Another spinoff: Who else started off with "zero"

[gillep]

I started out negative, no inheritance or anything, with a nice chunk of student loan debt for both my husband and myself. My husband should have his paid off this year though, then we can double down on mine! My mom remarried and doesn't have enough to pay off that debt (nor would I ever consider that she should, or to ask her) but if we did need some very modest financial help she would be in a much better position to help than we ever were growing up.

 

[SaintsManiac]

It's not a simple question, but I am guessing you mean with a spouse? Because I had nothing but debt, a crappy credit score and a minimum wage job before my husband and I started dating. We moved in together because hurricane Katrina basically forced us to. We used FEMA relocation money, my Pell grant and 2 checks from the Red Cross to put down deposits and pay rent for the first 2 months. A friend found him a job and I finished college and got a crappy call center job. I didn't get to go to college until I was 26 because I had no help from my parents. I had to wait until their incomes didn't count before I could qualify for FAFSA.

My cousin hosted our wedding and helped pay for it. We went to Disney for our honeymoon 100% on credit.

As I mentioned in the other thread, my FIL cashed in stocks (Southwest) for my husband (and my SIL). We used that money to put a down payment on a car and house.

We were not credit card debt free until last year. It's been a long and winding road, but now my score is higher than his (ha)! We've learned so much and I really am grateful for all the help along the way. It wasn't an inheritance, but it got us in this house. I'm glad my FIL knows his stocks.

 

[Julie's Haircut]

Well, like I noted in the other threads, my dad passed away when I was 9.
Because of his passing I received Social Security Survivors Benefits until I graduated from College at age 21 (the cap it at age 18 now I believe) and Veterans Administration Survivors benefits until I was 18..
My mom elected to put invest all that money for my college , and not spend it. We lived on her income. So while money was tight growing up, we survived. And I had money for my college.....and because I elected not to go to law school, I had a nice chunk of change left over. Mom was a very good investor. Which is probably why I have ruffled so many feathers on the other threads. I literally grew up from age 9 living close to the belt. and learning to invest money.

My father died when I was 15 and I'm pretty sure I received social security until my 22nd birthday. (Was in college until just after my 23rd birthday.) My father was a veteran but I don't recall getting any benefits from that. The SS paid for a good amount of my college costs.

I don't know anyone personally who has started off with inheritances or the like. Any money has come late in life.

My father's mother died when I was 19. My brother and I split was would have been my father's share of my grandmother's estate. That inheritance was completely unexpected and more than enough to pay for college.

I realize I've been very fortunate financially from the start.

 

[NYCgrrl]

I received Social Security benefits for 1 year while I attended college; I aged out after that.
Also was listed as a beneficiary on my father's life insurance so that was a pleasant surprise; none of his children expected any college funds from him in life except his youngest child who is a good 12 years younger than my older sister and I and still a naive child at the time. Ahhhhh the stories we got to tell her when she became an adult .

We had always been told by Mom that college was important and that she had no money to pay for it thus we'd have to excel and get scholarships and P/T jobs. Two out of three of her children accomplished this goal. The last one decided not to and now wanders around telling people that Mom wouldn't allow her to go to school; she makes me smh a lot and remember that most families have at least one nut on the family tree.
I doubt my older sister had any school debt after graduation and know I did not.

 

[tvguy]

My father died when I was 15 and I'm pretty sure I received social security until my 22nd birthday. (Was in college until just after my 23rd birthday.) My father was a veteran but I don't recall getting any benefits from that. The SS paid for a good amount of my college costs.

I turned 22 the month after I graduated, so I almost made 22 with SS.

 

[cabanafrau]

I had a full ride scholarship to college and worked part-time while attending. When I began working full-time after college I moved out on my own before marrying. My husband started university at 21 after working full-time and attending community college. He paid for university himself and took some student loans which we finished paying after we married. My only sibling is disabled and will inherit whatever is left when our mother passes away. My husband's brother will be 60 this year and has yet to hold a permanent, full-time job. In the last year or two BIL told my husband that he's just decided to retire. From what my husband has no idea. My inlaws have supported him all these years despite presenting to everyone who will listen that he supports himself. Needless to say we won't be inheriting anything on that side either, including clearing out a grubby and overloaded home.

 

[wvjules]

Don't most people start off with "zero", as you define in the OP? I'd say those that start with inheritances or "chunk of money" are in the minority.

 

[RamblingMad]

Don't most people start off with "zero", as you define in the OP? I'd say those that start with inheritances or "chunk of money" are in the minority.

Or they get it much later in life.

 

[cabanafrau]

Don't most people start off with "zero", as you define in the OP? I'd say those that start with inheritances or "chunk of money" are in the minority.

Among several close friends we have at least 3 who were given their first home, at least a few who had the option to purchase homes in their extended families at very sweet deals, including one who was able to live in a family home rent free for several years and then was able to purchase it essentially on a quasi land contract deal. A few others were given significant nest eggs as wedding gifts.

 

[Kitty 34]

We started at zero. DH started putting a certain amount in a 401K that his employer matched over the years. We were in our early 40s at the time.

 

[Breezy_Carol]

My parents paid for my college so at least I didn't have that debt. And neither did my kids because DH and I paid for their college.

My dad gave me 10 shares of a utility stock when I was in my teens. I just let it dividend reinvest and had enough for a house down-payment in my late 20's. After college, he also took me to a talk at a local bank about IRAs and encouraged me to start contributing, which I did. Both really helped me on my way to financial security.

So, I started with zero but had a lot of support along the way.

 

[mousefan73]

I know of only one person who had it golden.. My college roommate. Her parents were well off, college paid for and all living/fun expenses. She got an awesome Computer ( back in the 90s when www just started). Most went to the computer lab to do papers. or a crapy word processor. When she graduated her dad shows up at our apartment with a new Hondu Civic... She had to sign some papers... They paid the downpayment ( sure it wasnt a small one) and I recall her Dad saying she needs to build credit and so they got her a car loan...

I could barely afford to eat.

 

[mousefan73]

My parents paid for my college so at least I didn't have that debt. And neither did my kids because DH and I paid for their college.

My dad gave me 10 shares of a utility stock when I was in my teens. I just let it dividend reinvest and had enough for a house down-payment in my late 20's. After college, he also took me to a talk at a local bank about IRAs and encouraged me to start contributing, which I did. Both really helped me on my way to financial security.

So, I started with zero but had a lot of support along the way.

I wouldn't call that starting at zero though.. the beginning of your adult years ( college) were paid for.

 

[StacyStrong]

Don't most people start off with "zero", as you define in the OP? I'd say those that start with inheritances or "chunk of money" are in the minority.

Well, I don’t consider it starting with zero if family has helped with college costs or down payments, personally. A lot of people I know had help with those.

 

[SaintsManiac]

I know of only one person who had it golden.. My college roommate. Her parents were well off, college paid for and all living/fun expenses. She got an awesome Computer ( back in the 90s when www just started). Most went to the computer lab to do papers. or a crapy word processor. When she graduated her dad shows up at our apartment with a new Hondu Civic... She had to sign some papers... They paid the downpayment ( sure it wasnt a small one) and I recall her Dad saying she needs to build credit and so they got her a car loan...

I could barely afford to eat.

I intend to do the same for my kid if I can. To me, that is what you should do for a child.

 

[LSUmiss]

I intend to do the same for my kid if I can. To me, that is what you should do for a child.

I agree. Same here. And ppl I knew who had it “golden” had it way better than that. I think that’s just good parenting, but my dad simply couldn’t afford to do that, I hope to be able to do this at bare minimum for DS.

 

[SaintsManiac]

I agree. Same here. And ppl I knew who had it “golden” had it way better than that. I think that’s just good parenting, but my dad simply couldn’t afford to do that, I hope to be able to do this at bare minimum for DS.

Let’s hope the state doesn’t bankrupt TOPS before our kids can use it!!

 

[DisneyOma]

Re financial planning thread, where there was some disagreement. (Naturally!)

Reading it made me wonder what people started off with (if they want to share).

DH and I started off with zero. There were no inheritances or chunks of money, homes left to us, trusts, that sort of thing.

I wonder how much of a difference it makes to one's "wealth factor" when they have that extra something that they can play around with, or invest, etc.

Edit: Typo

So, you didn't save a penny before you got married? How did you pay for a place to stay, or were you homeless?

People saying they started off with "zero" - your parents just shoved you out bare-naked when you turned eighteen and you hadn't worked a day in your life or saved a cent?

I started off out of my parents'home with about $2000 in a savings account, and a couple CDs and got an apartment with a boyfriend. By the time we got married a few years later we had over $10K saved. When we bought our first house we had $24K to put down on it (in 1992).

 

[StacyStrong]

So, you didn't save a penny before you got married? How did you pay for a place to stay, or were you homeless?

People saying they started off with "zero" - your parents just shoved you out bare-naked when you turned eighteen and you hadn't worked a day in your life or saved a cent?

I started off out of my parents'home with about $2000 in a savings account, and a couple CDs and got an apartment with a boyfriend. By the time we got married a few years later we had over $10K saved. When we bought our first house we had $24K to put down on it (in 1992).

I’m pretty sure OP meant that they weren’t given any money or property as an adult and that everything they had (in adulthood) they paid for themselves by working.

 

[NYCgrrl]

I knew many people who had it "golden" in college; also knew lots who didn't.
Didn't seem to affect their study habits though- meaning the haves vs the have nots. We were all in a competitive program and had jumped through hoops to get there. The closest to a "slacker" was a young man whose true dream was passing the NYPD test and joining Nassau county's ( a 'burb of NYC) law enforcement.

Still, at the first community college, there were lots of mostly LA school students who waited for the Pell/BEOG and TAP grants (one Fed, one state) to come in to buy used cars, and rabbit coats. Easy to tell when both checks arrived since there were tons of Xeroxed sheets up in the cafeteria advertising parties.