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Old 08-27-2019, 01:24 PM
 
Location: East Coast of the United States
17,563 posts, read 19,816,796 times
Reputation: 13483

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Quote:
Originally Posted by austiNati View Post
What does market value have to do with education costing the price of a luxury car?
We all know that the cost of higher education has gone up. This is the card we're dealt with. Costs may come down eventually, but it does no good to complain about it now.

You have to act smartly and choose a reputable, lower-cost public institution and make sure to get a degree that is marketable. It will make a big difference financially in the long run.
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Old 08-27-2019, 01:25 PM
 
73,086 posts, read 72,913,868 times
Reputation: 50661
Quote:
Originally Posted by lieqiang View Post
So the reason you incorrectly use ellipsis is that due to medical condition with finger the period key accidentally gets typed 3-5 times after a sentence, but this doesn't happen with all the other letters and numbers?

Truly bizarre.
No, I have a habit of hitting the period to many times when I type fast with one finger and to be honest I have no reason or desire to control it any better
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Old 08-27-2019, 01:28 PM
 
Location: Grosse Ile Michigan
26,749 posts, read 63,577,628 times
Reputation: 31090
I have a daughter in Denver. She is a teacher in her fifth year of teaching. She is doing OK. She and her husband just bought a house. She is working her loans down. Saving a little. Unless one of them loses their job and cannot find another they will be fine in a recession. He works in retail management, so he is more at risk than she is.

Another daughter (same age) just graduated with her PhD. She is teaching at a college in Maryland. Yes, student loan debt is a problem for her and will be for a considerable time. She is focusing on paying it down. If she gets tenured someplace before the recession hits, she will also probably be fine. Otherwise she will likely struggle. I do not see that she will be destroyed. the pending college crises is more a threat to her than a recession is. They may both hit at the same time though.

Third daughter 24, lives at home. Works at Salvation Army. She has always worked low paying jobs except a short stint with the laborer's union. She lives on next to nothing, has no loans, no major obligations. I do not see how a recession will impact her. She will probably continue working where she is or somewhere equivalent. A recession might delay her getting her own place again, but then it might also drive down real estate/rent prices.

A son lives in Austin. He is already living on the edge. No car, barely makes rent plus student loan payments. Not a lot left for food. A recession is not his biggest problem. Obamacare is the first hurdle that will crush him financially once he turns 26. He is healthy, so he will probably just risk the penalty. He will always be broke anyway, but he loves his work and he is moving up the ladder, so he may make a decent income next year. Unless the place he works closes, it is unlikely he will lose his job. so, he will continue to live on next to nothing.
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Old 08-27-2019, 01:28 PM
 
73,086 posts, read 72,913,868 times
Reputation: 50661
Quote:
Originally Posted by loser prole View Post
It's called being full of **it - like more posters of his ilk who think they are so darn perfect.
Good luck being the typing monitor .....
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Old 08-27-2019, 01:33 PM
 
Location: Florida and New England
1,261 posts, read 1,440,415 times
Reputation: 1710
Quote:
Originally Posted by austiNati View Post
You didn't even address the issue. You just lashed out at people. Obviously market value means squat seeing as the market's designed to implode every 15 - 20 years; and seeing that wages haven't kept up with productivity, nor has housing with the population, there may be some apsects of the market not working they way they are supposed to. You're simply not even arguing this in good faith.

What does market value have to do with the fact that my husband and I pay more for health insurance than for rent? We're both young and healthy.

What does market value have to do with education costing the price of a luxury car?
Last i checked, every time higher degrees of education are needed, we accommodate that by making it a free public institution (elementary school in the 1800's, high-school in the 1900's, ____in the 2000's).

The wealth gap between the top and bottom is outrageous. You know these things, but argue in favor of the apparatus that corrupt the system. The market doesn't determine who does what, but the market does need a highly educated populace to function correctly.
I don't think the quoted post was "lashing out."

The market does determine the price of health insurance (although that is one of the more opaque products). It sets the price of new cars, whether luxury or bare-bone. The market sets the price of private education. It also determines the value of a certain career, and to some extent, the quality of each worker. Many large companies function as a sort of mini marketplace where dead wood is shed and new hires are evaluated.

Wealth and any "wealth gap" is simply the byproduct of these forces over time. As a society, the US has long accepted that wealth can be passed or shared within families -- families are the basic unit in our society. Some families have taught good financial habits for generations, hence great wealth. Others not so much.

Some wealthy also choose to distribute money to charitable causes -- also a societal benefit. In my hometown, neither the largest homeless shelter nor the symphony orchestra would exist without significant charitable giving by the leading families.

Bottom line, this is a capitalist country, and for better or for worse, everyone should understand that the market (supply and demand) will set the prices and the rewards. Likewise, everyone should understand that the economy goes through a ~10-year cycle with a couple bad years and then some recovery years then a couple of great years.

Those who understand these concepts will do better than those who do not (or who refuse to accept the reality).
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Old 08-27-2019, 01:34 PM
 
Location: On the road
6,186 posts, read 3,013,293 times
Reputation: 11940
I'm pretty skeptical of anything that uses such melodramatic phrasing like "destroy", as if people of a certain era will be fighting over a can of beans in the streets. There are far too many people in that age range to many any declaration that they couldn't do this or that, it would be interesting to see some statistics on how many millennials never found a job in their career field versus from previous generations.
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Old 08-27-2019, 01:39 PM
 
2,615 posts, read 685,417 times
Reputation: 4583
Quote:
Originally Posted by BigCityDreamer View Post
Also, parents need to save up money so they can pay the cost of their children's college education. They need to start doing this when their child is born.
I remember the day our daughter was born. That very day, in the US Mail, was our copy of Consumer Reports. It had an article on saving for college under a variety of scenarios (private vs. public, fully funded at 18 or continuing to contribute throughout their undergraduate years, paying for professional school, etc etc.

The article started off saying, "If your child is born today, start saving a minimum of $600 per month each month for the next 21 years."
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Old 08-27-2019, 05:00 PM
 
8,505 posts, read 9,251,299 times
Reputation: 6893
Quote:
Originally Posted by lieqiang View Post
So the reason you incorrectly use ellipsis is that due to medical condition with finger the period key accidentally gets typed 3-5 times after a sentence, but this doesn't happen with all the other letters and numbers?

Truly bizarre.
In casual conversation there are no rules at all. The only thing that is truly bizarre is that you are offended by a series of......s.
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Old 08-27-2019, 06:29 PM
 
Location: Ohio
20,264 posts, read 14,425,401 times
Reputation: 16468
Quote:
Originally Posted by Serious Conversation View Post
After the devastating effects of the Great Recession, can Millennials get back on track toward economic success?
Do they want to?

Because if they don't want to then your silly article doesn't matter.

Sorry, but Annie Lowrey couldn't find her vagina with both hands even with her OB-GYN helping her.

"Millennials got bodied in the downturn,..."

Whatthe hell does that even mean? Did she mean "bloodied?" So, not only can she not find her vagina, she can't spell and is too damn lazy to proof-read.

"It was the last downturn—the once-a-century Great Recession..."

That proves she's clueless.

It's a "Great Recession" because why, exactly? It lasted 18 months?

Well, gosh, there were 6 recessions in the 20th Century that lasted 18 months or longer.

"The generation’s homeownership rate is a full 8 percentage points lower.."

That's a misinterpretation of the data.

Married people buy homes. That's not to say that single people cannot or do not buy homes, it's just that few do.

Millennials do not prefer marriage or marry later.

Millennials prefer hook-ups and friends-with-benefits over long-term relationships and when they have long-term relationships they prefer cohabitation over marriage.

That's a sociological change stemming from States adopting "no-fault" divorce laws in the 1970s.

Previously, you had to show cause for divorce. That means your spouse was unfaithful or physically or emotionally abusive or had a substance abuse issue or was financially reckless or engaged in crimes of moral turpitude or was a criminal (whether they had been convicted or not).

So, Millennials grew up in one-parent households so they don't really grasp the concept of marriage and no experience or bad experience in dysfunctional homes.

"As a result, Millennials have not benefited from the dramatic rebound in housing prices that has occurred since the financial collapse and the foreclosure crisis."

Not every housing market was negatively affected. In fact, out of the 11,539,000 housing markets in the US, only a handful were actually negatively impacted.

Zillow and others are not reputable sources of information, and they have an agenda.

What you're actually looking at is an average of an average of an average of an average and those averages each include statistical outliers which skew the data and then averaging averages compounds the skew.

"Millennials have also been forced to shell out hundreds of billions of dollars in rent as housing costs have skyrocketed in many urban areas."

Wrong. No one is forced to do anything they don't want to do. They shelled out the big-bucks because they voluntarily chose to, not because they had to.

"The next recession—this year, next year, whenever it comes—will likely make that Millennial disadvantage even worse."

Annie-girl is too damn dumb to understand that recessions have causes and not all recessions result in job losses.

The Great Recession was caused by Capital reallocation. Not only was Capital being reallocated around the US in the years leading up to the recession, you also had Capital Flight -- Capital being reallocated outside the US, mainly to Southeast Asia.

You typically have massive job losses with Capital reallocation, but not so when a recession is caused by a liquidity crisis or bars to expansion. In the latter two, there are few if any job losses and you just have to look at the data to see that.

The next recession will not be caused by Capital reallocation so Annie-girl's fears are unfounded.

The last two historic economic expansions both ended with double-dip recessions that were mild, although in the second dip after the 120-month expansion there were some job losses.

Past performance is not indicative of future events, so the next recession isn't guaranteed to be a double-dip, it's just a possibility. Most likely, it will be caused by bars to expansion and not severe. Maybe 8 months or so.
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Old 08-27-2019, 06:37 PM
 
Location: Oregon, formerly Texas
5,498 posts, read 3,831,155 times
Reputation: 9342
This board and their children are in no way representative of the general population, certainly not of most Millennials.

I'm a case in point, a good home sale that I never expected would more than double in value in 3 years but it did, then an inheritance, then subsequent value growth of my next home put me in the top 7% of net worth for my age group (35-39).

Most people my age are doing okay but are struggling mightily with debt. Yes, the Millennials will be hit hard because many of them never truly recovered from the recession, they just survived it.
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