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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 7:51 pm to Oilfieldbiology
Posted on 8/2/22 at 7:51 pm to Oilfieldbiology
What about the millennials graduating college during peak market crash? That still their fault? I was one of them. My first job was essentially a debt collector. A large portion of debt collection and loans for couches were to boomers. If they didn't pay we garnished their wages. If we couldn't garnish their wages we went and took the couch. Taking back a couch from a boomer living in a double wide with a shotgun pointed at you will change your mind on boomers.
This post was edited on 8/2/22 at 7:52 pm
1
Posted on 8/2/22 at 7:52 pm to Oilfieldbiology
quote:
I make great money for a 34 year old
That's completely subjective
quote:
I’ve got 3 friends in the garden district in NOLA, 3 in the garden district in BR, and all driving full sized trucks or big suvs.
I should have gone into banking.
I mean, if they are in banking (as in real banking not some teller) they should be making a couple hundred thousand, or close anyway. I'm not sure why you find someone having a nice vehicle and home 15 years into their career as some surprise
Posted on 8/2/22 at 7:53 pm to TigerintheNO
We just paid off our last personal loan.
Our debt now is:
$22k student loans from my accounting degree
$13.5k left on our auto
We use credit cards, but pay them off in full each month just to get reward points.
The thought of taking out any more debt makes me sick. We clawed out of a hole that we dug for ourselves starting around 2015. We were around $30-35k in debt in the form of CCs and store credit, and that's without any student loans. We'd pay the minimums and that balance would get bigger and bigger. Eventually had to be real with myself.
I handle the finances. My wife knows all the accounts and how I budget, and I've tried to get her more involved, and to her credit she knows way more now, but she hates it. The other day we were looking at our checking/savings that is looking quite comfortable (relative to where we used to be) and she said "How do we have so much now and we used to always be broke the day after paying rent?"
In my estimation, if what our spending habits used to be, and what our peers spend on now, it's mostly food, tech, and travel, coupled with the inability to account for spending. My buddy doesn't know the exact amount of his truck note, which IMO is bananas.
A lot of people are also terrified of putting that budget on paper because once you see it clear cut that you're a broke arse living on credit and faking the fact that you're doing okay, you can't deny it. There's nothing to do but feel bad about your situation and try to improve.
Our debt now is:
$22k student loans from my accounting degree
$13.5k left on our auto
We use credit cards, but pay them off in full each month just to get reward points.
The thought of taking out any more debt makes me sick. We clawed out of a hole that we dug for ourselves starting around 2015. We were around $30-35k in debt in the form of CCs and store credit, and that's without any student loans. We'd pay the minimums and that balance would get bigger and bigger. Eventually had to be real with myself.
I handle the finances. My wife knows all the accounts and how I budget, and I've tried to get her more involved, and to her credit she knows way more now, but she hates it. The other day we were looking at our checking/savings that is looking quite comfortable (relative to where we used to be) and she said "How do we have so much now and we used to always be broke the day after paying rent?"
In my estimation, if what our spending habits used to be, and what our peers spend on now, it's mostly food, tech, and travel, coupled with the inability to account for spending. My buddy doesn't know the exact amount of his truck note, which IMO is bananas.
A lot of people are also terrified of putting that budget on paper because once you see it clear cut that you're a broke arse living on credit and faking the fact that you're doing okay, you can't deny it. There's nothing to do but feel bad about your situation and try to improve.
Posted on 8/2/22 at 7:54 pm to Abstract Queso Dip
quote:
What about the millennials graduating college during peak market crash? That still their fault? I was one of them. My first job was essentially a debt collector. A large portion of debt collection and loans for couches were to boomers. If they didn't pay we garnished their wages. If we couldn't garnish their wages we went and took the couch. Taking back a couch from a boomer living in a double wide with a shotgun pointed at you will change your mind on boomers.
Did you take out mortgage sized loans for anything other than a Medical or Law degree? Did you spend all 4 years at the main campus to achieve that degree? Did you get a non-STEM degree?
Posted on 8/2/22 at 7:55 pm to TigerintheNO
These reports always suck. There are over 70 million millennials and they surveyed 1k of them — probably a bunch of kids from liberal arts schools that are waiting tables in an a big city.
Here’s more focused data on student loans and it says 14.8mil millennials have student loan debt at an average of $38,877.
LINK
Here’s more focused data on student loans and it says 14.8mil millennials have student loan debt at an average of $38,877.
LINK
Posted on 8/2/22 at 7:56 pm to Mingo Was His NameO
quote:
I mean, if they are in banking (as in real banking not some teller) they should be making a couple hundred thousand, or close anyway. I'm not sure why you find someone having a nice vehicle and home 15 years into their career as some surprise
I honestly have no idea how much other professions make, hence why I want to ask, but am too chicken shite to actually ask it, how much they make. Hell, I found out last week I really don’t even know what the true professionals in my industry make.
Do 10-15 year bankers in NOLA and BR really make $200,000+?
This post was edited on 8/2/22 at 7:59 pm
Posted on 8/2/22 at 7:57 pm to TigerintheNO
Dang, that’s just wild. Even with a mortgage I’m not 100k in debt. And the funny thing is, they don’t give a frick. They’re just expecting a bunch of fricking loan forgiveness at some point.
Posted on 8/2/22 at 7:57 pm to TheChosenOne
quote:
Here’s more focused data on student loans and it says 14.8mil millennials have student loan debt at an average of $38,877.
That makes so much more sense.
Posted on 8/2/22 at 7:58 pm to Oilfieldbiology
quote:
Do 10-15 year bankers in NOLA and BR really make $200,000+?
The word "banker" means too many things to answer.
Posted on 8/2/22 at 7:59 pm to Mingo Was His NameO
quote:
I make great money for a 34 year old
That's completely subjective
No it's not, you stupid frick. If he makes 3 million a year, almost anyone would agree with his opinion. Since you don't know what he makes it's not completely subjective.
I'm glad you're a 'numbers' guy because your grammar and your ability to write both absolutely suck. You should have stayed at your h&R block cubicle.
Posted on 8/2/22 at 7:59 pm to Mingo Was His NameO
Finance guys that work for banks and credit agencies. Not tellers.
People working on financing for businesses and developments.
People working on financing for businesses and developments.
Posted on 8/2/22 at 8:00 pm to Oilfieldbiology
quote:
That makes so much more sense
No it doesn’t because that’s student loan debt. The non student loan debt is what we are talking about
Posted on 8/2/22 at 8:00 pm to LCA131
quote:
No it's not, you stupid frick. If he makes 3 million a year, almost anyone would agree with his opinion. Since you don't know what he makes it's not completely subjective.
I can tell you it’s certainly not $3,000,000
A man can dream though.
Posted on 8/2/22 at 8:01 pm to xxTIMMYxx
quote:
No it doesn’t because that’s student loan debt. The non student loan debt is what we are talking about
No we are talking about the non mortgage debt
Posted on 8/2/22 at 8:02 pm to TigerintheNO
Responsible adults are already paying for their irresponsible spending habitats.
Housing and rent costs go up for everyone when a sizable segment of society is living beyond their means.
This is the big elephant in the room. Someone is going to have to pay for these loans eventually, and it’s not going to be the actual borrowers.
quote:
The average millennial spends 47% of gross monthly income on housing each month — 1.5x more than the recommended 30%.
Housing and rent costs go up for everyone when a sizable segment of society is living beyond their means.
quote:
Over 70 percent of millennials have some form of non-mortgage debt with the average millennial owing $117,000, according to the report.
This is the big elephant in the room. Someone is going to have to pay for these loans eventually, and it’s not going to be the actual borrowers.
Posted on 8/2/22 at 8:02 pm to TigerintheNO
No wonder they all want to chop off their dicks.
Posted on 8/2/22 at 8:03 pm to BeerMoney
quote:
Damn. What the frick are they doing
Starbucks and avocado toast. If only we cut those expenses we'd be debt free and own a home.
Posted on 8/2/22 at 8:04 pm to TigerintheNO
Wife and I each had over 100k in student loans. During Covid we paid them off, bought a house and invested wisely. It was a massive sacrifice. Would I love to buy a new Lexus or take a 20k vacation? Sure. But feels so much better to be student loans free and to have a quality nest egg to fall back on.
Posted on 8/2/22 at 8:05 pm to theronswanson
All Y’all both doctors or nurses?
Posted on 8/2/22 at 8:07 pm to Oilfieldbiology
quote:
can tell you it’s certainly not $3,000,000
My point is his inability to write effectively and accurately. He uses adjectives poorly, trying to strengthen his point, but it's does the opposite. It MAY be subjective, but it's not completely subjective. It makes his point wrong. It shows his ignorance and reveals some of his insecurities.
I wish it was 3MM for you too.
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