3 ms·

>>re buried under student loans, and can't save enough for retirement. we have almost 3 years of deferment now for student loan debt, if they have not been ab

by syshum 4y ago

>>re buried under student loans, and can't save enough for retirement. we have almost 3 years of deferment now for student loan debt, if they have not been able to improve their situations in that time this speaks more to financial ignorance than it does not being able to afford things. I wonder how many of your friends know what a 50/30/20 budget is? Do they actually track all of their expenses properly, etc.

Mezzie 4y ago
One thing of note for my cohort is that those around my age (34) graduated either into or around the Great Recession. When we started school, it was all 'do what you love/any degree will do' and that changed while we were in school, so we are kind of a fucked micro-generation. Also of note is that I have a professional graduate degree, as do many of my colleagues, which tends to have higher student debt. While we've had three years of deferments and that's been awesome for people like me (and presumably you) who've been comfortably employed the whole time, a lot of people were also impacted financially by the pandemic so it ended up being a wash. Think of increased childcare costs as schools randomly closed, people who work in academia/local government being furloughed, etc. I will say that those who have done the best financially have been those who left the US. I'd also say a lot of the problem is housing. Planning can only get you so far when rent goes up every year more than your wages do. Also this doesn't address the point that my sister's friends, who are just as irresponsible, are better off.
- syshum 4y ago
  In the 2008-2010 recession I lost everything, I had no money, no home, no nothing. What I did not have was a victim mentality. I tried all kinds of things, starting my own company, working any job I could find, doing temp work, etc. I worked my ass off in the last decade to improve my situation, with the help of my family. >>(and presumably you) Nope, self educated, The only debt I have is my mortgage for which I about 50%+ positive equity, and have an aggressive pay-down rate that will see it paid in full in a few years from now to bring myself back to a debt free status I do feel for people that were sold the bill of goods that is debt funded education, personally I think the way to fund education is for people to enter the workforce and have employers fund the education of the employee's. Debt, nor government financed, is the correct way. I also do not support Student loan forgiveness, However I do support cancelling all interest on federally owned student loans. The principle however should be paid back. >>I will say that those who have done the best financially have been those who left the US. that seems very subjective, but the studies I have seen do not support that. The data indicates that lots of people in the US have improved financially. Most of the Pandemic relief payments to individuals when to pay down debt, or still sits in saving accounts. You could say that regionally, "Blue" coastal states seem to have been hit harder due to their draconian reaction to the pandemic. Nationally however I dont believe that statements bears true in the data >Planning can only get you so far when rent goes up every year more than your wages do. I agree there, Social stigma against multi-generational housing is a big contributor. Same with child raising. Family support structures is traditionally how families moved from one economic class to another. We have more than a generation now of destruction of the traditional family...

by syshum 4y ago

Mezzie 4y ago

One thing of note for my cohort is that those around my age (34) graduated either into or around the Great Recession. When we started school, it was all 'do what you love/any degree will do' and that changed while we were in school, so we are kind of a fucked micro-generation. Also of note is that I have a professional graduate degree, as do many of my colleagues, which tends to have higher student debt. While we've had three years of deferments and that's been awesome for people like me (and presumably you) who've been comfortably employed the whole time, a lot of people were also impacted financially by the pandemic so it ended up being a wash. Think of increased childcare costs as schools randomly closed, people who work in academia/local government being furloughed, etc. I will say that those who have done the best financially have been those who left the US. I'd also say a lot of the problem is housing. Planning can only get you so far when rent goes up every year more than your wages do. Also this doesn't address the point that my sister's friends, who are just as irresponsible, are better off.

syshum 4y ago
In the 2008-2010 recession I lost everything, I had no money, no home, no nothing. What I did not have was a victim mentality. I tried all kinds of things, starting my own company, working any job I could find, doing temp work, etc. I worked my ass off in the last decade to improve my situation, with the help of my family. >>(and presumably you) Nope, self educated, The only debt I have is my mortgage for which I about 50%+ positive equity, and have an aggressive pay-down rate that will see it paid in full in a few years from now to bring myself back to a debt free status I do feel for people that were sold the bill of goods that is debt funded education, personally I think the way to fund education is for people to enter the workforce and have employers fund the education of the employee's. Debt, nor government financed, is the correct way. I also do not support Student loan forgiveness, However I do support cancelling all interest on federally owned student loans. The principle however should be paid back. >>I will say that those who have done the best financially have been those who left the US. that seems very subjective, but the studies I have seen do not support that. The data indicates that lots of people in the US have improved financially. Most of the Pandemic relief payments to individuals when to pay down debt, or still sits in saving accounts. You could say that regionally, "Blue" coastal states seem to have been hit harder due to their draconian reaction to the pandemic. Nationally however I dont believe that statements bears true in the data >Planning can only get you so far when rent goes up every year more than your wages do. I agree there, Social stigma against multi-generational housing is a big contributor. Same with child raising. Family support structures is traditionally how families moved from one economic class to another. We have more than a generation now of destruction of the traditional family...