Net Worth at age 55

doctalaughs said:

I will point out that inflation for “luxury” goods such as higher end travel is up 70-85% since 2019. My salary certainly isn’t up 80% since then.

I could care less about the cost of eggs and milk - but when I used to be able to ski slopeside at a 4 star hotel and now it’s $1500/night, that “feels” like a downgrade in lifestyle. I could pay it — but won’t because luxury items are discretionary and it’s not worth that to me.

Obviously no one should feel bad for anyone in this situation at all- but I give this example to point out that inflation absolutely can be influential and noticable even to “rich” physicians who don’t feel “better off” necessarily.

I agree with @BLADEMDA as well that it makes me re-think my retirement number. I used to think 10M was super-conservative, now I’m thinking it’s necessary if I want to do the (admittedly luxury) things thay I want in retirement.

Wealthy Travelers Are Fueling a Surge in Luxury Hotel Prices

According to new data from Virtuoso, hotel rates reached peak levels this year while travelers continue to spend big on luxe resorts and train trips.

robbreport.com

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First World problems.

Only 10% of people retire with 1M

Physicians (most rich people) are truly out of touch.

GassYous said:

I think women just grow the spending into whatever the income is. Most women will develop expensive hobbies and tastes if they have the wherewithal. They will buy fake LV and Gucci bags when they are poor and upgrade to the real thing when they aren't.

Click to expand...

I am the rare breed that’s not into the fake or real
****. What a waste of money. For what?

Splenda88 said:

First World problems.

Click to expand...

Let them eat cake!

mmag said:

More like 90% of all women who gravitate towards Docto$. They use to be called gold diggers but looks like all the guys here have accepted it as normal.

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This. Men accept it and then complain when years later they get taken to the cleaners after said women have set themselves up by obviously popping out a couple of kids. Let’s be real. How many end up marrying nurses?
Or just bimbo women based on appearances?

Splenda88 said:

First World problems.

Only 10% of people retire with 1M

Physicians (most rich people) are truly out of touch.

Can You Guess How Many Americans Actually Retire With a Million Bucks?

Saving $1 million (or more) for retirement is a great goal to have. Putting that much aside could make it easier to live your preferred lifestyle when you retire, without having to worry about running short of money. However, not … Continue reading → The post What Percentage of Retirees Have a...

finance.yahoo.com

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You missed the point of my post. Obviously I know these are rich people problems. Still doesn’t change the fact that I am annoyed that things I used to do in 2019 are 80% more expensive.

makemoney2024 said:

This. Men accept it and then complain when years later they get taken to the cleaners after said women have set themselves up by obviously popping out a couple of kids. Let’s be real. How many end up marrying nurses?
Or just bimbo women based on appearances?

Click to expand...

Interestingly I've been seeing the flipside a lot too lately. A good number of my successful female coworkers and friends are getting divorced - a lot of them married guys that were sketchy or low grade deadbeats and shockingly now it's not working out.

As noted in this thread, many of my male coworkers have wives who spend 110% of the guy's earnings. One common theme is that a lot of the guys are very mentally entrenched in status and keeping up appearances (they want to have the Tesla, the fancy neighborhood, the fancy private school for the kids, "need" to fly private, overspent on a massive wedding, and so forth). So I suspect their choice in mate is part of this continuum.

doctalaughs said:

You missed the point of my post. Obviously I know these are rich people problems. Still doesn’t change the fact that I am annoyed that things I used to do in 2019 are 80% more expensive.

Click to expand...

Things that 90%+ Americans don't care about (Ski resort trip with high end hotel).

I am sure things were cheaper in 2011 than they were in 2019.

Something is wrong If you think retiring with 10M is JUST conservative. You are freaking rich if you have anything > 2M in almost all part of the US.

I am not arguing about it in a political context because I don't care that much who will be in the white house in 8-9 months.

Splenda88 said:

Things that most 90%+ Americans don't care about (Ski resort trip with high end hotel).

I am sure things were cheaper in 2011 than they were in 2019.

Something is wrong If you think retiring with 10M is JUST conservative. You are freaking rich if you have anything > 2M in almost all part of the US.

I am not arguing about it in a political context because I don't care that much who will be in the white house in 8-9 months.

Click to expand...

I still don’t think you get my post.

An American barely getting by is annoyed at gas and eggs. Maybe eating beans instead.

A middle class American is annoyed at gas and eating out at Applebees.

A rich American is annoyed their luxury vacations are now twice as expensive.

Maybe the ultra wealthy ibankers and CEOs are annoyed they can’t buy as many boats or fly a private plane anymore, who knows.

This is not a commentary on who’s better off and if we are lucky compared to most (we are). It’s not saying “take pity on the rich”. I’m merely saying that inflation is across the spectrum — and luxury items are actually more affected than “necessities.” And that the rich also “feel” the bite of inflation and notice it in their lives (and the voting booth if they care to assign blame one way or another which is a totally separate disucssion).

kidthor said:

Interestingly I've been seeing the flipside a lot too lately. A good number of my successful female coworkers and friends are getting divorced - a lot of them married guys that were sketchy or low grade deadbeats and shockingly now it's not working out.

As noted in this thread, many of my male coworkers have wives who spend 110% of the guy's earnings. One common theme is that a lot of the guys are very mentally entrenched in status and keeping up appearances (they want to have the Tesla, the fancy neighborhood, the fancy private school for the kids, "need" to fly private, overspent on a massive wedding, and so forth). So I suspect their choice in mate is part of this continuum.

Click to expand...

It's a little bit difficult for these women. Once they become 'successful', they kind of price themselves out of the dating market. The guys that are their match are not looking for people who are working a lot. I am seeing that from a few of my co-residents.

doctalaughs said:

This is not a commentary on who’s better off and if we are lucky compared to most (we are). It’s not saying “take pity on the rich”. I’m merely saying that inflation is across the spectrum — and luxury items are actually more affected than “necessities.” And that the rich also “feel” the bite of inflation and notice it in their lives (and the voting booth if they care to assign blame one way or another which is a totally separate disucssion).

Click to expand...

Agree but most of us (the rich) have beat inflation (aka our purchasing power is still the same or better) because almost all of us invest in the stock market and have house(s). I am pretty sure you net worth has increased more than 30% in the past 4 years.

mmag said:

More like 90% of all women who gravitate towards Docto$. They use to be called gold diggers but looks like all the guys here have accepted it as normal.

Click to expand...

Nah I'm pretty sure 90% of women want:
-A nice big house with open floor plan, renovated kitchen, renovated bathrooms, walk in closet, garage, nice yard.
-To eat at nice restaurants and go on nice vacations.
-Their kids to go to the best private schools.
-New cars, clothes and shoes. Not necessarily top of the line, but nice.

Splenda88 said:

Agree but most of us (the rich) have out beat inflation (aka our purchasing power is still the same or better) because almost all of us invest in the stock market. I am pretty sure you net worth has increased more than 30% in the past 4 years.

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Depends on your definition of beat out inflation.

Yes my net worth has gone up 30% or more. And yes I “beat” inflation as I don’t care that Costco and gas costs are 30% more than 2019. Maybe that also means I should feel comfortable spending $1500/night now on a hotel I used to spend $650/night in 2019. But I don’t because my income is not much higher than before. So I instead just forgo that “level” of luxury item.

Everything in people’s minds is compared to what they did in the past - rich or poor.

I think it’s debatable if our purchasing power for luxury items is better than 2019 even with increases in wealth and the stock market.

doctalaughs said:

Depends on your definition of beat out inflation.

Yes my net worth has gone up 30% or more. And yes I “beat” inflation as I don’t care that Costco and gas costs are 30% more than 2019. Maybe that also means I should feel comfortable spending $1500/night now on a hotel I used to spend $650/night in 2019. But I don’t because my income is not much higher than before. So I instead just forgo that “level” of luxury item.

Everything in people’s minds is compared to what they did in the past - rich or poor.

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It's hard to predict hotel price. You might book it at a different time/days of the year.

I went to Dallas a few months ago and my hotel stay was $600+/night. Same hotel room cost $1100+/night next month. The whole hotel is COMPLETELY booked in July

I complain as well. I just booked ~$900/night hotel stay, but I don't vacation weekly or monthly.

kidthor said:

Interestingly I've been seeing the flipside a lot too lately. A good number of my successful female coworkers and friends are getting divorced - a lot of them married guys that were sketchy or low grade deadbeats and shockingly now it's not working out.

As noted in this thread, many of my male coworkers have wives who spend 110% of the guy's earnings. One common theme is that a lot of the guys are very mentally entrenched in status and keeping up appearances (they want to have the Tesla, the fancy neighborhood, the fancy private school for the kids, "need" to fly private, overspent on a massive wedding, and so forth). So I suspect their choice in mate is part of this continuum.

Click to expand...

Shockingly not surprising though haha


"Do marriages go better when husbands are higher-status than wives?

This answer is the same as all the others: no for education, yes for income.

…which shows a “cliff” between the wife earning very slightly less than her husband, and very slightly more. Some of these marriages either ended in divorce, or never happened in the first place. The study claims that 23% of the decline in marriage comes from women being less able to find higher-earning men and unable to tolerate lower-earning ones, though I can’t begin to evaluate whether that’s true. Here is a funny article about how it’s hard to study this effect, because when wives earn more than their husbands, both partners lie about their incomes to deny this.

As more hard-charging women flood a given dating market, while the number of eligible men drags behind because of increasing advantages for women in school and the workplace, fewer and fewer women are likely to find themselves with a partner they consider marriageable [...] Career women are faced with a growing structural disadvantage of insufficient suitable partners, which is exacerbated as they age because of men’s continuing preference for younger women."

doctalaughs said:

A middle class American is annoyed at gas and eating out at Applebees.

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Clearly, you're not one of the lucky Americans to snag the Date Night Pass.

$200 for 52 "$30 date night meals" bro. Unbeatable.

rowsdower88 said:

Clearly, you're not one of the lucky Americans to snag the Date Night Pass.

$200 for 52 "$30 date night meals" bro. Unbeatable.

Applebee's Neighborhood Bar + Grill

Applebee's launches exclusive Date Night Pass for one year of dates. Learn more.

www.applebees.com

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Man I remember when a meal was $12 at Applebee's. No $200 pass needed.

rowsdower88 said:

Clearly, you're not one of the lucky Americans to snag the Date Night Pass.

$200 for 52 "$30 date night meals" bro. Unbeatable.

Applebee's Neighborhood Bar + Grill

Applebee's launches exclusive Date Night Pass for one year of dates. Learn more.

www.applebees.com

Click to expand...

Damn this is one of the best deals I have ever seen. Too bad I missed out. I have nothing against Applebee's. In fact my first date with my (now) wife was 2 for $20 at Applebee's lol

I’ll have to admit. My spending has gotten out of hand with my side gigs income flowing in. Paying for 4 big vacations this year. Took one. That cost I think 12-13k

Have 2 for summer. Those will cost 30k

Planning on going back to Colorado for Xmas. That’s another 15k.

But locums money is so easy. I feel like if I’m working hard (if u call sleeping working and getting paid). But I earn the money. I should be able to spend it.

aneftp said:

I’ll have to admit. My spending has gotten out of hand with my side gigs income flowing in. Paying for 4 big vacations this year. Took one. That cost I think 12-13k

Have 2 for summer. Those will cost 30k

Planning on going back to Colorado for Xmas. That’s another 15k.

But locums money is so easy. I feel like if I’m working hard (if u call sleeping working and getting paid). But I earn the money. I should be able to spend it.

Click to expand...

Anesthesiologist are swimming in $$$ these days.

I joined a country club last year but there was no initiation fee and it’s about $350/mo. It’s nice but not top tier obviously.

I absolutely love it. I show up almost anytime and walk onto the course. My kids and wife live at the pool half the summer. Kids do tennis clinics and camps. Constant social events, fun golf and tennis tournaments. Nice little gym that is always empty. Food is good, never a wait. If I have an hour before dark and want to play 5 or 3 holes, with or without family, no hassle. Same with driving range or practice areas. The staff know us and are polite/helpful. Course conditions are much better than public.

I am budgeting to join a nicer club in retirement. Would not rule out 100k initiation if I see the value, but I understand how a non golfer would NOT see the value. I play and practice a lot.

mentos said:

You just described 90%+ of all women.

Click to expand...

Maybe 90% of the women you attract… y’all know I wasn’t going to let this go. It’s the world’s oldest profession and the street corner is more honest. Lots of women are lazy bimbos…. Pick a better partner.

caligas said:

I joined a country club last year but there was no initiation fee and it’s about $350/mo. It’s nice but not top tier obviously.

I absolutely love it. I show up almost anytime and walk onto the course. My kids and wife live at the pool half the summer. Kids do tennis clinics and camps. Constant social events, fun golf and tennis tournaments. Nice little gym that is always empty. Food is good, never a wait. If I have an hour before dark and want to play 5 or 3 holes, with or without family, no hassle. Same with driving range or practice areas. The staff know us and are polite/helpful. Course conditions are much better than public.

I am budgeting to join a nicer club in retirement. Would not rule out 100k initiation if I see the value, but I understand how a non golfer would NOT see the value. I play and practice a lot.

Click to expand...

Depends how old you are when you retire. If you are in your 60's, all you have to look forward to is a continuous deterioration of your body. I played basketball into my 40's and am feeling it. We are thinking about returning to golf, but will have to re learn it with a different body now. If golf is fun and social, you're good. If you are completive, it will less satisfying.

doctalaughs said:

I still don’t think you get my post.

An American barely getting by is annoyed at gas and eggs. Maybe eating beans instead.

A middle class American is annoyed at gas and eating out at Applebees.

A rich American is annoyed their luxury vacations are now twice as expensive.

Maybe the ultra wealthy ibankers and CEOs are annoyed they can’t buy as many boats or fly a private plane anymore, who knows.

This is not a commentary on who’s better off and if we are lucky compared to most (we are). It’s not saying “take pity on the rich”. I’m merely saying that inflation is across the spectrum — and luxury items are actually more affected than “necessities.” And that the rich also “feel” the bite of inflation and notice it in their lives (and the voting booth if they care to assign blame one way or another which is a totally separate disucssion).

Click to expand...

Luxury items are more affected than necessities? Are you kidding me? All items are affected annd and all classes are affected. And if you are honest, the necessities being affected as much as the luxuries is a bigger problem because people can’t do without the necessities.
Get a grip.

Many economists make the case the top 5% have benefited from inflation (aka cheap money).

Almost everyone here has their net worth increase by > 30% in the past 3 yrs. In fact, mine has increased > 100%.

Permanently Extending the Trump Tax Cuts Would Cost $4 Trillion Over the Next Decade​

amyl said:

Maybe 90% of the women you attract… y’all know I wasn’t going to let this go. It’s the world’s oldest profession and the street corner is more honest. Lots of women are lazy bimbos…. Pick a better partner.

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So true. A friend of mine was complaining about working all these extra shifts because he "had to" spend nearly 100K on their wedding - because his fiance's family expected it. The fiance is a barely employed princess type. I think we can guess the trajectory of that relationship.

amyl said:

Lots of women are lazy bimbos…. Pick a better partner.

Click to expand...

Men too

kidthor said:

So true. A friend of mine was complaining about working all these extra shifts because he "had to" spend nearly 100K on their wedding - because his fiance's family expected it. The fiance is a barely employed princess type. I think we can guess the trajectory of that relationship.

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Good Lord. For a Wedding? Why didn’t the wife’s family pay for it then? Why do people do this to themselves?

nimbus said:

Men too

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Yup

BLADEMDA said:

Tax Cuts are not the same as forgiving loans to people who agreed to pay them back. The taxpayer works hard to earn his/her money before the govt. takes it from them to pay for defense, infrastructure, entitlements like medicare, etc. The "forgiveness" is using that taxpayer's money to give free handouts to those who took out a promisory note. They are not the same things by a mile.

FYI, I agree the Trump tax cuts need to be re-worked and not extended entirely. I also believe Biden's loan forgiveness program is illegal and abusing the executive authority to spend a trillion dollars. Biden is forgiving the loans of wealthy Americans who earn more than $300,000 per year.

Click to expand...

You're having different emotional reactions to both of those policies, but they're just programs benefiting different groups of Americans. I think it's fair to say a program that reduces taxes for anyone making over a million dollars is a "handout". These programs are just handouts to different people. It's just a question of who you think "deserves" the handout. I suspect you're ok with some student loan forgiveness to those who got taken advantage of by fraudulent for-profit colleges (ex. ITT Tech and Devry), just like I'm ok with some tax cuts for the middle class.

I don't really want to defend student loan forgiveness, but I think defending tax cuts for the wealthy would be even harder. Like this is indefensible to me:

caligas said:

I joined a country club last year but there was no initiation fee and it’s about $350/mo. It’s nice but not top tier obviously.

I absolutely love it. I show up almost anytime and walk onto the course. My kids and wife live at the pool half the summer. Kids do tennis clinics and camps. Constant social events, fun golf and tennis tournaments. Nice little gym that is always empty. Food is good, never a wait. If I have an hour before dark and want to play 5 or 3 holes, with or without family, no hassle. Same with driving range or practice areas. The staff know us and are polite/helpful.

I am budgeting to join a nicer club in retirement. Would not rule out 100k initiation if I see the value, but I can see how a non golfer would NOT see the value. I play and practice a lot.

Click to expand...

Social memberships are cheaper.

I told my ortho buddy with 4 kids to get the social membership. Club was running a promo. $1000 for social initiation fee and $165/month plus misc bogus loading fees comes out to $225-month.

Not a bad deal when u got 4 kids gym pool camps.

They do give u 10 tennis bookings and 6 rounds of golf also

Tennis membership is like $350/month that includes social.

So lots of tiers

People think of country club membership as the elite $1000/month tier plus 100k initiation fee. That’s the top end.

I call our country club the “target” if country clubs. Nice. Good enough.

nimbus said:

Permanently Extending the Trump Tax Cuts Would Cost $4 Trillion Over the Next Decade

Permanently extending the Trump tax cuts would cost $400 billion per year and give the largest tax cut to extremely rich households.

www.americanprogress.org

Permanently Extending the Trump Tax Cuts Would Cost $4 Trillion Over the Next Decade​

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wrong. Many trump tax cuts aren’t index fornonflatio

BLADEMDA said:

Tax Cuts are not the same as forgiving loans to people who agreed to pay them back. The taxpayer works hard to earn his/her money before the govt. takes it from them to pay for defense, infrastructure, entitlements like medicare, etc. The "forgiveness" is using that taxpayer's money to give free handouts to those who took out a promisory note. They are not the same things by a mile.

FYI, I agree the Trump tax cuts need to be re-worked and not extended entirely. I also believe Biden's loan forgiveness program is illegal and abusing the executive authority to spend a trillion dollars. Biden is forgiving the loans of wealthy Americans who earn more than $300,000 per year.

Click to expand...

we got a 30 yo new grad who’s depending on 400k plus loan forgiveness. It’s ridiculous they are making close to 450k plus their side gigs that they should have loans forgiven plus Biden gave them 40 months credit.

They just got back from luxury ski vacation in Europe and planning to go back to Europe in the fall for 3 weeks. They ain’t suffering and knowing Biden is likely to forgive them. They keep spending

aneftp said:

It’s ridiculous they are making close to 450k plus their side gigs that they should have loans forgiven plus Biden gave them 40 months credit.

Click to expand...

Trump was for student loan forgiveness as well, just a smaller scale. The administrative forbearance began under Trump, and you can correct me if I'm wrong but I thought he gave credit towards loan forgiveness for those months as well. Presumably, he would be in favor of a similar policy if re-elected assuming he doesn't just get rid of the department of education. Student Loan Forgiveness had pretty bipartisan support under a Republican administration, predictably though, Republican support for it has dried up when a Democrat assumes office.

The only student loan that should be forgiven is mine.

aneftp said:

Social memberships are cheaper.

I told my ortho buddy with 4 kids to get the social membership. Club was running a promo. $1000 for social initiation fee and $165/month plus misc bogus loading fees comes out to $225-month.

Not a bad deal when u got 4 kids gym pool camps.

They do give u 10 tennis bookings and 6 rounds of golf also

Tennis membership is like $350/month that includes social.

So lots of tiers

People think of country club membership as the elite $1000/month tier plus 100k initiation fee. That’s the top end.

I call our country club the “target” if country clubs. Nice. Good enough.

wrong. Many trump tax cuts aren’t index fornonflatio

we got a 30 yo new grad who’s depending on 400k plus loan forgiveness. It’s ridiculous they are making close to 450k plus their side gigs that they should have loans forgiven plus Biden gave them 40 months credit.

They just got back from luxury ski vacation in Europe and planning to go back to Europe in the fall for 3 weeks. They ain’t suffering and knowing Biden is likely to forgive them. They keep spending

Click to expand...

The original purpose of of loan forgiveness was u were suppose to take lower pay and work for the VA or peace corps. Like real federal or county jobs to serve the public.

Not work for usap of Texas or 1099 in California contracted out with 501c hospitals.

Or even working for 501c or religious hospitals which are more like to be profit driven. We all now that.

amyl said:

Maybe 90% of the women you attract… y’all know I wasn’t going to let this go. It’s the world’s oldest profession and the street corner is more honest. Lots of women are lazy bimbos…. Pick a better partner.

Click to expand...

I married up.

mentos said:

I married up.

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That’s the way! As long as he/she ain’t high maintenance cuz you ain’t got the same fam money or salary

I mean. ‘Charities’ spend most of their money on fundraising to maintain their own jobs with environmentally destructive junk mail subsidized by the USPS. ‘Churches’ are tax exempt even if their owner makes millions or if they’re basically a church-themed club with a gym, bowling alley, etc. Most government jobs just steal taxpayer money to maintain a largely unnecessary bureaucracy.

Oppose loan forgiveness for doctors if you want, but there are bigger wastes of taxpayer money for so-called charities and worse, government employees.

mentos said:

Nah I'm pretty sure 90% of women want:
-A nice big house with open floor plan, renovated kitchen, renovated bathrooms, walk in closet, garage, nice yard.
-To eat at nice restaurants and go on nice vacations.
-Their kids to go to the best private schools.
-New cars, clothes and shoes. Not necessarily top of the line, but nice.

Click to expand...

Almost everyone, men and women, want some version of what you listed. Haven't met many guys who wants to live in a shack, eat only fast food, not go on vacation, send their kids to terrible schools, and only buy used everything.
If you and your wife are not on the same page about spending and saving, then the wife is just a very expensive long term hobby like the aforementioned horses and a farm. Lots of high earning career women can't find suitable men as @sloh posted because high earning men want younger hotter wives who turn out to be very expensive. Choices and consequences in poor mate selection.

mentos said:

I married up.

Click to expand...

Good for you. That’s the exception to the rule though.

mmag said:

Almost everyone, men and women, want some version of what you listed. Haven't met many guys who wants to live in a shack, eat only fast food, not go on vacation, send their kids to terrible schools, and only buy used everything.
If you and your wife are not on the same page about spending and saving, then the wife is just a very expensive long term hobby like the aforementioned horses and a farm. Lots of high earning career women can't find suitable men as @sloh posted because high earning men want younger hotter wives who turn out to be very expensive. Choices and consequences in poor mate selection.

Click to expand...

Yup. Successful men want younger wives. Successful women usually only want men who make the same or more. The former has been going on for centuries. Don’t know where the latter stems from in the last 100 yrs but probably some sociology course to discuss that matter.

I personally have zero problem with a woman making more cash. I’ve met Google folks making 300-400k with Goldman wives making 1M. They just chill with their own job and not constantly comparing themselves to their spouse. Probably not the usual dynamic

triggermaster said:

I mean. ‘Charities’ spend most of their money on fundraising to maintain their own jobs with environmentally destructive junk mail subsidized by the USPS. ‘Churches’ are tax exempt even if their owner makes millions or if they’re basically a church-themed club with a gym, bowling alley, etc. Most government jobs just steal taxpayer money to maintain a largely unnecessary bureaucracy.

Oppose loan forgiveness for doctors if you want, but there are bigger wastes of taxpayer money for so-called charities and worse, government employees.

Click to expand...

I don't oppose loan forgiveness but I think if people already paid their loans off, they should be reimbursed too. Give one, give all.

I didn't know any better and paid my loans off aggressively while others bought homes, went on vacations, bought new cars, ate out etc. I delayed things in life due to this.

mentos said:

I don't oppose loan forgiveness but I think if people already paid their loans off, they should be reimbursed too. Give one, give all.

I didn't know any better and paid my loans off aggressively while others bought homes, went on vacations, bought new cars, ate out etc. I delayed things in life due to this.

Click to expand...

You want the government to send you a 200k cheque if they forgive all loans... It won't happen.

I have a feeling if Biden is not re-elected, he might forgive ALL student loans.

Splenda88 said:

You want the government to send you a 200k cheque if they forgive all loans... It won't happen.

I have a feeling if Biden is not re-elected, he might forgive ALL student loans.

Click to expand...

I know it won't happen. That's why people are upset. It's not fair.

What is the difference between canceling someone's 200k student loan vs canceling 200k from my mortgage? What about people who didn't go to college?

mentos said:

I know it won't happen. That's why people are upset. It's not fair.

What is the difference between canceling someone's 200k student loan vs canceling 200k from my mortgage? What about people who didn't go to college?

Click to expand...

Life is not fair man.

Printing money and low interest rate from 2019-2021 bump the upper middle class and the rich (top 10%) net worth by probably > 50%. Is is fair for the bottom 90%?

Life is not fair. I accept the bad breaks and move on. I take the good breaks and maximize it. My 3 kids are in private school and never sniffed public for the past 12 yrs. I paid well over 100K/yr in property tax on my properties with most going to educating other people's kids. That is a big "life is not fair" for me.

Everyone is feeling the affects of inflation. Its a combination of increasing costs and also increasing consumerism.

When our grandparents were getting out of college, they did not have expenses that most current college grads expect. Big house, New car, internet, cell phone, uber eats, food delivery, exotic travels, sporting events, the amazon consumerism tax, smart phones, laptop for everyone. So yea, income overall has outpaced inflation BUT we live in a different world. If we had the same expenses as our grandparents, we all would feel rich.

Even docs would be living in 2K sqft home, have 2 cars. If I had what most docs had 40 yrs ago with my income, I would be better off than them. But we have increased in consumerism and its an expected life expense for docs.

If your doc friend's kids are in club sports and private lessons, its hard to tell your kid that they can't have those experiences/advantages if you can afford it.

mentos said:

I know it won't happen. That's why people are upset. It's not fair.

Click to expand...

Makes me wish I'd cut off my kids the day they started college.

My daughter is in grad school now. She's taking out loans just in case there's some grossly expanded forgiveness program coming. If not, I'll pay them off.

I joined the military to avoid loans.

So it goes.


My primary objection to loan forgiveness isn't so much jealous sour grapes, but the obvious elephant in the room - it does NOTHING to fix the root problems of

1) spiraling tuition/fees because kids get blank check loans

2) kids getting blank check loans


Either fund colleges with tax dollars, or don't. Don't throw money at the problem in a way that is going to make it worse.

emergentmd said:

Everyone is feeling the affects of inflation. Its a combination of increasing costs and also increasing consumerism.

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According to many here, inflation is a myth, or at worst, a minor inconvenience. Apparently, the economy is the best it’s ever been. Most on this site have seen their income double, triple, or even quadruple to account for that pesky, dare I say trivial, 19-20% inflation. Dummy me, I invested in TVs and have lost my shirt on them, as the prices continue to plummet.