Guitar Gear Forum

I don't see how you younger guys are even making it My wife went to the local grocery and spent 30 bucks on one bag. Almost 10 bucks for a bottle of apple cider vinegar and it wasn't a gal either LOL Jezzbus

I'm 45 and debt free. I can retire whenever I want with 30 days notice, currently sitting on a 50% pension, which is more than enough to cover my expenses.

My city is European style and has minimal urban sprawl, so I live 600m from work and can walk to all the necessities. I put gas in my truck every 2-3 months.

Over the years I've grown to really value the short commute. Long commutes syphon up a lot of time and money. I'd rather live modest and close than lavish and far away.

Landshark wrote:

VTM wrote:

TurboPablo wrote:I have no debt and my credit card gets paid in full every month. Life is easier without debt.

Right there with ya good buddy.

same, and i'd like to retire in a couple years.

its just scary that when you go out to eat, a $15 hamburger is the norm now. wtf

That'll be another $8 if you want fries with that

Pepi wrote:I don't see how you younger guys are even making it My wife went to the local grocery and spent 30 bucks on one bag. Almost 10 bucks for a bottle of apple cider vinegar and it wasn't a gal either LOL Jezzbus

By trying?

The kids I see crying about shit these days have no idea what a budget is.

Every critique of their spending is met with smug bullshit like "a $9 cup of coffee isn't why I'm poor", "a new iPhone isn't a luxury", "I use grubhub to deliver my fast food because I don't have time to get it myself", "I just bought festival tickets YOLO"

I reviewed a 20 somethings financials the other day and it was straight absurd. Over $1500 in ridiculous dumb wasteful spending, and the girl was indignant to any sort of change. She sure bitched a lot about how everything is unaffordable. Never mind her new car payment, $600/month on UberEats, $150/month cell phone bill, every other day Sbux... Claimed going to the grocery store was more wasteful, justified her new car with dumb excuses, etc.

I have no sympathy. Maybe don't sign up for $140k in student loans to go fuck off at a bullshit university for 4 years to wind up with a useless generic degree.

Dave wrote:
The kids I see crying about shit these days have no idea what a budget is.

Every critique of their spending is met with smug bullshit like "a $9 cup of coffee isn't why I'm poor", "a new iPhone isn't a luxury", "I use grubhub to deliver my fast food because I don't have time to get it myself", "I just bought festival tickets YOLO"

I reviewed a 20 somethings financials the other day and it was straight absurd. Over $1500 in ridiculous dumb wasteful spending, and the girl was indignant to any sort of change. She sure bitched a lot about how everything is unaffordable. Never mind her new car payment, $600/month on UberEats, $150/month cell phone bill, every other day Sbux... Claimed going to the grocery store was more wasteful, justified her new car with dumb excuses, etc.

I have no sympathy. Maybe don't sign up for $140k in student loans to go fuck off at a bullshit university for 4 years to wind up with a useless generic degree.

all of this. i see it on car groups all the time ... early 20's, buying a $50k+ car and throwing $15k in mods to it (because god forbid they lose face in a street race), carbon fiber accessories, and paying out the ass in insurance. most end up wrecking them

Dave wrote:

Pepi wrote:I don't see how you younger guys are even making it My wife went to the local grocery and spent 30 bucks on one bag. Almost 10 bucks for a bottle of apple cider vinegar and it wasn't a gal either LOL Jezzbus

By trying?

The kids I see crying about shit these days have no idea what a budget is.

Every critique of their spending is met with smug bullshit like "a $9 cup of coffee isn't why I'm poor", "a new iPhone isn't a luxury", "I use grubhub to deliver my fast food because I don't have time to get it myself", "I just bought festival tickets YOLO"

I reviewed a 20 somethings financials the other day and it was straight absurd. Over $1500 in ridiculous dumb wasteful spending, and the girl was indignant to any sort of change. She sure bitched a lot about how everything is unaffordable. Never mind her new car payment, $600/month on UberEats, $150/month cell phone bill, every other day Sbux... Claimed going to the grocery store was more wasteful, justified her new car with dumb excuses, etc.

I have no sympathy. Maybe don't sign up for $140k in student loans to go fuck off at a bullshit university for 4 years to wind up with a useless generic degree.

100%

Jesbus Dave! I said "younger guys" not fucking idiots

Dave wrote:

Pepi wrote:I don't see how you younger guys are even making it My wife went to the local grocery and spent 30 bucks on one bag. Almost 10 bucks for a bottle of apple cider vinegar and it wasn't a gal either LOL Jezzbus

By trying?

The IDIOTS I see crying about shit these days have no idea what a budget is.

Every critique of their spending is met with smug bullshit like "a $9 cup of coffee isn't why I'm poor", "a new iPhone isn't a luxury", "I use grubhub to deliver my fast food because I don't have time to get it myself", "I just bought festival tickets YOLO"

I reviewed a 20 somethings financials the other day and it was straight absurd. Over $1500 in ridiculous dumb wasteful spending, and the girl was indignant to any sort of change. She sure bitched a lot about how everything is unaffordable. Never mind her new car payment, $600/month on UberEats, $150/month cell phone bill, every other day Sbux... Claimed going to the grocery store was more wasteful, justified her new car with dumb excuses, etc.

I have no sympathy. Maybe don't sign up for $140k in student loans to go fuck off at a bullshit university for 4 years to wind up with a useless generic degree.

Only the idiots aren’t making it in these conditions.

Dave wrote:

Pepi wrote:I don't see how you younger guys are even making it My wife went to the local grocery and spent 30 bucks on one bag. Almost 10 bucks for a bottle of apple cider vinegar and it wasn't a gal either LOL Jezzbus

By trying?

The kids I see crying about shit these days have no idea what a budget is.

Every critique of their spending is met with smug bullshit like "a $9 cup of coffee isn't why I'm poor", "a new iPhone isn't a luxury", "I use grubhub to deliver my fast food because I don't have time to get it myself", "I just bought festival tickets YOLO"

I reviewed a 20 somethings financials the other day and it was straight absurd. Over $1500 in ridiculous dumb wasteful spending, and the girl was indignant to any sort of change. She sure bitched a lot about how everything is unaffordable. Never mind her new car payment, $600/month on UberEats, $150/month cell phone bill, every other day Sbux... Claimed going to the grocery store was more wasteful, justified her new car with dumb excuses, etc.

I have no sympathy. Maybe don't sign up for $140k in student loans to go fuck off at a bullshit university for 4 years to wind up with a useless generic degree.

Man it’s not even the 20 year olds. I’m in my mid 30s and it surprises me how many people at this age have no financial sense. One of my friends from work asked me how much she should be contributing to her 401(k). I said obviously maximum contribution, plus we have shitty healthcare plans here so max out the HSA. Do some CDs too if you want to be conservative because they are doing well now versus just sitting on cash. She gave me the most bewildered look and said she’s never contributed to either.

This is someone who is making at least $200k annually and has never saved a penny for retirement. Drives a brand new Escalade, has a bunch of Chanel bags that my wife said must cost a fortune and rents an apartment in one of the most expensive areas out here. Have no clue how you can just burn through that sort of cash flow. I want to retire in my 50s, not doing this bullshit until the day I die.

I am operating under the assumption that 98% of the people I see around me are living in hock up to their eyeballs.

My only debt right now is my 1968 Mustang that I am racing to pay off. After it is vacated some time next Spring, I am back to all cash and carry.

I know we're all insanely rich in this group, but...

Most people have NOTHING saved. Everything is a plastic/cardboard illusion of wealth.

When inflation really takes hold in our crumbling society, we're all fucked. Those bums who didn't take the 401k match are coming for YOU.

We are musicians. Most of us have never killed anyone.

That’s why we invested in other things along the way.


I can’t wait to meet my first bum to make his way on to my property

BroSlinger wrote:I know we're all insanely rich in this group, but...

Most people have NOTHING saved. Everything is a plastic/cardboard illusion of wealth.

When inflation really takes hold in our crumbling society, we're all fucked. Those bums who didn't take the 401k match are coming for YOU.

We are musicians. Most of us have never killed anyone.

I’m really worried about family relationships if/when all goes to shit. My wife’s side and my own are discreetly divided by people who are frugal and save or are completely saddled and drowning with debt. Waiting for the day where people start asking us for help and I’m not doing it for people who won’t help themselves.

You want an interest free loan to buy a reasonable car, skip PMI on a house or get a decent education? I’m all in. You need me to help pay off a credit card from your trip to Europe that I’ve never been able to take or your $500 auto note because you have a credit score of 400 and need a Lexus? I’m out.

Waaaaayyyyy to much common sense in this thread

Society has a keeping up with jonses these days and social media has ABSOLUTELY made it worse, then you can throw in little things like those dopey housewives shows and them flossing what they have, etc and people (mostly women) get caught up in that nonsense, even my gf (whos generally a bright person) whos in early 30s sometimes says dumb sh!t to me

Credit card debt = modern slavery.

IMO.

For you guys that work for a company how many of you have a Pension? Not just a 401k

I have a pension.

Rampage wrote:

BroSlinger wrote:I know we're all insanely rich in this group, but...

Most people have NOTHING saved. Everything is a plastic/cardboard illusion of wealth.

When inflation really takes hold in our crumbling society, we're all fucked. Those bums who didn't take the 401k match are coming for YOU.

We are musicians. Most of us have never killed anyone.

I’m really worried about family relationships if/when all goes to shit. My wife’s side and my own are discreetly divided by people who are frugal and save or are completely saddled and drowning with debt. Waiting for the day where people start asking us for help and I’m not doing it for people who won’t help themselves.

You want an interest free loan to buy a reasonable car, skip PMI on a house or get a decent education? I’m all in. You need me to help pay off a credit card from your trip to Europe that I’ve never been able to take or your $500 auto note because you have a credit score of 400 and need a Lexus? I’m out.

I've had 3 people (1 family member and 2 now former friends) ask to borrow money this year.

I don't lend money to people. It makes me uncomfortable, and irritated, that someone whom can't obtain money in traditional ways comes to me thinking I'm going to be an interest free pay day loan. So I just block their number and move on because I think less of them as people after they ask to borrow money from me.

Pepi wrote:For you guys that work for a company how many of you have a Pension? Not just a 401k

I do because I am grandfathered in. My company stopped funding pensions for new hires a few years ago.

My pension (military, not American) is 2%/year, based on an average of my last 4 years. I'm currently at 50% and if I stick around long enough I'd max out at 65%.

My wife's pension is some sort of private investment plan. Each employer contributes to it in leu of providing their own plan. Advantage is that it's portable and can follow her from employer to employer, and she's not screwed if the employer goes out of business.

Not sure how a 401k works since I'm not American.

screamingdaisy wrote:
Not sure how a 401k works since I'm not American.

You put tax-deferred money into an investment (usually mutual funds).

The employer matches all or part of it.

Example:
(Here's a common match formula)
you make $100,000.
You defer/contribute $5000 (5%)
Company matches 100% of 1st 3%, and 50% of next 2%. (you get 4% from the company, or $4,000)

Total deposit is $9,000

You keep this in your account. This is all taxable when distributed, and there's a 10% penalty if you pull it before age 59.5.

The US Gov mandates you have to start taking money out by age 73. These annual required minimum distributions start around 4%.


I'm totally not a financial advisor. I'm Jerry from Georgia.

I"'m totally not a financial advisor. I'm Jerry from Georgia." Your a hoot LOL

I am blessed to have a pension, 401k rolled into a IRA and SS coming in. I also was Grandfathered in by my company for a pension and the new employees only have the 401k. The company matched mine at .35 cents on the dollar (With a retirement pension). Now the new employees do not get a pension but are matched .65 cents on the dollar on their 401k. I remember hearing many of them say, "I'm not trusting the company and put my money in their 401k plan SMH

screamingdaisy wrote:My pension (military, not American) is 2%/year, based on an average of my last 4 years. I'm currently at 50% and if I stick around long enough I'd max out at 65%.

My wife's pension is some sort of private investment plan. Each employer contributes to it in leu of providing their own plan. Advantage is that it's portable and can follow her from employer to employer, and she's not screwed if the employer goes out of business.

Not sure how a 401k works since I'm not American.

You don't live in America?

Pepi wrote:I"'m totally not a financial advisor. I'm Jerry from Georgia." Your a hoot LOL

I am blessed to have a pension, 401k rolled into a IRA and SS coming in. I also was Grandfathered in by my company for a pension and the new employees only have the 401k. The company matched mine at .35 cents on the dollar (With a retirement pension). Now the new employees do not get a pension but are matched .65 cents on the dollar on their 401k. I remember hearing many of them say, "I'm not trusting the company and put my money in their 401k plan SMH

Are you still working?!

Chase does 100% 401k matching up to 5% plus the annual 6% pay credit in to my pension.

No Dave. I've been retired for 8 years now. 70 years old. My wife and I made our retirement numbers when I was 55 and I retired at 61. We are living good! Like I say, Blessed.

Healthcare and retirement are pretty much the only "real" benefits to being a teacher.

Pepi wrote:No Dave. I've been retired for 8 years now. 70 years old. My wife and I made our retirement numbers when I was 55 and I retired at 61. We are living good! Like I say, Blessed.

Well I’m just pleased as punch for you.