24% of Millennials have $100,000 or more saved

[RamblingMad]

I think that takes a very narrow view of the value of a college education, but that's a topic for a whole 'nother thread.

I’d agree with you if it was mostly free like in Europe. In the US it’s a big expense. And having loans suck when you’re not working.

 

[mjkacmom]

It’s pretty likely we’ll have a recession in the next five years, so that’s smart.

DH is a FA and ds a finance major, we are getting ready!

 

[Mackenzie Click-Mickelson]

Nothing is guaranteed, but unless things go off the rail, most people should be better off financially at 30 than right after college. If ds chooses to put down roots in the area his first job is (by college) he’s going to need $60,000 for a down payment for a house. He will be paying down loans, contributing to his 401k, and saving. Having to pay expenses for a child/children won’t help with that. If things do go off the rail, good thing there are no kids in the mix.

His plan is to live in a 3 bedroom apartment with roommates (looks like a dump but only $1700 a month total). He says no kids before 30. When I was young, I also had a mental timeline in mind, like most, finish college, get my MA, get married, have kids, buy a home, retire... It wasn’t etched in stone, of course.

Well sure I would say most are not financially better off right after college graduation than some time after. But I was more or less disagreeing with the age 30 bit. It wouldn't make any more sense to say "by age 28" or by "age 33" for the purposes of my line of thinking.

Sounds like your son would do good by consulting with a good financial advisor (non-biased, completely impartial, not connected to you though).

Our financial advisor would probably have confusions honestly at the idea of a specific number for a down payment (real estate market knowledge or otherwise) but there would be discussions based on goals and rent vs mortgage and time spent saving up for mortgage down payment vs money lost paying rent.

But in all honesty sounds like your son isn't seeing a priority with kids. That changes the discussion IMO. Sounded like in your more initial comment it was a more firm goal just with an age attached to it. If kids are more or less could happen could not happen either way it's golden then that may shift financial goals one may have.

 

[tzolkin]

I definitely don’t see the point in a woman paying for a university education only to be a stay at home mom. I was actually warned about these women during my university orientation. They’re only going to school to marry up.

This is one of the most ridiculous things I’ve read and I can’t believe that’s something people would be “warned about” during college orientation.

I attended a prestigious private college. My husband attended community college. We got married immediately after graduation and I was a stay-at-home mom or working flexible part-time for 15+ years. My kids are now mostly grown (13-21) and I run a company. My education wasn’t a complete waste and it certainly wasn’t a means of “marrying up”.

 

[Mackenzie Click-Mickelson]

This is one of the most ridiculous things I’ve read and I can’t believe that’s something people would be “warned about” during college orientation.

I attended a prestigious private college. My husband attended community college. We got married immediately after graduation and I was a stay-at-home mom or working flexible part-time for 15+ years. My kids are now mostly grown (13-21) and I run a company. My education wasn’t a complete waste and it certainly wasn’t a means of “marrying up”.

Not to mention describing it as "these women".

I just brush it off as an opinion thankfully no one I actually know in real life shares

 

[Colleen27]

I’d agree with you if it was mostly free like in Europe. In the US it’s a big expense. And having loans suck when you’re not working.

It does. But it also sucks to work a menial "just a job" position rather than in a career of one's choosing for the years before marriage and kids, since most women don't know if/when those things will happen at the time they're making their college decisions, and it sucks to try to return to the workforce after one's SAHM years with a long gap in one's resume *and* no formal education to put on applications. Especially if that return ends up being unplanned due to divorce or death rather than simply a consequence of the kids outgrowing the need for a parent at home full time. For most women, being a SAHM is a relatively short season in a much longer life, not a career choice (and I say that as someone who was home longer than most - about 17 years, which still isn't even half of the 45+ years an adult typically spends in the workforce).

I can see making an argument in favor of putting more weight on the finances of college if one hopes to stay home with her (or his) eventual children - start at community college, live at home, or otherwise economize to minimize borrowing - but it really isn't a good idea for an 18yo who probably doesn't have either a life partner nor any guarantees that children will eventually come along to disregard college entirely because of a vague plan to some day be an at-home parent.

 

[NYCgrrl]

I definitely don’t see the point in a woman paying for a university education only to be a stay at home mom. I was actually warned about these women during my university orientation. They’re only going to school to marry up.

Well...........if she's a SAHM and her children are home schooled that could work well. I've a different interpretation of a uni education than you I suspect; it's never wasted.

I had to worry about men looking for women to depend on. Guess it cuts both ways after all

 

[NYCgrrl]

I’d agree with you if it was mostly free like in Europe. In the US it’s a big expense. And having loans suck when you’re not working.

Yes, it's less costly in parts of Europe but you still have to earn your spot academically. The tracking begins in elementary school and for most there's no "Oh gee I woke up in middle school and realized the importance of an education so let's ignore wha-ha-happened earlier".

 

[Allison]

I definitely don’t see the point in a woman paying for a university education only to be a stay at home mom. I was actually warned about these women during my university orientation. They’re only going to school to marry up.

So, you're in your 80s or so?

 

[Julie's Haircut]

Many of the things millennials killed deserved to die.