SKYHIGH is in for a surprise
08-22-2007, 07:12 AM
#91
Prime Minister/Moderator
Joined APC: Jan 2006
Position: Engines Turn Or People Swim
Posts: 40,108
About 5 years ago, my fiancee's friend who is a financial planner came over to talk to us. He absolutely freaked me out when he said we would need 8.5 million dollars in the bank assuming we retire at 55 and die at 95!!!! He said we would need to start putting away $50,000 a year starting that year to meet that goal.
08-22-2007, 07:18 AM
#92
Prime Minister/Moderator
Joined APC: Jan 2006
Position: Engines Turn Or People Swim
Posts: 40,108
Business has really figured out how to put the squeeze on middle america...we seem to be heading for a two class society, and you won't want to be in one of those classes.
08-22-2007, 07:29 AM
#94
Gets Weekends Off
Joined APC: Jul 2007
Position: Left and Right of Whatever
Posts: 406
Median Income in Hoboken is $62,550 (household).
Just to put things into perspective, the median U.S. houshold income is $46,326.
Also, median income for workers over 25 years old with a Bachelor's degree is $43,143, with a median household income of $68,728.
I wonder how all of these people can survive on incomes of less than $75k, I guess they all must be living like 23 year olds.
Just to put things into perspective, the median U.S. houshold income is $46,326.
Also, median income for workers over 25 years old with a Bachelor's degree is $43,143, with a median household income of $68,728.
I wonder how all of these people can survive on incomes of less than $75k, I guess they all must be living like 23 year olds.
Not too sure about living like a 23 year old. We have a nice 2 bedroom apartment, two cars, and are almost debt free. We choose this lifestyle for now, because we want to be able to buy a house and not have to worry about where the money to make the payment is coming from. We are also waiting to buy a house until the market takes a huge dump here in WA, and we can buy a foreclosure that we (read: my wife) can fix up while I am in the desert (again).
Anywhere one goes, life sucks....I hear Oklahoma isn't that pricy.
Last edited by ChinookDriver47; 08-22-2007 at 07:47 AM.
08-22-2007, 08:10 AM
#96
Line Holder
Joined APC: Nov 2006
Posts: 78
The more money you sock way now the better off you will be down the road. I think we all agree with that. If you have a 401k then I believe one should be maxing it out every year, none of this 3-4% contribution stuff like so many people do. That won't cut it!
08-22-2007, 09:18 AM
#97
Line Holder
Joined APC: Nov 2006
Posts: 78
Earning a college degree is obviously important (for most) but ONLY if you earn it in something that has market value. I don't buy into the whole college experience thing, diversity of opinion just for the sake of going to school.
The reality of it all is that the world revolves around money and attaining a degree is not the sure-fire way to fatten ones wallet or feed the belly.
My barber friend makes over $8,000 a month. How many college graduates (or pilots) are ever going to earn that? Electricians and plumbers we all know what they can make with hard work! My wifes parents immigrated from Korea twenty years ago without a pot to pee in and they slowly built up a chain of 24 hour Donut shops in the SoCal area and are worth more than one would ever expect all without a college degree.
Unfortunately, aviation doesn't lend itself to a viable self employment option like medicine or law.
Erik
The reality of it all is that the world revolves around money and attaining a degree is not the sure-fire way to fatten ones wallet or feed the belly.
My barber friend makes over $8,000 a month. How many college graduates (or pilots) are ever going to earn that? Electricians and plumbers we all know what they can make with hard work! My wifes parents immigrated from Korea twenty years ago without a pot to pee in and they slowly built up a chain of 24 hour Donut shops in the SoCal area and are worth more than one would ever expect all without a college degree.
Unfortunately, aviation doesn't lend itself to a viable self employment option like medicine or law.
Erik
08-22-2007, 09:27 AM
#98
Gets Weekends Off
Joined APC: Jul 2007
Position: 744 CA
Posts: 4,772
there is good money to be had in the trades... ie. plumbing, electricians, etc... college degrees arent necessary unless what you want to do requires it.
08-22-2007, 11:38 AM
#99
Gets Weekends Off
Joined APC: Jul 2007
Position: Left and Right of Whatever
Posts: 406
However, some cultures/religions here in the U.S. teach that women should stay in the home. That puts a lot of pressure on the men to do well. I don't think I know ANY pilots civil or military that own a home with a wife and she does not work. You just can't do it....
08-22-2007, 12:02 PM
#100
Gets Weekends Off
Joined APC: Apr 2007
Position: C152
Posts: 501
I certainly didn't grow up with a silver spoon either...my education was courtesy of uncle sam. I'm just shooting for slightly better off than my folks had it. Even though I enjoyed the heck out of most of my military experiences I don't want my kids to feel the way I did at age 18...that military service was my only option.
I also feel that my son deserves more than what was available to me when I was growing up and I want him to have it.
And on top of all that I agree with not wanting my son to feel like the military is a good idea just for financial reasons. I didn't join because I felt like I had to, I joined for the pride, honor, experience, and chance to mature as a human being. The rest of the perks just came with it (GI Bill, VA bennies etc).
P.S - I've said it here before but just to add to the military compensation discussion: My Personal Statement of Military Compensation showed a breakdown of everything single cent that the military paid me (Whether I saw it or not). The PSMC had me listed as a 4 year E4 with two dependants and off base housing as making a little over $40,000 per year.
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