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You always start out flat broke. Heck, my wife and I celebrated our first anniversary at freaking McDonalds. Our second anniversary, we scored free baseball tickets, scraped together enough spare change to buy a six pack of natural light and peanuts.
So rather than whine, here's a great idea.
1) Work really hard at your job.
2) Devote time to learning more about the job so you can get a better job.
3) Work really hard at the next job.
4) Network.
5) Do not blow everything you make. Even if you put back $50, stick it in an account where you can't get to it readily.
6) Curb your appetites and don't feel you need the latest and greatest. If you traded in your car before the wheels were falling off, chances are this advice is for you.
7) Make prudent investments and try to forget about them. Let the years do their work. Heck, $10,000 earning 5% over 30 years amounts to $43,219.
Wow! A whole $43,219???? That's going to be considered LOT of money in 30 years.
How about instead we admit as a society that young people these days aren't starting out "flat broke." They're often starting out with a six-figure millstone around their necks. They're not allowed to refinance their student debt. There's usually a prepayment penalty on that debt. And the companies holding that debt are no better than payday loan companies.
The mafia had better loan terms back in the day. It would be no skin off our nation's back to offer to refinance all student debt at a favorable interest rate. We waste far more money on violent schemes that have zero return.
Wow! A whole $43,219???? That's going to be considered LOT of money in 30 years.
How about instead we admit as a society that young people these days aren't starting out "flat broke." They're often starting out with a six-figure millstone around their necks. They're not allowed to refinance their student debt. There's usually a prepayment penalty on that debt. And the companies holding that debt are no better than payday loan companies.
The mafia had better loan terms back in the day. It would be no skin off our nation's back to offer to refinance all student debt at a favorable interest rate. We waste far more money on violent schemes that have zero return.
It's entirely possible to go to college without accumulating massive debt. It's a shame more people don't consider options other than student loans. Working full time and going to college part time, evening and/or online classes, trade school rather than four years of college, doing a stint in the military to earn college benefits, etc.
I did the working full-time bit when I attended school. But that was decades ago, and I've looked at the tuition figures -- it's simply not possible today. Point blank, I would not have any means of attending the school that I did in 2015, other than racking up six figures in student loans.
There are only so many ways to skin that cat when the cat costs more than $100K, and the sort of places that hire college students pay $10/hour.
I did the working full-time bit when I attended school. But that was decades ago, and I've looked at the tuition figures -- it's simply not possible today. Point blank, I would not have any means of attending the school that I did in 2015, other than racking up six figures in student loans.
There are only so many ways to skin that cat when the cat costs more than $100K, and the sort of places that hire college students pay $10/hour.
Community college prices are not ridiculous. I've looked at the tuition figures too and it's ENTIRELY possible to work and pay as you go along at most community colleges.
What's NOT possible is to work 15 hours a week and live in the dorm or in an apartment complex and go to school for five or six years to get a four year degree - unless you either go into debt or count on your parents to foot the bill. It's also not prudent to rack up huge debt on a degree in a field that doesn't pay all that well and yet I see people trying to do both of these things, sometimes simultaneously.
The average cost per year for tuition, ROOM AND BOARD combined (public institutions) is around $15,000 a year. Keep in mind that this cost INCLUDES room and board, which are costs that simply go along with being an adult. In other words, in or out of college, adults pay for room and board. The difference is that often people in college seem to believe that though they are adults, they shouldn't be expected to work much while they're in school - and they often drag this school "career" out far beyond four years.
If a person is working even part time, they can and SHOULD pay for at least $10,000 of this average cost as they go along - in other words, it's ridiculous to assume that this entire $15,000 a year cost should be paid for via student loans. So even if a person borrows $5000 a year, that only leaves them with $20,000 debt - not $100,000 in debt. But heck, let's just say they borrow for the full amount of the average tuition, room and board - that's $60,000 in debt, not over $100k in debt.
Anyone who thinks they need to or should graduate with $100,000 in student loan debt - or even $60,000 - probably needs to re evaluate their life plan. http://nces.ed.gov/fastfacts/display.asp?id=76
Last edited by KathrynAragon; 01-10-2015 at 11:15 AM..
So what you're basically saying is that the high school student who works hard for the 4.0 GPA and makes it into one of the prestige universities should instead attend community college because, "Tough luck not being rich."
My degree has quite literally carried me through my entire adult working life. My life would be much, much poorer (financially, socially, romantically) without it. What I did years ago, I would be incapable of doing today. Working while attending school and graduating debt free simply is not possible anymore at my alma mater.
What we have done is drawn the ladder of opportunity up the proverbial tower so that it is out of reach for most.
Community college prices are not ridiculous. I've looked at the tuition figures too and it's ENTIRELY possible to work and pay as you go along at most community colleges.
What's NOT possible is to work 15 hours a week and live in the dorm or in an apartment complex and go to school for five or six years to get a four year degree - unless you either go into debt or count on your parents to foot the bill. It's also not prudent to rack up huge debt on a degree in a field that doesn't pay all that well and yet I see people trying to do both of these things, sometimes simultaneously.
EXACTLY! And the real kicker is while they are doing the things you mentioned, they are busy hating on their baby boomer parents! Maybe more boomers would be able to retire if we did not have to keep "helping" kids in to their 20's or more!
I heard some girl griping how her boomer co-worker should just quit, get out of the way, and make a space for her to have the position. Then, she turned around and told the gal next to her how her dad was still helping her with phone and insurance!
So what you're basically saying is that the high school student who works hard for the 4.0 GPA and makes it into one of the prestige universities should instead attend community college because, "Tough luck not being rich."
My degree has quite literally carried me through my entire adult working life. My life would be much, much poorer (financially, socially, romantically) without it. What I did years ago, I would be incapable of doing today. Working while attending school and graduating debt free simply is not possible anymore at my alma mater.
What we have done is drawn the ladder of opportunity up the proverbial tower so that it is out of reach for most.
Yeah pretty much. Not everyone is rich. Not everyone can live the lifestyle of the wealthy. Always been true and always will be true. And so what?
If you can't afford to go to a prestigious college, go to a community college. Community colleges are affordable for nearly everyone between grants and work/study programs.
You don't get it. I'm beginning to think willfully so.
Once upon a time, a student like me COULD afford to go to a prestigious college. It was still a lot of work to balance classes and the jobs necessary to pay the tuition. But it could be done. That isn't possible today.
You don't get it. I'm beginning to think willfully so.
Once upon a time, a student like me COULD afford to go to a prestigious college. It was still a lot of work to balance classes and the jobs necessary to pay the tuition. But it could be done. That isn't possible today.
"Tough luck," is not an acceptable answer.
Yes, I think sometimes people are simply clueless or else willfully obtuse about how much costs have risen.
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