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      11-07-2019, 05:06 PM   #23
unluky
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Originally Posted by Conissah View Post
I definitely didn't pay for my M2C in cash though lol. That was my graduation present to myself. But I understand what you're saying. I set a very strict budget for myself, and keep a detailed record of where my money goes, so I know exactly how much I am to save vs spend each paycheck. Too many of my friends get paid and then blow their whole check on shit they don't need. Not my money though, so I'm not going to tell them how to spend it.
Exactly - if you are not in debt up to your ass, are saving for the future (especially when you are young) and can afford it - go for it. Many others are far worse off. My GF working in the ER really opened my eyes. There were many doctors driving a hour away to pick up extra shifts to keep up with house and car payments. Here are these guys who you think are rolling in it, working 20-40 extra hours a week to keep up with bills. I probably had more in savings than many of them. It was crazy.

I was always a big saver, so having that nest egg to a certain size sure gives you comfort and allows to to do what you WANT to do - not what you HAVE to do. I thank god my father beat that into me every day.

Ignore the haters - it all comes out in the wash.
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      11-07-2019, 05:41 PM   #24
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My parents made too much for me to get any need based grants, and the loans I was offered through my university were unsubsidized. It's crazy how many kids lack the understanding of how money and loans work... It's like they don't know they'll have to pay it back.
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I had similar - I think I ended with 16k in loans @ unsubsidized interest rate of something like 8% (back at the turn of the century LOL). It was basically like paying off a car loan. 3-5 years later it was gone.

Wait until a few years from now when people are buying homes and starting families in your peer group. You'll really begin to see who is living beyond their means as they get deeper and deeper into debt.
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      11-08-2019, 12:19 PM   #25
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My youngest couldn't get grants, because hsi parents make too much. That unsecured loan at 8+% is brutal, but we manage to about have it paid by the end of the summer. To help build him some credit, he took the load, I zelle him $500/month, and he pays it off. He's not in STEM, but at least is getting his teaching credential, so will eventually be set up.

He works part-time, which I'm hoping is enough to get him in the habit of working. I was glad I could spare him from "kitchen duty" work, but still made him do volunteer work in the hot and dirt, just enough so he will remember he doesn't want to do that day after day for 40 years.
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      11-08-2019, 12:46 PM   #26
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Originally Posted by UncleWede View Post
My youngest couldn't get grants, because hsi parents make too much. That unsecured loan at 8+% is brutal, but we manage to about have it paid by the end of the summer. To help build him some credit, he took the load, I zelle him $500/month, and he pays it off. He's not in STEM, but at least is getting his teaching credential, so will eventually be set up.

He works part-time, which I'm hoping is enough to get him in the habit of working. I was glad I could spare him from "kitchen duty" work, but still made him do volunteer work in the hot and dirt, just enough so he will remember he doesn't want to do that day after day for 40 years.
My Dad instilled in me at a young age that if I want things and want the ability to do my own things, then I have to have my own money. Started at a friends pizza joint in the kitchen at 15 and illegally drove to work lol. Switched around jobs, but after working a summer outside doing lawn care and mulching, I 100% do not ever want to do that for a living again. My older sister and her husband are both teachers, and they absolutely love it. nothing wrong with that. My fiance had never had a job until she was 18, nothing wrong with that either, she's actually way more financially smart about purchases than I am. Nothing wrong with starting work at a young age or at an "older" age. I hope he is thankful for the credit situation, because without my Dad helping me out with a joint credit card, I would have little to no credit. I'm currently trying to help my fiance build some credit, and it sucks.
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      11-08-2019, 12:54 PM   #27
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Quote:
Originally Posted by Conissah View Post
I would have little to no credit. I'm currently trying to help my fiance build some credit, and it sucks.
I first applied for credit just after I got married (the first time) at age 25. I had previously always paid for everything in cash. Granted this was 19-hundred and something, not like today.

I browse my son's account every now and then to see where his money is going. Lots of game sites, local eateries, but I also see semi-regular transfers to a savings account He is saving up to go with his buddies on a ski vacation in early January, if mom will give him the OK

I got my first job at 12 delivering newspapers on my bike (yes, we really did do that in the 1900s) because I wanted Levi's, but mom/dad said their budget afforded Tough-Skins. The first paycheck from a "real" job washing dishes at a yacht club was cashed by the shaper who sold me my first custom surfboard.
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