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My parents lived in a tiny dingy 1 bedroom apartment when my dad was in college. They had the bedroom, my bed was the couch. They had one old car and one blurry black and white tv. They lived in a strict budget. No going out to eat, no vacations, no partying, no living on credit until my dad got out of college and landed a better paying job.
If young people were willing to live the same way until they got their feet off the ground.....they could support themselves. Even in this economy.
That is when your parents were in college which I guess is 20 to 30 years ago. Todays economy is a lot of different then it was back then. I am sure rent back then was a lot lesss and wages payed more.
That is when your parents were in college which I guess is 20 to 30 years ago. Todays economy is a lot of different then it was back then. I am sure rent back then was a lot lesss and wages payed more.
Wrong. Wages were very low. People just did what they had to to survive instead of buying toys and thinking everybody owes them.
People who make excuses that it's more difficult these days are enabling the young to feel sorry for themselves and make them believe that they have it so hard.
The simple answer is that women entered the workforce doubling the supply of workers.
Bingo. That pushed up the cost of housing substantially. As a result, the typical 2-earner family today is no better off than a single-earner family in 1970. Worse off, actually, if you look at levels of savings and debt relative to income.
Bingo. That pushed up the cost of housing substantially. As a result, the typical 2-earner family today is no better off than a single-earner family in 1970. Worse off, actually, if you look at levels of savings and debt relative to income.
But that debt is their own fault. People purchase houses they cannot afford and buy automobiles they cannot afford. They live a lifestyle they cannot afford, then blame society because they have no money, lose their house, have their cars repo'd, can't send the kids to private schools, can't keep up with the Joneses.
Too many people want things they don't need. Too many young people leave the nesting wanting all of the "luxuries" that their parents have, without realizing just how long it took their parents to get what they have. The sense of entitlement in this country is appalling. The lack of work ethics is too. If you want to know one of the reasons prices are so high, just look at how many people it takes to do jobs that one person used to do. It takes a 4 person crew to do a 1 person job, because so many younger people (some older as well) are too lazy to work up a sweat to make their living! On that 4 person crew, one of them is having to supervise...because so many people can't (or won't) follow instructions and think! Add to this mix the insurance employers have to carry because there's always some Joe Blow on the job looking to sue their employer when they're careless and injure themselves (or claim to), so that they don't HAVE to go to work at all, and you've got a catastrophe on your hands.
The $$ amount some people put on what they think their time is worth is ridiculous. If people went back to the basics, cooked from scratch, didn't feel the need to spend so much on crap they don't need, they wouldn't have to make so much money! If you wonder why the cost of rent is so high, take a look at the damage renters do to rental property. So many of these renters DESTROY the property that they're living in, or are (again), the kind of people looking for someone to sue (I slipped on the stairs), and landlords have to keep a lawyer on retainer and carry expensive insurance......don't get me started on what it costs to repair and remodel the damage done by some tenants. Sigh... until people start thinking and becoming more responsible, this situation is NOT going to get better.
But that debt is their own fault. People purchase houses they cannot afford and buy automobiles they cannot afford. They live a lifestyle they cannot afford, then blame society because they have no money, lose their house, have their cars repo'd, can't send the kids to private schools, can't keep up with the Joneses.
I completely agree. I never meant to suggest that these bad trends aren't a result of choices we've made.
My kids had to do "budget reports" in school. They were blown away at what we live on per month, in relation to what we make per month. They were horrified at what the other kids' reports said. The biggest share of their classmates had parents who were spending over twice as much per month on "bills" than we were....many of them were not making as much as their expenses!!
Beach, that is the trend. Live the high life then wonder why it's so difficult to make ends meet. People are more concerned these days with having what they WANT instead of making sure they have what they NEED.
If they concentrate on what they NEED, they spend a lot less and have a more solid financial base. Trouble is, so many of the young people are used to living off Mom and Dad and having a lot of the perks their parents worked hard to provide for them, they think they are necessities and expect to be able to have them when they move out on their own. It's simply easier to stay with Mom and Dad and enjoy those perks than to have to go out and earn them themselves.
Parents are not preparing their children to survive on their own, kids grow up with the notion of entitlement and as a result, they do not know how to sacrifice the wants until they have the needs. As a result, they run up credit card bills and live way beyond their means.
I don't do a budget. Everytime I get paid, the essentials, like rent and utilities get paid first (For example, if the rent is $1000 a month, I go ahead and pay $500 every two weeks.) The rest of it is my money to blow however I see fit. Generally on buying food to eat. No savings.
1) those who go to college do not major in something that increases their chances of getting a decently-paid job, such as accounting or engineering. most major in the soft majors like poli sci, psych, soc, anthro, etc. and too many of these students go onto law school or grad school programs that are only good for professorships, but not much else in the real world. and most college students have a lot of debt. so when they enter the job market (or attempt to), they end up with the crappy-paying jobs that dont require much skill. the vicious cycle begins.
2) it's not all their fault though. basic necessities of life really are too expensive, even when you take inflation into account. there really arent that many jobs out there, even for professionals who have graduate degrees (hello, lawyers). they're not just imagining this. it is very real.
but havent you heard? a lot more american college grads are going overseas to find jobs. if the economy sucks long-term, we may see a much bigger stream of americans emigrating.
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