Auto loans could pose a bigger threat to young Americans than student loans. For the first time, the outstanding volume of auto loan debt just surpassed student loan debt.
Auto loans could pose a bigger threat to young Americans than student loans. For the first time, the outstanding volume of auto loan debt just surpassed student loan debt.
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TIL I am one cheap bastard.
I mean tbf that says household, meaning usually 3-4 people.
Average is 2.5 people.
I just finished putting a kid through college with no debt and still didn't approach that level of spending.
Okay color me wrong.
The important part is that you found a way to feel superior
The important part is that you've found a way to be a random Internet asshole. Pound sand.
It’s great your path is different from many others’ for whom this is a real issue. I wish you strength with your own challenges and I wouldn’t think to demean them by proclaiming they aren’t my troubles.
I could give you a whole tome on life struggles. I'm fifty one years old. Only in the last couple years have I finally gotten to a point where I feel secure, though retirement is still up in the air.
So all I said in the beginning is that I'm a cheap bastard. The years of housing and food insecurity while being a single parent have made me quite frugal today even when there's extra income now. The whole point was simply that I don't spend like that.
I saw to it that my daughter would have opportunity without the debt struggles that I've known. She did her part, I did mine. Now she's the young professional who's set up to have no struggles.
I regret nothing and would do it again infinite times regardless of what the guy above you has to say about it.
a 'household' is two wage earners max
For reference my rent alone is half of that in downtown of a major city.
$3k other expenses is a little high, but not out of the realm of reasonable.
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Rent or mortgage plus daycare will easily take up 3/4 of that.
Study: Median American's Savings Account Balance Is $1,200
That seems high
Good god, according to census.gov:
Real median household income was $74,580 in 2022
Which works out to $6,215/month. Less than $200/month for emergencies, nobody is saving money with these figures. Our economic system is broken.
Add it to the pile of broken systems.
Our expenses are a little less but my wife and I have two kids. Although if we had bought a house around now instead of 7 years ago, it would easily be much more. If we had decided to buy a new car, add that on top.
But one thing to note is that is the average so that is anywhere from a single person to someone with six kids.