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I'm 43 and have children who are 23 and 20. Having had kids really early in life forced me into taking steadier work than I might otherwise have. While I am g

I'm 43 and have children who are 23 and 20. Having had kids really early in life forced me into taking steadier work than I might otherwise have. While I am grateful for that-- it's both easier to make money by programing computers than by playing music as well as all the goodness of having adult children-- it certainly pushed me into different situations. I have a lot of friends in their late 20s and early 30s and they are in situations where they are, say, climbing rocks for 6 months at a time before settling briefly in a place. It's likely that they are going to have a much different professional situation when they are my age. That seems to be the case with the 50-year-old former ski bums I know, at least.

toast0 5y ago
I suspect this has a lot to do with it. If having kids got you on the steady job train, and you stick with it after they leave (at 55+, I assume most children are at least not counted in household size for poverty income levels), then continuing the job when they leave will probably have you above poverty income. Not in response to your post, but on the general topic, there is a persistent issue in US statistics of using income levels to declare wealthiness. To me, having poverty level income only implies poverty if the person also has no savings. If the person has a lot of savings/investments and can retire and live off return of capital from 55-70, that may look like 15+ years of poverty in an older adult to statisticians looking at income number, but could be a very nice early retirement. Income is an easy number to get, because of mandatory reporting in dollars, but a single annual value doesn't tell a complete story.
- scarecrowbob 5y ago
  I agree that income is far from wealth. I make a good income doing what I do, but I have a six-figure student loan (which largely went to raising my step daughter and son). I don't expect any sympathy for that. Nor do I expect sympathy for living in small town with a crazy real-estate market. But between those, it's likely I'll never retire and will die in debt. But hey, I do plan to take up paragliding and climbing bigger mountains, so whatever. I guess. But hey, I also funnel a lot of cash to my kiddo who is getting all-As and is a Junior in a well-respected Mechanical Engineering program. These are generational problems. I suspect that regardless of how you slice it, that fact about student loans (or lack of professional options for unsettled late-millenials) and real-estate is closer to the truth for most of the people I know who didn't settle down in their 20s and have kids. My climbing partner, who just got priced out of this town, might look like he's living in poverty, as he's living in a car. But it's a lexus and he's climbing rocks full time... so maybe he's just "retired" temporarilly. Who knows. I can't tell the difference between hobos and kings anymore.
  - r00fus 5y ago
    Honestly many countries don't charge (or at least as excessively) for education. Student loans are a product of a system that should be far more subsidized than it is today. Many of the politicians who rant about "personal responsibility" themselves didn't have to worry about an out of control real-estate market (that they probably voted in favor of) and $2k 1bdrm rents. Cost of college was cheaper back then too. No one should have to die in debt.

toast0 5y ago

I suspect this has a lot to do with it. If having kids got you on the steady job train, and you stick with it after they leave (at 55+, I assume most children are at least not counted in household size for poverty income levels), then continuing the job when they leave will probably have you above poverty income. Not in response to your post, but on the general topic, there is a persistent issue in US statistics of using income levels to declare wealthiness. To me, having poverty level income only implies poverty if the person also has no savings. If the person has a lot of savings/investments and can retire and live off return of capital from 55-70, that may look like 15+ years of poverty in an older adult to statisticians looking at income number, but could be a very nice early retirement. Income is an easy number to get, because of mandatory reporting in dollars, but a single annual value doesn't tell a complete story.

scarecrowbob 5y ago
I agree that income is far from wealth. I make a good income doing what I do, but I have a six-figure student loan (which largely went to raising my step daughter and son). I don't expect any sympathy for that. Nor do I expect sympathy for living in small town with a crazy real-estate market. But between those, it's likely I'll never retire and will die in debt. But hey, I do plan to take up paragliding and climbing bigger mountains, so whatever. I guess. But hey, I also funnel a lot of cash to my kiddo who is getting all-As and is a Junior in a well-respected Mechanical Engineering program. These are generational problems. I suspect that regardless of how you slice it, that fact about student loans (or lack of professional options for unsettled late-millenials) and real-estate is closer to the truth for most of the people I know who didn't settle down in their 20s and have kids. My climbing partner, who just got priced out of this town, might look like he's living in poverty, as he's living in a car. But it's a lexus and he's climbing rocks full time... so maybe he's just "retired" temporarilly. Who knows. I can't tell the difference between hobos and kings anymore.
- r00fus 5y ago
  Honestly many countries don't charge (or at least as excessively) for education. Student loans are a product of a system that should be far more subsidized than it is today. Many of the politicians who rant about "personal responsibility" themselves didn't have to worry about an out of control real-estate market (that they probably voted in favor of) and $2k 1bdrm rents. Cost of college was cheaper back then too. No one should have to die in debt.