I happened to be shelving some of my loose books today and ran across this one I bought in 2004, The Complete Idiot's Guide to Personal Finance in Your 20's and 30's. I had plans then. Reading that book, even though it acknowledged that basically the recession of 2000-2002 screwed things up for my generation, I thought that I can work with the new paradigm and nothing is necessarily forbidden given the circumstances. I've adjusted, and adopted many of the recommendations by circumstance, nature, and opportunities presented.
While some things have not held up over time in terms of banking, regulations, saving rates, and tax implications, it still has a lot of good points, just not ones that most people acknowledge in today's world. Some perks exist, yes, and there are still substantial homeowners' credits and many ways to save, eliminate credit card debt, and prioritize purchases. However, there's still the reality of graduating to the world between 2001 and 2015, let alone during the height of the Great Recession when a lot of people went through a very rude awakening.
For me, even today, 10 years after graduate school, my dresser and nightstand have stood the test of time since they are old-school furniture that is solid wood. I literally grew up with these pieces in my home since I was old enough to have any furniture (2 years old?). 90% of what I own is handed-down or financed by my parents (yes, I'm ashamed of the financed, but they literally will not let me pay and/or were gifts, and they have the felicitous ability to shoulder that without hardship; trust me, I'm not complaining). My biggest apartment expense outside of rent has been my bed, which is 8 years old.
Sometimes I wonder, knowing how difficult it can be to afford a compromised life, and particularly dealing on shrinking salaries and inflated expectations, how the new generation will make sense of the world. I have to give credit to this book, however, that also extolled the virtues of hand-me-downs, charity, gifts (although with bedbugs rampant this is a concern) and general economizing your living situation. I literally pulled my TV stand off of a curb, and had it start to swayback under the weight of my old 27" CRT TV which probably weighed at least three times what my current HD one (parent purchase, full disclosure) did before I either had to choose between a new TV or get a new stand. I wear clothes until clipping off the loose threads is an obvious, embarrassing necessity.
Some people are spenders, some savers by nature. Yet every once in a while it pays to look back to see if you've hit the balance, or if there's a direction you should go in, treating yourself once in a while or pulling back on indulgences. Today's world is certainly different than 2004, but some things never change. Don't carry debt if you can. Take all your tax credits. And for me, most of all, take all of the hand-me-downs and free offerings while affording what you can on your own and saving the rest.
There is nothing to be ashamed of in that, in fact I'm proud that I've carried furniture 35+ years. It hasn't broken, and until it does, it's more valuable than the IKEA dresser I bought 7 years ago. Life lessons encapsulated in furniture :).
While some things have not held up over time in terms of banking, regulations, saving rates, and tax implications, it still has a lot of good points, just not ones that most people acknowledge in today's world. Some perks exist, yes, and there are still substantial homeowners' credits and many ways to save, eliminate credit card debt, and prioritize purchases. However, there's still the reality of graduating to the world between 2001 and 2015, let alone during the height of the Great Recession when a lot of people went through a very rude awakening.
For me, even today, 10 years after graduate school, my dresser and nightstand have stood the test of time since they are old-school furniture that is solid wood. I literally grew up with these pieces in my home since I was old enough to have any furniture (2 years old?). 90% of what I own is handed-down or financed by my parents (yes, I'm ashamed of the financed, but they literally will not let me pay and/or were gifts, and they have the felicitous ability to shoulder that without hardship; trust me, I'm not complaining). My biggest apartment expense outside of rent has been my bed, which is 8 years old.
Sometimes I wonder, knowing how difficult it can be to afford a compromised life, and particularly dealing on shrinking salaries and inflated expectations, how the new generation will make sense of the world. I have to give credit to this book, however, that also extolled the virtues of hand-me-downs, charity, gifts (although with bedbugs rampant this is a concern) and general economizing your living situation. I literally pulled my TV stand off of a curb, and had it start to swayback under the weight of my old 27" CRT TV which probably weighed at least three times what my current HD one (parent purchase, full disclosure) did before I either had to choose between a new TV or get a new stand. I wear clothes until clipping off the loose threads is an obvious, embarrassing necessity.
Some people are spenders, some savers by nature. Yet every once in a while it pays to look back to see if you've hit the balance, or if there's a direction you should go in, treating yourself once in a while or pulling back on indulgences. Today's world is certainly different than 2004, but some things never change. Don't carry debt if you can. Take all your tax credits. And for me, most of all, take all of the hand-me-downs and free offerings while affording what you can on your own and saving the rest.
There is nothing to be ashamed of in that, in fact I'm proud that I've carried furniture 35+ years. It hasn't broken, and until it does, it's more valuable than the IKEA dresser I bought 7 years ago. Life lessons encapsulated in furniture :).
posted by AnonymousX at 9:25 PM
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