Stop spending above your means and you won't be that worried about losing your job for whatever reason. Having a safety net is much more important than that new big-screen 8k TV which you really don't need. I hear so many coworkers complaining about not knowing what they'll do if they're shown the door and in the same breath they're talking about the new cr-p they bought, like a new PS5 or whatever. I can understand the younger ones, they're still learning, but you'd be surprised at how many 40+ somethings do the same thing. Some people are their own worst enemy, I swear.
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The whole economy is based on people being maxed out in credit. Of course they won't teach kids in school how to stay out of debt. I would rather have a low credit score with my paid off house and car then a super high score because I am maxed out. The system is fu---d up
@OP+1d948aSL. Great post. It's a pity that this isn't taught in schools. And from the state of things, clearly parents don't help kids learn to save either.
Must of us know how to budget and manage our money so this whole post wreaks of arrogant self righteousness... Much of the comments on this site are, and should be, centered over disagreements with senior management decisions and the direction of the Bank.
Instead it's become a circular firing squad or a pi----g contest... As much as I hate it, rank and file has what's coming to them just due to the lack of cohesion and unified message towards management.
Surveys have shown for over a decade that over 80% employees want flexible/remote work arrangements and a third are willing to take a pay cut for it. People have a right to be pi---d about the current RTO plans and have a right to voice their opinions without being told to leave or being lectured on personal finance.
The poster ID —-> “@nmg+1d948aSL” Has no reading comprehension skills, no wonder he has no money.
They guy said his house was worth 1.2 million, he did say he paid that much. And he said he paid it off in 15 years, so we can deduce he bought it at least 15 years ago and it appreciated.
I did the same. I bought a house in the low 300k price 20 years ago and it’s now valued well over 1.4 million. I know this is fact because I just paid my real estate taxes and they are based on the current fair market value of the home.
Smart people buy and hold and live within their means. My parents paid 72k in 1974, they just recently sold their primary residence home for 2.6 million. Yeah, they were in a really good town, but they literally lived there their whole lives and made a ton of money by staying in the same home for decades.
They had a small mortgage, it was paid off and they never considered moving after it was paid.
People want the dream home as their starter home and take on foolish levels of debt to live a lie. Mortgage information is public knowledge, anyone can look up your mortgage. Most people are too stupid to understand this and try to live like they come from money.
The problem with people complaining about not being paid enough, is these are the same people who buy things they can’t afford. You know the types, they have an 800k mortgage, two high end cars on lease, wear the newest fashions, eat out all the time, take multiple vacations each year and then they wonder why they are buried in debt.
Pro tip: if you can’t pay your house off in less than 15 years, then you are buying too much house or your are buying in a neighborhood that is out of your socioeconomic range.
Stop taking on so much debt. Have a plan. And stop complaining and comparing your station in life to others.
There is. Direct correlation to having no debt and being happy and liking whatever job you’re in. The more people are in debt, the more they feel trapped by the system that wants them in debt. Debt = control. When you are in debt, you are easily controlled.
No one needs a 3k sq ft house. No one needs a Land Rover. No one needs a Rolex watch.
If you made bad choices, don’t bi--h about your paycheck.
Not having kids helps a lot too.
48 is too young to be a b00mer.
The guy probably bought a 250k house in a good zip code and it went vertical over the last 20 years. I know lots of people who did the same in real estate. He’s smart, don’t be a jerk.
I didn’t pay 1.2 m for my home. I paid much less for it almost 20 years ago and it appreciated to 1.2m. When I bought it, I did a 15 year mortgage and paid it off so I could work another 20 years and not have to pay a mortgage.
I have 2 kids
I live like I have no money. But we’re quite comfortable.
@gic+1d948aSL Do you have kids?
@gic+1d948aSL The monthly mortgage payment on a 1.2 million dollar home is about $4,900/mo. Following the budget recommendation that housing shouldn't cost more than 1/3 of your income, that puts your year salary after tax at $176,400+, and your before tax salary at $250,000+. This is almost 4x the average household income of $67,000/year.
In conclusion, we have somebody in the 97% percentile telling poor people that all they have to do to save is spend more than their total take home pay on mortgage payments.
In conclusion: okay, boomer.
The system is rigged, in the long run you get scalped. Best jobs are in the public sector, they get the best perks, are unionized, have pension plans, excellent health benefits, get periodic raises and hardly susceptible to any layoffs. The term public servant is such a misnomer, I'm surprised we still use it. I won't advise anybody to work in banking or financial sector.
In NYC, for one to be able to afford to live here, one must be either in the 1%-- the ultra riches, or in the welfare system where they get food stamps, a monthly stipend--more if you have more children, a subsidized or free housing, so basically one has nothing to worry about debts or expenses. $u-k$ for us in the middle or working class where we are at the mercy of and nickled and dimed by the corporations and government. No good deed goes unpunished.
Yes mom.
Inflation will put us in a van by the river. Right, I forgot, it's 'transitory'....
So the problem is not so much the spending, cost of everything has gone up; taxes, electricity, gas, food, water.. And with a BS degree I make the same income as pre 2008. As a late 40+ technology worker; my concern is finding another tech job if your not of Hindi decent. I’ve seen Indian aunties get jobs over Americans in the tech field. Is there another line of work for American tech workers with security or stay in a safe place?
In NJ where I live; the Indian income households have exploded and I am the minority. I’ve been an engineer for over 30+ years and have lost my job numerous times to outsourcing. It’s very hard to focus in these times knowing that SS possibly won’t be there when if ever get to 57.
You have to work, that is just a given. The question is what do you do with the money you make? If you squander it away and don’t save, you probably shouldn’t be working in corporate America anyway.
You work so that you can save so that if you do lose a job, you don’t lose everything you’ve worked for. That takes some planning and sacrifice. And after age 50, you realize a lot of what you wasted your money on was because you failed to have a plan.
Now if you do lose your job, if you’ve saved and have a safety net, you will probably land on your feet again just fine.
Even with a paid off house, no debt... etc... they have us hooked via health insurance.
How long can you float a health insurance + property tax + property insurance payment without work? Just those right there are 20K per year +, and that doesnt include food and other required expenses.
We are at corporations' mercy.
So true and you are wise to save, save, save. I’m 48, my home, which is worth a 1.2m, is paid off, I bought a home I could afford and paid it off in 15 years. I drive an old car (so does my spouse) and I rarely spend money on anything I don’t absolutely need. I’ve been wearing the same suits and business casual clothes to work for years. I never spend top dollar on clothes for the office. And yeah, I’ve been dollar cost averaging the max into my 401k since the day I started working.
I’m in good shape financially. It also helps to be married to someone who has the same values and doesn’t need to spend a ton of money on stupid sh1t. I’m not saying I never spend money, I’ve got a beautiful home, take a good vacation every year, but I don’t p1ss money away on stupid stuff. And I eat very well, I never skimp on nutrition, as it keeps you out of the doctors office.
Learn to live with less material cr@p and junk.
Get out of debt and life will be exponentially better in all areas.
Remember, the one who pays off everything first, wins.