@Beaks Also it doesn't mean the owners bought it "all by themselves." I'd guess about 5% of millennial are part of families in the top 5% of incomes. And therefore maybe don't have school debt, and perhaps were gifted a down payment. Then, there are the millenials who are themselves earning a high income. Perhaps another 10-15% of them. And there you are at 20%!
My parents provided a car + insurance for me from age 16 to age 27. They gave me $1,500 for the down payment of the first car I bought myself. They gave me about $7,000 over the course of college and law school for room/ board, and dental work. Basically, they were my emergency fund for the first 10 years after high school. I always assumed the help I had was about "average" and assumed that only top 5%s had their parents pay for room/ board/ or tuition at college. Apparently that "suggested family contribution" is actually something some families do!
@Christy I define being an adult, at least in part as having the ability to "support him or herself or make hard decisions that put practicality above dreams." I think that in many circumstances, moving back home, or having never left home fails to prove those two skills. I'd add the ability to keep up one's self, one's possessions, and one's home. I am (perhaps unfairly) suspicious of the ability of people who have never not lived with their parents to do all of their own laundry, cleaning, and providing of food. It isn't impossible for people living with their parents to be an adult. It is possible for people living on their own to not be adults. But there is correlation.
@gyip Yeah, in my family we did not have a van. So we could have a party someplace, so long as we only invited 3 friends. So, we got 3 presents, and we went roller skating/ to the movies/ to the mall/ to the pizza place whatever. Obviously, as an adult I see this is an arbitrary rule. They could have driven two cars. Other parents could have driven kids to the location, etc. The 10-20 people invited, 10-20 presents, gift bags, activity shebang seems insane to me.
@Christy Yeah. I'm 31. My younger brother is 24. He just moved out. And since then my parents appear to be having so much fun they should be in a car commercial. They save hundreds on food each month, spend less on utilities, etc. Also, I feel like I don't want to date anyone who hasn't proven they can be an adult. I know not everyone wants to date me (or anyone), but I do wonder how other potential partners feel about someone who has so far proven a complete inability to support him or herself or make hard decisions that put practicality above dreams.
@Mike. A Richish people (like me, too) sometimes forget that there is a used market for things, as well. So, a used iphone 5s in my neck of the woods is going for $300 up front, or for 0 down at Tmobile (+$24 a month). AND, forget that sometimes very poor people receive gifts. Maybe the other three went in for Christmas to get that one used iPhone for their sister. But yeah, you're right, sometimes poor people make nonoptimal decisions. Maybe she used last year's tax refund/ credit to get that phone. Sometimes teenagers get control over money their family could use, and use it for what they want, rather than helping with rent/ dialysis. But that $300 for the phone doesn't even pay for one Dialysis session or one month of rent. We can be concerned about two problems at once. Just because we are concerned about poor people in America doesn't mean that global poverty and starvation aren't also a problem, and vice versa.
The real "emergency fund" for fires is insurance. Homeowner's insurance covers fires, including additional living expenses and personal property. As more people rent, that might be a problem. However, Renters insurance covers the same stuff. It just seems to be that fewer people pay the $10 a month for renters insurance. And, most insurance companies are pretty quick to give money when there is a fire- like $1,000 on the day of or the next day.
On Car Talk
STEP 1: Listen to the This American Life on Car dealerships. (Mandatory) Step 2: Research reliability of the types of cars you are considering, and value via Edmonds/ Blue Book. Step 3: Be firm. They will be like, "finance at 1%, payments of only $299 a month" or whatever. Know the value of the car, know your price, and stick to it. Especially if you pick something common, there will be another one that comes along.
@MemphisBlues You're right, 77 cents isn't accurate in every case. But in this case, it is almost exact. IN fact, in this case, JLaw was getting 5 points to the 9 the men were getting. So that's just 55 cents on the dollar! Meanwhile, Amy was getting 7 to their 9. So 77 cents on the dollar, exactly!
@@fo Ok, maybe not Seamless everywhere. But many people, of lower middle income and above, spend a LOT on eating out. It might be spending less insane amounts of money on the $1 menu at McDonalds (but suffering the health consequences) or spending slightly insane amounts of money at the New Seasons Deli (a particular Portland habit) without delivery. The thing is, we don't have the time or energy to cook. Which I think is a pretty big problem in America. For substantial percentage of people.