We Really Are Different

[ATC KH]

Definitely noticed this as well. For example, take what active duty members will do with their 80k-90k tax exempt reenlistment bonuses while deployed. Very few seem to talk about saving it, and typically the largest portion (or most of it) will go to a nice new car.

On the other hand, it is not like most of these people are not thinking about retirement. Many plan to do 20+ years active duty, retire with a pension, enter federal service and retire completely with another pension. A military pension, FERS pension, and social security ( I think they would get this too, but I'm not entirely sure how all the red tape works in this situation) at 65 will still leave these people in decent financial shape during retirement absent of any other savings. Of course, if they were to also save in the TSP throughout this long career, they could have a substantial amount of income in retirement.

 

[FreeAt30]

I'm glad to be a member of this oddball bunch.

Ditto.

As far as the OP goes...

Financial degrees and certifications don't mean anything other than knowing how to do a particular task. I'm surrounded by great friends who have all of the certifications, BS, MA, MBA, CFA, PhD, CFP, CMA, CMT. None of them seem to have, or put into practice, simple budgeting / home economic skills. They seem to manage the requirements of their high paying jobs just fine, but not the home finances, at least not in an empowering or freeing way.

Interestingly enough, not many of them seem very interested in retirement. They are all fun to spend time with and I can only hope that when they retire the years that they spent working were incredibly fulfilling to them. It would be a shame otherwise. Each of them has the potential to be completely financially free and riding a very impressive residual income gravy train in under 10 years which would have them retired before the age of 45.

 

[HFWR]

I'm surrounded by great friends who have all of the certifications, BS, MA, MBA, CFA, PhD, CFP, CMA, CMT.

You forgot BMF! And BFD, too...

It doesn't matter how much one makes, if all (and then some) gets spent...

 

[Nodak]

I just read this thread and am shocked at the price people are, or were, paying for houses. Haven't paid any attention to the housing market for quite a few years. I bought my 1 bedroom 2 bath 1100 sq foot house 14 years ago for $40,000 and thought that was very expensive.

 

[FreeAt30]

You forgot BMF! And BFD, too...

"... OPP, Yeah you know me!"
(sorry, couldn't resist)

I just read this thread and am shocked at the price people are, or were, paying for houses. Haven't paid any attention to the housing market for quite a few years. I bought my 1 bedroom 2 bath 1100 sq foot house 14 years ago for $40,000 and thought that was very expensive.

(sigh) Even if you added a 0 to that price, you wouldn't be able to buy a studio apartment 1/2 that size. Another fine example of why it was the "good old days".

 

[Keim]

(sigh) Even if you added a 0 to that price, you wouldn't be able to buy a studio apartment 1/2 that size. Another fine example of why it was the "good old days".

Real Estate is SO relative. Where I live a house of that size, in decent shape would be about 150k. At the height of the bubble it would've been about 150k, too-but it would've sold faster. And 14 years ago would've been about 100k.