3 ms·

My point is more so that students feel like they need to take the corporate route, instead of pursuing a more entrepeneurial path. Especially given that corpora

by huac 10y ago

My point is more so that students feel like they need to take the corporate route, instead of pursuing a more entrepeneurial path. Especially given that corporate internships help alleviate tuition and other costs, at least compared to low/no wage startup internships (this obviously doesn't apply to internships at Uber, FB, etc.) And $16k after tax, housing, and food in NYC (Wall Street baby) isn't a ton.

exabrial 10y ago
Move out of NYC. $16k is livable in other parts of the USA.
- toomuchtodo 10y ago
  Right, but the original poster is talking about a banking job that you then leverage up to a higher wage on the next rung up. You're not getting that by working at Dairy Queen in BFE.
  - deleted 10y ago
    [deleted]
- shostack 10y ago
  A lot of people suggest moving somewhere less expensive. For banking and other industries where jobs very geo-centric, that just isn't realistic. Beyond that, I think the macro trend we are seeing that is in part causing the huge migration to cities is uncertainty with employment. The reality is it is easier to get a new job (let alone a good job) in a big metro with lots of businesses than it is in the middle of flyover country. For people burned by lack of employment, gainful employment, or secure employment, having a a couple companies within reasonable commuting distance is seen as a real risk since remote work is hardly common yet. In those cases, the high costs of city living are seen as the cost of upward mobility and more stable employment. Unfortunately, the net result we've been seeing with housing/rent cost increases, etc. is that this leads to a reduction in overall standard of living compared to say, the Baby Boomers. Bottom line, younger generations have the deck stacked against them in a lot of ways. Often times it is not "which is the better choice" but "which is the less worse choice."
  - resolaibohp 10y ago
    Moving somewhere less expensive might also be moving to the suburbs. Millennials seem to be very turned off to that idea, but it can significantly reduce cost of living while still being in a desirable city.
    - jordanb 10y ago
      In other words, "Drive until you qualify." This was certainly big in the 90s and 00s and still happens a great deal today but I think people have become less sanguine about it because: 1) people are more aware of the serious detriment to quality of life a long commute by car produces, 2) in many places, how far you have to drive keeps getting longer (or the roads keep getting slower), and 3) too much decentralization can close off opportunities that are theoretically in the same metropolis by pushing the commute from being arduous to being unacceptable. So the reason you moved to the metropolis (access to a large number of opportunities) evaporates as you move further to one edge.
    - linkregister 10y ago
      Before we start making tons of blanket statements about millenials' turnoffs, I think we should consider that there are plenty of rational reasons to not live in the suburbs. Plenty (non-NYC/non-SFBA) metros are equally as expensive in the suburbs due to increased transportation costs. The suburbs idea is not applicable to SV/SF since most of it is suburbs to begin with. Only a small portion of San Jose is what most people would consider city. The crux of my point is that one-liner solutions don't universally solve the problem.
- rayiner 10y ago
  Where outside high-cost areas are you going to make $16k doing a summer internship?
pavlov 10y ago
If you want to be an entrepreneur, don't bother with the college at all. Just my humble opinion, and I understand many will disagree for various rather good reasons.
- gozur88 10y ago
  I've been wondering about that. In the same time period and with the same money you could start a company, fail, and start another. As a business education that would be far better than anything you'd get in college. Seems like you'd probably want to take an accounting class or two, though, even if you didn't get a degree.
  - AstralStorm 10y ago
    Feel free to count the number of successes vs the typical rich WASP. (include dropouts in the latter number) You might learn something you do not like.
    - gozur88 10y ago
      Right, right. Because the "rich WASP" people out there have so much trouble coming out on top when the go to college. And when they don't. It's almost like they come out ahead either way. That actually doesn't bother me very much, to be honest.

by huac 10y ago

exabrial 10y ago

Move out of NYC. $16k is livable in other parts of the USA.

toomuchtodo 10y ago
Right, but the original poster is talking about a banking job that you then leverage up to a higher wage on the next rung up. You're not getting that by working at Dairy Queen in BFE.
- deleted 10y ago
  [deleted]
shostack 10y ago
A lot of people suggest moving somewhere less expensive. For banking and other industries where jobs very geo-centric, that just isn't realistic. Beyond that, I think the macro trend we are seeing that is in part causing the huge migration to cities is uncertainty with employment. The reality is it is easier to get a new job (let alone a good job) in a big metro with lots of businesses than it is in the middle of flyover country. For people burned by lack of employment, gainful employment, or secure employment, having a a couple companies within reasonable commuting distance is seen as a real risk since remote work is hardly common yet. In those cases, the high costs of city living are seen as the cost of upward mobility and more stable employment. Unfortunately, the net result we've been seeing with housing/rent cost increases, etc. is that this leads to a reduction in overall standard of living compared to say, the Baby Boomers. Bottom line, younger generations have the deck stacked against them in a lot of ways. Often times it is not "which is the better choice" but "which is the less worse choice."
- resolaibohp 10y ago
  Moving somewhere less expensive might also be moving to the suburbs. Millennials seem to be very turned off to that idea, but it can significantly reduce cost of living while still being in a desirable city.
  - jordanb 10y ago
    In other words, "Drive until you qualify." This was certainly big in the 90s and 00s and still happens a great deal today but I think people have become less sanguine about it because: 1) people are more aware of the serious detriment to quality of life a long commute by car produces, 2) in many places, how far you have to drive keeps getting longer (or the roads keep getting slower), and 3) too much decentralization can close off opportunities that are theoretically in the same metropolis by pushing the commute from being arduous to being unacceptable. So the reason you moved to the metropolis (access to a large number of opportunities) evaporates as you move further to one edge.
  - linkregister 10y ago
    Before we start making tons of blanket statements about millenials' turnoffs, I think we should consider that there are plenty of rational reasons to not live in the suburbs. Plenty (non-NYC/non-SFBA) metros are equally as expensive in the suburbs due to increased transportation costs. The suburbs idea is not applicable to SV/SF since most of it is suburbs to begin with. Only a small portion of San Jose is what most people would consider city. The crux of my point is that one-liner solutions don't universally solve the problem.
rayiner 10y ago
Where outside high-cost areas are you going to make $16k doing a summer internship?

pavlov 10y ago

If you want to be an entrepreneur, don't bother with the college at all. Just my humble opinion, and I understand many will disagree for various rather good reasons.

gozur88 10y ago
I've been wondering about that. In the same time period and with the same money you could start a company, fail, and start another. As a business education that would be far better than anything you'd get in college. Seems like you'd probably want to take an accounting class or two, though, even if you didn't get a degree.
- AstralStorm 10y ago
  Feel free to count the number of successes vs the typical rich WASP. (include dropouts in the latter number) You might learn something you do not like.
  - gozur88 10y ago
    Right, right. Because the "rich WASP" people out there have so much trouble coming out on top when the go to college. And when they don't. It's almost like they come out ahead either way. That actually doesn't bother me very much, to be honest.