Quote:
Originally Posted by Biggd
Many kids today have huge incomes but also have huge debt. My kids make a lot of money but they are always struggling to pay all their bills. They spend a lot of money on credit.
They don't live lavishly so I don't think it's a case of living beyond their means.
It costs a lot of money to raise children today. Both parents have to work and that means putting kids in child care, which is incredibly expensive today along with housing and food. They say inflation is low but I don't believe it!
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Kids are struggling to pay their bills because they are taught that making payments is a reality that everyone just does and credit is just another form of income to be tapped into as needed. In fact one of the most brilliant marketing campaigns ever is the credit card rewards programs. Yes we will reward your stupidity! I wish I could run a scam like that, I'd gladly reward anyone 1% cash back when I can then whack you at a 22% compounding interest rate.
Both parents don't HAVE to work, I know the wife and I have managed on a single income since we were in our 20's. No it's not easy but it can be done even on a very modest income. It's no secret, get and stay debt free but that is a lifestyle choice many these days can't seem to grasp.