<p>I would have to say our situation is mixed. On one hand, I know we make a lot more income than our parents ever did. I have always worked and made a high salary, and our moms were both housewives. </p>
<p>DH’s dad attended college on the GI Bill but dropped out after two or three years when DH was born–he was a technician at a big manufacturing company. He had one layoff in the early '70’s recession and was out of work for two years–but he was called back to basically the same job he had before, at the same wage, and that kind of security is non-existent today. He retired with a pension, health benefits and a big 401(k) balance and he and his wife live very frugally but are very secure financially–the house they bought in 1965 is long since paid for, and they never travel or spend money. Their cars are both at least 20 years old. They have never spent a dime on anything to improve their house–it still has the original kitchens and bathrooms. If they can’t fix it themselves, it doesn’t get fixed. And now that they are both 80, the number of things that can’t get fixed is growing rapidly.</p>
<p>My father had a college education and we lived securely but frugally–three bedroom/one bath '50s tract house, one economy car was it for the family. My parents set aside money for our college, but it was a given we would go to state schools–the idea of a private college was completely foreign to them. Why would you do that when you could get the same thing so inexpensively?</p>
<p>We have far higher aspirations than our parents–our kids attended private K-8, and two of the three attend private colleges. Money is tight as we are on the dead zone for financial aid–our EFC was calculated at $90K—LOL! </p>
<p>All that being said we do not enjoy anywhere near the level of security our parents enjoyed. I think it is a big tradeoff-we have more income, and we call the shots as to what our money goes toward–they had maybe lower salaries but lower expenses and more compensation in the way of retirement benefits. </p>
<p>Would I want to live like my in-laws do? Um, no-what good is money if you live a miserable penny pinching life? But in comparison to a lot of others in our socioeconomic group, we probably look frugal–we spend a ton on education, but our house is old and a bit shabby–instead of the gutting/architecturally stunning kitchen remodel, we just put in a new floor and new cabinets and countertops a few years ago. So we aren’t living miserably or anything–we are just trying to keep our heads above water and save for retirement, educate our kids, and keep our house from falling down around our ears.</p>