What I see: The women: lots of Tory Burch and Lilly Pulitzer. Everyone owns a home at the beach, or at least knows someone who does. They grew up in this way and so don't know any different, which makes them not stuck up. I have spoken with a few about their income, all between 40 and 50K. These people are 25 and 26. They also went to UNC and NC State at the lowest, most of them went to private schools, even in grade school.
The men: Also went to private schools. Always have on polos or button up shirts and khakis. They have 9-5 positions that are going somewhere. And involve travel, just like the females.
These people often already own their own homes, or rent in the most exclusive places.
I'm sure that many of their parents help out in many ways. They also were brought up in a way that cultivates the ability to live in this way. According to the new book "True Prep," most preps, more or less, recycle their items. They don't purchase a new wardrobe or decor every season, instead they use the same items for years, if not decades. By this point a single dress, even at a few hundred dollars, is worth mere pennies per wear.
Myself: single, making around 20k in a career that is going nowhere and unable to find another position. I purchased new clothes last year, but they are out of season and I'm embarrassed to wear them. I am constantly replacing... everything. My philosophy is buy it cheap, when it breaks replace it. I have $3,000 of credit card debt.
Most people in their 20s: income: 30K
debt at 20: 20K; debt at 30: 110K
Number of jobs held (bachelors degree or more): from 23-27: 3.6 different jobs.
So I guess when you really look at things I am not that much different than most people. How do you feel about this and how do you really measure up?
You are in the Raleigh area huh?
ReplyDeleteI just turned 30 last month. In my 20s I had 5 different jobs. I started out making around 25K and make close to 50K now (the recession did hit me last year though and I had to go back to making 30K for about a year- it was so hard!). I bought my house at 25, but with the help of parents and I had a roommate- I just now can afford it on my own! Three of my friends parents have beach houses and my family has a timeshare at the beach, but no one my age has a beach house of their own! I try to buy pieces that will last now when I buy clothes etc., but almost always on sale. I do not splurge on anything designer except 1 new designer purse about every 1-2 years. I have no credit card debt (only racked up $2,000 in college but paid it off quickly) and no student loans (thank you grandparents and cheap school!)
It can be hard because I wonder "how does she afford that wardrobe?!" or "How did they afford that house!?" A LOT! It is hard when you start comparing yourself to others.
But yeah I think a lot of 20 year olds are stretched pretty thin, living above their means, getting help from their parents, and frustrated by their jobs. Don't worry, you're not alone!
I find myself comparing myself to others. And although my peers are nowhere near as well off as your peers, I still feel like I come up short.
ReplyDeleteThe only thing I find comfort in is the fact that I've started my own business, and that one day I'll be going somewhere. I started investing, even though most of my girlfriends don't know a thing about money.
Keep your chin up and keep learning (especially about money and personal finance!). Dave Ramsey and Tim Ferriss are what really got me going.
Cheers!