I graduated in 2017, thank you very much.
Would you like to continue to claim that I'm out of touch with recent graduates?
Situation: Be young. Graduate at 22 years old.
Make $50k a year.
Pay monthly $1500 in rent, have a paid-off car, have to pay another $1000 in various ESSENTIAL bills such as cell phone, internet service, power, gas, water, and student loans.
Eat at home every single night. Never go out.
Oh wait - then how do you meet someone with which to have said kid? It won't happen. So you go out - frugally. $100 a month for a drink or meal here or there.
You're now paying $2600 a month before you factor in food, gas, car insurance, clothing, or bills. You're pulling home about $3300 a month after taxes already.
If you spend $400 a month on food and necessities, you're now adding $300 a month to your savings. By my math, that means you need to do this for 100 months - 8 years and four months - to save enough to pay for one kid's college education. Assuming, of course, there are ZERO emergencies wiping out savings in that time. Assuming that your now 15+ year old car needs no work.
Your privilege is showing. Learn how real life works for recent graduates, not people who have their lives in order already.
Don't buy a new car(s) every 3 years,
Don't buy a $250,000 house,
Don't eat out every night,
Don't run up your credit cards with reckless spending...not using credit cards at all is even better,
Figure out the difference between "needs" and "wants"....eliminate the "wants".
Stay out of financial trouble by avoiding it in the first place...don't spend irresponsibly...learn how to budget and stick to it.
You'd be surprised how quickly $30K becomes available.
Because most young parents have half a year’s salary in the bank.