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Of course they are broke and it is going to get MUCH worse. My kid is going to have $100K debt when he gets out of college with his 4 year degree. My debt was $0. I have no idea how kids are going to have a good life if they are starting out with that kind of debt! Crazy!
Of course they are broke and it is going to get MUCH worse. My kid is going to have $100K debt when he gets out of college with his 4 year degree. My debt was $0. I have no idea how kids are going to have a good life if they are starting out with that kind of debt! Crazy!
I hope the degree will be in something that allows him to earn $60k+ at the entry level and go up from there. Otherwise he will have to make some serious sacrifices (e.g. not getting married, not having kids, not having a car for 10 years, etc.) This is what WILL happen if you have $100k in debt and are stuck earning $35k - $40k!
A lot of that debt must be private student loans that don't offer IBR since that's well over the federal loan max.
Of course they are broke and it is going to get MUCH worse. My kid is going to have $100K debt when he gets out of college with his 4 year degree. My debt was $0. I have no idea how kids are going to have a good life if they are starting out with that kind of debt! Crazy!
Why will your child have 100k in debt? You know that's not common right?
yes, it is now the equal of the old high school diploma. it only makes the less crappy jobs a better option you stand a chance at getting..
but what is not worth it is dropping big bucks on private expensive schools unless ivy league, as that will only hurt you and saddle you with debt.
without that degree you may not have a crack at even being considered. if no degree you need a trade .
the degree tells an employer , you have the ability to learn and to stay committed . the degree does not get you a job , you get you a job, the degree only gets you considered..
That's one of just many reasons I have no respect for employers. I've seen more people with college degrees up and quit jobs or fail miserably at them than anything.
I hope the degree will be in something that allows him to earn $60k+ at the entry level and go up from there. Otherwise he will have to make some serious sacrifices (e.g. not getting married, not having kids, not having a car for 10 years, etc.) This is what WILL happen if you have $100k in debt and are stuck earning $35k - $40k!
A lot of that debt must be private student loans that don't offer IBR since that's well over the federal loan max.
Many millennials have needed to take these sacrifices even without high debt because the 35K-40K job typically require 2-5 years of experience unless they interned there and have a good enough relationship to actually get the job. Otherwise they get retail or fast food or various other stop gap employment.
Amazing....almost 4 whole pages before somebody posted an "everything's Obama's fault" comment.
The country didn't get into the mess it's in overnight because of the current administration. If you want to get technical, outsourcing, a major cause of the job shortage in America, really took off during Reagan's rule. Then came Clinton and NAFTA and since then, it's gotten progressively worse.
It's foolish to lay the blame on any specific president or congress, there's plenty to go around. This was never designed to be a 2 party government.....in fact, many of the founders feared just that. Democrat or Republican, it doesn't matter, they've all had a hand in making this country what it is today.
FYI - Obama actually promoted an act called the "Bring Jobs Home Act"(S. 2569) which has already died once in Congress.........and probably will again for a variety of reasons.
What a JOKE, Obama's "jobs" creation coupled with deferred "Dream" act and possible Amnesty for 20+ million Illegal aliens to compete for jobs, lowering wages across the board is a recipe for DISASTER!
Always an Obama apologist ready at the helm to deflect blame is more like it.
I am cheap and broke. graduated with about 20K in loans last year. about 2K left because I absolutely destroyed my student loans this year. I drive a 15 year old beater, have two jobs, and live with my mother. it is still tough because I pay most of the rent + bills because she is on disability. if I didn't live with her, she would need to go on other forms of welfare. this is on top of saving for retirement, which I am already doing.
part of it is the declining state of the "American dream". the other part is that the majority of people suck with their money and cannot prioritize what they need vs what they want. as a result, these generations have passed down money (mis)management to us. the declining educational system has made most of our generation straight up dumb. why the hell aren't schools teaching personal finance classes? college was a complete joke too. sometimes I wonder what I was paying for the last four years. 3 years of job searching only to get a full time job that doesn't even require a degree. however, it does pay more than twice the minimum wage. go figure.
I'm not going to try to debate with anyone which generation had it "better". I really couldn't care less at this point. the traditional structure of life has shifted and changed. If you are a millennial like me, deal with it. sure, you can blame the previous generations. after all, it is their fault. but that will not change anything. stop complaining and try to change the way things are. stop playing the xbox and messing around on facebook and do the following:
-save and invest your money/save for retirement
-reject the typical American materialistic mindset. the evil corporations want to brainwash you so they can line their pockets.
-see above: don't live beyond your means
-have multiple sources of income. if you have a full-time job, get another part time one, freelance, hell, even go sell weed....something.
-educate yourself on the basics of personal finance
-credit cards are not evil. they are a financial tool. if you cant handle paying off your balance in full each month, then don't have a credit card
-go for a field of work that is in-demand. being an art, psych, or liberal arts major will make any degree about as worthless as toilet paper.
-if you're in college, get internships and/or sign up for staffing agencies in your field of pursuit.
-don't have kids or get married unless you are somewhat financially stable.
-the medical system in the usa is pretty much worthless and expensive. take proactive steps when it comes to your health. exercise, eat healthy, etc. just remember, when you **** up and gain 200 pounds and health problems, obummercare will ensure that the healthy people pay for your screw-ups. don't be that person.
Interesting article...if I were a younger person and wanting to enter the job market, I would invest in a tech college or community college and get training in a needed field rather than spin my wheels trying to get a job with a degree in a field with few jobs.
Plumbers, electricians, Master mechanics, HVAC specialists, roofers, etc. will always be needed in our world -- and these hands-on jobs cannot be exported and done overseas.
Just my two cents worth.
I sure wouldn't go into thousands of dollars of school loan debt to obtain a degree that might not get me a job.
This ^^
People my age nowadays just want college. They want an office job. They think they should be upper management in no time. It seems they all want nearly the same thing, in some way/shape or form.
None of them want the job listed above. None of them want to do anything that could require a little physical "work." Even if it has the potential to get into management later on. The problem is, you won't get to management of most of the hands-on jobs, without some experience in the field first.
After trying a few different colleges and degrees, I just couldn't get into it. I was even in the nursing program for a while.
At 20 I decided to go to a tech school. I found a job within two weeks, and have not been unemployed a single day since, and I finished 6 years ago.
My first job out I had full benefits/insurance and made about 56k my first year.
Now, at 26, with my per diem etc. included, I'm at about 160k/yr + full benefits and 2-3 weeks vacation. I also have a mostly office job now since moving up in my field.
Heck, for 5 months at one point with one job when I was 24 I was taking home $2900/wk, only working 5 days/wk..
Yeah, I do awesome, but it took a lot of hard work (physical work) to get here. Most the people in my generation couldn't hack it, or they are above it. Which is fine and understandable, but when everyone wants the same thing, don't expect everyone to get it. And don't get mad when people like myself are breezing through, having insane job security, and making good money. I don't even apply for jobs and get calls and offers from recruiters from years back, wanting me to go work good paying jobs, typically at least 100k or more.
Many millennials have needed to take these sacrifices even without high debt because the 35K-40K job typically require 2-5 years of experience unless they interned there and have a good enough relationship to actually get the job. Otherwise they get retail or fast food or various other stop gap employment.
That was the case two years ago, I think it's getting better now, but of course if you've got a degree in underwater basket weaving you're SOL regardless!
People my age nowadays just want college. They want an office job. They think they should be upper management in no time. It seems they all want nearly the same thing, in some way/shape or form.
None of them want the job listed above. None of them want to do anything that could require a little physical "work." Even if it has the potential to get into management later on. The problem is, you won't get to management of most of the hands-on jobs, without some experience in the field first.
After trying a few different colleges and degrees, I just couldn't get into it. I was even in the nursing program for a while.
At 20 I decided to go to a tech school. I found a job within two weeks, and have not been unemployed a single day since, and I finished 6 years ago.
My first job out I had full benefits/insurance and made about 56k my first year.
Now, at 26, with my per diem etc. included, I'm at about 160k/yr + full benefits and 2-3 weeks vacation. I also have a mostly office job now since moving up in my field.
Heck, for 5 months at one point with one job when I was 24 I was taking home $2900/wk, only working 5 days/wk..
Yeah, I do awesome, but it took a lot of hard work (physical work) to get here. Most the people in my generation couldn't hack it, or they are above it. Which is fine and understandable, but when everyone wants the same thing, don't expect everyone to get it. And don't get mad when people like myself are breezing through, having insane job security, and making good money. I don't even apply for jobs and get calls and offers from recruiters from years back, wanting me to go work good paying jobs, typically at least 100k or more.
Your results aren't typical of anyone. $160k/yr is a very high income, even for senior engineers, etc.
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