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Started By
Message
re: 50% of millennials think they need $300,000 or less to retire in comfort
Posted on 8/19/21 at 8:39 am to FinleyStreet
Posted on 8/19/21 at 8:39 am to FinleyStreet
quote:
If you're the one signing on the dotted line then you should know exactly what you're signing up for.
You read all of the terms and conditions you accept?
0
Posted on 8/19/21 at 9:09 am to thunderbird1100
Like when an 18 year old signs on a dotted line to serve in the military for 8 years with an overseas vacation? Are 18 year olds wise enough to vote? If you’re responsible to vote in MY president, you’re responsible enough to know what you’re getting into with a loan.
Posted on 8/19/21 at 12:04 pm to thunderbird1100
quote:
Almost every single kid signing up for unsecured student loans really has no idea what they're ultimately getting into because there's simply no education around it
WTF
Every single kid knows that when they borrow money that it needs to be returned.
Just like borrowing a car needs to be returned.
Just like borrowing a phone needs to be returned.
When do we pretend that 18 year olds dont know what the term borrow means? Or the more difficult term:borrower
If kids are soft, it is because people lay this soft as charmin level of expectation that the word "borrow" needs some masters degree to understand.
Edit to add: i live in a poor hick town and i promise you that i can go into our kindergarten classes and 95% of the students know what borrowing means.
This post was edited on 8/19/21 at 12:08 pm
Posted on 8/19/21 at 12:48 pm to meansonny
quote:
I'm a millenial and my retirement goal has always been around 300k. But that's by 35, not 65. If I have 300k in long term investments by 35 I can let it sit and compound for 30 years and be OK even if I weren't able to add another penny after 35.
Noticed the DVs
What would be wrong with this? I mean, I wouldn’t stop savings contributions, but would ease the urgency.
Posted on 8/19/21 at 2:04 pm to tigNstick629
Agreed
Posted on 8/19/21 at 4:13 pm to thunderbird1100
quote:That's really stupid. Besides, even if you get 'tricked' into borrowing -- tough shite. Pay it back and learn your lesson.
Kids who are 18 typically dont understand that, that's the point here.
Posted on 8/19/21 at 5:50 pm to RoyalWe
Y’all are underestimating young students and even worse their dumb arse parents. My wife works in a financial aid office and the amount of stupidity that comes through their office is quite comical and sad. The majority of the parents are just as bad. These people think filling out their FASFA is rocket science.
From all the stories she tells me I do not look forward to seeing how America’s work force unfolds in the next 10-15 years.
From all the stories she tells me I do not look forward to seeing how America’s work force unfolds in the next 10-15 years.
Posted on 8/19/21 at 7:42 pm to AUlock54
quote:Not really. It's just not my fault nor should it be my problem. I file most of 'financial education' as common sense. Sure, it opened my eyes to learn about compounding interest but otherwise the basic rules shouldn't need to be pointed out because they are so simple. So this "poor me" and "nobody told me" is bullshite. Take some personal responsibility for every decision you make and never let someone else do your thinking for you.
Y’all are underestimating young students and even worse their dumb arse parents.
This post was edited on 8/19/21 at 7:44 pm
Posted on 8/19/21 at 8:07 pm to RoyalWe
quote:
Not really. It's just not my fault nor should it be my problem. I file most of 'financial education' as common sense. Sure, it opened my eyes to learn about compounding interest but otherwise the basic rules shouldn't need to be pointed out because they are so simple. So this "poor me" and "nobody told me" is bullshite. Take some personal responsibility for every decision you make and never let someone else do your thinking for you.
Not wanting more financial literacy is a weird hill to die on
Posted on 8/19/21 at 8:27 pm to Mingo Was His NameO
quote:LOL. I'm all about some financial literacy -- just save your sob stories how you didn't know if you spend more than you earn that there is a problem.
Not wanting more financial literacy is a weird hill to die on
Posted on 8/19/21 at 8:39 pm to RoyalWe
quote:
LOL. I'm all about some financial literacy -- just save your sob stories how you didn't know if you spend more than you earn that there is a problem.
The reality is if it were easy and everyone could intuitively understand it there wouldn't be poor people. You can sit here and wax poetic all day about how easy it is and that doesnt change a damn thing about the truth
Posted on 8/19/21 at 8:59 pm to Mingo Was His NameO
quote:I can't hear you. I'm too far away from you sitting on this large pile of cash.
The reality is if it were easy and everyone could intuitively understand it there wouldn't be poor people. You can sit here and wax poetic all day about how easy it is and that doesnt change a damn thing about the truth
Posted on 8/19/21 at 9:03 pm to RoyalWe
I agree there’s no excuses but there’s people that tell my wife to give them the most in loans that they can get because they expect the government or somebody else to pay for them.
It just boils my blood knowing that there’s sorry people like this.
I didn’t get any assistance from my parents other than gas and some books here and there and worked throughout college. Thankfully I had scholarships but did have to get about $10,000 in student loans. The day I got my degree I cut a check for almost $10,000 that I saved so I wouldn’t have to worry about interest.
It just boils my blood knowing that there’s sorry people like this.
I didn’t get any assistance from my parents other than gas and some books here and there and worked throughout college. Thankfully I had scholarships but did have to get about $10,000 in student loans. The day I got my degree I cut a check for almost $10,000 that I saved so I wouldn’t have to worry about interest.
Posted on 8/20/21 at 4:32 am to el Gaucho
quote:
Based millenials don’t care about retirement like you cringe boomers do.
i'm 24
Posted on 8/20/21 at 8:05 am to turkish
quote:
So it would be easy for their parents to understand that?
Its not their parents signing up for the loans, it's them. Unless they did PLUS
Posted on 8/20/21 at 8:09 am to FinleyStreet
quote:
I realize a lot of kids don't get it. But they should. The thing is, when it comes to loans, it isn't a difficult concept to grasp
If it's not a difficult concept to grasp, we should be teaching kids about it in school. I dont know why this just cant be a mandatory thing.
To simply hope they all get it when there's literally no real education around it is pointless. This is like someone starting a new job in a new field on day 1 and thinking they should just "Get it". Well they wont because it's a new job in a new field on day 1. After training, THEN they should get it, but most jobs dont expect newbies to get it on day 1. They would expect you to get it after training. Training is what's really needed here, because if they have the education, then it's really hard to feel any remorse at that point since it's an informed decision they are making when 18.
Posted on 8/20/21 at 8:17 am to RoyalWe
quote:
That's really stupid. Besides, even if you get 'tricked' into borrowing -- tough shite. Pay it back and learn your lesson.
It's amazing how some of you still dont get. We have nearly 2 trillion in student loan debt out there but there's no problem there
All I'm pointing out is MAYBE a little actual education to those kids couldnt hurt before our government hands out tens of thousands of dollars of unsecured debt to a teenager to get their education. All I'm saying here. It WOULD be hard to at that point to feel bad for someone who IS at least informed of what they're doing rather than saying "WHAT, tough shite bro, consequences have actions" when they likely had no idea what they were getting into going into it.
The biggest issue here is the government being a huge bank loan for people this young for unsecured debt, but we all know they wont stop doing it, despite it driving the price of education way up over the last few decades. If that money supply alone got chopped off, the price of college would plummet. Instead, schools can continue to charge whatever they want and raise prices astronomically every year because they know people will just continue to borrow more and more to fund it while the government happily obliges.
This post was edited on 8/20/21 at 8:20 am
Posted on 8/20/21 at 8:19 am to AUlock54
quote:
I agree there’s no excuses but there’s people that tell my wife to give them the most in loans that they can get because they expect the government or somebody else to pay for them.
It just boils my blood knowing that there’s sorry people like this.
This is another big problem when we have 1 party dangling student loan debt cancellation around multiple times every single year. It just makes the problem even worse. I know people from last year after Biden got elected that said "I'm definitely not paying on those student loans since they said they will forgive them now".
Then earlier this week when Biden said they are canceling student debt for those with permanent disabilities, "IT'S COMING!!!"
This post was edited on 8/20/21 at 8:22 am
Posted on 8/20/21 at 9:00 am to thunderbird1100
quote:Wrong. That's the point. It's intuitively obvious that when you take a loan you are paying it back. People who know that and assume they won't be paying it back or that it will be forgiven are just assholes.
It WOULD be hard to at that point to feel bad for someone who IS at least informed of what they're doing rather than saying "WHAT, tough shite bro, consequences have actions" when they likely had no idea what they were getting into going into it.
You know we have government regulations that require detailed information regarding the loan to be provided? That's right. They tell you the term of the loan, how much you will receive up front, your payments, the interest you would pay over the life of the loan if you didn't pay it off early, etc. They have to show this to you before you sign the paperwork. I think even then you can back out of it.
Posted on 8/20/21 at 9:41 am to thunderbird1100
quote:
The biggest issue here is the government being a huge bank loan for people this young for unsecured debt, but we all know they wont stop doing it, despite it driving the price of education way up over the last few decades. If that money supply alone got chopped off, the price of college would plummet. Instead, schools can continue to charge whatever they want and raise prices astronomically every year because they know people will just continue to borrow more and more to fund it while the government happily obliges
Only part i agree with.
Are you implying that an 18 year old doesnt know that a "loan" is "borrowing" and it must be returned?
You believe the problem is understanding what those words mean? Honestly.
Or maybe... some people have self destructive tendancies and in more ways than this sabotage their tomorrows for joys today (consequences be damned, yolo).
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