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(Boing Boing)   A family with a million dollar house earning $200,000 a year but with no savings will get more student aid than someone with a modest house earning $50,000 a year and $200,000 in savings   (boingboing.net) divider line 277
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10593 clicks; posted to Main » on 14 May 2013 at 11:11 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-05-14 02:11:07 PM

thurstonxhowell: In other words, low-income families are routinely being asked to fork over more than half of their annual income for the privilege of sending their child off to campus for a year.

They wouldn't be asked that if they looked at affordable state or community colleges instead of over-priced private schools.


So the poor should stay poor.

God bless america.

/douche
//not capitilized for a reason
 
2013-05-14 02:11:19 PM

Quantum Apostrophe: Gulper Eel: I guess it's possible to sock away $200K on a 50K salary, but that's some serious Dave Ramsey devotion they've got going there.

I've saved more than that on about 60-70K here in Montreal. Cheap apartment well below my means (and lease from 1999, with state controlled increases), t-shirts, no car, no kids. Also, all the money I save I put into retirement savings which are tax deductible. Then I get a nice return at tax time, which I put back into retirement savings.

And I still spend without thinking because I figured it all out years ago. Oh, look, a 2000$ quadcopter? No problem. Food's not on special? Buy it anyways.

Oh, and a house is not an investment.


A house is as much an investment as food is. Do it right, and you'll be better off in the long run.
 
2013-05-14 02:12:09 PM
Jshine frustrates the hell out of me.  At least in part because he knows that making 200K in San Francisco is considerably different than in most of the rest of the country.  He knows that If instead of being in SF he could rent a similar place in San Jose, take the BART to work (like there is a decent chance he allready does) and put that money he saves into savings for 2 years to be able to make a reasonable down-payment a decent place in San Jose.  Then have that payed off reasonably quickly.  He also understands that though his commute would suck he can move to Fairfield and be "RICH" with very nice cars and essentially an estate within 5 to 7 years.
 
2013-05-14 02:12:13 PM

seadoo2006: The statistics are explained by HOUSEHOLD, just to avoid that complication you made apparent.


Ahh, good call.  I didn't read the fine print & probably should have.
 
2013-05-14 02:13:22 PM
I thought it might of been because the grants were based partially on net worth. A person with a million dollar house and no savings probably has close to 0 net worth because the house doesn't count if it has a mortgage. The person with 200k in the bank is probably worth more.

The guy with the million dollar house needs to rethink his priorities.

Somes states like florida will give you a full tuition scholarship to a 4 year state school if you qualify academically along with SAT qualifications. Its called Brightfutures.
 
2013-05-14 02:15:07 PM

DubyaHater: Earn $50K a year and have $200K in savings?  No one in this planet is that good with money. My girlfriend heard someone call into the Dave Ramsey show who earned $8,000 a month, married with one kid, who had over $42,000 in credit card debt alone. Plus the wife, who earned her own income, had credit card debt of her own.   Most people are idiots when it comes to budgeting.


So because you and your girlfriend heard about an idiot no one can have that much in savings with that income?
 
2013-05-14 02:16:26 PM

Izunbacol: In San Antonio, you meet husband and wife high school teachers with 2200 sq. foot houses complaining about running out of space. Heck, I had a conversation with a waitress at a brew-pub whose husband is a waiter - they were buying their first house. There's no great barrier to home ownership here, as long as you have good credit and stable income.


Quite true. Wife and I bought our first home down here just about 6 months ago. Picked up a well-kept, 2700 sq ft in the northwest (read: good schools, nice neighborhoods) for about 125k.

Giggled like a schoolgirl signing the papers for it.
 
2013-05-14 02:16:35 PM

Quantum Apostrophe: Oh, and a house is not an investment.


My investment properties laugh at you.
 
2013-05-14 02:18:32 PM

Maxor: Jshine frustrates the hell out of me.  At least in part because he knows that making 200K in San Francisco is considerably different than in most of the rest of the country.  He knows that If instead of being in SF he could rent a similar place in San Jose, take the BART to work (like there is a decent chance he allready does) and put that money he saves into savings for 2 years to be able to make a reasonable down-payment a decent place in San Jose.  Then have that payed off reasonably quickly.  He also understands that though his commute would suck he can move to Fairfield and be "RICH" with very nice cars and essentially an estate within 5 to 7 years.



Meh, Silicon Valley isn't exactly "cheap" either.  Granted, its big and there certainly are cheap areas, but they're cheap for a reason.  The wife's parents live in San Jose, and their home was no bargain.  Yes, if we drove in from Fairfield we could probably have a big house.  I do realize that, but its pushing the limits of whats possible for a commute (without getting all stabby).
 
2013-05-14 02:19:23 PM

jst3p: Quantum Apostrophe: Oh, and a house is not an investment.

My investment properties laugh at you.


Quite possibly he meant "a house you live in is not an investment"
 
2013-05-14 02:19:37 PM

Bullseyed: Slaves2Darkness: brap: I like Senator Warren's plan of allowing students to borrow at the same rate as banks.

Stupid idea is stupid. The problem with the system as it currently stands is too much free money and too little competition. You want to fix the college tuition problem then go on a Federal University spending spree, Federally mandate that tuition start at 5,000 dollars a year and only rise at the rate of inflation.

Please cite the line in the Constitution that states they can set prices for goods and services.


Commerce clause, baby.  If you dont set it to the price they demand, that will certainly affect the price of goods in another state.
 
2013-05-14 02:20:57 PM

Tatsuma: .... a million dollar house is a pretty regular (or even small-ish) house in most of the country, Subby. And a family of four living on a $200,000 is not any means rich.


You're out of your farking mind.
 
2013-05-14 02:22:19 PM
Something like this, with somewhat-but-not-too-different numbers, is about to happen to me.  So, not getting a kick....
 
2013-05-14 02:22:40 PM

Igor Jakovsky: I thought it might of been because the grants were based partially on net worth. A person with a million dollar house and no savings probably has close to 0 net worth because the house doesn't count if it has a mortgage. The person with 200k in the bank is probably worth more.


FAFSA doesn't count:

A) retirement-tagged funds in IRAs/401ks
B) equity in your primary residence.  Whether it's the minor equity most people with mortgages have, or whether it's paid-off.

So, as the game is to appear poor at the time your kids apply for college, you should preferentially save as much as you can in 401k/IRAs instead of taxable accounts.  And, then, if you do manage to have some savings above-and-beyond your 'retirement accounts' when the kids are 17, go ahead and pay off your mortgage completely.   Doing that, you can be way above the national median net worth, not have a house payment (besides taxes/insurance), and look broke-as-a-joke on the forms.
 
2013-05-14 02:22:47 PM

Maxor: Jshine frustrates the hell out of me.  At least in part because he knows that making 200K in San Francisco is considerably different than in most of the rest of the country.  He knows that If instead of being in SF he could rent a similar place in San Jose, take the BART to work (like there is a decent chance he allready does) and put that money he saves into savings for 2 years to be able to make a reasonable down-payment a decent place in San Jose.  Then have that payed off reasonably quickly.  He also understands that though his commute would suck he can move to Fairfield and be "RICH" with very nice cars and essentially an estate within 5 to 7 years.


Exactly. I tell my Manhattan friends that every time they complain. No one is forcing you to live in one of the most expensive markets in the USA. If they moved to the outerboroughs for a 3 years they could afford a downpayment on a cute house with a decent commute in the 'burbs. In terms of national affordability, Manhattan and BK are #1 and #2 respectively, and even Queens is #5  but the price differences are drastic.
 
2013-05-14 02:23:17 PM

ThatGuyGreg: A family with a million dollar house earning $200,000 a year is most likely horrifically in debt, or if not, a layoff or health problem not covered by insurance away.


Why? Assuming they somehow scraped together a 20% downpayment while were earning well into the six figures then their post-tax post-mortgage income would be somewhere in the range of 80 to 90k, which I would hope they would be able to support themselves on.
 
2013-05-14 02:25:59 PM

Bumblefark: Izunbacol: In San Antonio, you meet husband and wife high school teachers with 2200 sq. foot houses complaining about running out of space. Heck, I had a conversation with a waitress at a brew-pub whose husband is a waiter - they were buying their first house. There's no great barrier to home ownership here, as long as you have good credit and stable income.

Quite true. Wife and I bought our first home down here just about 6 months ago. Picked up a well-kept, 2700 sq ft in the northwest (read: good schools, nice neighborhoods) for about 125k.

Giggled like a schoolgirl signing the papers for it.


This place is a well-kept secret.  All the west-coasters know that Austin is the "Safe" city in Texas.  They don't know what this place has to offer!  Cheaper than Austin, great art and culture scene, loads of amazing (and not terribly expensive) restaurants, craft beers, and the place basically exists to drift from one big festival with flowing beer and chalupas and tamales and live music to the next!
 
2013-05-14 02:28:37 PM
Why does a family with 200k in savings need federal aid to send their kids to college?
 
2013-05-14 02:30:18 PM

inclemency: thurstonxhowell: In other words, low-income families are routinely being asked to fork over more than half of their annual income for the privilege of sending their child off to campus for a year.

They wouldn't be asked that if they looked at affordable state or community colleges instead of over-priced private schools.

So the poor should stay poor.

God bless america.

/douche
//not capitilized for a reason


I went to a state school for undergrad. I wasn't poor when I made that decision and I'm not poor now. Expensive private schools are, for the most part, status symbols for people with more money than sense. Especially for undergrad. If the name on your diploma is really going to matter to you and your career, you're probably looking at grad school, anyway. Go somewhere cheap, but respectable, for undergrad and go get that fancy degree later. All that money you didn't spend on undergrad will help a good bit in keeping you on that road.

/ Perhaps, if you had attended a university of the quality that my state provides, you would know that you misspelled capitalized.
// I know, I know, you were very excited to call me a douche. It's an exciting world full of exciting opportunities.
 
2013-05-14 02:30:50 PM
Because you can borrow money for college, but you can't borrow money for retirement.
 
2013-05-14 02:31:16 PM

brantgoose: They all consider themselves middle class because they are painfully aware of a least the bottom layers of the massive spire of social accomplishment and privilege above them. They may vote Republican or they may be liberal Democrats but they are not the Masters of the Universe. They work for the people who are.


This right here is a fantastic description of why the people (or at least the ones I know)  in the 100-200k range feel they are middle class.
 
2013-05-14 02:31:35 PM

Target Builder: ThatGuyGreg: A family with a million dollar house earning $200,000 a year is most likely horrifically in debt, or if not, a layoff or health problem not covered by insurance away.

Why? Assuming they somehow scraped together a 20% downpayment while were earning well into the six figures then their post-tax post-mortgage income would be somewhere in the range of 80 to 90k, which I would hope they would be able to support themselves on.


I was going to post a similar response, but then I figured that the "most likely" language means it's probably correct, because most people are idiots with their finances.
 
2013-05-14 02:33:16 PM
Brantgoose's epic post is epic. That was well done.
 
2013-05-14 02:41:13 PM

JungleBoogie: RedTank: It's not about assets it's about cash flow.

People who try to structure their finances like a corporation's forget one thing: corporations are logical constructs, and people are actual physical things.

And in bankruptcy, when the music stops, the corporation declares bankruptcy, and the executive team gets severance packages and walk away, with more money than they had previously. However, when the music stops for a person, that individual is on the hook for the debts. He can't dissolve himself. He can declare bankruptcy, but that is not nearly as personally cost free as the logical construct declaring bankruptcy.


Bankruptcy is a separate issue, not even sure why you brought it up to me.  How much cash one is expected to have in the future is more valuable than the cash they have now.  When I do my personal finances my cash flow is the key to everything, it's the basis of my potential to spend or save.
 
2013-05-14 02:49:16 PM

Izunbacol: Bumblefark: Izunbacol: In San Antonio, you meet husband and wife high school teachers with 2200 sq. foot houses complaining about running out of space. Heck, I had a conversation with a waitress at a brew-pub whose husband is a waiter - they were buying their first house. There's no great barrier to home ownership here, as long as you have good credit and stable income.

Quite true. Wife and I bought our first home down here just about 6 months ago. Picked up a well-kept, 2700 sq ft in the northwest (read: good schools, nice neighborhoods) for about 125k.

Giggled like a schoolgirl signing the papers for it.

This place is a well-kept secret.  All the west-coasters know that Austin is the "Safe" city in Texas.  They don't know what this place has to offer!  Cheaper than Austin, great art and culture scene, loads of amazing (and not terribly expensive) restaurants, craft beers, and the place basically exists to drift from one big festival with flowing beer and chalupas and tamales and live music to the next!


Indeed. And as long as you can make peace with the summer heat, and the fact that you will at some point die in a fiery, multi-car pileup on the 410 loop...there's really not much of a downside.
 
2013-05-14 02:57:08 PM

The Homer Tax: Why does a family with 200k in savings need federal aid to send their kids to college?


They don't. But the point is (or should be) to point out that there is a huge disincentive to saving because of how the law works.

Of course the "solution" to a broken system is usually to get all Rube Goldberg and break it more/differently.
 
2013-05-14 03:02:57 PM

BMFPitt: They don't. But the point is (or should be) to point out that there is a huge disincentive to saving because of how the law works.


Currently the largest disincentive to saving is interest rates.
 
2013-05-14 03:03:04 PM

jshine: Maxor: Jshine frustrates the hell out of me.  At least in part because he knows that making 200K in San Francisco is considerably different than in most of the rest of the country.  He knows that If instead of being in SF he could rent a similar place in San Jose, take the BART to work (like there is a decent chance he allready does) and put that money he saves into savings for 2 years to be able to make a reasonable down-payment a decent place in San Jose.  Then have that payed off reasonably quickly.  He also understands that though his commute would suck he can move to Fairfield and be "RICH" with very nice cars and essentially an estate within 5 to 7 years.


Meh, Silicon Valley isn't exactly "cheap" either.  Granted, its big and there certainly are cheap areas, but they're cheap for a reason.  The wife's parents live in San Jose, and their home was no bargain.  Yes, if we drove in from Fairfield we could probably have a big house.  I do realize that, but its pushing the limits of whats possible for a commute (without getting all stabby).


Right now, I'm looking for an apartment in the Valley because I hate commuting and an hour commute on 60 hour weeks is less tolerable than an hour commute on 40 hour weeks.

1BR that doesn't have roaches, but does have asbestos in an OK neighborhood where I trust in the maintenance is going for about $1800.
2BR is going for about $2100 (more if there are separate baths or if it's nice)
The nearby houses are all million dollar plus homes.

I got really lucky, and signed a 1-year lease on a 2BR just off of downtown Mountain View for $2100/month. That's over half my monthly salary after taxes.  (The plan is to rent out the second bedroom, and split the difference once I pull together some money to furnish the apartment.  It's not terribly well-furnished, but the price for the location (3 minute walk to Caltrain, 3 minute walk to downtown Castro Street) is amazing).

You're not going to have a non-stabby commute into the Valley AND a house for less than $500K (if you bought today), end of story.

/It also doesn't help that there is NO mass transit from the East Bay to the Valley unless you want to do BART -> Caltrain, which is even more stabby than 880 + bridges.
//I'll admit that it doesn't help that Silicon Valley is an 20-mile long, 4-5 mile wide amorphous blob populated by NIMBY's.  It's really hard to run mass transit to an area that size. (From isn't hard since people can drive to the stations, To is hard because people have to walk from the station to work)
 
2013-05-14 03:03:38 PM

Tommy Moo: 1) Set up bullshiat college
2) Enroll ALL of the poor people
3) Demand billions in Pell grants from the federal government
4) Hand Monopoly degrees to students
5) Collect on loans from as many graduates as can repay on waitress wagesFor-profit schools amount to a mass scam, transferring money from tax payers to con artist faux education executives. The Pell Grant needs to die. It might hurt some poor middle-performing students in the short term by forcing them to go to a public school instead of a private one, but it will cause tuition to come screaming down in the free market. The Ivy Leagues will continue to give merit scholarships to top performing poor and middle class high school graduates if they want to preserve their reputations.


You forgot to overcharge for books that need to be purchased each year, and expire each year.
 
2013-05-14 03:06:45 PM
My entire article is going to be quoting some other guy's entire article!!
 
2013-05-14 03:08:41 PM

meyerkev: jshine: Maxor: Jshine frustrates the hell out of me.  At least in part because he knows that making 200K in San Francisco is considerably different than in most of the rest of the country.  He knows that If instead of being in SF he could rent a similar place in San Jose, take the BART to work (like there is a decent chance he allready does) and put that money he saves into savings for 2 years to be able to make a reasonable down-payment a decent place in San Jose.  Then have that payed off reasonably quickly.  He also understands that though his commute would suck he can move to Fairfield and be "RICH" with very nice cars and essentially an estate within 5 to 7 years.


Meh, Silicon Valley isn't exactly "cheap" either.  Granted, its big and there certainly are cheap areas, but they're cheap for a reason.  The wife's parents live in San Jose, and their home was no bargain.  Yes, if we drove in from Fairfield we could probably have a big house.  I do realize that, but its pushing the limits of whats possible for a commute (without getting all stabby).

Right now, I'm looking for an apartment in the Valley because I hate commuting and an hour commute on 60 hour weeks is less tolerable than an hour commute on 40 hour weeks.

1BR that doesn't have roaches, but does have asbestos in an OK neighborhood where I trust in the maintenance is going for about $1800.
2BR is going for about $2100 (more if there are separate baths or if it's nice)
The nearby houses are all million dollar plus homes.

I got really lucky, and signed a 1-year lease on a 2BR just off of downtown Mountain View for $2100/month. That's over half my monthly salary after taxes.  (The plan is to rent out the second bedroom, and split the difference once I pull together some money to furnish the apartment.  It's not terribly well-furnished, but the price for the location (3 minute walk to Caltrain, 3 minute walk to downtown Castro Street) is amazing).

You're not going to have a non-stabby commute into the V ...


So glad I got out of there. I figure I make about 30% less but I live in a very nice house with a 20 min commute for 230k.
 
2013-05-14 03:08:55 PM

jst3p: BMFPitt: They don't. But the point is (or should be) to point out that there is a huge disincentive to saving because of how the law works.

Currently the largest disincentive to saving is interest rates.


That's why I put all my money into gold coins. Suckers...

/seriously, though -- yeah. I think our little experiment in an open-ended ZIRP is going to prove to have been a wildly stupid thing to have done...
 
2013-05-14 03:09:51 PM
410 is at least predictable.  US-281 and I-35 are like Wolf 359.

I'm a Floridian by birth, so I'm not fazed by the heat!

And it's all worthwhile for Freetail Brewing.  A great pizzeria AND a great brewpub?  Amazing!!!
 
2013-05-14 03:10:09 PM

Bumblefark: That's why I put all my money into gold coins. Suckers...


I hear it can never be worth Zero!

webuygoldteeth.com!
 
2013-05-14 03:11:36 PM
I see a lot of this whining here:
i.imgur.com
 
2013-05-14 03:16:17 PM

ThatGuyFromTheInternet: I see a lot of this whining here:
[i.imgur.com image 850x560]


1% Problems ...
 
2013-05-14 03:18:21 PM

ThatGuyFromTheInternet: I see a lot of this whining here:
[i.imgur.com image 850x560]


I remember that graphic! IIRC it was in the Wall Street Journal... I found myself wondering what planet the readers lived on if that was supposed to be in any way representative of reality. It may not even be representative of WSJ subscribers.
 
2013-05-14 03:22:40 PM

jst3p: Bumblefark: That's why I put all my money into gold coins. Suckers...

I hear it can never be worth Zero!

webuygoldteeth.com!


Well, of course not, because fiat currency. And something about India. And shiny.

But, I'm staying ahead of the curve anyway. I just bought some gold plated tulip bulbs. I'm gonna be set for life...
 
2013-05-14 03:23:09 PM

Goodluckfox: ThatGuyFromTheInternet: I see a lot of this whining here:
[i.imgur.com image 850x560]

I remember that graphic! IIRC it was in the Wall Street Journal... I found myself wondering what planet the readers lived on if that was supposed to be in any way representative of reality. It may not even be representative of WSJ subscribers.


I'd certainly say it represents a lot of the Fark conservatives.
 
2013-05-14 03:26:25 PM

ThatGuyFromTheInternet: Goodluckfox: ThatGuyFromTheInternet: I see a lot of this whining here:
[i.imgur.com image 850x560]

I remember that graphic! IIRC it was in the Wall Street Journal... I found myself wondering what planet the readers lived on if that was supposed to be in any way representative of reality. It may not even be representative of WSJ subscribers.

I'd certainly say it represents a lot of the Fark conservatives.


No, it represents a lot of what fark conservatives believe is in store for them, someday.
 
2013-05-14 03:29:56 PM

ThatGuyFromTheInternet: I see a lot of this whining here:
[i.imgur.com image 850x560]



My heart goes out to them.

How they must suffer, each day a sacrifice.
Having to choose between Something and something.
 
2013-05-14 03:30:26 PM

jst3p: ThatGuyFromTheInternet: Goodluckfox: ThatGuyFromTheInternet: I see a lot of this whining here:
[i.imgur.com image 850x560]

I remember that graphic! IIRC it was in the Wall Street Journal... I found myself wondering what planet the readers lived on if that was supposed to be in any way representative of reality. It may not even be representative of WSJ subscribers.

I'd certainly say it represents a lot of the Fark conservatives.

No, it represents a lot of what fark conservatives believe is in store for them, someday.


Right! If they suck the cocks of rich sociopaths, that cum will trickle-down and make them like them.
 
2013-05-14 03:32:56 PM

rga184: Some of the smartest people I know are chemical engineers. As an undergraduate biomedical engineer who took a lot of classes in chemical engineering, I can tell you that without exception, my chem E classes were harder than anything I took in med school.

on the other hand, my understanding if physiology benefitted from it, so I'm glad I took a hard major and hard courses within it, even if it hurt my application to med school (most scgools have a minimum GPA cutoff to consider you, and my college GPA want really great. In my defense, in the time I was taking "weed out" courses like organic chemistry, that class was by far my least challenging, while most pre meds had that as their most challenging class).


Let me guess -- Orgo and P-chem? You bumped into chemistry's weeder classes. As a biomed, you run into a lot of those. Like Anatomy lab, Signals, Dynamics, etc.

It gets easier after those.

I knew a couple of MechEs who took quantum mechanics. One who even passed. it's sort of like dynamics, but worse -- doable if you let the math do the work and stop trying to intuitively understand the system. No one understands it.
 
2013-05-14 03:34:00 PM

ThatGuyFromTheInternet: jst3p: ThatGuyFromTheInternet: Goodluckfox: ThatGuyFromTheInternet: I see a lot of this whining here:
[i.imgur.com image 850x560]

I remember that graphic! IIRC it was in the Wall Street Journal... I found myself wondering what planet the readers lived on if that was supposed to be in any way representative of reality. It may not even be representative of WSJ subscribers.

I'd certainly say it represents a lot of the Fark conservatives.

No, it represents a lot of what fark conservatives believe is in store for them, someday.

Right! If they suck the cocks of rich sociopaths, that cum will trickle-down and make them like them.



I honestly believe that this is what they believe.
 
2013-05-14 03:50:07 PM

Izunbacol: And it's all worthwhile for Freetail Brewing. A great pizzeria AND a great brewpub? Amazing!!!


Still finding my way around town, but I'll have to keep an eye out for that one. SA does seem to have an inordinate number of good places to eat/drink...of course, last place I lived was a small town in upstate NY, so I might just impress easy.
 
2013-05-14 03:55:24 PM

Rapmaster2000: A million dollar house is not a lot of money.  Most of the guys in my fraternity have a house at least that much in value.  Look, if these people don't want to have debt then they just need to get a job.

I spent a whole summer washing cars at my Dad's dealership to pay for school and I made plenty.  When I graduate next year, I'll have the sales manager job at the dealership waiting for me.  I've earned it.


images4.wikia.nocookie.net
 
2013-05-14 03:56:30 PM

logggur: Out of curiosity, what part are you calling the "best" part of Houston?


Uptown, River Oaks, Hyde Park, Montrose, West University... All pretty nice in my opinion.

Houston is a great city. Granted, I live in Katy because I have 3 kids and they will be going to public school, but it really has a bad reputation and I would take it any day over Chicago or New York. I work in Long Island, so I'm in NY every week and it's OK, but it's not worth the cost of living. IMHO.

Houston is one of the most diverse cities in the US (if not the most diverse). There's a lot of money here because of oil. There is a lot of culture. I think the museums are excellent. Lots of nice parks to take the kids to. I'm a pretty big fan of the city. I moved there in 2008 from Austin and I actually prefer Houston because the economy is substantially better. I love Austin too though.
 
2013-05-14 04:12:04 PM
Here is a link to the artist's blog. Turns out he had no idea what the copy was going to say. They just gave him an outline for different representative groups of people.

"As usual with these assignments, I'm given a bare outline of what is needed (ie: single mom with two kids, retired couple, etc) and little, if any of the actual copy that will accompany them... and when I eventually saw the article, my jaw dropped at the salaries assigned to each of these people. They obviously didn't base them on illustrator's salaries. "

http://illustratoriumweek.blogspot.com/2013/01/bring-it-on-2013.html
 
2013-05-14 04:12:53 PM

DubyaHater: Earn $50K a year and have $200K in savings?  No one in this planet is that good with money. My girlfriend heard someone call into the Dave Ramsey show who earned $8,000 a month, married with one kid, who had over $42,000 in credit card debt alone. Plus the wife, who earned her own income, had credit card debt of her own.   Most people are idiots when it comes to budgeting.


There's more than one way to get savings. I make $40k a year and I have nearly $200k in savings because  I pocketed my parents' college savings by going to a state school with lots of merit scholarships (their gift for my success), and I've been frugal since.
 
2013-05-14 04:24:11 PM

DubyaHater: Earn $50K a year and have $200K in savings?  No one in this planet is that good with money. My girlfriend heard someone call into the Dave Ramsey show who earned $8,000 a month, married with one kid, who had over $42,000 in credit card debt alone. Plus the wife, who earned her own income, had credit card debt of her own.   Most people are idiots when it comes to budgeting.


It's not a function of being good with money, it's a function of being lucky.  You can live on under $20k a year.  It won't be glamorous, but hey.  So assume you can save $20k a year ($10k breathing room).  It'll take you ten years to save $200k.  Assuming nothing happens.  Assuming no splurges.  Assuming no 'oops I'm pregnant it's yours and I'm having the kid.'  Assuming no 'you parked in the wrong parking space, so here's a $500 ticket and you need to pay the impound lot $3,000 to get your car back.'
 
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