Mods you're wasting money on...

[victorofhavoc]

I think your expectations on life not sucking are a little high if you think you have to make 2.5 mil a year for it not to

Thing is, the more you make the more you pay all across the board. Pure honesty, when I made 50k/yr I could afford most normal things in life and I expected when I doubled that that I'd have more free cash flow, but things didn't go that way. Last year between property taxes, income tax, sales tax, and other taxes I paid nearly 52% of my income to taxes alone. My child will never see financial aid for college (and my coworkers are seeing this now with paying 72k/yr out of pocket). I could go on and on about things which cost more the more you make, including insurances of various sorts. Maybe life sucks was an exaggeration, and I'm not struggling, but it's not like I don't have to worry about money...

 

[jimlloyd40]

Thing is, the more you make the more you pay all across the board. Pure honesty, when I made 50k/yr I could afford most normal things in life and I expected when I doubled that that I'd have more free cash flow, but things didn't go that way. Last year between property taxes, income tax, sales tax, and other taxes I paid nearly 52% of my income to taxes alone. My child will never see financial aid for college (and my coworkers are seeing this now with paying 72k/yr out of pocket). I could go on and on about things which cost more the more you make, including insurances of various sorts. Maybe life sucks was an exaggeration, and I'm not struggling, but it's not like I don't have to worry about money...

I guess that it depends on your lifestyle. If you lived in a house that a 100K income could afford etc you would have a lot more money. Your friend paying 72K a year out of pocket for college for a kid is absurd. Send the kid to an in state college for 1/4 of the cost. It all goes back to lifestyle. There's plenty of people making 75K or less and paying for their kid's college.

 

[GTI Jake]

Thing is, the more you make the more you pay all across the board. Pure honesty, when I made 50k/yr I could afford most normal things in life and I expected when I doubled that that I'd have more free cash flow, but things didn't go that way. Last year between property taxes, income tax, sales tax, and other taxes I paid nearly 52% of my income to taxes alone. My child will never see financial aid for college (and my coworkers are seeing this now with paying 72k/yr out of pocket). I could go on and on about things which cost more the more you make, including insurances of various sorts. Maybe life sucks was an exaggeration, and I'm not struggling, but it's not like I don't have to worry about money...

Eh, it depends on a lot of variables, but yeah taxes suck.

My wife and I just live well within our means and she gets to stay home with our kids.

No way I’d spend 75k a year on school, most people with college degrees don’t work in a field that requires one anyway

 

[victorofhavoc]

I guess that it depends on your lifestyle. If you lived in a house that a 100K income could afford etc you would have a lot more money. Your friend paying 72K a year out of pocket for college for a kid is absurd. Send the kid to an in state college for 1/4 of the cost. It all goes back to lifestyle. There's plenty of people making 75K or less and paying for their kid's college.

Sadly, that is an instate school, just in a more expensive state. His kid doesn't qualify for any financial aid because of family income. Ironically to reduce my taxed income I have to spend more, not less. I know it's hard to believe and it's ridiculous in a sense...

 

[oddspyke]

So is college the mod we're wasting money on?

If someone is paying over 50% of their income in taxes, it's time to look at the state you live in and decide if it's worth it (NJ, NY, CA for example really can get you there with high income tax and property taxes). My total tax bill has never exceeded 33%, even when making well over some of the amounts discussed here.

And ditto Jake's living within your means comment. I pay 1/3 in taxes, save 1/3, live off 1/3. I may not live much differently than when I made less, but I have more freedom and less stress.

 

[victorofhavoc]

So is college the mod we're wasting money on?

It can be... If you're spending $5k/mo+ on student loans for 25 years does it feel like a waste? A doctor and a plumber are separated by very little in lifetime earnings to debt ratio...

 

[oddspyke]

It can be... If you're spending $5k/mo+ on student loans for 25 years does it feel like a waste? A doctor and a plumber are separated by very little in lifetime earnings to debt ratio...

Different degrees definitely have different returns on your investment. I still feel my engineering degree was worthwhile, but I also didn't pay sticker price because of scholarships. $100k total for all 4 years and I've definitely made that back several times over in the 13 years since I graduated. It's not for everyone though and if you spend $250k on an English degree, good luck....

 

[avenali312]

 

[GTIfan99]

It can be... If you're spending $5k/mo+ on student loans for 25 years does it feel like a waste? A doctor and a plumber are separated by very little in lifetime earnings to debt ratio...

Uh, maybe a family practice doctor...but even then, not likely. Average salary for physicians is 300k a year, with 200k in schooling. Average for plumber is 73k for experienced plumber. You're math is broken.

 

[mk7_bk]

Paying 5k a month for student loans is not realistic. Unless you have a 2-3 kids then yes, but 1k that would be a lot. I'm related to people a doctor 500k in student debt, she pays like 2k a month. Making roughly 20k a month, paying 2k for loans is not a lot. I don't feel bad. Thats 10% of their monthly income. Now my case is different, state school, good tech job, I pay 25% of my monthly income towards loans. Being left with 3k vs 18k is a big difference. I guess it depends on what you go to school for tho, I couldn't imagine being 250k in debt for an english degree haha.

The last and worst point is, college cost 163% more today vs 20 years ago, and 1,134% more vs 1980 when some older people here may have went. College is literally a scam to make money, unless you are in one of the 3-4 fields that actually need extra schooling

 

[GTIfan99]

Paying 5k a month for student loans is not realistic. Unless you have a 2-3 kids then yes, but 1k that would be a lot. I'm related to people a doctor 500k in student debt, she pays like 2k a month. Making roughly 20k a month, paying 2k for loans is not a lot. I don't feel bad. Thats 10% of their monthly income. Now my case is different, state school, good tech job, I pay 25% of my monthly income towards loans. Being left with 3k vs 18k is a big difference. I guess it depends on what you go to school for tho, I couldn't imagine being 250k in debt for an english degree haha.

The last and worst point is, college cost 163% more today vs 20 years ago, and 1,134% more vs 1980 when some older people here may have went. College is literally a scam to make money, unless you are in one of the 3-4 fields that actually need extra schooling

Having that much debt for school is a choice. My son and daughter in law both went to Texas A&M and have 35k a piece. You work, you don't spend money, some small scholarships and it's not hard to do.

I think it's a false narrative that everyone is leaving college with 100k plus in debt.

 

[victorofhavoc]

Uh, maybe a family practice doctor...but even then, not likely. Average salary for physicians is 300k a year, with 200k in schooling. Average for plumber is 73k for experienced plumber. You're math is broken.

Not my math, Forbes math... https://www.forbes.com/forbes/2011/...mutual-fund-kid-millionaire.html#226636013fd8

I have a family member that went to medical school and took out 250k for student loans, she pays 5k/mo because 250k with interest turns into 990k by the time it's paid off.

 

[victorofhavoc]

Paying 5k a month for student loans is not realistic. Unless you have a 2-3 kids then yes, but 1k that would be a lot. I'm related to people a doctor 500k in student debt, she pays like 2k a month. Making roughly 20k a month, paying 2k for loans is not a lot. I don't feel bad. Thats 10% of their monthly income. Now my case is different, state school, good tech job, I pay 25% of my monthly income towards loans. Being left with 3k vs 18k is a big difference. I guess it depends on what you go to school for tho, I couldn't imagine being 250k in debt for an english degree haha.

The last and worst point is, college cost 163% more today vs 20 years ago, and 1,134% more vs 1980 when some older people here may have went. College is literally a scam to make money, unless you are in one of the 3-4 fields that actually need extra schooling

My wife's student loans I'm paying 1k/mo minimum and I actually pay more than that to pay them off sooner because 7.7% interest is painful to look at.

I worked all through school, didn't spend very much, and had some family help to come out with 13k total. Biggest mistake I ever made was selling 1000 bitcoin at 50c a piece to pay for books one semester .

 

[victorofhavoc]

Sorry, I sent this all tangential!

Mods that money is wasted on... Pretty much every single one because you'll never get a return on investment and the money would have been better spent investing elsewhere!

What's the fun in that though, when you can just tune up a little rabbit and spank some vettes at the track

 

[mk7_bk]

Having that much debt for school is a choice. My son and daughter in law both went to Texas A&M and have 35k a piece. You work, you don't spend money, some small scholarships and it's not hard to do.

I think it's a false narrative that everyone is leaving college with 100k plus in debt.

everyone I went to state school with 20k a year, we all worked shitty part time jobs (the norm) and the money went towards x, we lived within our means and mainly everyone came out 80 -110 in debt. I used my part time money to pay my rent and buy groceries. I also got a super tiny scholarship for football. 1000 a year or something max maybe started at 500 and went to 1000 idn.

texas a&m in state tution is 11.8k thats real cheap good for them, they must have lived at home or commuted. My instate school tuition was 12.2, add room and board and food your looking at 20kish. I also went 5 years (football redshirt lol). I think at my school with had only 25% commuters