Lifestage Conversations

When you are in college, most of your conversations are about what you are going to do with your life, whom among your friends will be most successful, and girls (or guys).

Sometime soon after college, the conversations tend to be more about how broke you are, how much student loan or credit card debt you have and girls (or guys).

Pretty soon, you start talking about investing in stocks, mutual funds, your 401k, saving to buy a house and girlfriends (or boyfriends).

Before you know it, you are taking the benefits meetings seriously, talking about escrow, 80/15 loans, and your fiancee (or fiance), and of course, the high cost of weddings.

That's about where I am.  What comes next?  As far as I can tell it goes something like this...

Mortgages, the cost of diapers and baby formula, and the best school districts.

Then Little League, AYSO, Piano lessons, and karate class.  Upgrading to a bigger house, and can you believe how much mini-vans cost?  That, and you still talk about your wife (or husband).

This neighborhood has gone downhill, should we put the kids in private school or move?  Suzy wants to start wearing make-up, and I don't like Billy's new friends.

Should we let the kids get after school jobs?  Should they have their own car?  There's so much liability involved.  In a couple of years, we're going to have two kids in college at the same time.  How will we ever afford that?

Are we going to have enough to retire when we want?  Billy still hasn't found a job and wants to move back home.  Suzy's wedding is going to cost HOW MUCH?

How do I know if I should take Social Security early, or wait for the higher payout?  What, exactly, am I supposed to do with my days if I retire?  How the heck does Medicare work?

Should we have Long Term Care insurance?  I would like to put something away for the grandkids.  Should I buy my gravesite now, so the kids don't have to worry about that?

You notice that it doesn't matter where (or when) you are in life, there is a common thread of money that runs through it all.  Whether we are worried about finding that first job, buying a first car, or understanding Social Security, these are the issues that we all face.

Where in this lifelong cycle are you?  What are some of the common threads that I left out?

Comments

[financial freedumb]

I'm in the house lifestage minus the fiancee...and figuring out what kind of food is best for Brownie...

[Tim MMF]

I'm in the third stage for the most part...except I don't have my degree yet. Almost done though - May 2007! Holla!

[Dasha]

Ditto with the first comment. Career, no debt, 401K, house, no fiance. Quarterlife crisis already! ;)

[G.]

Married, no kids, one dog, one condo, school debt, mortgage