Scared about debt

[yappy]

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To each his own, yappy. The military is not for everyone. You do owe a service commitment and if you are not the military type, it can be a drag placing yourself at the military's disposal and be sent wherever they need you. There have been many posts on here discussing its merits. Some have sworn by it, others have done analysis showing that its an economic drag in the long term. For me, it's the latter to take a large paycut from the private sector and to be obligated to do whatever they tell me. At my current debt level, I'd rather work to pay it off and enjoy my complete freedom.

That's fine. My contention is you referring to service members as pawns.

 

[Shunwei]

That's fine. My contention is you referring to service members as pawns.

Individual perception is different, yappy. When someone has me on a commitment leash and can rightfully tell me where to go and what to do for a whole 4 years, it's semantics on what you call it.

 

[yappy]

Individual perception is different, yappy. When someone has me on a commitment leash and can rightfully tell me where to go and what to do for a whole 4 years, it's semantics on what you call it.

Not really. In what persons vocabulary are military members "pawns"? I only raised the issue because I thought it was disrespectful and showed a level of ignorance that I rarely on SDN.

Military members are not pawns.

 

[UCSFx2017]

Not really. In what persons vocabulary are military "pawns".

Henry Kissinger. I wouldn't use that word since it's obviously dehumanizing and offensive. People who do get offended are offended because they associate pawns as worthless chess pieces. Professional chess players would disagree about their value. What do you think pawn means?

 

[Shunwei]

Henry Kissinger. I wouldn't use that word since it's obviously dehumanizing and offensive. People who do get offended are offended because they associate pawns as worthless chess pieces. Professional chess players would disagree about their value. What do you think pawn means?

I am a tournament level chess player and love pawns. In the right hands and in the right combo they can be lethal. And they can be promoted too. I agree with you that the meaning is subjective, and I said so as much. Maybe I should have clarified that by joining the military you fall under their control for a lengthy period of time, like a pawn under the control of a chess player. No disrespect intended just my description of the distribution of control. On a lighter note, yappy, would you feel better if I called you a rook?

 

[yappy]

Henry Kissinger. I wouldn't use that word since it's obviously dehumanizing and offensive. People who do get offended are offended because they associate pawns as worthless chess pieces. Professional chess players would disagree about their value. What do you think pawn means?

Usually the term is used as a disrespectful term to describe someone of little value who is controlled by others. A pawn is in a place of submission and/or been deceived. I can not imagine a time when someone would like be described a pawn; or, someone intend to use the word in a respectful way.

My disagreement wasn't that the term pawn was used a disrespectful way. My disagreement was that military members are not pawns.

 

[charlestweed]

Charles, that can certainly save you money, but at a cost of a good chunk of social life or privacy. I wouldn't advise it unless you are a 30 yr old comfortable still sharing an abode with parents or roommates. I certainly wouldn't do it myself.

I do agree with the saving money from associates salary part. This can be done by sticking to strict budgets, living below your means, and be frugal. Otherwise, doing the military is looking more and more like an attractive option. I was never personally interested in selling my time to the military and be its pawn, but if I were 500k down and looking for a quick, clean start, even I'd consider the Military. However, my feeling is that the military would eventually wise up to this and either cut back its terms of subsidy, or increase its time commitment.

I guess it is a cultural thing. A lot of my Asian friends don't think it is a big deal to live the parents to save money. When people came to the US with nothing, it is easier for them to recognize the great opportunities this country offers them than the people who were born and raised here. Losing the privacy from sharing the apartment with someone else is just a small sacrifice. I actually had a better social life when I lived with my parents during my undergrad years than if I lived in an apartment alone. I didn't have to waste time doing laundry, doing grocery shopping, and cooking. The hot healthy meal was waiting for me when I came home from school. The money I made from my part time job was enough to buy clothes, gasoline, car insurance and to go out with friends.

If I have to choose between living with the parents and joining the military to save money, I would go with the former one. I would have much more freedom living with the parents than living in a military base.

 

[Shunwei]

I guess it is a cultural thing. A lot of my Asian friends don't think it is a big deal to live the parents to save money. When people came to the US with nothing, it is easier for them to recognize the great opportunities this country offers them than the people who were born and raised here. Losing the privacy from sharing the apartment with someone else is just a small sacrifice. I actually had a better social life when I lived with my parents during my undergrad years than if I lived in an apartment alone. I didn't have to waste time doing laundry, doing grocery shopping, and cooking. The hot healthy meal was waiting for me when I came home from school. The money I made from my part time job was enough to buy clothes, gasoline, car insurance and to go out with friends.

If I have to choose between living with the parents and joining the military to save money, I would go with the former one. I would have much more freedom living with the parents than living in a military base.

Could be a social factor, but regardless I do agree with you 100% on saving money aggressively at least for the first years working. Earning six figures doesn't mean that you have to spend six figures. I worked with someone here who is a prime example. He actually had it easy by marrying a girl whose dad had an established practice in a semi-rural area, so after graduation from Day 1 he was made partner. In ten years he amassed enough to buy about 2 million in real estate investments and custom build a 3.5 million, 70 acre, 10000 sq ft house. Then family squabbles led him to sue his father-in-law (yes, the same guy that took him in), spent 1.5 million in litigation fees doing so. Then his wife got AML with monthly medical fees of 20k. His kids were diagnosed with mental ******ation that required another 5k a month a special ed fees, his house costs him 30k/yr in property taxes and $2000/month in utilities, and on top of this all he is still trying to maintain his lavish lifestyle of taking exotic vacations every 3 months. He had to sell his (established by the father-in-law whom he turned on) practice and also had to sell his real estate investments at a 600k loss from the original capital. He is also desperately trying to sell his custom-made, rural 3.5 mil house, but who wants to buy a house whose layout is determined by others, cost so much, and in the middle of nowhere?

So poor investment choices, financial planning, asset allocation, and extravagant spending--a prime example where no matter how much money you make, you can still blow through it with ease.

 

[yappy]

Talk about your highs and lows. Wow.

Could be a social factor, but regardless I do agree with you 100% on saving money aggressively at least for the first years working. Earning six figures doesn't mean that you have to spend six figures. I worked with someone here who is a prime example. He actually had it easy by marrying a girl whose dad had an established practice in a semi-rural area, so after graduation from Day 1 he was made partner. In ten years he amassed enough to buy about 2 million in real estate investments and custom build a 3.5 million, 70 acre, 10000 sq ft house. Then family squabbles led him to sue his father-in-law (yes, the same guy that took him in), spent 1.5 million in litigation fees doing so. Then his wife got AML with monthly medical fees of 20k. His kids were diagnosed with mental ******ation that required another 5k a month a special ed fees, his house costs him 30k/yr in property taxes and $2000/month in utilities, and on top of this all he is still trying to maintain his lavish lifestyle of taking exotic vacations every 3 months. He had to sell his (established by the father-in-law whom he turned on) practice and also had to sell his real estate investments at a 600k loss from the original capital. He is also desperately trying to sell his custom-made, rural 3.5 mil house, but who wants to buy a house whose layout is determined by others, cost so much, and in the middle of nowhere?

So poor investment choices, financial planning, asset allocation, and extravagant spending--a prime example where no matter how much money you make, you can still blow through it with ease.

 

[suarez 7]

Could be a social factor, but regardless I do agree with you 100% on saving money aggressively at least for the first years working. Earning six figures doesn't mean that you have to spend six figures. I worked with someone here who is a prime example. He actually had it easy by marrying a girl whose dad had an established practice in a semi-rural area, so after graduation from Day 1 he was made partner. In ten years he amassed enough to buy about 2 million in real estate investments and custom build a 3.5 million, 70 acre, 10000 sq ft house. Then family squabbles led him to sue his father-in-law (yes, the same guy that took him in), spent 1.5 million in litigation fees doing so. Then his wife got AML with monthly medical fees of 20k. His kids were diagnosed with mental ******ation that required another 5k a month a special ed fees, his house costs him 30k/yr in property taxes and $2000/month in utilities, and on top of this all he is still trying to maintain his lavish lifestyle of taking exotic vacations every 3 months. He had to sell his (established by the father-in-law whom he turned on) practice and also had to sell his real estate investments at a 600k loss from the original capital. He is also desperately trying to sell his custom-made, rural 3.5 mil house, but who wants to buy a house whose layout is determined by others, cost so much, and in the middle of nowhere?

So poor investment choices, financial planning, asset allocation, and extravagant spending--a prime example where no matter how much money you make, you can still blow through it with ease.

Oh man, this has to be one of the worst financial disasters I have ever seen.

 

[Shunwei]

Talk about your highs and lows. Wow.

Could have been easily avoided. The guy is actually only a couple of years older than me, 38. Instead of spending so much on building that crazy house, he could have divided the 3.5 mil into buying a still very lavish house for 1 mil, place 500k in checking/saving for emergency use, and used the remaining 2 mil to buy dividend-growth stocks at about 4% yield. With these dividends (80k/yr), he can either reinvest them or use them to pay all of the property taxes and utilities for his house, and more. And he certainly could have done something else with the 1.5 mil litigation fees if he hadn't decide to shaft his father-in-law, who helped him with his career and allowed him an easy career trajectory in the first place. His wife getting AML is a tragedy no one could predict, but one always has to financial plan contingencies.

 

[yappy]

Yeah, I 100% agree. My risk-comfort level is no where near that level of spending. I'm all about saving early, often, and as much as possible.

What sort of income was this guy generating to get financed on a 3.5 million dollar home. This must have been some practice...

Could have been easily avoided. The guy is actually only a couple of years older than me, 38. Instead of spending so much on building that crazy house, he could have divided the 3.5 mil into buying a still very lavish house for 1 mil, place 500k in checking/saving for emergency use, and used the remaining 2 mil to buy dividend-growth stocks at about 4% yield. With these dividends (80k/yr), he can either reinvest them or use them to pay all of the property taxes and utilities for his house, and more. And he certainly could have done something else with the 1.5 mil litigation fees if he hadn't decide to shaft his father-in-law, who helped him with his career and allowed him an easy career trajectory in the first place. His wife getting AML is a tragedy no one could predict, but one always has to financial plan contingencies.

 

[Shunwei]

Yeah, I 100% agree. My risk-comfort level is no where near that level of spending. I'm all about saving early, often, and as much as possible.

What sort of income was this guy generating to get financed on a 3.5 million dollar home. This must have been some practice...

His wife is also a dentist working at the father-in-laws office. The three of them did simple bread and butter dentistry in a semi rural setting and grossed about 2.5 mil a year, with overhead being about 56%.