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re: Gen y takes after their parents when it comes to finances- 75% of millennials are in debt
Posted on 4/5/18 at 12:15 am to lynxcat
Posted on 4/5/18 at 12:15 am to lynxcat
One of my good friends and his wife are both about 200K in debt right now. They are both doing residencies at Harvard and I am sure that 400K of debt will be gone in less than 5 years, and in the 5 years after that, they will have more than enough money to buy a home and save as much as they want and be able to send their future children to private school (if they wish).
I realize that is an extreme example, but I would guess the majority of my colleagues are about 80-90K in debt for school at this point. But they also have money in savings, 401K, and likely with a brokerage.
As you, me, and others have said, there is good debt and bad debt, just like with corporations. Now anyone who is maxing out credit cards to buy clothes or go on extravagant vacations is an idiot. But the article lacks the information to really draw important conclusions.
Did you do grad school? I think that's the biggest debt factor for a lot of people 25-35. I am debt free at the moment, but I will be taking out a mortgage to buy a house in the next 2-3 years.
I realize that is an extreme example, but I would guess the majority of my colleagues are about 80-90K in debt for school at this point. But they also have money in savings, 401K, and likely with a brokerage.
As you, me, and others have said, there is good debt and bad debt, just like with corporations. Now anyone who is maxing out credit cards to buy clothes or go on extravagant vacations is an idiot. But the article lacks the information to really draw important conclusions.
Did you do grad school? I think that's the biggest debt factor for a lot of people 25-35. I am debt free at the moment, but I will be taking out a mortgage to buy a house in the next 2-3 years.
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Posted on 4/5/18 at 1:24 am to GreatLakesTiger24
quote:
millennials — those 18 to 34 years old
First age range I've seen that doesn't consider me a millenial.
Posted on 4/5/18 at 5:48 am to WicKed WayZ
Renting is so trashy
Posted on 4/5/18 at 6:01 am to CP3LSU25
These threads are hillarious.
I bought a house at 23 because i could afford it. Had student loan debt. Did i do this wrong or something??? Was i supposed to live with my parents until i could pay cash for a house?
I bought a house at 23 because i could afford it. Had student loan debt. Did i do this wrong or something??? Was i supposed to live with my parents until i could pay cash for a house?
This post was edited on 4/5/18 at 6:03 am
Posted on 4/5/18 at 6:35 am to Rebel
quote:
Sometimes people live no particular way but their own.
If more people visited my country and lived in my home, I could charge more for airbnbs
Posted on 4/5/18 at 6:44 am to GreatLakesTiger24
quote:
56 percent of millennials with college degrees make over $50,000 a year compared with 31 percent of millennials without college degrees.
Here's the problem. It's been beat into their heads to go to college, it's the only way....yet as you state, only 56% with a degree make over 50k. I made more than 50k before quiting what I did to go back to school full time. I would not go to college for a degree that qualifies for a job less than 50k.
Most should probably work for at least a couple years between highschool and college to understand the struggle it is to live life as an adult. This will lead to much better choices when it comes to actually going to college, that and better grades.
Posted on 4/5/18 at 7:17 am to tigercross
quote:
Wow, you’re right. Having money in the bank or a brokerage account or retirement account is mutually exclusive with having debt.
Bingo. The article is about debt, not net worth.
Posted on 4/5/18 at 7:18 am to junkfunky
quote:
You aren't building dick for equity the first ten years of a 30.
Not really correct. Paying down the mortgage you're correct. However, there is also the chance of appreciating value in a house which would certainly build equity.
Posted on 4/5/18 at 7:19 am to GreatLakesTiger24
So you are saying the previous generation was the same. Thanks
Posted on 4/5/18 at 7:20 am to GreatLakesTiger24
what is wrong with you?
Posted on 4/5/18 at 7:21 am to VABuckeye
This thread is more about the bullet points I quoted (and others found in the article), but everyone wants to get bent out of shape about muh mortgage
Posted on 4/5/18 at 7:22 am to GreatLakesTiger24
Debt not always bad. High interest debt and rapidly deprecating assets will cripple you.
Posted on 4/5/18 at 7:23 am to GreatLakesTiger24
It's the OT. What did you expect? 
Posted on 4/5/18 at 7:28 am to GreatLakesTiger24
quote:
This thread is more about the bullet points I quoted (and others found in the article), but everyone wants to get bent out of shape about muh mortgage
Because the article you posted is shortsighted and dumb.
I do agree with you that a lot of the baws here don't understand mortgages and the product/cons of owning vs renting.
Posted on 4/5/18 at 7:50 am to DownshiftAndFloorIt
quote:
bought a house at 23 because i could afford it. Had student loan debt. Did i do this wrong or something??? Was i supposed to live with my parents until i could pay cash for a house?
Mortgage debt is a very different kind of liability compared to other types of debt. With current interest rates, it's foolish most times to not have a mortgage.
Posted on 4/5/18 at 8:42 am to GreatLakesTiger24
If I have a mortgage but a positive net worth, am I really "in debt"?
Posted on 4/5/18 at 8:48 am to Displaced
quote:
If I have a mortgage but a positive net worth, am I really "in debt"?
Yes because you are indebted to someone.
I believe debt and net worth are mutually exclusive since you can have a lot of money and still owe some to someone.
That's why it's silly to look at one piece of the puzzle. Someone with a net worth of $20mil+ could be $2mil in debt because of a mortgage on a nice house he bought for $5mil. You just see that he's $2mil in debt, you gasp unless you know the full story.
Posted on 4/5/18 at 8:58 am to Displaced
quote:
If I have a mortgage but a positive net worth, am I really "in debt"?
Yes. In debt means you owe a debt to someone. Positive bet worth means your assets out pace your liabilities. Net worth is in essence, your personal equity if you were to look at it on a balance sheet.
Posted on 4/5/18 at 8:58 am to Rouge
I was about to come post that. Certain debt is a good thing. People in business know that it usually requires debt to build a company. With these low interest rates right now I'm not sure why anyone really wants to rent. You could buy a house and your mortgage payment would probably be about the same, if not less. The difference is when shite hits the fan you can actually sell your house. You just need to keep a good credit score so you don't have ridiculous interest rates.
Posted on 4/5/18 at 8:58 am to GreatLakesTiger24
Well when college cost as much as it does these days and the stupid notion going around that everyone everywhere has to have a degree no shite millennials are in debt.
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