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YOUR BALANCE
Changes Needed Where it Matters
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Changes Needed Where it Matters


Apr 19, 2020, 6:10 PM

Reports indicate the large number of people who have lost their jobs and are in dire financial condition due to Coronavirus. Sone make barely enough to live from pay check to pay check nd regardless of how hard they may try to budget, there's is just not enough money to provide for the necessities.

Then I've seen many who made good money but didn't know how to budget or had no thought re providing for the future. They wanted the same things that other people had, even if they couldn't afford them. Henry had a $45,000 pick up so Billy wanted to show Henry he had a $65,000 pickup on a #54,742 annual salary. Credit cards were easy to maintain and if one was maxed out, he could get several more, Billy just had to have that shiny boat with a 300 HP engine. I've come to the conclusion many people have never learned one simple rule, if you can't afford it, then it's not for you.

My Dad taught me simple economic principles when I was a young kid. I've not adhered to those principles 100% of the time but those other times when I did, has literally put money in the bank.

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Also


Apr 19, 2020, 6:12 PM

Want and 'Need' are not the same.

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Re: Also


Apr 19, 2020, 6:16 PM

Couple years ago was a commercial I refer back to. Some guy smiling from ear to ear talking about his boat, big house, nice car, new mower he was sitting atop to end it, still smiling say, “and I’m in debt up to my eyeballs...”

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The American way ......


Apr 19, 2020, 6:26 PM

I don’t want to keep up with the Jones .... I want to out run them.

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Joe was referring to the SMART American Way. Stay the heck


Apr 19, 2020, 6:28 PM

out of debt whenever possible, live within your means, and save some money for a rainy day.

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Re: The American way ......


Apr 20, 2020, 5:46 AM [ in reply to The American way ...... ]

That is exactly what it was and in large part still is. But I must say, the largest doom in our overly credited younger society is that they think the deserve to live like their parents. Why should they? They haven't worked a steady job since college and are 30yrs old. First of all, did they really deserve college but parents paid but second did they pay extra to get them a degree.

Nowadays, unworthy kids go to college for fake degrees, they dont pay their student loans back and still live in parents basement.

Why should Govt, society and parents be burdened with student loans when 80% of kids are using it as excuse to mooch more vs using it as avenue to better their future. I think kids should be required to learn a trade in Highschool, then they can go to apprenticeship or they will get better perspective in working world therefore be more dedicated in college as a future career vs free living for several years

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Re: Changes Needed Where it Matters


Apr 19, 2020, 6:55 PM

I grew up relatively poor with a single mother. I was at Clemson when the recession hit and when I graduated in 2012 it was still tough finding a job and didn't have a career position until late 2013. I lived at home for years after college to get savings built up and bought one of the more modestly priced houses I could find. I'm in a family of hunters and fishermen (of which I probably do the most of both) but I drive a car instead of a truck. It was cheaper and gets 50% better mileage than trucks. I don't go out a ton as $3 beers and yelling over music isn't appealing to me when I can just have people over or go to friends houses.


Did being at home hurt the dating game? Sure
Did it hurt the ego a bit? Sure
Is it a bit inconvenient to not have a truck? Sure
Would it be more convenient to live on the more expensive side of the river? Sure

So what did I get out of it?
I have a good job that is essential and hasn't slowed down one bit. I have enough savings to live for YEARS even if I lost my job today. And if things keep getting worse there will be plenty of those overpriced toys in the bargain bin for me to choose from. In the good times security of a roof over your head and food on the table is taken for granted. In the bad times it's priceless.

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You are WAY


Apr 19, 2020, 7:12 PM

Too smart...for one so young! ;)

Sound like my son!

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Re: You are WAY


Apr 19, 2020, 7:40 PM

Salt! Steak knives are Eminent, I see ??

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I'm vegan!


Apr 19, 2020, 7:50 PM

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Re: You are WAY


Apr 19, 2020, 7:46 PM [ in reply to You are WAY ]

Salt! Steak knives are Eminent, I see ??

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Re: Changes Needed Where it Matters


Apr 19, 2020, 8:11 PM

I hope this is something all high schools are now doing: My daughter just finished an Econ project where the students had to research starting salaries for their planned career, deduct SC & Federal tax and FICA, then determine and deduct the cost of housing, transportation, utilities, insurance, groceries, etc. There is almost nothing left for travel and entertainment from a $40K salary by the time they add up the basic expenses. Hopefully the kids will remember and learn from this project as they transition into adulthood!

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Re: Changes Needed Where it Matters


Apr 20, 2020, 1:04 AM

TigerKAT84 said:

I hope this is something all high schools are now doing: My daughter just finished an Econ project where the students had to research starting salaries for their planned career, deduct SC & Federal tax and FICA, then determine and deduct the cost of housing, transportation, utilities, insurance, groceries, etc. There is almost nothing left for travel and entertainment from a $40K salary by the time they add up the basic expenses. Hopefully the kids will remember and learn from this project as they transition into adulthood!




That's awesome that the Econ class is doing that now - we didn't have it when I graduated high school (c/o 2011).

Honestly, researching salaries only does so much in reality. I would preach self-awareness over the estimated salary they could make. Heck, there is a reason most students change majors MULTIPLE times in college...because most really don't know themselves until maybe closer to their mid-20s.

Would love for apprenticeships to be more of a thing. Something that allows kids to go train after high school to REALLY find out if they want to go into that field without investing thousands of dollars beforehand.

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maybe that will teach them to take a more difficult


Apr 20, 2020, 6:02 AM [ in reply to Re: Changes Needed Where it Matters ]

major so they won't have to scrape by on 40k a year

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Re: Changes Needed Where it Matters


Apr 20, 2020, 12:53 AM

Joe21® said:

Reports indicate the large number of people who have lost their jobs and are in dire financial condition due to Coronavirus. Sone make barely enough to live from pay check to pay check nd regardless of how hard they may try to budget, there's is just not enough money to provide for the necessities.

Then I've seen many who made good money but didn't know how to budget or had no thought re providing for the future. They wanted the same things that other people had, even if they couldn't afford them. Henry had a $45,000 pick up so Billy wanted to show Henry he had a $65,000 pickup on a #54,742 annual salary. Credit cards were easy to maintain and if one was maxed out, he could get several more, Billy just had to have that shiny boat with a 300 HP engine. I've come to the conclusion many people have never learned one simple rule, if you can't afford it, then it's not for you.

My Dad taught me simple economic principles when I was a young kid. I've not adhered to those principles 100% of the time but those other times when I did, has literally put money in the bank.




Can certainly agree with this. I believe FINANCIAL EDUCATION should be MANDATORY to graduate from high school and college.

Truth is you were blessed with a father that passed on some good wisdom to you - not everyone has that kind of parent in their life. I certainly DID NOT get any talk from my parents - though I witnessed some of what you mentioned above first hand and vowed not to repeat the cycle.

I ALMOST don't have sympathy for the "keeping up with the neighbors" mentality. The only sympathy I have is with the family that has to suffer due to someone's ego of wanting to put on a front for the neighborhood.

It's also EASY to follow a rule when you aren't pressed to make decisions out of desperation.

I give thanks daily.

We are all a few unfortunate circumstances away from being drained financially.

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