Thursday, April 26, 2012

Hard Earth Reckoning

Dateline:  Monday, April 23, 2012

Dear Abby,

My wife and I are 50-year-old professionals who have paid every penny of the cost for our two daughters’ college educations.  Our oldest went on to law school and has incurred more than $100,000 in law-school loan debt.  She has struggled to find a job as an attorney, and I’m no longer sure she still wants to practice law.  She is married to a medical student who also has significant student loan debt.  Two nights ago I made the mistake of telling her that her mother and I would help pay her student loans … She and her husband spend their money on frivolous luxuries and are not responsible financially.  My wife and I live frugally.  We withdrew money from our retirement accounts to help fund our daughters’ college educations.  We now need to increase our retirement contributions and pay for maintenance and repairs to our home that we delayed while paying for their tuition.”

A Hard Earth Reckoning Truth is that we can’t forever float by on someone else’s coat tails. 
The well will eventually run dry. 

NOTE: This is not to presume that the daughter isn’t pulling SOME of her own weight.  She obviously invested enough of her own time and energy and had sufficient diligence and discipline to get through both college and law school.  But that’s simply not enough!  Unless and until everything we “get” is by our own hand and we’re both “paying it back” and “paying it forward”, we’re not playing a sustainable game.    

The teenager who gets a minimum wage job at age 16 and blows all the income on unnecessary indulgences is creating a bottomless pit of unrealistic expectations for himself/herself. 

For a truly sustainable existence between the ages of 16 and 35, we’d be packing our own lunch, eating Raman noodles for dinner, working two jobs (just like we’ll essentially be doing by age 40 … school and/or training for the NEXT job being one job), paying taxes equivalent to all the services we’re getting, shopping at Big Lots, Good Will and the Salvation Army store, driving 8-year-old Ford Focuses, owning “Go Phones” for emergency use only, putting something aside for emergencies and eventualities, and entertaining ourselves by jogging around the neighborhood or participating in community sports.  

It’s not that we don’t “deserve” what everyone else has.  It’s just that they don’t “deserve” it either!  The world economy is in dire straits in 2012 because a whole lot of people borrowed money they couldn’t pay back, spent money they didn’t have for things they didn’t need, and paid fewer taxes than necessary to support all the “entitlement” programs we have come to depend on. 

And in the process, we’re making the rich get richer as our out-of-control spending pushes the stock market to levels substantially beyond reasonability. 

Earl Pitts has been un-gently nudging us for years … “Wake Up, Umurika!”

It’s more than half-past time to start taking him seriously.

Life will turn out the way it’s supposed to be when we start doing what we’re supposed to be doing.”   [Adapted from an old farm house calendar]   Quartermaster

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