| Has the millenium ruined you financially? |
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Lindsey23
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| Has the millenium ruined you financially? |
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there was an article in Time Magazine last year, talking aout how the first dacade of the millenium, was the worst ever, in America
How has the millenium been for you, especially financially? Has it been a horrible decade for you too, regarding your personal financial situation? Or has it been good for you? Also, do you think that the second decade of the the millenium, will bring improvements in your financial situation? And if so, why?
Alfredo Piacentini
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Tue Apr 12, 2011 7:00 pm |
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littleroc02us
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I think people would beg to differ from the era of the Depression. They had like 30% unemployment, your bank account wasn't FDIC insured, there was a great Dust Bowl, Prohibition, etc..... Time magazine is just trying to draw up readership. I cancelled my membership to them because they are so biased.
Romans 13:8 “Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law.”
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Tue Apr 12, 2011 7:20 pm |
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oldguy
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The 'excesses' of the 1980's and 90's pulled young couples into financial folly. Previous generations had 1500 ft houses, bought used cars, and built up savings accounts. Then came the 'excesses' - people entered into competition with each other - the biggest mcmansion, 3 new cars, etc.
And those two fixed cost items turn out to be the difference between financial success and failure.
Couple A with a 1500 ft house might pay $12,000/yr for payments. And maybe $4500/yr for car payments. That $16,500/yr outlay represents about $25,000/yr of their gross income. The remainder of their income is not locked to fixed payments, it is descretionary.
Couple B with a 3500 ft mcmansion and lease payments on 3 cars probably has a $34,000/yr house payment and $14,000/yr for car payments - that $48,000/yr represents about $75,000/yr of their gross income.
If those two couples each made $100,000/yr, couple A would be doing great - and couple B would be struggling. And as I said - those two items make all the difference. And a lot of people don't get it - they struugle to cut the cable bill, buy cheaper groceries, stop starbucks, avoid eating out - ironoically those things have only a small effect on your financial future.
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Also, do you think that the second decade of the the millenium, will bring improvements in your financial situation? And if so, why?
Yes, major improvements. The generation between the ages of 25 and 35 has received a political education in the past two years that no generation has seen since the 1920's. My guess is that they will apply that education when they vote, when they buy houses, when they invest, and when they select colleges for their own children.
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Tue Apr 12, 2011 9:31 pm |
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terrancebrandt
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I would not say it is the millenium that ruined the things to many but it's the root of what happened to our millenium. Very very sad. We just have to find ways to face it.
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Wed Apr 20, 2011 4:21 pm |
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cos_raq
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My finances are under control and i am doing very well, the millenium helped me.
How to Double my money
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Wed Apr 27, 2011 12:55 am |
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terrancebrandt
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That is just good news to hear from you. Not many would say it and think it that way. Many would want something to blame it to. I can say I am just fine. Me and my family are quite the same, nothing drastic has changed. I consider that as good too.
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Wed Apr 27, 2011 1:53 pm |
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littleroc02us
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My wife and I are doing quite well. We both have good jobs, no debt except the mortgage and that will be gone to eventually. We are maxing out our Roth IRA's each year and are contributing 10-12% of our money into 401k's. The last 3 years have been wonderful for us because the stock market was on sale, products to buy for our house have been cheap, cars were cheap when we paid for them in cash and we both got raises. I don't want inflation anytime soon.
Romans 13:8 “Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law.”
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Wed Apr 27, 2011 3:49 pm |
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terrancebrandt
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I happen to actually ask some friends after posting to this thread last time of the same question. Thankfully that most of us are not badly affected. Most stayed the same, some got more lucky. That's life I guess, just face it up front.
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Fri Apr 29, 2011 2:56 pm |
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ra.one
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I think yes.
That is of no work need or quality.
It is just ruined.
payday loans
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Tue May 03, 2011 8:17 am |
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jeffreymint
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I think the millenium has helped more people than it did harm to many. What we hear most of the time are merely speculations. Or maybe coincidences too. Am just good. Nothing drastic but changed a bit for the better.
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Tue May 03, 2011 12:31 pm |
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kate032
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When was the last time you went to sleep with your stomach growling because you didn't have a couple of bucks to buy a bag of rice?
The "poor" in the US have very high standards compared to much of the world who don't even consider themselves poor at all.
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Sat Jul 16, 2011 4:28 am |
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kate032
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quote:
Originally posted by oldguy
The generation between the ages of 25 and 35 has received a political education in the past two years that no generation has seen since the 1920's. My guess is that they will apply that education when they vote, when they buy houses, when they invest, and when they select colleges for their own children.
I'm glad you're optimistic. I'm not so sure. Obama is a slick salesman, very polished and smooth. Lots of people are drinking his tonic.
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Sat Jul 16, 2011 4:31 am |
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Digital Bum
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At the start of the millennium I was 18, so basically had nothing. I was just getting started. Now I'm married, have two great kids, get a pretty decent paycheck, have retirement savings, two paid off cars, bought a house, etc. We're doing pretty damn well actually. My net worth grows every year.
This will be my first year without a raise, which does suck a bit, but I'm employed and make enough to cover our needs and let my wife stay home which is more than a lot of people can say right now.
I think this decade will be even better for us. My wife will start working soon since the kids are getting older. We've already made our early adult mistakes with credit cards and not saving. We've got our housing prices locked in with the mortgage, so future raises won't be eaten up by rent increases. It's smooth sailing now.
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Thu Jul 28, 2011 5:58 pm |
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coaster
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The millenium has a long way to run....... 
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Fri Jul 29, 2011 5:47 am |
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