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re: Gen y takes after their parents when it comes to finances- 75% of millennials are in debt
Posted on 4/4/18 at 9:49 pm to GreatLakesTiger24
Posted on 4/4/18 at 9:49 pm to GreatLakesTiger24
Oh, this thread again
0
Posted on 4/4/18 at 9:52 pm to GreatLakesTiger24
What happen to that other article that stated 1 out of 6 millineals has 100K saved.
Posted on 4/4/18 at 9:54 pm to GreatLakesTiger24
quote:
did you read anything other than the title of the thread
Yes what you quoted.
As I said consumer debt is generally bad, anything else you can't tell from far away. Having a mortgage isn't bad in and of itself. Having a mortgage you can't afford is bad. I don't need to read the article to know that.
Posted on 4/4/18 at 10:16 pm to GreatLakesTiger24
Posted on 4/4/18 at 10:21 pm to Btrtigerfan
Posted on 4/4/18 at 10:25 pm to GreatLakesTiger24
quote:
GreatLakesTiger24
You’re a 23yr old who majored in polysci aren’t you? Maybe a masters.
No, no masters. Never mind.
Posted on 4/4/18 at 10:28 pm to GreatLakesTiger24
How is this in any way shocking? Student loans, med school/grad school debt, financing a car, etc.
These are all standard things for many people and not necessarily a worrying sign.
A far more interesting article would show credit card debt greater than 2-3K.
These are all standard things for many people and not necessarily a worrying sign.
A far more interesting article would show credit card debt greater than 2-3K.
Posted on 4/4/18 at 10:30 pm to GreatLakesTiger24
quote:
how do people live like t
Sometimes people live no particular way but their own.
Posted on 4/4/18 at 10:31 pm to Barstools
quote:
Nope, I rent.
Even worse. Zero equity being built with that rent money.
Posted on 4/4/18 at 10:32 pm to LSUAlum2001
quote:
Even worse. Zero equity being built with that rent money.
Really dumb take without having more info.
Posted on 4/4/18 at 10:35 pm to Whoopdedo_LSU
quote:where do you people come up with this shite
You’re a 23yr old who majored in polysci aren’t you? Maybe a masters.
Posted on 4/4/18 at 10:49 pm to Keys Open Doors
quote:
A far more interesting article would show credit card debt greater than 2-3K.
Well, that's what all of you lame brains are missing.
By far, the greatest share of this debt is tied to credit cards.
Posted on 4/4/18 at 10:50 pm to GreatLakesTiger24
Haha, fricking losers. I'm at least $500 in the black.
Posted on 4/4/18 at 10:51 pm to lsu xman
quote:
What happen to that other article that stated 1 out of 6 millineals has 100K saved.
Wow, you’re right. Having money in the bank or a brokerage account or retirement account is mutually exclusive with having debt.
Posted on 4/4/18 at 10:54 pm to LSUAlum2001
quote:
Even worse. Zero equity being built with that rent money
Depends...on a lot. You aren't building dick for equity the first ten years of a 30. You also gotta pay for a lot of extra shite than renters and depending on where you live it might be a lot.
Posted on 4/4/18 at 10:55 pm to GreatLakesTiger24
You mean people in their early thirties and younger have mortages, student debt, and car notes? Weird.
The credit card debt burden needs some examination though. How bad is the debt on the credit cards and is it really any worse than any other generation.
The credit card debt burden needs some examination though. How bad is the debt on the credit cards and is it really any worse than any other generation.
This post was edited on 4/4/18 at 10:56 pm
Posted on 4/4/18 at 10:58 pm to GreatLakesTiger24
Given your stats have no quantities, its hard to pass judgement on someone having say $100 in CC debt and a mortgage. Yet they make no attempt to reconcile assets, so theres no way to know their net worth.
Garbage in, garbage out.
Garbage in, garbage out.
Posted on 4/4/18 at 11:00 pm to Smart Post
quote:
Well, that's what all of you lame brains are missing.
By far, the greatest share of this debt is tied to credit cards.
Link?
Posted on 4/4/18 at 11:56 pm to Keys Open Doors
quote:
How is this in any way shocking? Student loans, med school/grad school debt, financing a car, etc.
These are all standard things for many people and not necessarily a worrying sign.
My exact thoughts. I am firmly a Millennial and I would not fall in the "no debt" category....by choice.
Credit card debt (actually carrying a balance, not using it as a revolver) is the only one that would scare me on the list. Student loan debt is very manageable as long as you are getting a degree/gained skills in valued professions (aka medicine) or you keep it under ~$100K and have an average profession.
No issue with a doctor in $250K in student loan debt. Yes, it sucks that it takes that much money to go through the educational system [which is a separate conversation] but the ROI is still there (even as an internist and not a specialist).
quote:
A far more interesting article would show credit card debt greater than 2-3K.
The tough part here is that the people with this debt likely do not understand just how bad it is for them financially. Why we can graduate high school without taking a personal finance course is a disservice to the citizenry.
Posted on 4/5/18 at 12:12 am to GreatLakesTiger24
Most millenials have middle class or lower class parents.
The lower class for sure can’t held their kid pay for college and probably around 45% of middle class families, with parents who have a steady job, still can’t afford college without loans. Nature of the beast if you want a college degree and most think that’s the safe way to go unless you want to work offshore, work at a plant or are born into money.
Most of the time they come out with a bachelors and 20-30k in debt. Having a bachelors used to mean something. It no longer does. It’s almost equivalent to a high school diploma. No one tells them that shite, though.
The lower class for sure can’t held their kid pay for college and probably around 45% of middle class families, with parents who have a steady job, still can’t afford college without loans. Nature of the beast if you want a college degree and most think that’s the safe way to go unless you want to work offshore, work at a plant or are born into money.
Most of the time they come out with a bachelors and 20-30k in debt. Having a bachelors used to mean something. It no longer does. It’s almost equivalent to a high school diploma. No one tells them that shite, though.
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