More than 1M fewer students are in college, the lowest numbers in 50 years

Re:More than 1M fewer students are in college, the lowest nu... by brandall10 on Thursday January 13, 2022 @09:19PM (#29929867)

My dad has run a skylight installation business since 1979, and at least over the past 30 years, has kept a payroll of about 10 employees.

His business grosses about $2M per year, apparently after payroll and supplies he nets $500k. He was claiming something like $300k back when my mom stopped working in the late 90s.

For some odd reason, my folks have next to nothing to show for it, at least not to retire comfortably as he's about to turn 75. They dson't live extravagantly aside from going on a few nice vacations a year that might total $30k. The condo they rent is $3500 month. They mostly eat at home or family style restaurants. They have a couple used Audi A4s w/ lease/insurance/gas maybe $2k total per month. You'd break even making maybe $180k

Even being extraordinarily bad w/ money, there is no conceivable way my father makes more than half what he claims.

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Re:More than 1M fewer students are in college, the lowest nu... by importantbrian on Monday January 17, 2022 @11:27AM (#29968218)

My purely anectodical experience with this is that when people that own these kinds of businesses say they make $500k a year they mean in their best year they made $500k. What they don't say is that for every year they made $500k they had 4-5 years where they were just barely scraping by. Construction is incredibly cyclical and there are a lot of lean years. I've also found a lot of them aren't great at managing the financial side of the business. A lot of the time they don't actually know how much they're making.

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Re:More than 1M fewer students are in college, the lowest nu... by lmm on Friday January 14, 2022 @03:24AM (#29931861)

Maybe you don't know about his drug/gambling/hooker habit?

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Re:More than 1M fewer students are in college, the lowest nu... by brandall10 on Friday January 14, 2022 @09:39AM (#29934949)

Possibly :)

I've asked repeatedly for access to financials and to get more insight into my parents' retirement accounts and have met resistance, which is frustrating as I may have financial burden for their care coming up soon.

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Re:More than 1M fewer students are in college, the lowest nu... by anotherman554 on Friday January 14, 2022 @10:59AM (#29936041)

Maybe your dad can sell the business one day and retire on that?

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Re:More than 1M fewer students are in college, the lowest nu... by brandall10 on Friday January 14, 2022 @07:23PM (#29942310)

It's been discussed many times, he's had it appraised and it's not as much as one would think - high 6 figures at best. Would pay for ~5 years at their current spend rate. But yes, that will likely happen and with their retirement savings and social security they'd have to move to a LCOL area.

Basic point is, if my father had truly earned the income he claimed for decades against the lifestyle lived, they should have a retirement nipping at 8 figures; living out retirement in relative luxury and going on fantastic vacations on the regular. Instead they will have to economize and there may be a point where I have to kick in financial assistance.

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