is everyone on here wealthy?

Paying for College
41

<p>Our family definately isn't wealthy. We've had recent battles with long term unemployment. I just finished college, and my sister will be a freshman in September... so money around here needs to really stretch.</p>

42

<p>nu-uh. i don't think everyone here are wealthy....at least if i'm part of that everybody. i'm not sure about how much my family earn every year, but i know about what percent of it we spend. we got my sister, who is a soph. in high school, my little brother, and me. we also spend a lot of money on my parents' education center. and do we have ANY profit from this place? nu uh. my mom has that thing about loving to work, while not really being greedy for money. and with all the teachers to pay money to....
however, i agree to gnusasaurus. i think i am wealthy in a way how i get to see smiling faces of all those kids in the education center.</p>

43

<p>Speaking as someone in a family living happily on the median income at present and soon to be cut in half, I am deeply sympathetic to those of you who feel that you do not yet have enough even though you have incomes of 200K or more each year. You will likely never feel wealthy no matter how much you have.</p>

44

<p>lol i can see that 500K not going far enough. med school and malpractice insurance probably have the debt backed up to next century.</p>

45

<p>It's all about living within your means. We make MUCH less than $200K and I would absolutely feel wealthy if that was our income. But we have chosen a lifestyle that allows for disposable income. We have a small house and average cars that we drive until the doors fall off. We don't buy designer clothes. Our kids attend public school because that we can afford. BUT, by doing so, we have enough for our kids to participate in music and sports, have lessons, enroll in summer programs and take family vacations. I know we will have enough to retire comfortably. OTOH, I know many people with expensive homes and no furniture in the living room. It's just a choice people make.</p>

<p>PS - Maybe if we had spent more of our disposable income, FAFSA wouldn't have been so cruel to us! :(</p>

46

<p>Well we have an income around $200k and have saved 20%/year for the past 15 years.</p>

<p>That said, we will only pay for our children to attend a public University ($15k/year) and it is up to them to pay the difference if they choose a private school. We'll work with them to obtain scholarships or merit money but since we won't get any need based aid they will have to take out loans for any difference (which we are discouraging).</p>

<p>We both went to public universities so feel you can get a great education there. In addition, every study I've ever seen says going to an elite school provides you with no additional money or happiness. If there was a financial difference I could see investing in it. </p>

<p>In the end, college and your future job prospects are what you make of them. College is more about the experience of growing up and becoming a lifetime learner that allows you to take knowledge and put it to work.</p>

47

<p>I think the problem is that some people on the boards will tell you that they aren't wealthy, and then turn around and say they have problems paying for college with their 200K incomes.
It's probably not how much money you have, but I'm guessing that paying out 20K a year on college sucks for anyone in any financial situation.</p>

48

<p>I know someone who has a sister at Penn and another one at Oxford. His family doesn't qualify for aid, so they're paying out of pocket -- and in two years they'll be paying for him, too. :eek:</p>

49

<p>
[quote]
i am not trying to sound like an arrogant piece of ****, but my dad makes over 500,000 anually as he is an orthodonist. However, 1 sibling in middle school and two in college, the money doesn't go as far as you guys might think. Sure, i have a reallllly nice house, bmws/mercedes and the whole package deal, but i can tell you, it isn't as smooth as it looks. Between the house, cars, mortgage payments, taxes (a lot for the top of the top bracket), there isn't that much left. Some of this money goes to life insurance stuff, retirement, stock market, investments. When it is all set and done, there isn't that much money left over when supporting a large family in a realllllllllllly affluent area where everyone is wealthy--well, at least it seems as I am trying to allude to.

[/quote]

Don't wine, just s tfu:)</p>

50

<p>Translation:</p>

<p>"I'm not trying to sound like an arrogant piece of crap, but my dad makes over $450,000 more than the national average, we live in a reeeeaaalllly nice house in an affluent neighborhood, we all go to private school, and we have a BMW and a Mercedes... but honestly, you guys, it really isn't easy living."</p>

<p>Right. :rolleyes:</p>

<p>edit: No offense meant, but don't be ridiculous.</p>

51

<p>^I agree
collegekid1988: you make more than enough....shouldn't you be paying someone else to give you professional advise for college?</p>

52

<p>Amen thesloc and thisyearsgirl.
collegekid1988: Do you realize that a Mercedes is like the cost of my college education times four? I dearly hope that you do graduate from college, because you really need to learn the value of a dollar.</p>

53

<p>see what I mean? these ppl make 200-500k per year and say they aren't wealthy. that's just messed up. if things aren't easy making 500k a year, then these ppl don't know how to handle their money.</p>

54

<p>Well that was only one person, and while I can't say for sure, I think he knows that he is wealthy and just wanted a chance to tout it. How <em>gauche</em> :)</p>

55

<p>Just because one owns BMW's, Mercedes, and may live in a very wealthy neighborhood does not mean they are well to do. There is something called leasing for autmobiles and mortgages for houses which most people go pay check to pay check trying to pay. The sign of real wealth is someone who has their entire retirement already payed for as well as complete insurance and multiple investments(real estate, time shares, stock, you name it). Its not necessarily how much you make but what you do with the money that you do make.</p>

56

<p>I don't care how they pay for things. Half a million a year is half a million a year...please.</p>

57

<p>No, ryan2288 makes a good point, similar to what I said about people living in huge houses with no furniture. You can find sherrif's sales of mansions. Of course, most folks make less than 500K or even 200K, but I think part of feeling "wealthy" is about having enough disposable income to enjoy life. And retirement is a good point, too. We have one set of grandparents who were frugal and saved and retired very comfortably. They travel and have no financial worries. We have grandparents on the other side of the family who saved nothing, are in debt and live off of the generosity of others. Their children become annoyed at the constant burden. I'd much rather live like the first set!</p>

<p>That said, anybody who makes over 200K and doesn't have enough money to go around is just an excessive consumer and needs to stop spending so much on non-necessities. You don't really need a Mercedes...you can drive a Ford. I dont' think there will be much sympathy for debt incurred by having all of the best things in life.</p>

58

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<p>It's nice that your family is able to contribute to these things with your $500,000 income. BUT the reality is that your family certainly could cut back on the contributions to stock market and investments. Most folks don't have enough cash flow to even contribute to those at all. I hope your family views your college education(s) as an investment also.</p>

59

<p>Nice things just make life nicer.</p>

60

<p>The adult world looks so complicated :( I feel kind of behind, because at 18, I still don't have a bank account nor can I balance a checkbook, or budget. I do, however, have a job and spend my own money but I still feel so frivolous. I hope I'll learn soon =/ </p>

<p>My family doesn't make nearly as much as 200K but we live comfortably (in an expensive city, no less). I attended a pretty nice private school and will be attending an expensive college, but that just means these schools are great with financial aid. This thread though really made me feel lucky. I don't have a mercedes or a mansion but I have parents that work hard and support me and give me everything that I need.</p>