For those who are shocked by current auto loan rates here is historical rates since 1972

[Flomounier1]

Old heads always gotta jump in and ruin a thread. For people who constantly bemoan how soft kids are these days they always seem to put on an oppression Olympics about how terrible EVERYTHING was for them.

Give me a break. This thread should be locked.

I'd like to see a boomer swap lives with someone today in their late 20s that didn't have rich parents and is starting from the bottom, and watch the look on their face after they apply for 200 entry level jobs online with an excellent resume, cover letter, relevant work experience, etc and only get 3 offers from telemarketing agencies that don't offer health insurance and pay them on contract via a 1099 form because 3000+ other people also applied for that job.

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[MetalThunder]

Thank the Politicans you Vote for lol

back in the 80's - Id trade just not to have lived thru Disco lol ... i digress ... minimum wage was 2.35 - 40 hour check wasn't buying anything - barely bought anything but gas and some fun with friends on the weekend ... had to save to get an Atari cartridge lol Used bike when possible just to save money ...

- no internet to find a job - had to actually find one and do door knocking. I got lucky in 1987 and broke 9 bucks an hour .... 6 years working ... That paid rent gas and barely anything else. Moved back with parents for 3 years did nothing but save - 90 % take home and bought my first house.

Whats difft now a days is the entitlement attitude that so many feel owed a good life without truly learning it only comes with hardwork - quit blaming anyone but yourself - unless your a politician

Cheers

 

[bbhaag]

Thank the Politicans you Vote for lol

back in the 80's - Id trade just not to have lived thru Disco lol ... i digress ... minimum wage was 2.35 - 40 hour check wasn't buying anything - barely bought anything but gas and some fun with friends on the weekend ... had to save to get an Atari cartridge lol Used bike when possible just to save money ...

- no internet to find a job - had to actually find one and do door knocking. I got lucky in 1987 and broke 9 bucks an hour .... 6 years working ... That paid rent gas and barely anything else. Moved back with parents for 3 years did nothing but save - 90 % take home and bought my first house.

Whats difft now a days is the entitlement attitude that so many feel owed a good life without truly learning it only comes with hardwork - quit blaming anyone but yourself - unless your a politician

Cheers

Your $9 an hour job working 40 hours a week 50 weeks out of the year made you $50K a year in 1987. I'm assuming you worked this much because you ain't entitled or whiny. You made more money in 1987 than a lot of dual income households make today.

Since you like inflation calculators so much.
https://www.bls.gov/data/inflation_calculator.htm

 

[Flomounier1]

Your $9 an hour job working 40 hours a week 50 weeks out of the year made you $50K a year in 1987. I'm assuming you worked this much because you ain't entitled or whiny. You made more money in 1987 than a lot of dual income households make today.

Since you like inflation calculators so much.
https://www.bls.gov/data/inflation_calculator.htm

Seriously lol. There are states with less of a minimum wage today. I wouldn't expect somebody making that much money back then to be driving one of the cheapest cars there are today and talking about hardwork and dedication as if they are some role model to look up to.

 

[SLINGSHOT]

No more snarky then you tellin

I think the biggest struggle that people have with the high interest rate is that the interest is for something that costs a lot more. For easy math, 10% of 100,000 (10,000) is still less than 5% of 500,000 (25,000). In terms of a 30 year house loan, the majority of the monthly payment is interest at first, and when that interest triples, your house payment does as well.
The banks are making a lot more with these high interest rates today, than they were back in the 80s. There is a reason that people are extending their loans, and it isn’t because cars last longer.
congratulations @SLINGSHOT for paying off your house and being able to pay cash for everything since then (100% sincere). My 5 year plan is to be able to do the same thing as you.

Hang in there. It's tough in the beginning, but you will one day look back and be happy.

 

[SLINGSHOT]

I'd like to see a boomer swap lives with someone today in their late 20s that didn't have rich parents and is starting from the bottom, and watch the look on their face after they apply for 200 entry level jobs online with an excellent resume, cover letter, relevant work experience, etc and only get 3 offers from telemarketing agencies that don't offer health insurance and pay them on contract via a 1099 form because 3000+ other people also applied for that job.

There is a SHORTAGE of workers in all fields. You just have to give up the idea of starting at the top. You have to work your way up.
I delivered newspapers as a child. I liked newspapers. I started working at one after school when I was in high school. Working with melted lead, ink and grease. Eventually, I became circulation manager at a 30,000 circulation paper. Whenever I faltered, I had only to look back.
Rich parents? My family had a pump and an out house. We burned wood for heat and cooking. Rich my ass. When my father died, I and each of my siblings inherited $150 each. Everything I have came from my own hands.

 

[Flomounier1]

There is a SHORTAGE of workers in all fields. You just have to give up the idea of starting at the top. You have to work your way up.
I delivered newspapers as a child. I liked newspapers. I started working at one after school when I was in high school. Working with melted lead, ink and grease. Eventually, I became circulation manager at a 30,000 circulation paper. Whenever I faltered, I had only to look back.
Rich parents? My family had a pump and an out house. We burned wood for heat and cooking. Rich my ass. When my father died, I and each of my siblings inherited $150 each. Everything I have came from my own hands.

Well you're in Iowa so I actually believe you.

But the idea of "working your way up" no longer exists in today's world (at least in Los Angeles and most major cities). Entry level workers in almost all jobs are treated as temporary and easily replaceable slaves and are rarely given full time positions so employers don't have to pay for their health insurance. Higher ranking jobs get filled by friends and family members of seasoned long term high ranking employees that skipped through the ranks and get hired because of who they know, not what they know.

Perhaps in Iowa there is a shortage of workers in all fields, but definitely not in the SouthWest.

 

[SLINGSHOT]

Well you're in Iowa so I actually believe you.

But the idea of "working your way up" no longer exists in today's world (at least in Los Angeles and most major cities). Entry level workers in almost all jobs are treated as temporary and easily replaceable slaves and are rarely given full time positions so employers don't have to pay for their health insurance. Higher ranking jobs get filled by friends and family members of seasoned long term high ranking employees that skipped through the ranks and get hired because of who they know, not what they know.

Leave.
I left Iowa to go to Florida. After going thru four hurricanes in 2004, I left. Came back to Iowa. All you need is a big truck. Probably a touch bigger than a Mav. I filled a full sized semi. No regrets.

 

[shadowthrone]

There is a SHORTAGE of workers in all fields. You just have to give up the idea of starting at the top. You have to work your way up.
I delivered newspapers as a child. I liked newspapers. I started working at one after school when I was in high school. Working with melted lead, ink and grease. Eventually, I became circulation manager at a 30,000 circulation paper. Whenever I faltered, I had only to look back.
Rich parents? My family had a pump and an out house. We burned wood for heat and cooking. Rich my ass. When my father died, I and each of my siblings inherited $150 each. Everything I have came from my own hands.

Lol, starting at the top, that's cute. There used to be a phrase "honest day's work for honest day's pay" - that used to be true when you were young. Now you need to be in the top 10% earners to ever hope to buy a house and are one major car repair away from broke. Times have changed, and not for the better. You actually had it easy.

The way to pay cash is to save. In order to save you need willpower and sacrifice for the greater goal.

Something I don’t see much of from the younger generation.

if the only younger generation you see is whiny and wasteful, maybe you should have done a better job raising them? for every spoiled brat there is a hundred young folks working hard and struggling to put food on the table let alone save. they just don't make good news stories to pander to old farts and their sense of pride and accomplishment of being part of the easiest generation

 

[bbhaag]

Seriously lol. There are states with less of a minimum wage today. I wouldn't expect somebody making that much money back then to be driving one of the cheapest cars there are today and talking about hardwork and dedication as if they are some role model to look up to.

Yeah I know right....gotta love all these boomers giving each other thumbs up and patting each other on the back all the while telling you and me that all we have to do is work harder and have dedication to the job.

 

[Ranch]

Your $9 an hour job working 40 hours a week 50 weeks out of the year made you $50K a year in 1987. I'm assuming you worked this much because you ain't entitled or whiny. You made more money in 1987 than a lot of dual income households make today.

Since you like inflation calculators so much.
https://www.bls.gov/data/inflation_calculator.htm

If you live in California the minimum wage for fast food workers is going to $20 an hour.

That means a couple working at a McDonald's 40 hrs a week for 50 weeks a year will earn a dual income of almost $77,000 a year.

Not bad for entry level non skilled labor.

 

[bbhaag]

If you live in California the minimum wage for fast food workers is going to $20 an hour.

That means a couple working at a McDonald's 40 hrs a week for 50 weeks a year will earn a dual income of almost $77,000 a year.

Not bad for entry level non skilled labor.

In California.....for only fast food workers. Got it. So lets do some math. I love math. So if I make $20 an hour working 40 hours a week working 50 weeks a year that means I make $40K a year. So if we look above to were MetalThunder made $9 an hour in 1987 it still comes out to more than what California fast food workers are soon to make. Even if we factor in MakinDoForNows $650 monthly income after the war ended in 1975 it would add up to more than what fast food workers are going to make in California.

So yeah it's pretty bad........but wait! I can already hear you saying that they don't have to work fast food. They can get an education and better themselves maybe do a trade school right? The trades are lacking skilled labor after all. Right? It's just that easy!

 

[surfstar]

I started off making $4.25/hr in 1996.
I didn't buy a new car until age 35. Same with a house (condo actually) in 2016 (we - me + wife). No $ from parents on that either.
I don't overspend on BS things like eating out, Starbucks, fancy cell phones, etc.
I'm pretty sure the majority of people on TIkTok complaining about inflation/economy are doing so on phones that cost 2-5x what mine did. And ordering doordash while they're at it.

Delayed gratification is not a thing anymore.

I only worked hard on occasion, but did get a degree and have always been watchful of my spending. People buy random shit off instagram b/c an "influencer" told them to. No sympathy here until I see some evidence of you actually trying. Stop buying shit you don't need. Magically, you'll have more money for the things you do need.

 

[Ranch]

In California.....for only fast food workers. Got it. So lets do some math. I love math. So if I make $20 an hour working 40 hours a week working 50 weeks a year that means I make $40K a year. So if we look above to were MetalThunder made $9 an hour in 1987 it still comes out to more than what California fast food workers are soon to make. Even if we factor in MakinDoForNows $650 monthly income after the war ended in 1975 it would add up to more than what fast food workers are going to make in California.

So yeah it's pretty bad........but wait! I can already hear you saying that they don't have to work fast food. They can get an education and better themselves maybe do a trade school right? The trades are lacking skilled labor after all. Right? It's just that easy!

@MetalThunder didn't tell us what he did to make $9.00 an hour back then so we can't do an exact comparison.

I just wanted to point out that unskilled labor is being paid a relatively good rate in California. With no greater education or skill training needed.

 

[RichardCranium]

Hang in there. It's tough in the beginning, but you will one day look back and be happy.

House will be paid off in May, then $40,000 in solar, then 2 car loans, Prius and maverick. My hope is to pay cash when I buy a car when my oldest turns 16 in 6 years.

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