[Crispy]

Hm, when I put that word into the j-e dictionary, I got "leftovers" or "pickings". Yeah, that does sound rather cruel. Still, it seems that Japan has fewer illusions about the possiblilty of everyone being an elite than the US does, I suppose that's a good thing. Over here, they still tell kids they can be anything they want when they grow up, without really explaining how what they do as a kid determines what they can be.

[cstaylor]

Depending on what you want to do in life, schooling matters more or less. You want to work for a high-paying law firm? You need to attend a good law school. You want to push bits over a wire and get paid to do it? No schooling will teach you that... some of the good schools come pretty close, but it takes self-discipline and some brains to make that happen.

I also like to remember: "those who judge by where you come from probably don't have much more to offer than their diplomas anyway".

[Mr. BIG]

....it seems that Japan has fewer illusions about the possiblilty of everyone being an elite than the US does....

I heard a statistic at the beginning of one of my classes last semester that over 70% of America's undergraduate business students believe that they will be millionaires someday....the data was compiled from a survey of around 1000 students, all business majors. It's frikkin incredible to me that so many college students would still believe something like that....it's understandable that a younger child or even a high school student might believe that, but I guess a lot of undergrads still think they've got a good shot at the big buck$.

[Crispy]

You know, it is not all that difficult to be a millionaire. It's something that any business undergrad could easily shoot for. If both you and your (equally well educated) spouse have a stable career with a reasonable salary, with frugal living, you can be a (low-level) millionaire. There are several books that mean to prove that there are a lot more millionaires in the US then most people think, they become that way by not drawing attention to themselves.

[Mr. BIG]

....it is not all that difficult to be a millionaire.

I can agree with you on that; but it's the stifling numbers that really blow me away, not the ideology. I would argue that the top 10-20% of all business majors have a really good chance to make a million....it makes sense that the elite out of any group would make a considerably larger amount than the rest. It's the other 60-50% of the students surveyed who are statistically in the lower half of their classes that I think have it all wrong.....I'm not insulting these people or their intelligence, but I just don't believe that today's competitive job market is going to allow less-abled people to just bank like that anymore.

To be completely honest, I relish the thought of living frugally until I can pay off all of my loans and then buying a house in the burbs with a pool, kids, a dog, the whole deal....I think that just being secure is far more important than hitting the million dollar mark.

[Crispy]

My parents are the type to sock money away and have more savings than I can imagine (sometimes I wonder if they do or are planning to have a million by the time they retire), but I have a feeling I am not going to be that way. Planning far in advance has just never been my forte and I am pretty sure I will be living the rest of my life not really caring how much money I have saved as long as I can feed my family and send my kids to college.

[Mr. BIG]

That's what I'm saying.....millionaire or not, the important thing is that you enjoy your life and try to leave this world as a better place than it was when you came in. Like CS said:

Depending on what you want to do in life, schooling matters more or less.

[cstaylor]

...but I have a feeling I am not going to be that way. Planning far in advance has just never been my forte and I am pretty sure I will be living the rest of my life not really caring how much money I have saved as long as I can feed my family and send my kids to college

That sounds like me, circa 19yrs - 25yrs old. Here's a small piece of advice that I followed (mainly because I was making pretty good money in IT): setup a 401(k) (if you have an employer) or at a Roth IRA (if you make less than $70,000 a year) now, and start putting at least $2,000 (or whatever you can) into it... it will shelter you from taxes and start you on your way towards retirement.

If you put your $6 a day into the account, you'll have $2,000 at the end of the year... it adds up over time.

And as for saving money... I'm really bad at it too, but you don't have much of a choice once you get married

[Mr. BIG]

Thanks for the tips CS!!

Can I set up a Roth IRA through a bank?? I guess I'll check google or yahoo and see what they've got on it....also, don't you lose whatever your employer contributes to your 401k if you quit your job?? Does your employer just give you all the money you put into your 401K plan, or does it stay with them (even if you quit) until you retire or something??

Sorry for bombarding the thread with questions, but I need all the financial advice I can get!!

[cstaylor]

Not all IRAs are the same... all IRA stands for is "Individual Retirement Account" (so that's different than a 401(k) or a pension plan)... how the IRA invests your money depends on the financial institutions involved... so you'll need to investigate further.

Each company has different policies for their contributions, but most will take back their contributions during the quarter or 6-month period that you quit... they usually won't take previous quarters (it's your money at that point).

Also, make sure you're investing in the right kind of IRA if you're in Chicago.

[Mr. BIG]

Again, thanks A LOT, man!!

Also, make sure you're investing in the right kind of IRA if you're in Chicago.

I'm sorry if you were making a joke, but I'm not in touch with the whole scene....is this a serious warning? And can you explain what I should be cautious of? I'm guessing it's related to the CORRUPTION being uncovered everyday in the financial community, but I'm kinda in the dark on that....

[cstaylor]

Sorry... Chicago AFAIK has a large Irish population... IRA: Irish Republican Army... it was a joke... but since I had to explain it, it obviously wasn't very funny.

[Mr. BIG]

No, it was funny till I killed it. Sorry about that, man!! Props on the joke, though!!-HaHaHa!! Now that I get it it's freakin hilarious!!