2006 personal savings fall to 74-yr. low - Page 2 - U2 Feedback

Go Back   U2 Feedback > Lypton Village > Free Your Mind > Free Your Mind Archive
Click Here to Login
 
 
Thread Tools Search this Thread Display Modes
 
Old 02-01-2007, 11:12 PM   #16
Blue Crack Distributor
 
LarryMullen's POPAngel's Avatar
 
Join Date: Jun 2001
Location: I'll be up with the sun, I'm not coming down...
Posts: 53,698
Local Time: 03:44 PM
Yeah, I've come to accept the fact that I'm pretty much fucked when it comes to money. Even once I get my degree (which is a few years off) and get a better job (most likely not in MI) I'll have to begin paying off student loans so the small debt I have now (which is all credit card related, and not bad in comparison to other people's) will look like a dream compared to what I'll owe then.

I lose sleep over this shit, but what can I do? It's bad when I feel guilty over spending $30 on used CDs every few months, one of the few guilty pleasures I allow myself. It's embarrassing, but many of my friends are in the same boat.
__________________

__________________
LarryMullen's POPAngel is offline  
Old 02-01-2007, 11:19 PM   #17
Rock n' Roll Doggie
VIP PASS
 
redhotswami's Avatar
 
Join Date: Aug 2005
Location: Waiting for this madness to end.
Posts: 5,846
Local Time: 03:44 PM
I haven't saved jack. It's hard to with my salary, which is below 12k. Yeah, I ain't got no shame. Its really awful because there are so many people out there working multiple low-wage jobs just to make ends meet...everything they make is used up, there's hardly room for savings.
__________________

__________________
redhotswami is offline  
Old 02-01-2007, 11:21 PM   #18
Blue Crack Addict
 
U2Girl1978's Avatar
 
Join Date: Jan 2005
Location: At the altar of the dark star
Posts: 19,374
Local Time: 04:44 PM
Yea, I shouldn't have come into this particular thread.

The whole thing is scary.

I have a baby coming and my boyfriend and I are trying to search for a new apartment and trying to figure out our expenses.
__________________
U2Girl1978 is offline  
Old 02-01-2007, 11:33 PM   #19
Refugee
 
Join Date: Aug 2004
Posts: 1,435
Local Time: 08:44 PM
Congrads on everyone who manages to save. The online ING account sounds great. the whole "if you don't see the money you don't spend it" thing. But that was the way I was until I hit 31 (I'm 37 now). I was fortunate to have a pretty accident-free and let's say, non-tragedy-free life until that year. Then I was downsized from my former job, my mother died, I lost my brother, and I lost my health insurance. My grandfather died, and I have to help my uncle finacially--he is living now with my grandmother at the aforementioned family lake house with the impossible property taxes (whatever they are). She recovered 5 yrs ago from colon cancer and had a mini-stroke last yr. She has no neighbors most of the yr and can barely walk. I have to help my uncle with her expenses. My mother would have done this but her death was unexpected. We are a small family. Little else to help.

It took me about 2 yrs to even get back to where I am now. And from what I've been reading, I'm one of the lucky ones. I had more than $12,000 saved but that all mostly vanished (no details, sorry. There's only so much about my finances I can say with Bush's goons watching the Net! ) And believe me, if I had even $100 to put in the IRA after my checks ( I have it all figured to the penny, I keep a tight budget) I'd do it. But I have to pay the phone bill you know.

To the people on here who earn enough money and have the comparative lack of bills stemming from incident in their lives, I salute you. That was me.....8 yrs ago.

And oh yes, my student loans were consolidated 3 yrs ago.
__________________
Teta040 is offline  
Old 02-01-2007, 11:49 PM   #20
ONE
love, blood, life
 
MrBrau1's Avatar
 
Join Date: Aug 2000
Location: Verplexed in Vermont
Posts: 10,436
Local Time: 03:44 PM
Quote:
Originally posted by Teta040
Congrads on everyone who manages to save. The online ING account sounds great. the whole "if you don't see the money you don't spend it" thing. But that was the way I was until I hit 31 (I'm 37 now). I was fortunate to have a pretty accident-free and let's say, non-tragedy-free life until that year. Then I was downsized from my former job, my mother died, I lost my brother, and I lost my health insurance. My grandfather died, and I have to help my uncle finacially--he is living now with my grandmother at the aforementioned family lake house with the impossible property taxes (whatever they are). She recovered 5 yrs ago from colon cancer and had a mini-stroke last yr. She has no neighbors most of the yr and can barely walk. I have to help my uncle with her expenses. My mother would have done this but her death was unexpected. We are a small family. Little else to help.

It took me about 2 yrs to even get back to where I am now. And from what I've been reading, I'm one of the lucky ones. I had more than $12,000 saved but that all mostly vanished (no details, sorry. There's only so much about my finances I can say with Bush's goons watching the Net! ) And believe me, if I had even $100 to put in the IRA after my checks ( I have it all figured to the penny, I keep a tight budget) I'd do it. But I have to pay the phone bill you know.

To the people on here who earn enough money and have the comparative lack of bills stemming from incident in their lives, I salute you. That was me.....8 yrs ago.

And oh yes, my student loans were consolidated 3 yrs ago.
You're a survivor.

And that's what saving and working is really for.

The downfall of this country will no be due to people like you.

It will be from those who spent every last dime, not on helping family, but on flat screen tvs, suv's and designer jeans.

The rainy day fund you had to help you through tough times doesn't exist for them. It's all been spent on nonsense.

When this country goes into another economic recession (and it will) it will purge. It will be painful.

Very, very painful.
__________________
"If you needed my autograph, I'd give it to you." Bob Dylan
MrBrau1 is offline  
Old 02-02-2007, 12:40 AM   #21
Refugee
 
Join Date: Aug 2004
Posts: 1,435
Local Time: 08:44 PM
You know, Mr. Brau, that word "purge"....I've actually had nights where I lie awake just thinking aobut what is to come. There's a great book by a guy named William Kunstler called "The Long Emergency" where he talks about this stuff. But he puts it in the context of world politics, global warming, etc....wow. Sometimes I go to the movies and watch the ads before the show with all the consumerist stuff out there that we just supposed to have, it should be just as normal to own an iPod or an HDTV as it is a bed or table. My God. (Not knocking everyone on here who has an iPod! It had better be the Vertigo iPod!!! )

I thank God I even own a laptop.

That's the worst, the blanket that has been thrown over our heads, the illusion that we are still living in a middle-class society where everyone just has this stuff, we are all Mr. and Mrs. suburban Jones like in 1971, and ours wasa more civilzed society, but underneath that glitzy and ho-hum TV commercial reality, that says our society has not changed, we have regressed to the 1920's, when there was no safety net. Or we are starting to. Or better yet 100 yrs ago. We are no different than the Ist 2nd and steerage class on the Titanic..we really have gone back to that. Or so it seems. We watch the Leave it to Beaver 50's on TV but switchoff the TV and confront our pre-Great Depression lives. There is too much of a disconnect. As Yeats so famously said, the center cannot hold.

It's enough to take you to...a place called Vertigo!

Thanks for the kind words Brau. FYI, I'm doing fine. I'm not sitting around depressed.....I have a boyfriend, my church group, my friends, I'm a happy person. Most of the time. My uncle and I have marathon discussions about politcs on the phone...we laugh a lot, when we're not eternally cursing "King George the Third", Cheney, and the rest. My grandma may not be able to drive anymore and uses a walker, but when she's not grousing about the bills, she's happy too. Mentally, she's still fantastic, the stroke only affected her hand. She's 82 and as you said, she's a survivor too. We come from a tough family and as we say the only thing that can kill an Armenian (I'm half that and half Irish) is our signature intoxicant of choice, raki. 100% proof....my grandpa told me that in the Old Country (weelllll...now, it's officially called Turkey, ha ha) even the Russians who used to visit the raki factories for "test tastings" used to pass out stone cold after one cup. They used to think with their vodka they could hold anything....ha ha. We Armenians could always drink the Russians under the table and still can. We're a tough bunch. As for me, hey, I've had U2 to help me through a lot of down times. What more can I ask for? Through all the tragedy, I got to some danged fine shows the past 2 tours (thank you Propaganda.)
__________________
Teta040 is offline  
Old 02-02-2007, 09:52 AM   #22
Rock n' Roll Doggie
 
U2Girl416's Avatar
 
Join Date: Aug 2002
Location: and if you don't know where you're going...any road will take you there..
Posts: 3,435
Local Time: 03:44 PM
thinking about money stresses me out

I'd have to say that money is one of my big sources of stress. I keep reading articles about self-made millionaires and how you should have at least 6 months of living expenses saved. Yeah, right. I used to be a great saver, my mom taught me well. and then random bills pop up, or I buy something for myself or it's Christmas or birthdays...etc. so the result is very little in savings. I'm not totally hopeless, I recommend an online savings acct. I went with HSBC, because they're at about 5.05% rate right now and I dump a little money from each check into that, and about 7% (and the company dumps in another 2%) of my check into my 401k. I have an IRA but I haven't been able to put anything in there for at least 2 years now. but it's so easy to charge things on a credit card. I'm rarely carrying cash these days. so after all the bills are paid, what's left has to go for gas and groceries and by that point, there's hardly anything to save into my accts. and each month I think the next month will be better. that's what I thought in January, and then I got a $350 dental bill on top of all my other expenses, because my dental insurance sucks. so you know how it goes. it's bad when it's payday and you know that your entire check is already accounted for. I'm not in debt (as in, I pay off the balance of my credit card each month), but I'd be screwed right now if something bad were to happen to me.

the one area I've been fortunate in is that I owe very little in student loans. I only had to take out a loan for my senior year in college and since I was going to a state school in NY, it's not bad. I couldn't consolidate for a lower interest rate though since I have just one loan. hopefully I'll be done paying it off in another couple years.
__________________
U2Girl416 is offline  
Old 02-02-2007, 09:54 AM   #23
Blue Crack Distributor
 
LarryMullen's POPAngel's Avatar
 
Join Date: Jun 2001
Location: I'll be up with the sun, I'm not coming down...
Posts: 53,698
Local Time: 03:44 PM
Oh I was great about paying off my credit card bill every month, saving a shitload of money, etc. Then I moved out and reality hit.

We'd all be millionaires if we still lived at home with mommy and daddy. When I get really stressed I jokingly tell my mom I'm moving back in with her. She loves that.

Is it just me, or has this thread been very stressful and theraputic, all at the same time?
__________________
LarryMullen's POPAngel is offline  
Old 02-02-2007, 10:05 AM   #24
Rock n' Roll Doggie
 
U2Girl416's Avatar
 
Join Date: Aug 2002
Location: and if you don't know where you're going...any road will take you there..
Posts: 3,435
Local Time: 03:44 PM
Quote:
Originally posted by LarryMullen's_POPAngel
Oh I was great about paying off my credit card bill every month, saving a shitload of money, etc. Then I moved out and reality hit.

We'd all be millionaires if we still lived at home with mommy and daddy. When I get really stressed I jokingly tell my mom I'm moving back in with her. She loves that.

Is it just me, or has this thread been very stressful and theraputic, all at the same time?

you summed it up, reality hit. I was officially on my own in 2003. until that point I sometimes forgot I had a credit card! had no insurance--medical or dental- until summer 2004. had to dip into savings a LOT while trying to find a full time job and a place to live. not happy times. and now it just seems like I'm playing catch up, only it's not so easy. there always seems to be something financially that needs your attention.

you're right...it's stressful but very comforting to read and share with others about this topic
__________________
U2Girl416 is offline  
Old 02-02-2007, 10:16 AM   #25
Blue Crack Supplier
 
Irvine511's Avatar
 
Join Date: Dec 2003
Location: Washington, DC
Posts: 30,501
Local Time: 03:44 PM
i'm a freelancer, and every job could, in theory, be my last, so i make sure to save a tremendous amount each month. i have to -- it could all run out if i go 3-6 months without a steady job. i also keep my expenses in line and make sure to do the little things that add up to lots of savings. for example -- buy your own coffee or drink the coffee at work (no need to drop $3.50 at The Bucks everyday), buy versatile clothing so you can mix and match outfits to extend your wardrobe, walk as much as you can, use public transportation as much as you can, turn off lights, wash your clothes in cold water, buy wine at the supermarket, and there's nothing wrong with a friday night at home watching a DVD and sipping cheap beer ... stuff like that, living environmentally responsibly can save you a few hundred a month. i also rent a room in a house and don't have my own apartment, which saves me a ton in rent (a studio in my neighborhood would be $300 a month more than i pay now, and i get a whole house with a landlord who i actually enjoy talking to and i get to play with his bulldogs) and i hope that if/when Memphis and i take the big step and move in together, we'll have saved enough to actually buy something instead of tossing it all down the drainspout of rent.

it's been hard, and it was much harder 2-3 years ago when my income was significantly lower, but the discipline does pay off.
__________________
Irvine511 is online now  
Old 02-02-2007, 11:53 AM   #26
Rock n' Roll Doggie
Band-aid
 
Join Date: Jun 2005
Location: The American Resistance
Posts: 4,754
Local Time: 02:44 PM
Year College Inflation (CB) General Inflation (CPI) Rate Ratio
2006 5.9% 3.23% 1.83
2005 5.94% 3.39% 1.75
2004 5.97% 2.66% 2.24
2003 5.99% 2.28% 2.63
2002 5.80% 1.58% 3.67
2001 5.48% 2.85% 1.92
2000 5.25% 3.36% 1.56
1999 4.56% 2.21% 2.06
1998 5.24% 1.56% 3.35
1997 5.16% 2.29% 2.25
1996 5.05% 2.95% 1.71
1995 5.32% 2.76% 1.93
1994 5.44% 2.77% 1.96
1993 5.99% 2.78% 2.15
1992 5.79% 3.16% 1.83
1991 7.61% 4.45% 1.71
1990 7.83% 4.81% 1.63
1989 8.61% 4.99% 1.73
1988 7.89% 4.16% 1.90
1987 7.39% 3.90% 1.89
1986 8.02% 1.61% 4.98
1985 8.15% 3.55% 2.30
1984 8.03% 4.14% 1.94
1983 9.78% 2.44% 4.00
1982 14.35% 6.48% 2.21
1981 13.95% 10.73% 1.30
1980 12.00% 13.22% 0.91
1979 9.05% 11.27% 0.80
1978 7.37% 7.74% 0.95
1977 8.10% 6.72% 1.21
1976 9.27% 5.43% 1.71


For the past 30 years the price of college tuition has risen at a much higher rate than the general inflation rate. Yet where are the calls to "cap" professors income...where's the outrage that higher cable bills or gas pump prices stir up?

A good question for your economic professor.
__________________
INDY500 is offline  
Old 02-02-2007, 12:03 PM   #27
Blue Crack Addict
 
Liesje's Avatar
 
Join Date: Mar 2002
Location: In the dog house
Posts: 19,557
Local Time: 03:44 PM
I think cable gets more expensive b/c they add more channels, you get more options, better service, etc. To me, paying $33 a month for 75 channels, digital cable, and On Demand is totally worth it. Paying FOUR TIMES as much for the same education (I mean, same school, some same profs) as my mom doesn't seem worth it.

Also, it's impossible to get good scholarships these days. I got straight As in high school, never got in trouble, was a team captain and MVP, and the just got some lousy merit-based scholarship that didn't even cover my meal plan. My mom went to the same high school and same college. She was a B student, didn't try that hard, and got a full ride academic scholarship to college for having a 3.4. It's so much more competitive these days and it's such a vicious cycle. The kids who get the best scholarships are the ones who usually were already wealthy, b/c they never had to work a day and thus had time to join every team and every club in high school while those of us who worked everyday but did get As get the leftovers. It's like they don't even care about actual academics anymore.
__________________
Liesje is offline  
Old 02-02-2007, 12:35 PM   #28
Blue Crack Supplier
 
Irvine511's Avatar
 
Join Date: Dec 2003
Location: Washington, DC
Posts: 30,501
Local Time: 03:44 PM
Quote:
Originally posted by INDY500
For the past 30 years the price of college tuition has risen at a much higher rate than the general inflation rate. Yet where are the calls to "cap" professors income...where's the outrage that higher cable bills or gas pump prices stir up?

A good question for your economic professor.


well, i'm sure Yolland will happily field this one, but i think it's quite fair to say that the skyrocketing of college tuition has very little to do with a professor's (often very small) salary and much more to do with trying to keep up with technology.
__________________
Irvine511 is online now  
Old 02-02-2007, 06:49 PM   #29
Forum Moderator
 
yolland's Avatar
 
Join Date: Aug 2004
Posts: 7,471
Local Time: 09:44 PM
^

Just broke $40,000 after seven years of teaching, started in the low $30s, still very much paying off the 7 years of grad school that qualified me to do all this--does that sound like a windfall? And I am very representative of a typical public college humanities professor in this regard.

According to the NEA's 2006 Almanac of Higher Education, and looking at roughly the same timespan for those figures INDY posted, the average national salary for all college faculty (public and private, all fields, all career stages) in 2005 was $64,179. In 1973--and adjusted for 2005 dollars--that figure was $62,003. Not exactly a whopping increase...compare that to the increases in, say, corporate salaries since that time. Of course, you could break this stat down in various ways--private college faculty on average make 10% more; humanities faculty (2005 average $55,299) make a lot less than law faculty (average $122,477), engineering faculty ($86,837) and business faculty ($84,227), etc. (I don't say that with resentment, as I'm well aware most of those folks could make much more outside of academia.) One should also keep in mind that the trend now is for colleges to handle the increase in student bodies by adding on more low-paying, no-job-security 'lectureships' and 'adjunct faculty' positions rather than creating new tenure-track positions, which is where the real opportunities for promotion and significant salary increases are. More than 50% of all faculty positions are now of this type; some of the Ivies haven't opened up any new tenure-track positions in years now, instead reserving those places for plum picks (star professors at the peak of their career) wooed from other universities.

As a side note, while I'd be happy if I never make more than that aforementioned humanities average, I can't help wondering why people so often seem to get so much more incensed by college professors who make plush incomes than by other kinds of workers who do. A PhD is an advanced professional degree, akin to earning an MD or JD, and it's a fuck of a long haul in time, money and effort to earn one; most who start the process never complete it. Then once you've earned it, and especially if you're in the humanities, expect to compete against 100-200 other highly qualified candidates for that tenure-track position at Mediocre State U. Then once you've secured that, in addition to a full teaching load, you'll also have to keep up your researching and writing ("publish or perish") as well as service to the university (joining steering, curriculum and search committees; overseeing student groups; advising and tutoring; writing reports etc.). And these are job requirements--I'm not waxing idealistic about the sorts of things only a really ambitious and driven prof might voluntarily do.

As far as the tuition increases, there are multiple reasons for those; some major ones are:

---- In most states, state budgets for higher education have not kept anything close to pace with the increases in costs of running a college or university--the trend has been to shift the burden to the individual student.

---- There are lots of things feeding into those increased costs, besides, of course, plain old inflation--keeping up with technology, as Irvine mentioned, is a huge one (computerization, upgraded science and library facilities to enable better research, etc.); increasing cost of healthcare, an important part of the compensation packages; increases related to the dramatic growth in numbers of students--more staff and faculty, more buildings, more rank-and-file administrators to oversee the increased grants, facilities and so on; increased expectations from students and their parents in terms of facilities, from dorms to athletics programs to laboratories; competition for students (and thus perceived reputation) calling for greater expenditures on research funding, establishment of special academic institutes, etc. etc. A side effect of all this growth is increasing decentralization of oversight and authority, which can itself hamper efficiency--e.g., does HR realize that the History department is spending funds earmarked for salaries on research grants for faculty instead?

---- The proportional value of aid grants, including publically-funded ones, has decreased significantly over time. This is especially a factor at private schools, where over 60% of students receive institutional grant aid (compared to just under 25% at public universities). For example, Pell Grants in 1980 averaged 35% of tuition costs; now it's only 23%. To make matters worse, merit-based aid, which disproprotionately favors students from high-income backgrounds, has increased much more than need-based aid.

---- At private colleges (and again, relative to operating costs) shrinking endowments and declining donations.



Yes, increased faculty salaries factor into all this too, but as already cited that's a small increase relative to the overall picture, and it's utterly absurd to peg the entire increase in tuition costs on that. And while it's a different topic, the rates charged by student loan outfits further complicate matters. Could many colleges be run more efficiently than they are and still stay competitive, yes absolutely--although good luck designing some one-size-fits-all plan to tackle that. But you're kidding yourself if you think the tuition spiral is going to be reversed without steep increases in public funding.

So yeah, go ahead, ask your friendly forum poli sci professor about my bloated $40K salary after seven years of grad school and seven years of teaching, publishing, advising, serving as department head and sitting on three faculty committees. Did I mention I'm the sole breadwinner for my family of five as well? Sorry, but I don't feel guilty about that at all, and part of the reason why is because I'm still licking my own financial wounds from my years as a student. So I can empathize completely with the financial situation many of my students are in.
__________________
yolland [at] interference.com


μελετώ αποτυγχάνειν. -- Διογένης της Σινώπης
yolland is offline  
Old 02-02-2007, 06:59 PM   #30
Rock n' Roll Doggie
VIP PASS
 
redhotswami's Avatar
 
Join Date: Aug 2005
Location: Waiting for this madness to end.
Posts: 5,846
Local Time: 03:44 PM
Quote:
Originally posted by yolland
As a side note, while I'd be happy if I never make more than that aforementioned humanities average, I can't help wondering why people so often seem to get so much more incensed by college professors who make plush incomes than by other kinds of workers who do. A PhD is an advanced professional degree, akin to earning an MD or JD, and it's a fuck of a long haul in time, money and effort to earn one; most who start the process never complete it. Then once you've earned it, and especially if you're in the humanities, expect to compete against 100-200 other highly qualified candidates for that tenure-track position at Mediocre State U. Then once you've secured that, in addition to a full teaching load, you'll also have to keep up your researching and writing ("publish or perish") as well as service to the university (joining steering, curriculum and search committees; overseeing student groups; advising and tutoring; writing reports etc.). And these are job requirements--I'm not waxing idealistic about the sorts of things only a really ambitious and driven prof might voluntarily do.
Last year my colleagues and I had this forum, we invited professors at the university to come and talk about their experience (basically, we were trying to bridge the gap between co-curricular learning and academics by initiating some sort of conversation.) I felt awful just looking at them. One even kept falling asleep during the forum! Their schedules were insane. I think all of us decided against getting PhDs after that round. They described everything you just spoke of in that paragraph. I have no idea how they do it. But I'm convinced at least one of them has a special time-stopping device a la Hermione.

I'll probably be in debt for the rest of my life, but looking at the pain they have to endure, I'd say I'll be pretty content with my master's.
__________________

__________________
redhotswami is offline  
 

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



All times are GMT -5. The time now is 03:44 PM.


Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Design, images and all things inclusive copyright © Interference.com