re: 3/4s of millennials are more than $100,000 in debt, most not from mortgages

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A lot better than the alternative, no?

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I wish our government would quit screwing with the hospitals and insurance companies so these prices would go down.

I love all the retarded boomers thinking that millennials are in debt because they buy Starbucks every morning.

This generation is in massive debt because of the financial landscape that YOU passed on to them.

$35,000 a year for college tuition.
$800,000 for a decent home.
$50,000 for a car.

And frick all you boomers for being like “in my day I bought a car and a house all by just saving my money and working one summer.”

You really think that’s possible today?

Even entry level jobs in business require a masters degree and experience.

So dense.

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$800,000 for a decent home.

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Where the frick are you living? Leave California, baw.

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Debt slaves. Right where the mean machine wants them.

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Quoting this for truth, since it’s exactly right .


Find your way out, whichever way that might be.. for me, it’s going to entail living in a low cost of living country, almost all of which happen to be much safer than the US.. for others reading this, your ‘way out’ may be something different, maybe something ive never thought of.. but to just keep accruing debt, engaging in the consumerist mentality on the hamster wheel and be under the thumb of the machine til you die, to me is no way to live .

Just read a few pages and posts, and just like I expected it is a bunch of millennials playing the victim and blaming others.

I love guys who move to Thailand acting like they’re not sex-pats

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Even entry level jobs in business require a masters degree and experience.

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I don't know what "in business" means specifically, but I know of at least one business where this isn't true. I actually know of at least a couple since not all offers I extend are accepted, and I don't think they just decided not to get a job.

Alright I’ll play.

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The average millennial spends 47% of gross monthly income on housing each month — 1.5x more than the recommended 30%.

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Assuming gross is before taxes, 19%. I don’t think that’s a very useful metric anyway. The more useful one is after-tax income, which for me is 25%.

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77% of millennials already have children or want them in the future, but 1 in 4 (25%) say they can’t afford them.

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Want in the future, can’t afford right now, but don’t have a potential wife in the picture anyway. By the time I do I’ll be fine.

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The most common type of debt among millennials is credit card debt, with 67% of those with debt carrying a balance.

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Technically yes, but not of the type this stat makes you think. I use my credit card for all my everyday purchases and just keep tabs on my spending and pay it off every month. Never missed a payment.

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Nearly half of millennials with debt (48%) say they have student loans, with the average respondent owing $126,993.

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Yup, over $100K here. Thanks law school. As specifically regards my field, I don’t overly mind it being expensive, since we don’t really need a proliferation of lawyers.

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More than half of millennials (53%) own a home, but 1 in 6 millennial homeowners (16%) regret their purchase.

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Not applicable.

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Of those who don’t own a home, nearly 1 in 3 (30%) don’t think they’ll ever be able to afford one.

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Not applicable either—I don’t own a home but I know I’ll eventually be able to afford one.

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One-fourth of millennials (25%) aren’t confident they could afford a $500 emergency expense out of pocket, and one-third (33%) don’t think they could afford a $1,000 emergency.

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Got this covered.

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Not saving enough is the No. 1 financial regret among millennials (37%).

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That’s definitely true, I wish I’d been saving since I was 18. But it wasn’t really feasible when I was trying to get through undergrad and working unskilled jobs.

So now that I’ve proven to the bloviating Boomers in the crowd that I’m not some yuppie with a gender studies degree drowning my debt tears in Starbucks…

The state of our system’s financing of education is absolutely atrocious. If you want to take advantage of the potential productivity of the Information Age then you can’t have people going into virtual debt slavery just to get the expertise to function as a productive worker in an Information Age economy. Nowhere else in the world does this. All you have to do is step outside yourself and take one objective look at the broader system to see that it’s completely fricked.

The fact that 25% of a generation says it can’t afford kids is damning. In a just society, mismanagement of society on this level would be treason. Instead it’s celebrated by people who would rather stroke their egos about how good they have it than leave anything better than they found it.

You want to know why so many millennials are either socialists/communists or fascists? Here you go. America’s elite stripped all transcendence from life. The average young person is hopelessly alienated and isolated and has no community to fall back on. His entire existence is defined solely in materialistic, commercialized terms, because the system took away from him any higher purpose than that long before he was old enough to do anything about it. Then, having reduced life in America to an endless series of transactions, where the only loyalty one could possibly feel to the state and to society is transactional, the elite next set about taking away the material incentive to buy into the system. If you’re going to reduce society to a mercenary’s existence and then skimp out on paying the mercenaries, you can’t be surprised when they turn tail on you and decide they want to burn it down.

Natural result of free trade. More labor = less wages but more demand for products and services along with more supply but not at the same rate as demand = inflation