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You keep rewriting history and do not even try to understand basic economics.
If I did rewrite history it's very odd that you offered no rebuttal - nothing in your post said anything about which part of the history I got wrong. It's very strange that I committed such an easy-to-refute thing as getting history wrong but you didn't so much as correct me.
I said nothing about economics and the fact that you think I did speaks volume about your post.
That is immaterial. Home costs far surpass wages also. Just like for college, people borrow to buy homes. Both are investments, not expenses. Both have an ROI that will be well worth it, for the vast majority, assuming they avoid worthless majors without much of a job market.
The earnings differential lifetime between each level of graduation (High school vs Bachelors, Bachelors vs Masters, etc) is staggering.
I am not concerned how this sets up your son at 22. I am focused on how it sets him up at 35, 40, 45, 50, etc as he enters peak salary years.
His buddies that stopped after high school without any additional education or training will still be at their (what I like to call) "minimum wage and a quarter or two via reviews' jobs.
Your error in logic is viewing the situation in present tense. I knew, even in high school, to view additional education just as one views owning a home, as beyond a roof and an investment.
No one is disputing that college is necessary for career and salary advancement. That isn't the discussion at all. Nor do you need to be condescending about it.
The point is being able to afford college. Whatever your claims about working 4 jobs and your student loans decades ago does not apply given the rate of increase in cost.
Furthermore, college and real estate are extremely different investments. It doesn't even make sense that you would compare those.
My son is 18 and just graduated high school. He has chosen to work full time for the time being because he has a good job in his field with lots of future opportunity.
His company just put him on a salary and he is getting screwed on taxes, Medicare and social security. Over $700 a month in deductions.
Rent for a one bedroom apartment that is not a hell hole is at least $1000 a month, and that is not even expensive for most of the country. Obviously he will need roommates to bring the cost down.
He drives an old jeep that we bought him. Insurance would eat him alive if he had to pay it without all the deductions we get.
Inflation is now on pace at 4% a year, and that’s just what the government is admitting to. Anyone who grocery shops regularly knows it is much worse than that.
Meanwhile, his friends who are going to college....anywhere from $20,000 to $50,000 a year for that privilege. The fortunate ones got athletic scholarships, but those are somewhat rare.
This generation has it much harder than their parents did. The country is setting them up for financial failure and to be debt slaves. It makes me so angry!
I had three jobs in college, I had roommates, and my parents didn’t buy me a car. My furniture was from Goodwill.
Seems to me your son has it better than I did. He is also doing better than a lot of other high school graduates. He needs to make more money. Have him take college classes online at a community college. With a lot of self discipline and hard work, he can get a degree.
The money he is paying in Medicare and Social Security is to take care of you when you’re older
Another choice is to join the military. They still have the GI Bill.
Abraham Lincoln freed the slaves, and he was a Republican....so there's that. Dems fought him evey step of the way.
Democrat President Bill Clinton had the chance to take out Bin Laden prior to 9-11, & he choked, so there's that too.
Dem policy makes it harder for young people to thrive in too many ways for me to list here. Destroying public education, and jacking the cost of college, are just 2 of them.
Abraham Lincoln freed the slaves, and he was a Republican....so there's that. Dems fought him evey step of the way.
Democrat President Bill Clinton had the chance to take out Bin Laden prior to 9-11, & he choked, so there's that too.
Dem policy makes it harder for young people to thrive in too many ways for me to list here. Destroying public education, and jacking the cost of college, are just 2 of them.
More living in the past and whining from the party of personal responsibility.
What democratic policies are ruining life for young people?
You can't beat DC, so figure out how to protect yourself from current events.
If young people are getting screwed why is it that my 3 liberal grandkids are doing fine? In school practically for free and working to cover the rest.
My husband bought a 2br/1ba bungalow in a cute little town 30 minutes from Raleigh one year after college...
for $60,000.
That was 1995.
Do those prices still exist?
It sold for $225,000 in 2019.
First-time homebuyers can usually qualify for a 3% down payment. Most young adults with a good job should be able to save $6,750 for a starter home. That should be a priority, in my opinion.
Otherwise, hopefully their parents can help out with the down payment.
No one is disputing that college is necessary for career and salary advancement. That isn't the discussion at all. Nor do you need to be condescending about it.
The point is being able to afford college. Whatever your claims about working 4 jobs and your student loans decades ago does not apply given the rate of increase in cost.
Furthermore, college and real estate are extremely different investments. It doesn't even make sense that you would compare those.
Disagree in full., although education's ROI often exceeds real estate. Hope your son does extremely well long-term with his career. He has a solid foundation to build on.
First-time homebuyers can usually qualify for a 3% down payment. Most young adults with a good job should be able to save $6,750 for a starter home. That should be a priority, in my opinion.
Otherwise, hopefully their parents can help out with the down payment.
But the time one has the 1st and last month plus damage deposit they almost have the downpayment for a starter house.
That is immaterial. Home costs far surpass wages also. Just like for college, people borrow to buy homes. Both are investments, not expenses. Both have an ROI that will be well worth it, for the vast majority, assuming they avoid worthless majors without much of a job market.
The earnings differential lifetime between each level of graduation (High school vs Bachelors, Bachelors vs Masters, etc) is staggering.
I am not concerned how this sets up your son at 22. I am focused on how it sets him up at 35, 40, 45, 50, etc as he enters peak salary years.
His buddies that stopped after high school without any additional education or training will still be at their (what I like to call) "minimum wage and a quarter or two via reviews' jobs.
Your error in logic is viewing the situation in present tense. I knew, even in high school, to view additional education just as one views owning a home, as beyond a roof and an investment.
Bob, most of the time I can agree with you. However there are other factors to consider. Sometimes we all rely upon averages and statistics a bit too much.
Home costs at times are surpassing wages, but that can mean lowering the amount of house your money can buy. There are houses under 200K in this area that are selling quite rapidly , which means there are buyers. They are smaller, older , may need some cosmetics, but that has always been the case. That describes my house that I bought over 30 years ago. If I calculate the cost of the house with the inflation rate to today, it matches up quite well. And actually would be better for the buyer if I sold now, because it is in much bette condition.
Generally speaking you are correct about the wage differences according to level of graduation. But there are exceptions. My understanding is that Massachusetts and Connecticut (the area that I live in ) have some of the highest percentages of College and Masters degrees . However they are still below 40 %. Obviously the economies of those states are just not the product of those groups so logic tells us there are people in those areas able to afford the cost of living.
I don’t think it is accurate to put a finish line of High School as a determination regarding future success. For some, of course. However the 60 % or so, as i mentioned, that live in high COL area where I live appear to be surviving quite well.
As I kind of mentioned previously. I don’t see today as any different than many time periods in American history. Yes, things have changed. there are different challenges, different circumstances for many. However that just indicates one needs new strategies , more fiscal scrutiny , better planning. It also calls for self discipline in spending and placing unneeded burdens on oneself.
Since I have raised several children over the past decades, I am also familiar with many of the friends o f my children. Honestly , I don’t know any that are struggling financially. I also know people that live in a lower socio economic strata , and they are holding their own. Even though they may be not as educated as others, they are hustling and working for a better future. Side jobs on the weekends and other similar behaviors to fill the needs.
Last edited by Speegleagle; 06-27-2021 at 10:48 AM..
My son is 18 and just graduated high school. He has chosen to work full time for the time being because he has a good job in his field with lots of future opportunity.
His company just put him on a salary and he is getting screwed on taxes, Medicare and social security. Over $700 a month in deductions.
Rent for a one bedroom apartment that is not a hell hole is at least $1000 a month, and that is not even expensive for most of the country. Obviously he will need roommates to bring the cost down.
He drives an old jeep that we bought him. Insurance would eat him alive if he had to pay it without all the deductions we get.
Inflation is now on pace at 4% a year, and that’s just what the government is admitting to. Anyone who grocery shops regularly knows it is much worse than that.
Meanwhile, his friends who are going to college....anywhere from $20,000 to $50,000 a year for that privilege. The fortunate ones got athletic scholarships, but those are somewhat rare.
This generation has it much harder than their parents did. The country is setting them up for financial failure and to be debt slaves. It makes me so angry!
If he has $700 in deductions sounds like his income is pretty good. Much better than most recent high school graduates.
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