[flyer]

Personally, I think most parents are doing everything they can to try to ensure the best path for their children’s future, but the reality is that, with or without extreme performance pressure applied, kids may or may not get the career/life of their dreams in the real world for many reasons.

Things turned out well for our kids, as they have for many others, and their educational pursuits paid off, but the fact that the wealth gap continues to widen, imo, is proof that there is much more to financial success (for the point of this discussion I’m not referring to other types of success, although, ideally, we meld all types of success to form our lives) than solely depending upon a premium education as a guarantee of success.

[flyer]

Exactly, Svelte. I was just going to mention the same.

Also, for those of us who bought properties here, or most anywhere, years ago, there’s no question that buying has definitely proven to be cheaper than renting.

[flyer]

We’ve never taken anything for granted concerning being born into families that happened to have had roots in America for generations. We clearly realize that the combination of hard work, timing and many other elements cultivated by past generations created a strong foundation that we have all worked very hard to build upon.

Although I don’t think anyone who, even though by sheer chance, was born in and was able to take full advantage of everything America has to offer owes an apology for that stroke of luck, I’d be the first to applaud every person’s achievements and wish them every possible success.

[flyer]

Our kids got into great colleges on their own merits, but connections (the ones they made while in school and ours) really did pay off when it came to their careers, so, although life may not be fair in that way–imo, parents should realize that aspect is extremely valuable–especially in today’s uber competitive environment.

[flyer]

I think most of us would agree that getting our college degrees seemed relatively easier vs. today, and buying up property when we started 20+ years ago was also much less competitive–but the world has changed–more
people–fewer resources.

[flyer]

Regardless of what path a person pursues in life, imo, everyone (kids included) needs to be honest with themselves about their own financial reality and plan accordingly–even as they continue to pursue higher goals.

Our society doesn’t encourage this–and the “R” word is a tough sell–especially where kids are concerned, and many aren’t aware that they may not get everything they want in the real world.

Many people are in a position to find/enjoy what they consider to be their passions in life and support themselves and their families, but, imo, that’s where each individual and family have to determine what’s realistic for them.

[flyer]

From my observations, the trendy concept that we all must sacrifice for the greater good, just doesn’t seem to be working out very well in the real world, considering the wealth gap is greater than ever before in history. Should be interesting to see if any of our politicians can solve that one.

[flyer]

Joe, I understand everything you are saying, but, for the most part, although I realize we are not always in control of everything in our lives like getting laid off, etc., I believe the state of our finances are, to a great degree, the direct result of the financial and life choices we, as individuals, make.

For example, and as the housing crash made crystal clear, many people in America believed they were entitled to have whatever home they wanted–even when they knew they couldn’t afford it–and we all know how well that worked out.

The line between rights and privileges is becoming a blur in our present society of entitlement–many expecting they should get everything they want just because they want it.

Only time will tell if that’s a good thing, or if the system will simply collapse under that level of economic/financial pressure. If it does, like it or not–the reality is–nobody will win, and those who are the most dependent on the system will have the most to lose.

[flyer]

[quote=bearishgurl][quote=flyer]Also, to parents who are excited about their kids graduating from
college–many congratulations–but, as a parent who has been there, done that, be aware that, even though the hiring forecast has greatly improved, the competition out there is still fierce, and, although many of our kids will be very fortunate to land the careers they want in a location they would like to live–far more will not–so there may still be even greater challenges than education ahead for many grads.[/quote]Agree, flyer. I’m glad my kids are willing to live wherever they need to in order to have a reasonable commute to work everyday. I’ve got one kid now who is considering transferring from SF to LA with their company. My kids aren’t averse to living close to work to avoid a horrendous commute and if that means Carson, Baldwin Park or armpit Fullerton, so be it. My kids are also “experts” at “working the system” they set up for themselves. They’ve never had a problem getting a job or keeping a job in CA in their fields.

It seems you’ve still got a few college grads in your “sphere” who have returned “home” after graduation who are less than enchanted with where they’ll have to work and live in CA if they actually take real 8-5 job their field so they’re still “stuck” in their old bdrm in their parents’ spacious, well, appointed home in the covenant at the age of 22-30, lol …. You only have to look to their parents for your answer as to why their “kids” are still hanging around Mom and/or Dad at this late date :=0[/quote]

Although our kids are out with careers and homes, as are yours, we do know many in many “spheres,” not just in RSF, who, somehow, didn’t get the memo that after you finish school, you need to find something to do with your life.

The biggest trend we see, is that kids who don’t get exactly what they want in the way of a career and lifestyle after college–as parents and educators have promised them they would–don’t have a Plan B, C, D or E.

As joe said, very few hit it big, as they’ve been conditioned to believe, and then they don’t know how to cope with reality. Sad for them, and sad for their parents.

[flyer]

BG, you make some very good points, and I think the reason many people don’t understand your level of concern regarding medical coverage, is because they are not yet 50+, so they are not yet in the health coverage danger zone.

Very few younger people will have lifetime health insurance at any level provided by their employers as we have, so, if they should find themselves without coverage during that critical time of their lives, and the government doesn’t find a way to continue to subsidize them indefinitely without going bankrupt (good luck with that) they will eventually understand exactly what you have been talking about. Sometimes experience IS the best teacher.

[flyer]

Also, to parents who are excited about their kids graduating from
college–many congratulations–but, as a parent who has been there, done that, be aware that, even though the hiring forecast has greatly improved, the competition out there is still fierce, and, although many of our kids will be very fortunate to land the careers they want in a location they would like to live–far more will not–so there may still be even greater challenges than education ahead for many grads.

[flyer]

Fortunately for all of the people in the world who are ill, there are doctors, most of whom could have easily gone into other professions (and most of whom also have other business interests–investment properties, franchises, etc.) to help them.

Here’s an exceptional one we happen to know of, and there are many more. http://www.sandiegouniontribune.com/news/2015/sep/21/ferdowsmakan-rady-surgeon/. .

Edit:
+as FIH mentioned, marry well.

[flyer]

Agree that if your heart isn’t in it, going after a career in medicine would not be very rewarding.

My daughter, who is an MD, and most of her closest friends who went into medicine never wanted to do anything else, and felt it was their calling, so there never was a second choice in their case. They’re in it to try to save lives, and that’s the aspect they talk about most.

Even though most in her particular circle really don’t have to work for various reasons (wealthy spouses, trust funds, other passive income, etc.) none of them would want to do anything else. My other kids feel the same about what they’re doing.

We’ve watched our kids and many others combine their interests with the financial aspect, and a lot of self-motivation, much as your relative has, flu, and it definitely seems to be a winning combination for success.

[flyer]

That would be these stats, as just one example:

The Sorry State of America’s Household Finances

“While the economy is rebounding and more jobs are created every month, there’s a puzzling disconnect with many American families, who remain gloomy about the economy and their personal outlook.

There’s a very good reason for that anxiety, it turns out. According to a new study from The Pew Charitable Trusts, the financial “balance sheets” of American families are tattered and strained, thanks to stagnant wages, a lack of savings and rising debt levels.

The study, which is part of a new push at Pew to study the impact of Americans’ financial choices and how policy decisions may impact personal economic stability, offers some fairly sobering data about what it calls household balance sheets, or the combination of income, expenditures and wealth. For one, the decade from 1999 to 2009 delivered only a 2 percent rise in wage growth for American workers, representing a sharp turn-about from the 22 percent in wage gains recorded from 1979 through 1999.

That’s left seven out of 10 Americans strained by financial issues ranging from crushing debt loads, insufficient savings or income that’s too low to cover their expenses, Pew said.

Many families feel vulnerable and stressed, said Diana Elliott, research manager at Pew, where she focuses on American families’ financial security and mobility, on a conference call to discuss the results. Family finances are key to future mobility. Even families with relatively high income are walking a financial tightrope.

Keeping liquid savings on hand in case of an emergency is one area where Americans of all income brackets are falling short, the study found. While the bottom quintile of American households only has about 9 days of liquid savings — such as money in a checking or savings account — available, the top quintile is also far from achieving stability. Despite financial advisors’ rule of thumb to keep three to six months of liquid savings on hand, the country’s top earners have only an average of 52 days of liquid funds available.

Even when adding in more illiquid savings, such as retirement accounts and investments, the average household is unprepared to handle a big economic shock, according to the study, which is based on data from a variety of sources including the Congressional Budget Office, the U.S. Census Bureau’s Current Population Survey and the University of Michigan’s Panel Study of Income Dynamics, among others.

Yet out-of-control spending doesn’t appear to be the issue with why Americans have a lack of savings. In fact, the recession caused American households to tighten their spending, which eroded two decades of consumption growth, Pew said. The net increase in average annual household spending has inched up only 2 percent since 1990 because of the dip in the recession. In the 22 years before the recession started, household expenditures grew by 16 percent.

Adding to the difficulties of maintaining a strong household balance sheet are significant fluctuations in family income, with Pew noting that almost half of all households saw either a drop or gain of more than one-quarter of income in a two-year period. Erin Currier, director of Pew’s financial security and mobility project, said the researchers weren’t sure what is causing the high rate of income volatility, although it could be family members taking time off from the labor market to take care of children or older relatives, or job losses.

Having a gain or loss of 25 percent is very high on a month-to-month basis, so that is likely contributing to families’ inability to build a financial cushion.

The research adds depth to previous studies and polls about American anxiety over their economic future. About 65 percent of Americans say their income is falling behind the cost of living, a poll from Pew Research found earlier this month. Only 6 percent said their income is going up faster than the cost of living.

Many households, from low-income to high-income, are still struggling to regain their footing after the recession, which led to job losses and declines in housing and investment values. America has slipped into “dissavings,” when spending is greater than income, thanks to stagnant wages and a decline in those asset values, New York University economics professor Edward N. Wolff found in a recent paper.

Still, Americans aren’t necessarily spending their money on fripperies. Pew found that spending on housing, health care, insurance and pensions rose, while spending on non-essentials such as food and entertainment decreased or stayed flat compared with other areas.

Housing remains the biggest expense for Americans, taking up about 31 percent of average annual expenditures, the Pew study found. But those in the bottom quintile are spending a bigger portion of their income on housing costs, at 40 percent.

The frayed state of American household finances doesn’t bode well for the financial future of Americans, the researchers said. Without a stable financial base, Americans have less of a chance to help their children get ahead, or to retire comfortably.

Families are in a precarious position. It does create a challenging situation if they can’t be economically secure.”

CBS News 2015

[flyer]

[quote=FlyerInHi][quote=flyer]Noting various generalizations being made concerning how Democratic voters are so much more prosperous than Republican voters.

Per the article below–it doesn’t look like that may be the case, but, perhaps subsidizing one’s way to prosperity will become the new norm for success going forward. After all, that’s so much easier than actually earning it. It will be interesting to see how long that works out in the real world.

http://www.people-press.org/2015/01/08/the-politics-of-financial-insecurity-a-democratic-tilt-undercut-by-low-participation/
[/quote]

Nothing new. It makes sense that prosperous people would lean Republican because they want lower taxes and have more wealth to protect. At the top, the main goal is wealth protection.

But to win elections, Republicans reply on a base to whom they preach the gospel of prosperity, hard work, nationalism…, essentially “conservative values” that historically confer onto the white masses superior social standing.

It also makes and sense that lower income people are more disengaged from the political process.

Demographics and the economy have changed. Technology, globalization of education, etc… Tech is more meritocracy than old line industries, so people in tech lean Democrats. Same goes for Hollywood where successful people maybe were struggling young people at one time.

Academics are more democrats because they value intellectual curiosity and consistency.

Trump voters are the base who’s thinking WTF, we’ve been had. But their pride can’t allow them to switch sides. In the past, they were referred to as cannon fodder sent out to war by be elite. Unfortunately for Trump voters, they can’t take nationalism, a ban on Muslim or Merry Chrisrmas to the bank.

On middle class prosperity, the good jobs require that a good university education are in blue areas. They are for the more academically inclined. That’s where democrats are more prosperous.[/quote]

I wonder why, then, the stats reveal the majority of voters from both the left and right are so clearly struggling financially? Such an interesting conundrum.

[Author]

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