Disney Is the Happiest Place on Earth, if You Can Afford It

[Mackenzie Click-Mickelson]

The economy didn’t make people go into debt! We all make choices in life. I don’t understand the mindset that “life just happens to me and I have no control over it.” Our parents lived through a much tougher era and were able to buy homes and retire comfortably. Of course, they never had a credit card and never bought something they couldn’t afford.
All three of our kids went to college and graduated without debt as well as my husband and I. And one of them is a physician. We saved for college with savings bonds for them and 529 plans, they worked and got scholarships. They didn’t choose expensive schools and they worked while in school. They were RAs so they got free room and board. And we are very strictly in the middle of middle class. It takes work and sacrifice, but it’s worth it that our kids didn’t start their lives in debt, and are now all home owners as well.

I think you might view things differently if you yourself were not in the position you were in. I have never felt like my parents were responsible to pay for my college education but neither parent, most especially my mother, was able to provide any financial assistance for college. It makes for a remarkedly different outlook. However, I will also say that my husband and my sister-in-law who did have some financial assistance (first year room and board paid for by their grandmother) though they also took out loans feels much the same as I do so perhaps it's also down to not viewing the world in a "pull up your bootstraps" mentality. To the context of the conversation ironically enough they also can't get through to their own mother on the realities of the situation who just repeats "well I went to college without debt so.." (for context she went to the same dang college as my husband, my sister-in-law and I; you'd think she be more in the know on tuition costs as well as you know the financial state of things over the years but alas nope).

 

[DCLMP]

People tend to forget we are consumer based economy. It's one thing to say people should tighten their belts and not spend, but have you really thought that one through? What's going to happen to the job market and the precious stock market if people stop spending. Our economy is dependent on people spending money they don't have. How do you think WDW is what it is?

As far the fiscal debt. It can't be paid off, it's not going to disappear and it's growing by the second.

 

[FreeTime]

A country of predominately old people is not going to work. You do need people that can work, build things and take care of all the old people. Do you think maybe things shouldn't have gotten so unaffordable that young people don't want kids.

I know No young people that are saying they don’t want children because of the economy. They are claiming it is the other responsibilities. This my own kids. Their friends. Young people I mentor.

 

[DCLMP]

I know No young people that are saying they don’t want children because of the economy. They are claiming it is the other responsibilities. This my own kids. Their friends. Young people I mentor.

Yes I’m well aware of all the things.

 

[Starport Seven-Five]

They may not take expensive vacations but they may be spending dollars unnecessarily on other unneeded items.

Ready to get fired up? They elected to have those children. Why shouldn’t they provide for them? If they elect to have them and NOT save, why is it the responsibility of universities to be affordable?

Going to college is a choice made by an adult. Why is it the responsibility of parents to provide for their adult offspring?

You can't touch your 401k until your almost 60. No guarantee we won't see it drop 50% again before we retire. I've seen at least 4 of those drops and I'm not retired yet. If you knew anything about the economy you would know that everything is predicated on what the debt market does. The bond market is a lot bigger than the equities market.

Not true: https://www.madfientist.com/how-to-access-retirement-funds-early/

True but even if they did the pricing is nowhere near what a starter home would have been many years ago. My county defines "attainable housing" as $300K or less and it is very difficult to find that, even in existing homes. My mom's home was valued around $150K pre-2015 when the housing market here was a buyer's market (it switched to sellers in 2015). Presently it is $316K (as of Jan this year) and she could probably sell it for a decent amount higher than that (her home is a 3b/2b split level 1960s home with very little updates).

Since 2018 the number of homes $300K or less in the county..remember that's just considered "attainable" dropped 75% (they said 100,000 homes in 2018 fit that definition, in 2024 it was down to 25,000). Renting isn't as feasible as one would think either as they put it rents increase 35% from 2018 to 2023 while median income only increased 18%. I'm not sure what the figures are now though. The average sales price of my county back in March was $557,000.

Part of the problem we're seeing in the US is that people are locked into their current housing because of interest rates. If you have a loan from 2021 or before you are looking at a 50% increase of the P&I portion just from interest rates. It becomes very hard to justify moving with that math which has really hurt supply.

I know No young people that are saying they don’t want children because of the economy. They are claiming it is the other responsibilities. This my own kids. Their friends. Young people I mentor.

What "other responsibilities" are you referring to here?

 

[DCLMP]

Not true: https://www.madfientist.com/how-to-access-retirement-funds-early/

Sure you can pay a penalty or take out a loan. I'm not sure why you would do that to pay for your kids college. I guess if you had millions it wouldn't be an issue. I thought we were talking about the normal middle class\middle aged parents.

I think he's referring to the responsibilty of becoming selfless. That sort of goes along with having kids.

 

[DCLMP]

The average 401k balance by age 50 is around 200k.