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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 8:58 pm to Turf Taint
Posted on 8/2/22 at 8:58 pm to Turf Taint
quote:
Why can't Millennials live below their means?
I reckon the same reasons every other generation alive can't.
1
Posted on 8/2/22 at 8:59 pm to Abstract Queso Dip
Let's talk about prosecutors and crime.
What generation are the woke prosecutors and judges? Are they millennials. Who appointed them?
What generation are the woke prosecutors and judges? Are they millennials. Who appointed them?
Posted on 8/2/22 at 8:59 pm to Abstract Queso Dip
quote:no they didn’t
Boomers said cigarettes were healthy
Posted on 8/2/22 at 9:00 pm to Abstract Queso Dip
quote:
What generation are the woke prosecutors and judges? Are they millennials. Who appointed them?
Boomers, Gen X, and Millennials
You are coming off as unhinged
This post was edited on 8/2/22 at 9:01 pm
Posted on 8/2/22 at 9:01 pm to Turf Taint
quote:
Why can't Millennials live below their means?
A. Don't want to sacrifice lifestyle
B. Don't have a choice in the matter
C. Don't know chit about personal finance
D. YOLO, suck it
I imagine there are plenty in each of these categories.
Some millennials are actually successful, save money, build wealth, etc. It's almost like every other generation in history.
Posted on 8/2/22 at 9:01 pm to Abstract Queso Dip
quote:No
the best way to make a living getting a JD is to be woke influencer or an ambulance chaser.
Posted on 8/2/22 at 9:04 pm to TigerintheNO
Haven’t read the whole thread so maybe someone has pointed it out, but there are some odd assertions in this survey. For starters:
The survey says they polled millennials on how much student loan debt they had, with the following responses:
$10,000-$99,999: 54%
$100,000-$199,999: 12%
$200,000-$299,999: 11%
$300,000-$399,999: 9%
$400,000-$499,999: 8%
$500,000: 5%
The statement is incredibly misleading. The survey results say:
- 72% of millennials have non-mortgage debt.
- Of that 72%, 48% (35% overall) have student loan debt.
- Of that 35%, 46% (16% overall) have >$100,000 in student loan debt.
So the survey results find that 16% of millennials have >$100k in student loan debt, but declares that “The Average Millennial Owes More Than $100,000 in Student Loan Debt” (in large font as a section heading, no less).
This is probably due to a rather dubious use of averages vs. medians (which are far more meaningful) along with a failure to properly qualify that they are talking about specific subgroups. I’d be willing to bet that the vast majority of millennials with student loan debt >$100k are doctors and lawyers (ETA: Or high-end B-school grads as someone suggested below.)
Regardless of the reason, it’s enough for me to conclude that this “Real Estate Witch” survey is probably garbage.
quote:
- Nearly half of millennials with debt (48%) say they have student loans, with the average respondent owing $126,993.
The survey says they polled millennials on how much student loan debt they had, with the following responses:
$10,000-$99,999: 54%
$100,000-$199,999: 12%
$200,000-$299,999: 11%
$300,000-$399,999: 9%
$400,000-$499,999: 8%
$500,000: 5%
The statement is incredibly misleading. The survey results say:
- 72% of millennials have non-mortgage debt.
- Of that 72%, 48% (35% overall) have student loan debt.
- Of that 35%, 46% (16% overall) have >$100,000 in student loan debt.
So the survey results find that 16% of millennials have >$100k in student loan debt, but declares that “The Average Millennial Owes More Than $100,000 in Student Loan Debt” (in large font as a section heading, no less).
This is probably due to a rather dubious use of averages vs. medians (which are far more meaningful) along with a failure to properly qualify that they are talking about specific subgroups. I’d be willing to bet that the vast majority of millennials with student loan debt >$100k are doctors and lawyers (ETA: Or high-end B-school grads as someone suggested below.)
Regardless of the reason, it’s enough for me to conclude that this “Real Estate Witch” survey is probably garbage.
This post was edited on 8/2/22 at 9:09 pm
Posted on 8/2/22 at 9:05 pm to TigerintheNO
Ouch
Posted on 8/2/22 at 9:06 pm to Hou_Lawyer
quote:
Unless it’s law (not unequivocally, but very dependent on school ranking and/or specific practice group) or med school - you have to be an absolute moron to incur >$30/40k for any postgraduate degree
What about a place like GSB, Booth, or Sloan where you can come out making $170-200k?
Posted on 8/2/22 at 9:07 pm to Abstract Queso Dip
quote:
Abstract Queso Dip
Put down your white claw and eat something. It's time for bed.
Posted on 8/2/22 at 9:10 pm to YungBuck
quote:
I’m 24 and will be 115k in the hole after PT school, but living within my means and also doing travel PT allows me to pay it back. 39k for 13 weeks of work is how I’ll slowly get back to 0 debt, don’t lump us all into the same group
What do PT’s make after a few years? Is $3k per week tops?
Posted on 8/2/22 at 9:12 pm to Turf Taint
B and C
Posted on 8/2/22 at 9:13 pm to TigerintheNO
quote:this is extremely misleading
Nearly three quarters of millennials are more than $100,000 in debt, most not from mortgages
Posted on 8/2/22 at 9:14 pm to TheChosenOne
quote:
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.
The fact that so many of the OT bought the numbers in OP hook line and sinker shows how retarded this place has become.
The average student loan debt in the US is about 32k per the Fed and Millenials hold BY FAR those most student loan debt of any generation. And this survey is supposed to convince us that the average millennial (that holds SL debt) is holding nearly 4x the average?
Y'all should have seen this was BS on it's face.
This post was edited on 8/2/22 at 9:21 pm
Posted on 8/2/22 at 9:14 pm to Oilfieldbiology
quote:
Hell, I found out last week I really don’t even know what the true professionals in my industry make
How old are you?
Posted on 8/2/22 at 9:15 pm to JohnnyKilroy
34
I was an individual contributor in an engineering/technical role until about 3 years ago. Recently made a position change to a role with greater responsibilities and am now seeing/hearing what some long time professionals were/are making.
I was an individual contributor in an engineering/technical role until about 3 years ago. Recently made a position change to a role with greater responsibilities and am now seeing/hearing what some long time professionals were/are making.
This post was edited on 8/2/22 at 9:19 pm
Posted on 8/2/22 at 9:15 pm to Hou_Lawyer
quote:
Unless it’s law (not unequivocally, but very dependent on school ranking and/or specific practice group) or med school - you have to be an absolute moron to incur >$30/40k for any postgraduate degree
This couldn't be further from the truth
Posted on 8/2/22 at 9:16 pm to GreenRockTiger
quote:
no they didn’t
Please... And Just remember, he's pretty good at debate (master debater?)..
Posted on 8/2/22 at 9:17 pm to TigerintheNO
how the fuuuuck do you get 100k in debt besides a mortgage??? Even a credit card will max you out at like 25k tops and at that point you take out a lower APY loan. From there you need another 75k, what the frick can that be in? Student loans? You shouldn't have more than 50k+ in loans unless you're a doctor or making a similar income.
Also aren't millennials as a generation due for a massive wealth transfer when the baby boomers die off? how much do you want to bet most of them will waste all that money and be poor again.
Also aren't millennials as a generation due for a massive wealth transfer when the baby boomers die off? how much do you want to bet most of them will waste all that money and be poor again.
This post was edited on 8/2/22 at 9:19 pm
Posted on 8/2/22 at 9:18 pm to USMCguy121
quote:
Even a credit card will max you out at like 25k tops
You do know not everyone has the same credit line right?
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