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scaredyclassic.
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April 20, 2015 at 12:15 AM #784994April 20, 2015 at 5:27 AM #784995
flyer
ParticipantFIH, I think things work out well for lots of people–more than you might think. As we see on this forum, there are many in the “Pigg World,” and I run into many more–friends, aquaintances, peers, etc. out in the “Big World”–who feel their lives have worked out well.
Since you asked, personally, we attribute the genesis of whatever successes we have achieved to our parents and grandparents. They were/are very smart, savvy people, and they planted the seeds from which most things in our lives have grown.
They gave us a strong foundation, but it was all up to us to make it or break it from there. As was mentioned, some squander these type of opportunities, but we have tried not to make those type of mistakes, and our kids have followed suit.
That doesn’t mean we don’t have our challenges–we’ve had plenty over the years–many, many of various types–some life threatening–but we feel we’re stronger for them. Everyone has issues in life–it’s surviving them and moving on that counts.
April 20, 2015 at 5:55 AM #784998
CoronitaParticipant.
April 20, 2015 at 7:33 AM #784999scaredyclassic
ParticipantHigh student debt is different today than in the past.
It crushes lives.
April 20, 2015 at 9:11 AM #785001an
Participant[quote=flyer]
Since you asked, personally, we attribute the genesis of whatever successes we have achieved to our parents and grandparents. They were/are very smart, savvy people, and they planted the seeds from which most things in our lives have grown.They gave us a strong foundation, but it was all up to us to make it or break it from there. As was mentioned, some squander these type of opportunities, but we have tried not to make those type of mistakes, and our kids have followed suit.[/quote]This confirms my belief that wealth takes generations to build. Unless you’re lucky and hit a “lottery” (genetic, state, IPO, etc), a lot of time, it just takes a lot of time, a lot of little luck (being in the right place at the right time and have the guts to take advantage of the situation), frugality, etc. As I said, the first $1M is the hardest to get, so if you get to pass on to your next generation that $1M, then they have the hardest part cleared for them.
April 20, 2015 at 3:01 PM #785012bearishgurl
Participant[quote=scaredyclassic]. . . since harvey mudd is 50k a year tuition, kid ahs to make 100k to get that million dolalr return over 20 years.
i think a kid is way more likely to get a better return on investment from a mere 8k investment as an engineering student at a cal state school.
obviously theres more to the equation than just ROI, but still…
point is…
ivies dont get the return on investment these schools do, on average…[/quote]
Agree with your points here, scaredy. Even if your Cal State graduate doesn’t make $100K consistently every year for the 20 years after they graduate, they’ll still graduate debt free (or with a very small debt). Even if a Cal State graduate averages just $50K year in salary for the 20 years post-graduation, they have more than an acceptable ROI on their college costs.
I’m sure there are Ivy and “elite school” graduates out there who have more than $75K of student debt who are choosing NOT to work and get it paid off. That’s a HUGE WASTE of such an expensive degree, IMO (even if they had a “benefactor” who paid all their college costs)! Barring a major injury/illness post graduation, I honestly don’t understand why a student would borrow that much for college, graduate with a bachelor degree or higher and then “choose” not to work (or choose gross under-employment just because they refuse to relocate), thereby making it impossible for them to pay off their student loans … while the interest on them continually accrues. This is a totally mind boggling concept to me … just REALLY.POOR.CHOICES.
April 20, 2015 at 3:32 PM #785015ParticipantI think it’s still possible for people to achieve wealth from ground zero, but, if you’re talking about the kind of wealth that will benefit several generations (provided successive generations don’t make bad decisions and waste it, or simply encounter bad luck along the way–both of which I have seen happen time after time) I agree, AN–it’s a process.
I also agree with scaredy and BG, that, in many cases, it makes no sense to go into extreme debt for an elite education that may or may not pay off, but, if it’s no financial strain (as in our case, the funds were set aside by the grandparents for that purpose alone) you might as well let the kids take advantage of it, as long as they can cut it academically.
April 20, 2015 at 3:46 PM #785018Participantstudies show happiness only rises with income to a certain point.
I wonder about a feeling of security though. I wonder if trust fund kids in general feel more secure of their place in the world, and if so, whether that generally turns out to be a good or bad thing, longterm..
April 20, 2015 at 3:47 PM #785019Participant[quote=scaredyclassic]studies show happiness only rises with income to a certain point.
I wonder about a feeling of security though. I wonder if trust fund kids in general feel more secure of their place in the world, and if so, whether that generally turns out to be a good or bad thing, longterm..[/quote]
Exactly, to a certain point and that point is very different from person to person.April 20, 2015 at 4:09 PM #785020ParticipantOne thing about me, I have always felt incredibly insecure about my place in the world at least for the first 40 odd years. . Not sure it worked to my benefit.
April 20, 2015 at 7:16 PM #785024cvmom
ParticipantTo nla: Thank you for your comments, very helpful. Seems like not filling out the FAFSA is probably the way to go for us–less work and even a small chance that it might help my kid’s application. Dreading the whole application process…only 4 months to go before we start.
April 20, 2015 at 10:00 PM #785033Participant[quote=scaredyclassic]One thing about me, I have always felt incredibly insecure about my place in the world at least for the first 40 odd years. . Not sure it worked to my benefit.[/quote]
scaredy, I know some days it doesn’t seem like it, but you ARE making a difference in the world! Watch this inspiring, 23 min TED talk by Bryan Stevenson, which took place in Long Beach, CA in 2012. The live audience was so moved by his talk that he actually (inadvertently) raised ~$1M for his causes AFTER HE LEFT the auditorium (due to a prior engagement):
http://www.ted.com/speakers/bryan_stevenson
http://en.wikipedia.org/wiki/Bryan_Stevenson
He discusses the same issues you brought up in your thread below … as well as other threads:
http://piggington.com/ot_wait_cops_actually_lie
Stevenson was interviewed on 60 Minutes last night.
edit: here’s a u-tube version of his TED talk:
April 21, 2015 at 12:37 AM #785036CA renter
Participant[quote=scaredyclassic]studies show happiness only rises with income to a certain point.
I wonder about a feeling of security though. I wonder if trust fund kids in general feel more secure of their place in the world, and if so, whether that generally turns out to be a good or bad thing, longterm..[/quote]
I had recently read about a study that looked at a happiness scale where people had to rate their happiness and satisfaction with life on a scale from 1 to 10 (tried to find the article/study, but am unable to right now). They looked at some of the wealthiest people in developed countries and compared them to people in underdeveloped countries. Guess what they found? The wealthiest people had the exact same level of happiness as financially poorer people from underdeveloped countries. They found that money only mattered to an extent, as you’ve pointed out. It’s important to feel safe and secure as that definitely affects one’s happiness and satisfaction with life. After that, money had very little effect.
My husband has had to work with families in life and death situations from all walks of life. He’s said that people in the poor, overcrowded immigrant neighborhoods often seem happier than the people who live (often very isolated lives) in those big mansions with a hired staff.
IMHO, security can either mean having the money to hire people to take care of you, OR it can mean having people who love and cherish you enough to want to take care of you during times of need. Which one probably makes us feel better and more secure?
April 21, 2015 at 10:43 PM #785095ParticipantHAPPINESS
(One definition–and I’m sure there are many more)
“Happiness is a mental or emotional state of well-being defined by positive or pleasant emotions ranging from contentment to intense joy.”
WikipediaI agree that you can’t assume people with either more or less wealth have either more or less happiness. That generalization applies both ways.
We, and most people we know don’t consider money the source of our happiness. Sure, we’re all grateful to have the funds we need for ourselves and our kids for the balance of our lives, which may give a sense of peace and security–but, imo, true happiness–to the various extent that each of us experience it–comes from far deeper and more meaningful things in our lives.
April 22, 2015 at 12:51 AM #785124ParticipantAgreed, flyer.
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