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

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

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Yes but their Instagrams pics are lit!

I'll pray for you my man. That sounds rough.

What industry are you looking to work in?

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I have some bad debt right now, but none of it is student loans. I was doing great financially, but decided to buy a modest starter home and rent half of if. It was a fixer-upper, so I started a few repairs. I had to finance most of the home and the repairs. About half way through the reno, I get laid off and spend a couple months searching for a new job, but can’t find anything in my city. I end up getting a job in another city thinking I can rent out the whole house while I work over there. I get f$&ked by a bad tenet. Now, I’m stuck with the mortgage on my old house with not enough rent to pay it, and the rent for my place in the new city. I’m barely getting by, then I get sick…really sick (almost die), but the health insurance at my new job is terrible and covers nothing, AND they don’t give me adequate sick time or short term disability to recover, instead, docking my pay (they also gave me a date by which I would need to vaccinated or be terminated). Then, they jack me around about not working remote during a Hurricane when the office is wiped out and I can’t find anywhere within 100 miles with electricity. To make matters worse, the hurricane wrecks one of my side hustles completely. As a result, thinking I have another job lined up, I quit that job, but the other falls through leaving me f$&ked (led me on). I Weasel out of my lease and move back to my house after ousting the deadbeat tenet who stiffed me, but have to go in more debt to pay off the apartment. I work whatever little shitty gigs I can get and mooch off family, but it barely pays for my mortgage and some food. I have a professional degree, yet get stuck working 3 or 4 different under-employed gig jobs just to get by because I can’t get hired at a real job. It says everyone’s hiring, but I never get a call back. I just keep racking up debt thinking the next job is coming, but it never does. If something doesn’t change soon, I’m going to have to sell the house and move back in with my parents…again. I don’t even need that much money to live a very stable existence, like less than $40k, yet I just feel trapped in these dead-end gig economy jobs. I have a couple real job interviews this week, so hopefully one of them will pan out and everything will be fine again. The reality is that in the span of 18 months, I went from solidly middle class young professional to bordering on bankrupt deadbeat because I got laid off, when I was literally the last man standing on my team from the date I was hired. Yeah, I’m mad!

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Thanks for posting all that.. i actually saved your post to a folder i have, with other things that remind me of why i want to move out of America.. I am just sick of it all, and the fact is- American life is just too damn expensive.. I have bought and sold a couple homes , but at the moment i live in an apartment in a medium sized US city that i pay $1700 a month for.. it’s nice, but no penthouse or anyhting .. btw , my feelings about this pre-date Covid, or inflation , or any of this stuff- i have been feeling for at least the last 10 yrs like im getting priced out of my own country- and it’s only getting worse .

My plan is to move to a less expensive country, most likely in Central America or SE Asia, where you can live on far less money than in the US, and find remote work.. there are so many ways to make a living online right now (silver lining of the Great Pandemic, i guess) .. and many of these places have top notch healthcare so cheap that you can self-insure , and dont even dare ask about safety- with everything going on in America, i have to keep my head on a swivel wherever i go.. ive never felt less safe in my life than i do in America in 2022 .

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American life is just too damn expensive

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Reality check might be in order. Go visit the UK, for example, and report back if your tune changes.

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Reality check might be in order. Go visit the UK, for example, and report back if your tune changes.

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Ever hear of Costa Rica, Belize, Ecuador, Panama, Malaysia, The Philippines, Thailand ? You should check them out .

UK, Australia, US, et al all the same, it’s too expensive to get by, , much less get ahead .

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Reality check might be in order. Go visit the UK, for example, and report back if your tune changes.

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he mentioned asia and central america, he can definitely live on a lot less there. Hell there was a thread about california people invading mexico because it was cheaper to live there and they can work remotely. which tbh is a pretty good scam if you can keep a low profile or are in a touristy area where you don't stand out.

The discussion was about bankers. I don't think the average banker with 15 years exp makes that much. Like I said, I could be wrong.

Between housing in Mexico and paying off the cartel/Mexican cops to keep you safe they are probably still saving way more than they would be in America.

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he mentioned asia and central america, he can definitely live on a lot less there. Hell there was a thread about california people invading mexico because it was cheaper to live there and they can work remotely. which tbh is a pretty good scam if you can keep a low profile or are in a touristy area where you don't stand out.

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Agreed, on most of ur post.. but how is it a ‘scam’ to live in Mexico while making US dollars working remotely ? It’s the exact same thing im planning to do while living in Costa Rica or Thailand.. there’s actually a term for it: Geographic Arbitrage.. leveraging your ability to make first-world money while living a ‘developing country’ life with the accompanying prices.. and it’s 100% legal .