: Is the American Dream still achievable? 🇺🇸

@dancingtongue Creating an education fund for children probably happens here too, and Australia has the same problems. Education used to be universally available to everyone, now it's only available to those who can afford it. I don't earn enough to put away money for my 8 yo daughter. My ex does because she fully paid off her house 10 yrs ago due to a lot of help from her parents and gets child support + other gov assistance payments. I bought a house 2 years ago but both my parents are deceased and I had to fight my sister to get any share of my late mum's estate. Got freakishly lucky with that.

@zonavar68 Glad things are beginning to work out for you. To be clear, a 529 educational fund here works like an IRA retirement account (except there is no mandated employer participation, and other family members can contribute to it). Money regularly set aside from income is not taxed at that time and is unlikely to be taxed, or taxed very much, when the children begin drawing out of it for college expenses because they don't earn enough. My son and his wife were both just starting out when they opened the ones for their two kids, and were struggling to get their careers launched, buy their first home, and all that. It is a question of where you prioritize spending your limited income starting out, and avoiding those usury interest rates by carrying a lot of debt on your credit card(s) to buy non-essentials.

My uncle gave me the best advice I ever got when I was coming out of college: live within your means and set 10% aside for retirement. His explanation was that 10% sounded like a lot, but it came down to a measly dime out of each dollar. Pocket change that we usually squandered on stuff we really didn't need. I heeded his words, even in the roughest patches when I wasn't sure how we were going to pay the mortgage and put food on the table at the same time. Ten percent -- later on, the max allowed of 25% -- was deducted from my paycheck sight unseen, matched by my employer, and went into an IRA that was not taxed until I began withdrawing it at age 65.

@Pfuzylogic Amazing how a 4 year hitch can change your whole trajectory in life!

@GerOttman I was obligated for six bc I screwed up my nuke school.

@samueltyler2 maybe if you already have savings and property now. At this moment, without either of those, you will struggle.

@FoxyGoddess when i grew up, we had food and nothing, and love and an educational and work ethic, but little else. I tried to stay humanistic but worked crazy hours to earn my place in society.

@samueltyler2 Yeah, but even still, things were working in your favor as you greww up. Those entering adulthood now, do not have any of those things today. The earlier generations made it literally impossible for them to accomplish what you did.

So if you are judging from your experience, you are working with a past understanding that doesn't apply to today.

@Cantsayno we didn't think we had it easy, believe me.

@samueltyler2 I worked hard for everything I have.

@Cantsayno i didnt say you didn't.

@helenS it has always been if you earn something you can claim it.

@helenS Too many think it’s a free ride.

@Kiesel Absolutely — passionate determination is a big part of it. A lot of people still chase the dream, but the economy makes it tougher than it used to be. Thanks for sharing your take!

@CountScrofula unfortunately, it is often about who you know and who can bankroll you first.

@JonLosAngeles66


Wealthiest 1% pay 50% of all federal tax you 🤡

@Sojournersoul True.

@WandererTony which is complicated because sometimes dreams come true but not all the time

@pamlooksgood mine never did.
Not even the nightmares. And am so thankful for that. 😊

@1490wayb True, but today’s problems hit different. Imagine trying to survive with 10–15% mortgage rates like the 70s and gas stations running out of fuel. People forget how tough that era really was.

@pamlooksgood thruout my career, my income fell way behind inflation. thankful i had no dependents

@pamlooksgood

Those hideous mortgage rates did keep property values down. So if you were fortunate enough to have cash, you were golden

@AdmiralPrune not by magic!

@samueltyler2 No. By something much more straightforward. Persistence and hard work.

@SUPERVlXEN I'm asking the same question ❓⁉

@jackson55 The conspicuous consumers are probably the least able to afford the good life.

@LamontCranston You may be quite right about that ?

@jackson55 i retired at age 58 by driving vehicles until they reached 200k miles or more. some states require personal property tax every single year on every vehicle\boat\trailer!!

@MrBlueGuy

Anything you say slug

@TheDeathOCuHullainn

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