cute fuzzy bunny
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Just before she ate the cameraman.
Last we saw of him, two little feet kicking...
Last we saw of him, two little feet kicking...
Sillysal said:I am wondering how the author of that article expects those of us under 30 to have huge balances when we are just starting out. We are making entry level salaries and have not had a lot of TVM yet. Give us a break. My company only lets me invest up to 15% of my salary, which will not bring me near the maximum dollar amount.
Sillysal said:I am not blaming anyone or making up an excuse not to save. But it is a little ridiculous to lump in everyone from 18 to 30 into one group and write an article on how small the balances in their 401ks are. The article didn't mention IRAs or any other savings vehicles, such as savings for that house most people get. Young people have to save for more than just retirement and on small salaries. I am just pointing out that the article was pretty crappy as a measurement of savings rates for young people. I currently save 10% of my income from retirement, with it set to icrease by 1% every enrollment period until it reaches the max. I am also saving another 15% of my income after tax for a house downpayment. Trust me, the actual dollar amounts aren't big - because my income isn't yet. So instead of focusing on dollar balances young people have in 401ks, I just think the savings rate would have been more useful to study.
bigfoot said:WOW! $60,000 teachers? In KY, I live in the highest paid teacher county, but new teachers make $26,000 or $28,000 and get no educational benefits even though there is heavy pressure to get advanced degrees.
Wow! You really are on the right track.Sillysal said:J Patrick - I paid off the CC debt I accumulated in college a few months ago. I am now putting all the extra money that was going toward it toward my auto loan so that I can get that paid off by the end of the year, which will be about 22 months earlier than the term of the loan. Then the only debt I will have is my student loan debt, fixed at 3.28%.
jimhcom said:The problem is our educational system. No one can do the math. In the average tax bracket it only takes 7 dollars take home pay to invest 10 dollars, it's a no brainer. If you ask these people if they would like to buy 10 dollars for 7 dollars they would understand, but make it slightly more complicated and you have lost them.
unclemick2 said:I know one of them (for 29 yrs and counting) - lived large in the 70's, 80's and 90's.
Walmart greeter jobs are hard to come by - he's still working his way up from bringing in the shopping carts. That and part time cab driver - health permitting.
Cut-Throat said:Actually, most of these folks take care of their health about as well as their finances. A lot of them will be dead in their 60's and never retire.
The guys I know that were making 6 figures and in heavy credit card debt in their 30's and 40's - Are now in their 50's with type 2 diabetes, 75 extra pounds, and the only exercise they get is flicking the remote control.
You should see it here in the burbs north of chicago. Avg teacher salary is about $75-85. They top out in the low $100s after 10 year on the job. Full tenure (this is for Jr HS and HS) get full healthcare for which they pay nothing. On top of all that, they get 80% lifetime pension at 30 years.
MRGALT2U said:Also, low stress and no-debt (except CC flippin')
() said:Amazing. Someone with 100k in credit card debt can dismiss it by calling it 'flippin'.
When you owe someone $100,000 and they expect you to pay it some day, thats called 'debt'.
saluki9 said:You should see it here in the burbs north of chicago. Avg teacher salary is about $75-85. They top out in the low $100s after 10 year on the job.
60K for about 1000 hours of work a year is no chump change, especially when you factor in the benefits..
Marshac said:I call BS. Can you show us an IL state link providing the teacher pay scale? It's strange that you claim one thing, yet the Heritage foundation claims an average salary of just a hair over $51k/year. Here are the numbers from Washington State. http://www.k12.wa.us/safs/PUB/PER/SalAllocTbl0103.pdf
As you can see, a masters with 16+ years of experience will only get you $52k/year.... I really don't wonder why some of my favorite science teachers left for the private sector.
saluki9 said:Ok, fine call BS. Here is a link to the list of average salaries by district in IL. My district is fifth down. http://www.thechampion.org/teach2004/avgteachersal.asp The AVG teachers salary is around $78K. This is lower than it will be because there are a lot of newer teachers that were recently hired.