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...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 like the 70's recession recovery will differ depending where you live. Some states now have above 8+ per cent GDP growth last year. In the 70's recession some areas even within a state didn't ever recover near previous levels especially in employment. many times it was because of shifts I employer needs with reorganization during the recession. Even the markets never saw recovery for years in retail investors. With shifts during recession comes permanent changes as companies adjust to survive and make profits to attract investors. Many during the 70's shifted like never before to cost savings by automating such as computer controls and robotics. Just as companies shift so will individuals to where the money is to be made and a lot will become their own employers has the 70's created the huge small business revolution as it was called then. Economies have always shift over time and more rapidly in recessions.
$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.
I agree it is a drag on growth and a legitimate problem. But for the majority of people who have a moderate amount of student loans and a job, its not that big a deal. You live with roommates or live in your parents basement for a couple of years while working a "real" job and pay down the debt.
Its not a situation that is going to have a big impact on the economy as a whole imo.
I agree it is a drag on growth and a legitimate problem. But for the majority of people who have a moderate amount of student loans and a job, its not that big a deal. You live with roommates or live in your parents basement for a couple of years while working a "real" job and pay down the debt.
Its not a situation that is going to have a big impact on the economy as a whole imo.
This is exactly what I'm doing now. I moved away from my ideal location to move in with my parents while I pay down my student loans and save up some money. It's not great (miss the total independence, dating, etc.), but it's only temporary.
I'm also of the belief that a general hesitation to commit to anything is going to be a drag on the economy. At least among my immediate circle, most people in their mid to late 20s aren't interested in home ownership or long-term financial commitments of any kind. The only people who I see commiting to anything are those who in education and health care who are tenured or who have a high level of job stability.
I can foresee larger cities expanding and rental prices rising as people locate to regions where jobs are. Smaller cities and towns will likely decline for the foreseeable future.
Honestly, today's trends aren't positive and I am not confident the country can get on the right course.
...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.
50K is a lot of money dude. My first job out of college paid me 32K. It could be worse for ya.
50K is a lot of money dude. My first job out of college paid me 32K. It could be worse for ya.
It could be worse sure, but 50K is not a lot of money. It's responsible paycheck to paycheck for a single person. It's not enough for a middle class family to prosper on. Given it's the median household income in this country is around 60K, that means our real middle class, the median +/- 25 percentiles, is working poor. Ergo, there is no significant affluence in our middle class. Put another way, our middle class is dead.
It could be worse sure, but 50K is not a lot of money. It's responsible paycheck to paycheck for a single person. It's not enough for a middle class family to prosper on. Given it's the median household income in this country is around 60K, that means our real middle class, the median +/- 25 percentiles, is working poor. Ergo, there is no significant affluence in our middle class. Put another way, our middle class is dead.
And people say that generation Y expects too much money. lol. As a single person I could live very very comfortably on 50K a year. And I do like to go out with friends and socialize as well. Anyone who can't should probably reanalyze their spending habits. 50K is nowhere NEAR paycheck to paycheck for a single person.
This past year I made 32K and was able to save up a very nice amount of money. That is despite $5K in medical bills and school costs of aprox $2K. I lived rent free because I was living with a friend. Given the OP is healthy I think he should easily have 10K saved up with each year.
I should say that I eat VERY cheap. We are talking I cook raman noodles for probably 5 meals a week at least. I don't expect people to be that frugal (people need to eat healthy), but there are areas where spending can be cut.
...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.
For the most part, your money is probably safer converted to equity in a modest house than it is in an investment portfolio.
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