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Started By
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re: 3/4s of millennials are more than $100,000 in debt, most not from mortgages
Posted on 8/2/22 at 10:57 pm to Mingo Was His NameO
Posted on 8/2/22 at 10:57 pm to Mingo Was His NameO
quote:
What are you going to do? Does the industry you're going to be working in/with have data protocols that let their data travel outside of the US or to one man shops with low controls? Are you going to have the correct visas? Are you going to have to incorporate/form in the US to solve either enterprise or visa issues, then being subject to US taxes? You're half baked idea isn't as easy as you want it to be.
‘Half-baked’ ?? Son, ive been researching and developing a plan since damn near the start of the Great Pandemic, so for over two years now.. only reason i haven’t pulled the trigger yet is b/c a lot of countries almost completely shut their borders for a while, and ive had some family obligations that have since resolved .. Im not even saying im gonna for sure do it, but life abroad is making more and more sense every day, compared to the very real (very expensive) day-to-day issues in the USA .. Not trying to convince anyone to my way of thinking, just the original post i quoted struck a chord with me, so thought id share what i believe to be a very practical and doable way ‘out’ of the insanity we are seeing all around us .. Not everyone is in a position to do what im suggesting, but many, many expats say that relocating permanently out of the US is the best thing theyve ever done .
1
Posted on 8/2/22 at 10:59 pm to JohnnyKilroy
Boomers can't see the bullshite.
That is the biggest problem in the world. They overshoot or undershoot. The 2 groups most suspeticable to bullshite are boomers and gen Z. The rest of us have to deal with the bull crap. There are entire departments and billions of dollars spent on reconciling bullshite and spearphishing.
Been on plenty of birdhunts.
That is the biggest problem in the world. They overshoot or undershoot. The 2 groups most suspeticable to bullshite are boomers and gen Z. The rest of us have to deal with the bull crap. There are entire departments and billions of dollars spent on reconciling bullshite and spearphishing.
Been on plenty of birdhunts.
Posted on 8/2/22 at 11:03 pm to BK Lounge
quote:
but life abroad is making more and more sense every day, compared to the very real (very expensive) day-to-day issues in the USA .
You can live on a palatial estate in Lake Providence for $100k if money is what you are worried about.
Just because you've been "researching" it for 2 years doesn't mean you no shite about it. What is your idea to make money? Can you get a visa for it? If you can, will you be able to service American customers?
I know someone that specializes in moving people and their assets internationally to lower their tax burden. This shite isn't easy or a quick process.
Posted on 8/2/22 at 11:08 pm to Mingo Was His NameO
Agreed, not easy or quick in most places .. but the ability to get a visa (work vs education vs Elite vs Retirement etc etc) varies greatly by country- but im sure i dont have to tell you that.. and you dont necessarily need a ‘work’ visa to work remotely, just a visa that allows you to live in the country.. some (Philippines) are notoriously easy to get, and some (Thailand) are complex and ever-changing.. despite what you might think, ive educated myself quite a bit, enough to know that there are plenty of FAR better places to live & work in the world in 2022 than the United States of America.. you can disagree with me on that if you like, good people disagree all the time- but that’s my assessment in the current climate .
Posted on 8/2/22 at 11:16 pm to BK Lounge
quote:
and some (Thailand) are complex and ever-changing
Thailand doesn't really have a guest worker program. Thailand is unabashadly for Thais, and their bureaucracy is legendary. I nearly relocated there for a job working for a non-profit a few years back.
Posted on 8/2/22 at 11:24 pm to tigafan4life
Going to private Unis where they don’t belong. Somewhere along the line non rich kids decided they should just go to private colleges like rich kids and get worthless degrees rich kids get (since they can go back to their family money and busines) except the middle class kid just ends up with some low paying job with no prospects or family business to fall back on
Posted on 8/2/22 at 11:37 pm to Oilfieldbiology
quote:
I know kids that took out loans to be in fraternities and live in apartments despite parents living in/around BR.
Shitty parenting.
Those parents did not raise those kids right.
When kids are always given whatever they want, they make stupid financial decisions.
Posted on 8/3/22 at 12:13 am to aTmTexas Dillo
quote:
For us Boomers, adopt a millennial. Mentor them.
I already did, but it was called parenting.
Posted on 8/3/22 at 12:20 am to TigerintheNO
I can report that I paid my $400 credit card off today. No mortgage and no debt but own multiple properties. Might not be OT rich but I’m not in debt.
Posted on 8/3/22 at 12:24 am to Oilfieldbiology
quote:
What school is $125,000 a semester all totaled and what degree is even remotely worth that?
None that I am aware of, but the total was for my wife's and my total education post highschool.
Mine 48 x 4 = 192k under 71 x 3 = 223k law
Wife 58 x 4 = 232k under 65 x 4 = 260k med
I actually undershot it by $100 grand.
Docs are a lot harder to figure recoupment and they still have residency left but a lawyer with a T-14 degree going into Biglaw is going to earn at or near Cravath scale. Currently, Craveth is $235k total comp for a 1st year associate rising to $475 for a 6th year associate.
Posted on 8/3/22 at 1:36 am to TigerintheNO
Shouldn’t they file bankruptcy? They’d be better off, long term.
Posted on 8/3/22 at 1:39 am to Abstract Queso Dip
quote:
Boomers can't see the bullshite. That is the biggest problem in the world. They overshoot or undershoot. The 2 groups most suspeticable to bullshite are boomers and gen Z. The rest of us have to deal with the bull crap. There are entire departments and billions of dollars spent on reconciling bullshite and spearphishing. Been on plenty of birdhunts.
That’s just incoherent. Really. Can you tell me what you are trying to say?
Posted on 8/3/22 at 3:36 am to BeerMoney
quote:
Damn. What the frick are they doing?
Paying $400 a month in credit card interests, $500 a month on a car loan, $600 a month on student loans … none of which have a positive return. All while insurance, housing, and food costs are proportionally higher now than they were in the Great Depression.
All that makes getting ahead pretty damned hard.
Posted on 8/3/22 at 5:56 am to TigerintheNO
Vehicles. My last fiancée had great credit. I tried for over 3 years to explain why buying new cars is a bad idea. She didn’t care as long as her payment was reasonable (~500). We had ~120k in vehicle debt most of the relationship. We split a year ago. I now owe less than 5k on my vehicle. No other debt
Posted on 8/3/22 at 6:23 am to JohnnyKilroy
quote:this. there has been a massive influx of retards over the past five or six years.
The fact that so many of the OT bought the numbers in OP hook line and sinker shows how retarded this place has become.
Posted on 8/3/22 at 6:44 am to HotTakes
quote:
Honestly, I can easily see why. Spent $130 on pasta, rice, chicken, and skirt steak today to feed myself a few meals this week.
Where the F are you shopping? $130 on those items?
Take out the steak and I can buy the rest for $20 for a week’s dinners. A box of Publix brand spaghetti noodles is like $1.79
Sounds like you may be this study’s case in point. Stop buying top-shelf shite from
Whole Foods.
Posted on 8/3/22 at 6:48 am to TigerintheNO
Gender studies degrees aren't cheap!
Posted on 8/3/22 at 6:54 am to TigerintheNO
Meh, I don’t care what anyone says, but it’s just more expensive to live today. My dad paid $100 a month in health insurance to cover a family of 5. Now it’s about $600 just to cover a family.
Boomers did this.
Boomers did this.
Posted on 8/3/22 at 7:00 am to TigerintheNO
The loans are insane and the debt is insane.
I don't know what people want of us on this? The market has been insane for a while.
quote:
The average millennial spends 47% of gross monthly income on housing each month — 1.5x more than the recommended 30%.
I don't know what people want of us on this? The market has been insane for a while.
Posted on 8/3/22 at 7:08 am to BeerMoney
quote:
Damn. What the frick are they doing?
Outside of my mortgage I owe nothing.
My wife owes 140k in student loan debt for medical school. We're working on it but the shitty generation before us decided that kids make a good piggy bank and on order to be a Pediatrician my wife had to go 200k into debt.
Our higher education has absolutely fricked an entire generation and is well on the way with the next.
This post was edited on 8/3/22 at 7:09 am
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