Young and rich - Page 6 - Chevelle Tech
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post #76 of 88 (permalink) Old May 17th, 19, 12:47 AM
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Re: Young and rich

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This really took off!

I still donít know...maybe some of it is based on geographic location. The average salary in my county is $31k/yr. Weíre the 4th largest county in the whole state! Maybe thatís why $60,000 cars seem like such a crazy expense. Run-of-the-mill new houses are $200k here. Somebody was talking about all the millionaires in their town. I just donít see them. Around here if you work on Post youíre making big money at $80-100k/yr. I make more than anyone in my immediate family and itís still hard to fathom how some of these kids are making what they do.

YouTube is great and all but itís really friggin dangerous for a lot of small children. Iíve been a teacher for a decade and itís night and day between kids then and now. Their attention spans are awful because they sit on those screens and itís just BLAM BLAM BLAM COLORS COLORS NOISE NOISE every 6 seconds. Weíre juuuuust now seeing some parents starting to realize ďhey, maybe this isnít good on a developing mind...Ē
I think making money on Youtube is a lot like professional sports. Theyíre are tens of thousands that want to be in the big leagues, but only a few actually make the big payday. I know some people that post videos on there and they havenít taken off. Itís hard to do. But for those that do take off... More power to them I guess. They figured it out.

I wish I could have $10,000 fall in my lap hahaha. I read that if you put $10,000 in an S&P index fund in 1978 and didnít touch it, it would be $780,000 today. Howís that for compounding?!
Geography does play a part. I live in the Bay Area, there are vast stretches, from San Francisco to San Jose, where nearly every 3 bedroom 1,200sq/ft house will sell for well over $1,000,000. Itís expensive to buy a house or rent an apartment, but as a byproduct, wages are inflated too. If someone bought their house 20+ years ago, when prices were still relatively reasonable, they would likely have considerable disposable income. If their kids still live at home and have a decent job, so will they. Once the kid moves out, they will either move out if the area or get a reality check on the cost of living. Several friends and former co-workers have kids that couldnít afford to buy houses in the Bay Area, so they moved, often out of state. When my friends reach retirement age many sell their houses and follow their kids, they often buy a large houses on a couple of acres for a fraction of what they sold their modest house for.

Your analogy about YouTube and professional athletes is very accurate. If there are any Chanelís you watch, search their name along with socialblade, it gives channel breakdowns including subscribers, daily views, monthly views, estimated revenue and more. Most channels make a few hundred to a few thousand dollars annually, if that.

I donít think your numbers on the S&P are accurate. That would 78 times your initial investment, I donít think itís gone up that much, even if you would have reinvested any dividends. I just checked, the S&P was at 90.25 on January 1st 1978, today it closed at 2876.32, which is a multiple of 31.87.

Steve R
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Last edited by Steve R; May 17th, 19 at 12:53 AM. Reason: X
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post #77 of 88 (permalink) Old May 17th, 19, 3:55 AM
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Re: Young and rich

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post #78 of 88 (permalink) Old May 17th, 19, 7:08 AM Thread Starter
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I don’t think your numbers on the S&P are accurate. That would 78 times your initial investment, I don’t think it’s gone up that much, even if you would have reinvested any dividends. I just checked, the S&P was at 90.25 on January 1st 1978, today it closed at 2876.32, which is a multiple of 31.87.

Steve R
I was off by a few numbers. My memory isn’t so great right before lights out.
https://www.google.com/amp/s/www.foo...0-index-f.aspx

Don’t believe everything you read on the internet, but it’s an interesting topic
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post #79 of 88 (permalink) Old May 17th, 19, 8:00 AM
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Re: Young and rich

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96 Month Auto Loans


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Good lord. I paid off our mortgage in less than 96 months. Nice house on 80 acres 10 minutes from the city. Been mortgage free for 12 years now. I guess 96 month car loans is the only way to sell $80,000 cars and trucks to 20 year olds with no money.
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post #80 of 88 (permalink) Old May 17th, 19, 8:25 AM
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Re: Young and rich

What the heck do they do after they tire of the car after 96 weeks? heck I used to sell/trade/buy cars monthly but used muscle and plain decent running cars were fairly cheap in the 70's, first brand new vehicle I ever bought was an 09 Ram, my friends joke it's the first new ride I've bought that I didn't have to assemble myself


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post #81 of 88 (permalink) Old May 17th, 19, 8:55 AM
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Re: Young and rich

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I was off by a few numbers. My memory isnít so great right before lights out.
https://www.google.com/amp/s/www.foo...0-index-f.aspx

Donít believe everything you read on the internet, but itís an interesting topic
You were right, thatís what they said. I wish they showed the math.

It is an interesting topic. It just goes to show that you need to start investing for retirement when you are young, rather than waiting. Financial literacy is something that seems to be taught only at home, if ever. It was never brought up at school, I seriously doubt itís part of todayís curriculum either. I was lucky, my parents grew up poor, they saved and invested every penny they could. They never went into much detail, or their reasoning behind it, but enough rubbed off.

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post #82 of 88 (permalink) Old May 17th, 19, 9:35 AM Thread Starter
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No kidding. We weren’t taught a thing about finances in school,but I can solve for “x” when I need to (insert eye roll here) Our school district just started implementing a financial literacy class for juniors and seniors. I think they started it 2-3 years ago.
My parents are scared to death of the stock market. They think it’s nothing more than gambling and a sure fire way to lose your a$$. I would like to try it though!
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post #83 of 88 (permalink) Old May 17th, 19, 12:44 PM
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Re: Young and rich

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Same today as it was back in my day except the kids drove, GTO's, 442's, Vette's, Cobra's, Hemi's, etc....
a kid I went to HS with had a Brand New Trans-Am every year
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post #84 of 88 (permalink) Old May 17th, 19, 1:11 PM
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Re: Young and rich

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No kidding. We werenít taught a thing about finances in school,but I can solve for ďxĒ when I need to (insert eye roll here) Our school district just started implementing a financial literacy class for juniors and seniors. I think they started it 2-3 years ago.
My parents are scared to death of the stock market. They think itís nothing more than gambling and a sure fire way to lose your a$$. I would like to try it though!
If you can do basic math you should be able to figure out finances.... So them teaching you to solve for "x" and you blame the school for not teaching you financial literacy means they didn't teach you the ability to think for yourself.

The goal of school is to provide general knowledge that can be used to figure things out: eg taxes.... They really aren't difficult. You just need to be able to read and do arithmetic.
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post #85 of 88 (permalink) Old May 17th, 19, 3:59 PM Thread Starter
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If you can do basic math you should be able to figure out finances.... So them teaching you to solve for "x" and you blame the school for not teaching you financial literacy means they didn't teach you the ability to think for yourself.

The goal of school is to provide general knowledge that can be used to figure things out: eg taxes.... They really aren't difficult. You just need to be able to read and do arithmetic.
I have it figured out very well. I’m not blaming anyone. I was commenting on the skewed priorities in the educational system. There are people that went to school with me that put a quarter of their income toward credit card debt and student loans because no one cared to tell them how it works before they graduated. But it was really important for you to take pre-calculus if you wanted to graduate!

School has changed a LOT since I went through. We have pathways for kids now. You pick what you want to do and follow that through. Some even get certificates and job interviews or are hired on at local businesses before they graduate. I think that’s awesome. When I was a kid nobody talked about careers. I thought engineers built bridges and that was it. The only thing we did in regards to selecting a career was to take the ASVAB for the military. I knew what a spark plug was, so they thought I’d make a “great mechanic for the United States Armed Forces!” Ha!

I get kids every year that can’t read or do basic math. The system just wants to push them through and get them out. It’s a crock.
The goal of school is also to teach you how to fit in to society, but here lately people want society to shift and accommodate THEM. That’s a topic for another time though.
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post #86 of 88 (permalink) Old May 17th, 19, 5:09 PM
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Re: Young and rich

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I have it figured out very well. Iím not blaming anyone. I was commenting on the skewed priorities in the educational system. There are people that went to school with me that put a quarter of their income toward credit card debt and student loans because no one cared to tell them how it works before they graduated. But it was really important for you to take pre-calculus if you wanted to graduate!

School has changed a LOT since I went through. We have pathways for kids now. You pick what you want to do and follow that through. Some even get certificates and job interviews or are hired on at local businesses before they graduate. I think thatís awesome. When I was a kid nobody talked about careers. I thought engineers built bridges and that was it. The only thing we did in regards to selecting a career was to take the ASVAB for the military. I knew what a spark plug was, so they thought Iíd make a ďgreat mechanic for the United States Armed Forces!Ē Ha!

I get kids every year that canít read or do basic math. The system just wants to push them through and get them out. Itís a crock.
The goal of school is also to teach you how to fit in to society, but here lately people want society to shift and accommodate THEM. Thatís a topic for another time though.
I didn't mean to say it in a way that made it seem like you couldn't but my opinion is based on what people post of facebook and crap. These people can hardly write a coherent sentence.... and blame school for it. I distinctly remember learning everything I needed to know from school--with support at home. Today's issue with school comes down to parents thinking it's the school's job to teach their child everything. That ranges from tying shoes to cleaning themselves after going to the bathroom.
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post #87 of 88 (permalink) Old May 18th, 19, 4:22 PM
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Re: Young and rich

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a kid I went to HS with had a Brand New Trans-Am every year
Good for him.. Somebody in that kids family worked real hard to give that to him..
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post #88 of 88 (permalink) Old May 22nd, 19, 4:48 PM
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Re: Young and rich

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Good for him.. Somebody in that kids family worked real hard to give that to him..
Actually my friend had his face badly burned ( I don't know how) and he must have gotten some sort of settlement
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