No. of Recommendations: 2
When I was 23 (1970) I was making about $10,500/yr. Then again, you could live on that amount of money. Had room mates for several years to save on living expenses. When I graduated from college, I had to pay for car ($1500 used car - with car loan) and had $3000 in college loans. That was over 30% of a years pay. You have to think percentages here. Paid off all loans within 18 months. Had two roommates the first year to share expenses. My share of rent was $60/month. I was making about $800/month before taxes.

In 1971, I started making $13,500 and could easily save 20% of that. My rent was $150/month for 2 bedroom duplex. Utility bills maybe another $80/month. New cars cost a couple thousand. (like $4200). Life was good. I didn't buy a new car until 1975. Never had a car loan after 1971. Paid cash for cars.

When I retired, I was making $92K/yr, and that was in 1999.

New college grads in EE start at well over $55K/yr. A determined LBYM could save $10K/yr easy in most parts of the country. And pay off college debt in a few years.

Many college grads can easily save 10-20% of their income IF they wish to do so. They can also spend 120% of their income.

Too many want it 'all' immediately. Have no desire to save for anything. It is the 'charge it' mentality, as if the money fairy is going to pay for everything they buy.

t.
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