Keep in mind too that in the private sector you work year-round. Some people literally work every day, including holidays and weekends. With teaching, you work about 180-200 days a year. It's the greatest job in the world. The benefits and time off are unmatched. In some states, you don't even need a teaching certificate, just have to convince them you'll work towards one while teaching.

 

I can't agree here.  It is not as simple as 180-200 days of work per year for a teacher... at least not one that is actually doing his/her job.  You are only counting the actual classroom time.  Many of my friends are teachers and they put in long hours on lesson plans, tests, grading, classroom prep, extracurriculars, coaching, conferences, etc.  They are not off for the summer at the same time as the kids and they have to return to work before school resumes.  And given that they don't make a whole lot of money, many teachers have to work other jobs during the time they do have off to make ends meet.  It's not easy street by any means and everybody I have known who has approached it that way did not last in the profession.  The benefits are good though as far as retirement and health care.

 

Now... I might agree if you were talking about a college professor.  Especially those professors who know the subject so well that they can just lecture off the top of their head with no preparation.

^ My friend is a teacher, and she ends up paying for many of her classroom supplies out of pocket.  She puts in a lot of hours outside of the classroom time, including lesson plans, grading papers, helping out with extra-curricular activities, and parent-teacher conferences. 

Also, as an aside, am I the only one on this board that thinks that children should put themselves through college?  I certainly won't be able to afford to "send" my kid to school, but even if I were filthy rich, the most I would pay is maybe 50% of his costs to go to school.  I think you should put yourself through school.  Loans, grants, and working through school is how I did it and most of the other people I know did it.  But it seems people who became parents in the 90s and 2000s feel you're supposed to pay your child's full ride?  I just don't agree with that, but I know I'm in the minority.

 

I get your point.  We have 4 kids, and if they all want to go to college, we are going to try our hardest to pay for as much of it as we can.  My wife and I both paid our own way with loans etc, whcih we paid off eventually.  That dosen't mean they have to though.  I  would just like to pay as much as we can for them though.  Simply somethiong I want to do.  That is mostly the reason I did pick up the paper route.  they are only 1, 3, 4 and 6 at this time, so we do have time.  If we can't we can't though.  But RnR, I really do understand your point.,  It should not be expected to be sent to school by your parents.

 

And C-Dawg, I get your point, but if I can't pay for it, I will urge them to take out loans.  My wife and I both did it, and for 7 years, we made it priority to pay them off.

 

 

^^ever consider the military academies?  not for everyone, they but sure are a good option in my opinion

You just have such a strange idea of what working is all about.  If you let any of these thoughts leak out during a job interview (and I don't know how they wouldn't), you'll never get a real job.

I'm talking jobs that one can eventually build a career upon, and retire with healthy benefits one day.  Good interviewers read between the lines and can see right through the BS!  Good luck!

The 24 y/o expert speaks yet again.

I am 22 and have absolutely no debt and two years in Ohio PERS. I assume I will stay in the system for my 30 years, letting me retire at 50 with a comfortable level of income (assuming nothing changes with PERS). I doubt I will stop working at that point, however.

The 24 y/o expert speaks yet again.

 

Back up your argument if you don't agree with the findings MTS! Or is this another "the information is on my desk" days? ;)

 

It's the weekend sugar.  You're 24, how can you speak - in second hand terms - about a job? 

Isn't the abbreviation OPERS?  I believe I still have $80 in that left over from, believe it or not, my grad school stipend.  I've been too lazy to get that money out since I'm so rich, rich, rich.  Why the hell they take money out of stipends for a retirement fund we'll never know, or there might have been a form I was supposed to sign or not sign, but too late now. 

Wow c-dawg manages to hurt my brain once again...

 

No, I'm 26 of course I am not prepared.

 

But, I do have my plan. I have a fully paid off three year old car. I just purchased a double in Old Brooklyn that hopefully the other half will have rented out by January. I have an OK 401K match through work that I started contributing to last November (I think it was right about when it was flirting with 7,000).

 

The only hurdle left is school. Now that my car is paid off, and most of my old college and visa debt is gone, I can afford school much easier.

 

Life is good! :)

No, I'm 26 of course I am not prepared.

 

But, I do have my plan. I have a fully paid off three year old car. I just purchased a double in Old Brooklyn that hopefully the other half will have rented out by January. I have an OK 401K match through work that I started contributing to last November (I think it was right about when it was flirting with 7,000).

 

The only hurdle left is school. Now that my car is paid off, and most of my old college and visa debt is gone, I can afford school much easier.

 

Life is good! :)

 

When you pay off things off you have so much more money to play with.  You money can then work for you.  When I paid of my house, it was like a taking king kong off my back.

No, I'm 26 of course I am not prepared.

 

But, I do have my plan. I have a fully paid off three year old car. I just purchased a double in Old Brooklyn that hopefully the other half will have rented out by January. I have an OK 401K match through work that I started contributing to last November (I think it was right about when it was flirting with 7,000).

 

The only hurdle left is school. Now that my car is paid off, and most of my old college and visa debt is gone, I can afford school much easier.

 

Life is good! :)

 

When you pay off things off you have so much more money to play with.  You money can then work for you.  When I paid of my house, it was like a taking king kong off my back.

 

I've read articles indicating it's better to invest than to pay off your house....get better return on your money and don't lose the tax cushion.  I couldn't really make much sense of this (I mean, how could it not be a good idea to basically live rent free?) but it seemed this advice was pretty consistent across many personal finance articles/sites/books I browsed.

 

I wondered if it was positioned that way simply b/c paying off one's house is usually such a lofty goal while investing X amount per month seems more achievable...I would think paying off your house would be one of the best things you could do.

 

Was your strategy simply to make extra payments to principle each month? 

^I've read this in various places several times too, but it really depends on several individual factors like: Do you usually itemize your taxes? How much interest do you think you can get on your savings? What kind of interest rate are you paying on the mortgage?

 

Another consideration is that a large amount of financial advisors are paid by commision, so it is in their best interest to convince you to invest your money rather than paying off the house.

No, I'm 26 of course I am not prepared.

 

But, I do have my plan. I have a fully paid off three year old car. I just purchased a double in Old Brooklyn that hopefully the other half will have rented out by January. I have an OK 401K match through work that I started contributing to last November (I think it was right about when it was flirting with 7,000).

 

The only hurdle left is school. Now that my car is paid off, and most of my old college and visa debt is gone, I can afford school much easier.

 

Life is good! :)

 

When you pay off things off you have so much more money to play with.  You money can then work for you.  When I paid of my house, it was like a taking king kong off my back.

 

I've read articles indicating it's better to invest than to pay off your house....get better return on your money and don't lose the tax cushion.  I couldn't really make much sense of this (I mean, how could it not be a good idea to basically live rent free?) but it seemed this advice was pretty consistent across many personal finance articles/sites/books I browsed.

 

I wondered if it was positioned that way simply b/c paying off one's house is usually such a lofty goal while investing X amount per month seems more achievable...I would think paying off your house would be one of the best things you could do.

 

Was your strategy simply to make extra payments to principle each month? 

 

^I've read this in various places several times too, but it really depends on several individual factors like: Do you usually itemize your taxes? How much interest do you think you can get on your savings? What kind of interest rate are you paying on the mortgage?

 

Another consideration is that a large amount of financial advisors are paid by commision, so it is in their best interest to convince you to invest your money rather than paying off the house.

 

Good point on that last one...

 

I've itemized the past few years; I am paying 5.25% on a 30 yr fixed and who knows what kind of interest I can get on savings...variable I guess over time.

[*]My apartement was dirt cheap

[*]I made 14 payments a year.  Two in June and two in December.

[*]I used my bonuses to pay off my mortgage.

[*]I had a 15 year mortgage

I just wanted it done!  I wanted to get it over ASAP although I paid a penalty for paying my house off early.

I imagine there is a large mental reward for paying off your mortgage.  I think I am going to try something similar - i.e., make 14 payments - but spread the 14 payments out monthly paying extra principle.

 

If nothing else, having the extra equity when it comes time to sell would help with a larger down payment on the next place...which I am hoping will be a house that is less than my condo.

I imagine there is a large mental reward for paying off your mortgage.  I think I am going to try something similar - i.e., make 14 payments - but spread the 14 payments out monthly paying extra principle.

 

If nothing else, having the extra equity when it comes time to sell would help with a larger down payment on the next place...which I am hoping will be a house that is less than my condo.

 

Yeah spreading it out could work as well!  My ROI investment is great.  My condo is worth 8 times what I bought and have invested in it.  Hell, my maintenance fee is like a mortgage unto itself! 

I love my apartment.

One can never be really prepared for the future.  I thought mine was mapped out to the letter.  About 2 years ago I had a life changing illness which left me unable to work, and I had to leave my job of over 20 years.  Although my job was not ideal, it provided a good income and I was able to save a good percentage for retirement, and had very little debt.  Now, two years later, I have more debt than ever before in my life.  My 401(k) was used just to make ends meet while I fought to get my insurance and benefits, etc). The tumbling stock market in 2008 halved my investment portfolio as well.  In trying to recover that, I lost even more!

 

Doesn't look like I will starve to death, but it certainly is not the way I planned it. Of course, I thought that I the illness would pass and I would go back to work, rebuild my savings, and just go one where I left off.

 

Life is funny.  My planning was good, and I followed my financial planner's advice.  You can not start too young.  The main lesson I learned is that there is no such thing as guaranteed security. 

 

 

SFSpike that sucks big time and I feel for you and hope things are much better. Just wondering and this may require much too long of a reply but why are you fighting for your insurance and benefits? Is it due to the particular illness you had or just the bureaucratic crap insurance companies are so good at? Also I always get extra insurance, like long term disability etc. through my employee benefits and wondered if you had that as well and if so did it help? Anyway good luck Buddy.

It is not tragic, just is how life works.  One can never be sure of anything, and should always expect the unexpected.  I was probably too complacent and maybe even a bit smug with my savings and planning.

 

The long term disability insurance was a nightmare.  It took a year for them to make a decision after I left work.  More than 400 pages of documentation had been submitted.  My friends and family all had to submit documentation about how the illness had changed my personality, etc.  Then I had to go to see their doctor, who was 85 if he was a minute.  He called me an idiot, a liar and a thief.  Needless to say, it was humiliating and degrading.  In the end, I got approved, thanks to a team of lawyers working on my behalf. And this is insurance that I had been paying into for over 20 years. 

 

But things are not totally bleak.  I have my friends, and my life is not empty...just a bit poorer!  Will take me a long time to pay off the debts, but what the heck?  I have everything I need....and am pretty happy...and isn't that what it is all about anyhow?  Won't be going back to work ever, that I can see. 

 

We can plan, but you just never know. I had even made provisions for catastrophic illness, but never thought it could happen..and so suddenly...I left work at 10:30 to go the ER and never returned. 

 

sfspike.  I'm so sorry to hear that.  I wish you the best.

Every financial decision shouldn't be made to get the last penny possible, because there is value to the peace of mind that comes with having no car or house payments. 

 

He is a bit corny but Dave Ramsey's show is the most practical financial planning show on radio.  In a nutshell his financial philosophy is until you're out of debt drive a junky car, don't go on any trips, and don't eat at any restaurants. He also encourages people, even those on salary, to get second weekend & night jobs, especially house cleaning, lawn care, and pizza delivery.

 

His big mistake was encouraging everyone to invest in mutual funds because all those people got killed in 2008, but I think he did a lot more good than harm by getting thousands of people across the country to get serious about getting out of debt and saving for college & retirement. 

 

The overall problem is that too many people have way too much stuff, go on too many trips, and have 2+ cars.  The car issue is the real money sucker, as well as people thinking they have to take multiple vacations every year. 

 

Every financial decision shouldn't be made to get the last penny possible, because there is value to the peace of mind that comes with having no car or house payments. 

 

He is a bit corny but Dave Ramsey's show is the most practical financial planning show on radio.  In a nutshell his financial philosophy is until you're out of debt drive a junky car, don't go on any trips, and don't eat at any restaurants. He also encourages people, even those on salary, to get second weekend & night jobs, especially house cleaning, lawn care, and pizza delivery.

 

His big mistake was encouraging everyone to invest in mutual funds because all those people got killed in 2008, but I think he did a lot more good than harm by getting thousands of people across the country to get serious about getting out of debt and saving for college & retirement. 

 

The overall problem is that too many people have way too much stuff, go on too many trips, and have 2+ cars.  The car issue is the real money sucker, as well as people thinking they have to take multiple vacations every year.

 

 

Why?  I do a lot of personal travel.  It's peace of mind to just go to a beach and chill.  Why is that a bad thing or "wrong"?

Why? I do a lot of personal travel. It's peace of mind to just go to a beach and chill. Why is that a bad thing or "wrong"?

If you can afford to spend a significant amount of time/money on personal travel but still cover all your expenses, prepare for retirement and keep yourself out of debt, there is nothing wrong with it.

Why?  I do a lot of personal travel.  It's peace of mind to just go to a beach and chill.  Why is that a bad thing or "wrong"?

If you can afford to spend a significant amount of time/money on personal travel but still cover all your expenses, prepare for retirement and keep yourself out of debt, there is nothing wrong with it.

 

That's what I'm thinking, but I want to understand Jakes POV or get a better explanation of that statement.

MTS, we've all heard many times about how well off you are but you don't really represent the "average" American. Those who are in heavy debt up to their eyes and with their head in the sand, taking several trips a year, it's not financially responsible.  I grow weary of your "I don't understand the little people and their problems" attitudes. 

MTS, we've all heard many times about how well off you are but you don't really represent the "average" American. Those who are in heavy debt up to their eyes and with their head in the sand, taking several trips a year, it's not financially responsible.  I grow weary of your "I don't understand the little people and their problems" attitudes. 

 

That wasn't why I said that.  It wasn't to boast as I'm very very thankful and humble for all I have.

 

However, Jakes statement, as I read it, was a blanket statement.  Those up to debt, was it by their own doing?  I'm not talking about those who recently lost jobs, but those who live on credit as a way to live?

 

You grow weary of my  "I don't understand the little people and their problems" attitudes.  WHAT attitude exactly?  If I don't understand the way something was wrote I'm going to ask for clarity.  That statement, sound to me like you think I was born with a silver spoon in my mouth.  I'm financially cautious and have take a great deal of time to make sure I was on the right path financially.

 

I dont know how any of that translates into me insinuating anyone here is "less than".

I'm sure many would agree that you continually post about being affluent and regularly brag about your spending and shopping habits.  While I generally find it kind of funny, in certain instances like this one, where the poster quite obviously wasn't talking about people who are very well off financially, it just seems baiting and insincere.  "Gee, what's wrong with vacations?" he said, sipping Cristal and being fanned by cabana boys. 

 

You have no idea why any select person is in debt up to their eyes.  You have been blessed with a combination of good luck and the ability to work very hard and stay out of financial trouble, other people are not so lucky.  Whether it's major, chronic illness with no health insurance, sudden loss of a job through layoffs/downsizing, having to take care of elder parents' expensive medical conditions, having a special needs child or just irresponsible spending habits, you don't KNOW, but seem to assume, that anyone who is deep in debt is simply an irresponsible boob who didn't work as hard as you did to become fabulously successful, and it's just not that black and white. 

I'm sure many would agree that you continually post about being affluent and regularly brag about your spending and shopping habits.  While I generally find it kind of funny, in certain instances like this one, where the poster quite obviously wasn't talking about people who are very well off financially, it just seems baiting and insincere.  "Gee, what's wrong with vacations?" he said, sipping Cristal and being fanned by cabana boys. 

 

You have no idea why any select person is in debt up to their eyes.  You have been blessed with a combination of good luck and the ability to work very hard and stay out of financial trouble, other people are not so lucky.  Whether it's major, chronic illness with no health insurance, sudden loss of a job through layoffs/downsizing, having to take care of elder parents' expensive medical conditions, having a special needs child or just irresponsible spending habits, you don't KNOW, but seem to assume, that anyone who is deep in debt is simply an irresponsible boob who didn't work as hard as you did to become fabulously successful, and it's just not that black and white. 

 

Now you know I don't drink and only old lady are fanned by cabana boys!  :P :P

 

Exactly I dont have an idea, which is why I ask for clarity.  It wasn't baiting it was again for clarity.

 

I dont assume that all people who are having financial hardships are in that place by their own doing.  We've had a few recent examples right here on UO.  However, I personally, have run into  (and sat in focus groups with) those who dug themselves into financial holes.  I didn't assume or place fault when I asked that question and of course I know it's not that black and white.

 

Thats why I asked for clarity.

I'm sure many would agree that you continually post about being affluent and regularly brag about your spending and shopping habits.  While I generally find it kind of funny, in certain instances like this one, where the poster quite obviously wasn't talking about people who are very well off financially, it just seems baiting and insincere.  "Gee, what's wrong with vacations?" he said, sipping Cristal and being fanned by cabana boys. 

 

You have no idea why any select person is in debt up to their eyes.  You have been blessed with a combination of good luck and the ability to work very hard and stay out of financial trouble, other people are not so lucky.  Whether it's major, chronic illness with no health insurance, sudden loss of a job through layoffs/downsizing, having to take care of elder parents' expensive medical conditions, having a special needs child or just irresponsible spending habits, you don't KNOW, but seem to assume, that anyone who is deep in debt is simply an irresponsible boob who didn't work as hard as you did to become fabulously successful, and it's just not that black and white. 

 

Now you know I don't drink and only old lady are fanned by cabana boys!  :P :P

 

Exactly I dont have an idea, which is why I ask for clarity.  It wasn't baiting it was again for clarity.

 

I dont assume that all people who are having financial hardships are in that place by their own doing.  We've had a few recent examples right here on UO.  However, I personally, have run into  (and sat in focus groups with) those who dug themselves into financial holes.  I didn't assume or place fault when I asked that question and of course I know it's not that black and white.

 

Thats why I asked for clarity.

 

I think her point is that "blanket statements" apply to "general populations" and you don't need to ask for clarity and go over the minutia that could affect each individual situation.

 

Yeah, no sh!t, taking a vacation is OK if you can afford it.  You needed clarity on that?