    our current generation graduates from college and buys a house that more closely resembles or exceeds the family home they were raised in than their parents or grandparents starter home. Notice how many swingsets you see in the back yard of those Mcmansions

    so many people are cash poor but house rich...and that is not rich at all. it is the least liquid you can be.

  5. #5
    Atomic Punk Dave's Dreidel's Avatar
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    12.13.17 @ 07:47 AM
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    Default

    The problem is, in certain areas, real estate is so expensive, there is no way around it, it's the cost of living where you do.

    I live in the highest income county in the United States, and I work in the 2nd highest income county in the United States.

    We have great schools and all the rest that comes with that, but real estate costs are ridiculous.

    You are talking $200,000 for a quarter acre...just the land...at the low end. That's before you build the house. If you want to live in certain places, and you want a house, you are going to pay for it, and through the nose.
    Taylor Swift is nice to look at. Adele can sing.

    Emperor Brett - "I can't believe you guys are analyzing song-by-song Van Halen III? What next, analyzing the script of Stroker Ace looking for some shred of Citizen Kane?"

    David Lee Roth did the impossible. He made Van Halen better. Deal with it!

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  6. #6
    Atomic Punk Get The Show On The Road's Avatar
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    12.13.17 @ 10:55 AM
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    Quote Originally Posted by It's Mike View Post
    Excellent read on a real problem that doesn't get discussed enough.

    http://www.bloombergview.com/article...-look-adequate
    Fuck the Joneses, I really don't give a shit what my neighbor drives or where he sends his kids to school.

    When we moved into our current house a little over three years ago it was the cheapest house in the neighborhood. While we were looking at the models I overheard this other knucklehead asking the sales representative to find him a way to get the most house for 5% down. I just shook my head.

    Of course he may have gotten away with it as home values in our area have risen about 30 to 40 percent since we bought. However, if something goes sideways as is bound to happen at some point he's gonna be in a world of hurt.

    I've never understood human beings incessant need to try to impress others with all the shit they can buy, but whatever. That what people do I guess.
    The only genre I really know is Van Halen.

  7. #7
    Atomic Punk ziggysmalls's Avatar
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    12.13.17 @ 08:51 AM
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    Well another problem that parents face today is the norm that kids have to participate in organized activities instead of basically playing. I don't have kids but all my friends do from 1 up into the teens. It baffles me how much time and money it takes just so a kid can play. I played baseball in the summer. My mom said it was about 50 bucks or something and it lasted three months. My friends have multiple kids playing multiple sports which amount to 100 to 500 per month per kid. Then you have extra costs associated with trips, etc. Plus all the time it takes for the parent to be there in support.

    Its freaking crazy. Then add in the costs of the kid wanting a cell phone. A IPAD, extra internet, etc

    I think the house, car, etc are probably a hell of a lot more manageable than just the costs for the kids to play or to be entertained.

    I feel sorry for you guys.

  8. #8
    Atomic Punk Dave's Dreidel's Avatar
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    12.13.17 @ 07:47 AM
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    Default

    I have to pay a pretty heft fee (hundreds of dollars) to the county for each sport my kid plays in high school to cover costs.

    I know my parents didn't have to do that.
    Taylor Swift is nice to look at. Adele can sing.

    Emperor Brett - "I can't believe you guys are analyzing song-by-song Van Halen III? What next, analyzing the script of Stroker Ace looking for some shred of Citizen Kane?"

    David Lee Roth did the impossible. He made Van Halen better. Deal with it!

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  9. #9
    Atomic Punk Get The Show On The Road's Avatar
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    12.13.17 @ 10:55 AM
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    Quote Originally Posted by ziggysmalls View Post
    Well another problem that parents face today is the norm that kids have to participate in organized activities instead of basically playing. I don't have kids but all my friends do from 1 up into the teens. It baffles me how much time and money it takes just so a kid can play. I played baseball in the summer. My mom said it was about 50 bucks or something and it lasted three months. My friends have multiple kids playing multiple sports which amount to 100 to 500 per month per kid. Then you have extra costs associated with trips, etc. Plus all the time it takes for the parent to be there in support.

    Its freaking crazy. Then add in the costs of the kid wanting a cell phone. A IPAD, extra internet, etc

    I think the house, car, etc are probably a hell of a lot more manageable than just the costs for the kids to play or to be entertained.

    I feel sorry for you guys.
    Heh, heh, there's a word called "no." I use it with my 5 year old all the time, just like my father used it all the time with me.

    Some of these parents would be wise to learn to use it too.
    The only genre I really know is Van Halen.

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  11. #10
    Atomic Punk Get The Show On The Road's Avatar
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    12.13.17 @ 10:55 AM
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    Quote Originally Posted by Dave's Dreidel View Post
    I have to pay a pretty heft fee (hundreds of dollars) to the county for each sport my kid plays in high school to cover costs.

    I know my parents didn't have to do that.
    They charge a fee here for kids to ride the bus to school. My parents didn't have to do that either.
    The only genre I really know is Van Halen.

  12. #11
    Forum Frontman fudd's Avatar
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    Quote Originally Posted by Get The Show On The Road View Post
    Heh, heh, there's a word called "no." I use it with my 5 year old all the time, just like my father used it all the time with me.

    Some of these parents would be wise to learn to use it too.
    Yes but every parent wants to be the "cool" parent and has forgotten what that word means.

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  14. #12
    Sinner's Swing! Jesus H Christ's Avatar
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    12.13.17 @ 09:46 AM
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    Default

    I'm not married(NEVER again), no kids, zero debt, money in the bank and live a very simple lifestyle.

    I figure I can retire at around 50.
    "The less I needed, the better I felt." ~ Charles Bukowski.

  15. #13
    Atomic Punk Dave's Dreidel's Avatar
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    12.13.17 @ 07:47 AM
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    Default

    Quote Originally Posted by Get The Show On The Road View Post
    They charge a fee here for kids to ride the bus to school. My parents didn't have to do that either.
    I sometimes wonder why I pay all the property taxes that I do, when I have to fork open my wallet for my kid to play lacrosse, when I have to buy all the damn equipment anyway.

    They stick it to you in all kinds of ways now. They have "official" homecoming jerseys for football that you are required to buy for $250, but hey, they get to keep them! Woo hoo!
    Taylor Swift is nice to look at. Adele can sing.

    Emperor Brett - "I can't believe you guys are analyzing song-by-song Van Halen III? What next, analyzing the script of Stroker Ace looking for some shred of Citizen Kane?"

    David Lee Roth did the impossible. He made Van Halen better. Deal with it!

    Preferred pronouns: he/him/his

    Hurricane Halen - Let's all gingery touch our sword tips!!!

    DONATE TO THE LINKS YA CHEAP BASTARDS!!!!

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  17. #14
    Atomic Punk Dave's Dreidel's Avatar
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    12.13.17 @ 07:47 AM
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    Default

    Quote Originally Posted by Jesus H Christ View Post
    I'm not married(NEVER again), no kids, zero debt, money in the bank and live a very simple lifestyle.

    I figure I can retire at around 50.
    Married, four kids, live in one of the most expensive places in the world. Have four kids to put through college and retirement to pay for. I'll be working until I'm 65...at least.
    Taylor Swift is nice to look at. Adele can sing.

    Emperor Brett - "I can't believe you guys are analyzing song-by-song Van Halen III? What next, analyzing the script of Stroker Ace looking for some shred of Citizen Kane?"

    David Lee Roth did the impossible. He made Van Halen better. Deal with it!

    Preferred pronouns: he/him/his

    Hurricane Halen - Let's all gingery touch our sword tips!!!

    DONATE TO THE LINKS YA CHEAP BASTARDS!!!!

  18. #15
    Atomic Punk ziggysmalls's Avatar
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    12.13.17 @ 08:51 AM
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    yeah the peer pressure a parent feels must be tremendous. Meanwhile these baseball, gymnastics, soccer, football, lacrosse, etc leagues are just raking in the dough.

 

 

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