I have several student loans, but right now I'm focused on paying off the one with the highest interest rate (6.8%). Original balance: $9000 Last month's balance: $4492 This month's balance: $2969
Also, it's worth pointing out that he repeats a myth about pensions/Social Security when he says that because the retirement age coincided with average life expectancy, no one expected workers to collect benefits for years before they died. Life expectancy was greatly affected by higher infant mortality at the time, so SS benefits and pensions were absolutely intended to support retirees into their 70s and 80s. http://www.ssa.gov/history/lifeexpect.html
My hunch is that if you asked someone over 50 with no or minimal retirement savings whether time was more important than money, you'd get a more nuanced answer. Money can buy you time, but the reverse isn't usually true.
The level of condescension here is amazing. Late fees could be avoided by simply making on-time payments? Haha thanks BOFA I had no idea! Are they still doing that thing where they change the due date of your payment by a few days each month without telling you, thus ensuring you will make late payments, or is that illegal now?
@sea ermine Who are you
@aetataureate Yeah, the fetishization of home ownership, and the idea that one would sacrifice so much, (including other financial goals) in order to own property is pretty baffling to me.
@la_di_da This is one of the financial conundrums that keeps me up at night. I'm lucky to make enough money to have a few hundred extra dollars each month that I could either use to pay extra on my loans or save for retirement. One of my loans is at 6.8%, so I've been using the extra to pay it down, but I wonder if that's the right choice if I might be able to make more by investing now and reaping more of the benefits of compound interest. At the rate I'm going, I could pay the loan off in a couple of years, but then I'll be 30 with minimal retirement savings, which is alarming.
This idea that marriage is a ticket out of poverty needs to die already.
@boringbunny I think this may stem from the different ways that people are socialized to view their work, though. An upper middle class person who has been brought up to view their career as an extension of themselves, and as a proxy for self-worth, isn't likely to be happy as a Walmart greeter, but someone from a working class background who views it as a *job* might be happy with it because they derive more of their identity from other areas. (Or they might still hate it.) In my experience, the further up the class ladder you go, the more social pressure you encounter to say that you are happy with your job. So, even among the lawyers who don't like their jobs, I bet far more of them *say* that they are doing what they love, as compared to, say, retail workers. In some circles, saying that your job is just a job is kind of a faux pas.
@Kthompson Yeah. Aside from the general grossness of the idea that we should be working! all! the! time!, people neglect to mention that that humans are not really capable of doing that, especially in the long term. Reminds me of this article from Slate a while back about how working long hours doesn't make people more productive: http://www.salon.com/2012/03/14/bring_back_the_40_hour_work_week/