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They will leave when the time comes, but that's when. Economic downturn takes years to heal! I'm a millennial and I know these exact same things that these young adults or kidults are talking about. First off is that we are still an economic downturn. Yes the Recession is over but for whom? In certain parts of America industries have changed, or moved away. Wages have either stagnated or depressed in recent years, jobs have become automated or if not critical that requires a college degree or certificate. The very week I picked up my 4 year degree is the very week when the U.S economy tanked, however I still had a job but it was not an ideal career but hey I have to eat right?
My thing is this, is that people are graduating college with a bleak future in mind. Young adults are graduating college or even dropping out with loads of debt that wont be paid off, second jobs do not pay as much as before. Even worse if you live in areas that have horrible job markets. I live in NYC, they are plenty of young kids from all over America who are from the suburbs who move to NYC to find work due to the fact that their is no work in the suburbs or if not jobs are scarce. Also plenty of young college educated graduates do the roommate thing sharing apartments with 3 people for a 1 bedroom that goes for 3k a month in parts of NYC Even the local population who cant afford the high priced rent are shacked up with mom dad or even grandma in order to survive.
What are my suggestions?
Job situation in this country need to be improved. First off their should be a national retirement age. After a certain age people must retire so that jobs can be passed down to those coming of age. Two immigration needs to be overhauled, or an immigration quota needs to be implaced due to the fact that immigration harms the labor market. Three suburbs need to become sustainable offering jobs and housing for professionals who reside in the suburbs, on the flip side professionals don't need to live with mom and dad, or share an apartment with 3 people in an 1 bedroom in Boston that goes for 2.5k in rent. Last improve public education across the board. Have public education geared to more 21st century with stem options. Upon graduation of High school does who study stem can either enter the work force or work as an intern if he or she is continuing education. For those who plan on leaving home after graduating.
Do's and Don'ts
Avoid the big densely populated cities like NYC, Boston, DC and San Francisco, too much competition in these places and if you fail you will most likely go back home to mommy and daddy. Try moving to a midsize city that has plenty of growth like Dallas or Austin.
Take a hard science degree, or earn a degree that guarantees a good paying job career instead of majoring in English.
Watch out for college debt, also try and learn to pick up a trade of some sort.
If you are living at home with your parents and working, take the time to tackle your college debt which can rebuild your credit score and secure more financial freedom to a future apartment or house.
If you are working but working a dead end job or a low paying job, try your best to get out of the situation.
Last edited by Bronxguyanese; 06-28-2014 at 02:42 AM..
Job situation in this country need to be improved. First off their should be a national retirement age. After a certain age people must retire so that jobs can be passed down to those coming of age.
I cannot agree with this. There is a lot of variables that are not being considered.
How about those families in which the sole earner reaches retirement age before the spouse? (Age gap) Spouse looses medical benefits? Spouse also wouldn't qualify for medicaid. Spouse also would also have to stop paying into their retirement vehicle. Who's going to support the spouse?
How about older families? My financial adviser just had his first baby at 54. Are we going to start legislating that people stop having babies at 45 to make sure they are old enough to support themselves when forced retirement kicks in?
You assuming that life didn't hand the family a short deck and working later is a viable option. Forced retirement just took that option away.
Some older families have kids still in college at that age. They need to work in order to support them.
How about the business that has a long working relationship (and investment) in their workforce... a workforce that can't be easily replaced (skills/professional)?
The list goes on and on.... and on.
I think its unethical to take something away from a population and hand it to someone else because of entitlement. Taking things away from people will not solve the problem. Especially taking things away that they worked hard to maintain throughout their lives. Rarely in any situation is taking away someone else's right (short of harm) is the solution.
Why is there illegal immigration? JOBS!!! There are jobs.... just not the ones people want to be "entitled" to receive.
I am in need of a bigger home but can't afford it (5 person family in a 900sqft 2 bd house). My neighbor is in a 4 bedroom 2 bath 1600sqft house with only 3 people in it. I'd love to simply trade houses because I need the space more. lol.
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If you are working but working a dead end job or a low paying job, try your best to get out of the situation.
There in lies part of the problem. Define low paying and dead end job. I'm sure your definition is different from each and every generation before you.
Then you only have 2-3 years at a major university. In Texas, if you stay "in state" tuition is about 5 or 6 grand per semester.
So that might be 20,000- 50,000$. you will have less debt if you live at home and work part time.
In Pennsylvania it is over $17K a year for instate. Add in cost of housing and books? Enjoy yourself down there in the heat and tumbleweeds, but up this way, you are going to have some massive debt unless you are going to pay it as a parent. It is about $28-$30K a year at a state school up here and if you go private, you might reach over $50K a year, which equates to $200K debt if you got no help.
This is the real world for some. If I was a WV resident, the debt would be much lower. WVU is a bargain compared to Pitt and Penn State. Go private up this way?
Lehigh $58K
Bucknell $48K
This is what we deal with up my way, so our average debt in this state are going to be WAY higher than some other states.
In Pennsylvania it is over $17K a year for instate. Add in cost of housing and books? Enjoy yourself down there in the heat and tumbleweeds, but up this way, you are going to have some massive debt unless you are going to pay it as a parent. It is about $28-$30K a year at a state school up here and if you go private, you might reach over $50K a year, which equates to $200K debt if you got no help.
This is the real world for some. If I was a WV resident, the debt would be much lower. WVU is a bargain compared to Pitt and Penn State. Go private up this way?
Lehigh $58K
Bucknell $48K
This is what we deal with up my way, so our average debt in this state are going to be WAY higher than some other states.
You can poke fun about heat and tumbleweeds but it's just ignorance to do so. Enjoy your COL
I think there isn't a valid excuse for not working through college... not having to is a privilege. Thousands of people (including me) work through college. Cash flow! Money coming in and money going out. During college money going out is going to be greater so you stop gap it with help from family or loans. Of course, in certain areas the cost of living and tuition is going to be a real problem. Either way, improving the incoming cash flow will always lead you to a better situation post-graduation.
Look at the article. All of the individuals graduated with a B.A. But why is it we have an economics major with 90k in debt and a banker with only $12k. I know they are both in a bad situation but one has to wonder why was one able to get their B.A. leaving with $12k in debt and the other $90k in debt.
They are all excuses.
PS> I'm in Northern New Jersey arguably worse COL than PA AND I was raised and went through college in Texas (Houston and Austin). I know the differences between the two in terms of cost of everything. Oh by the way. Austin isn't cheap either.
I think there isn't a valid excuse for not working through college... not having to is a privilege. Thousands of people (including me) work through college. Cash flow! Money coming in and money going out. During college money going out is going to be greater so you stop gap it with help from family or loans. Of course, in certain areas the cost of living and tuition is going to be a real problem. Either way, improving the incoming cash flow will always lead you to a better situation post-graduation.
Look at the article. All of the individuals graduated with a B.A. But why is it we have an economics major with 90k in debt and a banker with only $12k. I know they are both in a bad situation but one has to wonder why was one able to get their B.A. leaving with $12k in debt and the other $90k in debt.
They are all excuses.
PS> I'm in Northern New Jersey arguably worse COL than PA AND I was raised and went through college in Texas (Houston and Austin). I know the differences between the two in terms of cost of everything. Oh by the way. Austin isn't cheap either.
Kids in NJ have less debt than PA. Just so you know. Also, those options you posted, how many have a degree in Engineering? University of Phoenix? No thanks.
I know countless young folks that just graduated. They are full of debt. They are moving back home because of the debt and trying to figure out a way to get back to square one. Blaming the economy is pretty silly IMHO. The economy is pretty good overall. In my region the economy is brisk!
Kids in NJ have less debt than PA. Just so you know. Also, those options you posted, how many have a degree in Engineering? University of Phoenix? No thanks.
I know countless young folks that just graduated. They are full of debt. They are moving back home because of the debt and trying to figure out a way to get back to square one. Blaming the economy is pretty silly IMHO. The economy is pretty good overall. In my region the economy is brisk!
So you picked a name off the list that you don't like and dismiss the rest? I know young folks who spend their student loan money on booze, vacations, iPads, iPhone 5 and on and on so let's not pretend it's all school driven
Kids in NJ have less debt than PA. Just so you know.
Reference to show facts? Does it matter? Perhaps kids in NJ just smarter with money than PA? Northern NJ is one of the wealthiest areas in the nation... perhaps rich parents keep them out of debt. I hardly see any connection.....
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Also, those options you posted, how many have a degree in Engineering? University of Phoenix? No thanks.
I'm not the area but I just quickly glanced at the first 5 cheapest on that list. ALL OF THEM HAVE STEM degrees of some sort offered. There are also expensive universities in TX too. Rice University I think is also in the $30k range.
You go to the university you can afford and qualify for.... that doesn't change from region to region.
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I know countless young folks that just graduated. They are full of debt. They are moving back home because of the debt and trying to figure out a way to get back to square one. Blaming the economy is pretty silly IMHO. The economy is pretty good overall. In my region the economy is brisk!
Never said that there is no excuse for graduating in debt. There is no excuse for graduating without working to lessen the impact of debt later on. They are all excuses. IMO, I think the economy does part of the blame because of those running it have anterior motives that are not exactly aligned with the welfare of the nation.
I graduated in 6 years working through 5 of them (Billiards/Bowling alley, Comp help desk, student engineer). I attended summer school each and every year to keep up. Parents only could afford 1 year. No debt accrued. Bought my home 6 months afterwards. Granted I will admit, its more difficult now.. Much more difficult. But that doesn't change the fact that the reality is you need to work through college. I'm not the smartest either... middle lower of the pack i'd say. I actually hated the classroom.
Reference to show facts? Does it matter? Perhaps kids in NJ just smarter with money than PA? Northern NJ is one of the wealthiest areas in the nation... perhaps rich parents keep them out of debt. I hardly see any connection.....
I'm not the area but I just quickly glanced at the first 5 cheapest on that list. ALL OF THEM HAVE STEM degrees of some sort offered. There are also expensive universities in TX too. Rice University I think is also in the $30k range.
You go to the university you can afford and qualify for.... that doesn't change from region to region.
Never said that there is no excuse for graduating in debt. There is no excuse for graduating without working to lessen the impact of debt later on. They are all excuses. IMO, I think the economy does part of the blame because of those running it have anterior motives that are not exactly aligned with the welfare of the nation.
I graduated in 6 years working through 5 of them (Billiards/Bowling alley, Comp help desk, student engineer). I attended summer school each and every year to keep up. Parents only could afford 1 year. No debt accrued. Bought my home 6 months afterwards. Granted I will admit, its more difficult now.. Much more difficult. But that doesn't change the fact that the reality is you need to work through college. I'm not the smartest either... middle lower of the pack i'd say. I actually hated the classroom.
I don't understand why this is a huge problem. In many countries multi generational families are the norm. As recently as the 1940s it was the norm in the US. Kids moving out at age 18 is an historical aberration.
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