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Now, back to the topic. I'm concerned with this growing trend of young people living at home, not being able to find jobs, and how it will impact the economy as a whole.
As throughout history, the dynamics change, but there are still opportunities. Maybe more people live at home - but there are plenty of successful cultures with multiple generations under one roof. Some people like this arrangement and it may require less income. And fewer home buyers/renters will lower the price of housing which is an opportunity for people like you. Maybe people can't find a job, so they take the opportunity to work in a different market/location, or start up a business and create their own "job." Our economy is evolving and there are opportunities created every day, and it is up to us to find them.
Now, back to the topic. I'm concerned with this growing trend of young people living at home, not being able to find jobs, and how it will impact the economy as a whole.
However, if your concern is really causing you to hide out and stop doing anything...you really need to see some one and get help. Anxiety problems that cause severe disruptions in your life, even over legitimate concerns, won't help anyone. They don't get better in isolation, plus rehashing/dewelling on them also tends to re-enforce it and make it get worse.
However, if your concern is really causing you to hide out and stop doing anything...you really need to see some one and get help. Anxiety problems that cause severe disruptions in your life, even over legitimate concerns, won't help anyone. They don't get better in isolation, plus rehashing/dewelling on them also tends to re-enforce it and make it get worse.
Haha, sorry, I didn't realize it came across that way. No, I'm not literally hiding out. I was using it figuratively, as in, I'm not venturing out and investing in the things that are typically known for driving the economy forward. Most of my disposable income goes to groceries, paying down debt, and savings. I don't plan on any big expenditures for a long time, if ever.
Now, back to the topic. I'm concerned with this growing trend of young people living at home, not being able to find jobs, and how it will impact the economy as a whole.
I think they will mostly figure it out and get jobs. Especially if they graduated college. The average student loan debt is only about $27,000. Certain people who have a ton of student loans and minimal career prospects will be seriously impacted, but they are a small minority.
You are in your 20s and have a $50,000 a year job while living in Michigan. Assuming you are good at your job and are in a stable company, you should be fine. Layoffs are just about where they were prior to the recession. You gotta have confidence in yourself and the work you do.
The mindset of the younger workers on this thread illuminates why the investment residential property market will continue to be good. The market of people who want to have a more flexible, mortgage-free lifestyle continues to grow.
A very good point!
Not sure this will be as beneficial to other parts of our consumer driven economy.
...does it concern you that the economy will continue to struggle severely in the coming years?
As a Millennial, I am concerned about the economy that is left for my generation and future generations. I make around $50k/year. Nothing to boast about, but it's a solid income for a single person in their 20s. However, I don't know if or when I will ever be buying some of the big item purchases that help sustain our economy (new house, new car, etc.). Even though I make a decent enough income to afford a modest house, the problem for me is not believing that the environment is stable enough.
We live in a world now that, at least to some of us, is more volatile and dynamic than ever before. The things around us shift so frequently and quickly that it's difficult to know when it's safe to come out from hiding and live. In a time of right-to-work jobs, mass layoffs for short-term profits, and slow job growth (that doesn't consist largely of low-wage service jobs), I don't believe that I will ever have a stable enough gig to finance something for more than a year. Therefore, I won't be financing a house anytime soon. I won't be buying major appliances for my house that doesn't exist. I won't be financing a car. I won't be returning to school to further my education. Essentially, my purchases for the foreseeable future will consist of groceries, fuel, some entertainment, student loan repayment and savings.
Maybe it's just me and I'm living in a bubble. But the more and more I hear about kids going back to live with their parents after college because of the shoddy job market, I can't help to think that my situation might be more representative for people in my age group than not. If that is the case, how will our economy ever recover? We rely on future generations to pick up where previous generations left off. But it seems that this is taking a sharp turn for the worse. My generation isn't buying up the houses of our elders, thus leaving a scenario for a stagnant housing market. My generation is finding it more difficult to find jobs or employers that will hire and train us at their expense. So does that mean there will be a looming skills gap in the not so distant future once the Boomers start retiring and dying off?
I'm doing the best to live my life as wisely and frugally as I can, but I can't help to worry that the worst is yet to come for us and there's little we can do about it at this point.
Actually, I think your concerns are spot on but be very careful not toe let yourself be consumed with worry and fear. Don't worry about who will buy all those houses and consumer items. (Home prices have actually gone up a lot in the last year). Plenty of other people are still doing that. You don't have to be one of them.
I have one financial blog I highly recommend to you:
I also have a good meditation web site to recommend. I think meditation (or martial arts/yoga/church attendance) on a regular basis is crucial for one's sanity.
...does it concern you that the economy will continue to struggle severely in the coming years?
As a Millennial, I am concerned about the economy that is left for my generation and future generations. I make around $50k/year. Nothing to boast about, but it's a solid income for a single person in their 20s. However, I don't know if or when I will ever be buying some of the big item purchases that help sustain our economy (new house, new car, etc.). Even though I make a decent enough income to afford a modest house, the problem for me is not believing that the environment is stable enough.
We live in a world now that, at least to some of us, is more volatile and dynamic than ever before. The things around us shift so frequently and quickly that it's difficult to know when it's safe to come out from hiding and live. In a time of right-to-work jobs, mass layoffs for short-term profits, and slow job growth (that doesn't consist largely of low-wage service jobs), I don't believe that I will ever have a stable enough gig to finance something for more than a year. Therefore, I won't be financing a house anytime soon. I won't be buying major appliances for my house that doesn't exist. I won't be financing a car. I won't be returning to school to further my education. Essentially, my purchases for the foreseeable future will consist of groceries, fuel, some entertainment, student loan repayment and savings.
Maybe it's just me and I'm living in a bubble. But the more and more I hear about kids going back to live with their parents after college because of the shoddy job market, I can't help to think that my situation might be more representative for people in my age group than not. If that is the case, how will our economy ever recover? We rely on future generations to pick up where previous generations left off. But it seems that this is taking a sharp turn for the worse. My generation isn't buying up the houses of our elders, thus leaving a scenario for a stagnant housing market. My generation is finding it more difficult to find jobs or employers that will hire and train us at their expense. So does that mean there will be a looming skills gap in the not so distant future once the Boomers start retiring and dying off?
I'm doing the best to live my life as wisely and frugally as I can, but I can't help to worry that the worst is yet to come for us and there's little we can do about it at this point.
I think your concerns are valid, but don't allow yourself to be overwhelmed with fear.
I think the best thing you can do is to live a frugal lifestyle and save/invest the difference (and pay off debts). It's not only good for financial peace of mind, but it teaches you how much is not truly necessary for living. This is one of the best web sites on the subject:
I also think regular meditation/yoga/martial arts/church attendance is crucial for one's physical and mental health. Here is a great meditation web site:
Haha, sorry, I didn't realize it came across that way. No, I'm not literally hiding out. I was using it figuratively, as in, I'm not venturing out and investing in the things that are typically known for driving the economy forward. Most of my disposable income goes to groceries, paying down debt, and savings. I don't plan on any big expenditures for a long time, if ever.
I understood what you meant. And I understand why you feel that way. Committing to long term debt obligations when everyone is forecasting that young people need to remain "mobile" and prepare to change jobs somewhat regularly is a serious concern. Add to that the idea you may end up losing your down payment if property values decline and you are forced to relocate for a job.
Even if the economy stabilizes and remains strong, this is a sea change in the way young folks will view job security and debt commitment. Something previous generations did not have to contend with. We may be looking at a generation that is far less prone to debt leveraging. Maybe that is a good thing.
I think they will mostly figure it out and get jobs. Especially if they graduated college. The average student loan debt is only about $27,000. Certain people who have a ton of student loans and minimal career prospects will be seriously impacted, but they are a small minority.
You are in your 20s and have a $50,000 a year job while living in Michigan. Assuming you are good at your job and are in a stable company, you should be fine. Layoffs are just about where they were prior to the recession. You gotta have confidence in yourself and the work you do.
$27,000 is a lot of money a month for 10 years. Its a drag on growth potentially when people could be putting their money elsewhere thats more economically stimulating.
And it is a $27K debt on top of all the other factors.
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