Profunksticated regularly reads the blog of one Hostess called The After Party. She asked us to read this article and says she and her readers will talk about it Wednesday.
Well, it’s Wednesday and I want to talk about it here. This appears to be one of those “no shit” type studies where someone spends thousands of dollars to find out what most of us already know. That black families are doing worse than their parents is a no-brainer to me, at least based on my currently wretched experience. They could have talked to me and saved themselves some change.
Still, I understand the methodology. The article did resonate some. I have a bachelor’s degree that’s worth something only because it will at least get me considered for certain gigs. The Spouse has a bachelor’s and three - count ‘em - three master’s degrees. We do own a home. But we are leveraged to the hilt, e.g., we’re in freakin’ debt up to our eyeballs trying to keep up our middle class “lifestyle.” And yes, we have spent on trips and stuff, but not like every year.
We have two kids in college. One is on a full scholarship, but we still had to take out loans to cover the room and board. The other is commuting to school and we still haven’t made the tuition bill.
My longtime field, journalism, doesn’t pay jack unless you’re a six- or seven-figure TV anchor or at least some big-time celebrity newspaper columnist. The Spouse taught on and off and worked for low-paying non-profits until getting her most recent teaching position with our local school district, which has paid her the most money she’s ever made.
Add to that my three layoffs in 11 years — 1996, 1999 and 2007 — and my wife’s not having a teaching contract renewed in 1996 and you have a recipe for economic disaster. Currently she and I are going through our second period of simultaneous unemployment, me due to the March layoff and her due to the work-related injury. The first was in 1996-1997.
How we’ve done in relation to my parents is this: While my father didn’t earn a lot of money, he and my mom got a free house. You see, his mother had a house built and offered to let my father, her youngest son, move in. My mother insisted that hers and my dad’s names be added to the deed. My grandmother died a year after we all moved into the finished home in the mid-1960s.
Some of my dad’s siblings had the idea they could sell the house and split the proceeds — until they learned my dad and mom inherited the house.
It took years, but it finally dawned on me in my 30s that a obtaining mortgage-free house was a hell of an economic impact. No wonder my mom was able to stay home while my dad worked.
The Spouse’s parents did pretty well until my late father-in-law developed a drug problem that led to his death. My mother in law divorced him; they lost their house. Enough said about that.
So to ask the question, are we doing better than our parents? Educationally you could say we are. Financially, hell no. We really have no net worth to speak of, and we’re both in our late 40s. I had to stop reading the financial magazines (”this is what your nest egg should look like”) because they were making me upset. My egg is scrambled.
If you’ve been following this blog, you’re aware that I’ve been looking for yet another gig. By the grace of God, we’ve been holding it together with smoke and mirrors. It can only get better.
Peace.