Is the younger generation destined for financial failure?

[youfiad]

Soo... I just took a trip to London with one of my really good friends from France and let me tell you, we were on a budget! I think that we spent about 200 pounds each for food, entertainment and lodging for week in this expensive city. Sure, we would have loved to go to pubs and forked out 5 pounds for a beer and eaten at a decent restaurant more than once the whole time, but it seems that the only people that have money in this world right now are those in there 30s and 40s.

Most of us youngins (I am 24) are rattled with debt from university studies. This debt is nearly impossible to repay because most college graduates are unable to find a job with their respective degree and are left working a job they could have easily done before going to college. In the end, we are paying out a large chunk of our overall paycheck to repay loans that served us nothing.

Has anyone previously ever had similar thoughts and have found them to be only temporary? Does it get better and easier to live and enjoy life?

 

[borg69unimatrix]

Soo... I just took a trip to London with one of my really good friends from France and let me tell you, we were on a budget! I think that we spent about 200 pounds each for food, entertainment and lodging for week in this expensive city. Sure, we would have loved to go to pubs and forked out 5 pounds for a beer and eaten at a decent restaurant more than once the whole time, but it seems that the only people that have money in this world right now are those in there 30s and 40s.

Most of us youngins (I am 24) are rattled with debt from university studies. This debt is nearly impossible to repay because most college graduates are unable to find a job with their respective degree and are left working a job they could have easily done before going to college. In the end, we are paying out a large chunk of our overall paycheck to repay loans that served us nothing.

Has anyone previously ever had similar thoughts and have found them to be only temporary? Does it get better and easier to live and enjoy life?

I'm not saying this is your situation, but I have heard that many college grads didn't really think ahead very well in their degree choices to begin with.

http://www.newsherald.com/opinions/...any-students-pursue-worthless-degrees-1.57728

Far too many students choose careers in liberal arts programs, selecting majors for which there are few job opportunities following graduation. For the past four years less than 50 percent of college graduates could find jobs in their chosen professions. The situation is further aggravated by the fact that the average college graduate now owes the federal government $26,000. Is that the way to start life — out of work and in debt?

Some of the most commonly pursued careers are the lowest paying: political science, history, physical education, communications, art, graphic design, photography, leisure studies, horticulture, sociology, criminal justice, animal science, public health, education and theology. They don’t realize that if they can even find a job, their starting salaries will be less than $39,000 a year.

It should be no surprise that the highest-paying jobs are offered to graduates in math, science and engineering. Those jobs traditionally start at salaries exceeding $55,000 a year with ample job opportunities. A petroleum engineer starts at a whopping $98,000 a year. Unfortunately, these career paths are the least popular among our college entrants, as less than 5 percent choose engineering schools. The sad fact for our nation, however, is that 60 percent of degrees in math, science and engineering are awarded to foreign exchange students who generally return to their home countries with their new-found skills and expertise.

20 Most Useless Degrees
http://www.thedailybeast.com/galleries/2011/04/27/20-most-useless-degrees.html

 

[umjreon88]

The only young people who are destined for financial failure are the ones who don't know how to save, budget and plan. I got no loans for my college classes, I applied for free grants and scholarships. You have to think of the big picture.

Good luck paying off that debt, it's cool you got to travel at least.

Totally agree with you Cupid! It's all about saving up and prioritising! Plus not being too picky with what you want to do. Actually, be picky in the sense of the industry you want to break into, then work your way up. This was what the older generation has done and those that truly complained are the ones not having a job, or have a job that they are so unpassioned about, or those on benefits!

So get a job, save up and pay off debts!

 

[youfiad]

The only young people who are destined for financial failure are the ones who don't know how to save, budget and plan. I got no loans for my college classes, I applied for free grants and scholarships. You have to think of the big picture.

Good luck paying off that debt, it's cool you got to travel at least.

Well it was either loans or no college. My parents let go of their children financially at a younger age than pretty much any family I have ever met. I think I was financially free, not including what I ate at home and a place to stay, at 13 years old.

 

[bankside]

Soo... I just took a trip to London with one of my really good friends from France and let me tell you, we were on a budget! I think that we spent about 200 pounds each for food, entertainment and lodging for week in this expensive city. Sure, we would have loved to go to pubs and forked out 5 pounds for a beer and eaten at a decent restaurant more than once the whole time, but it seems that the only people that have money in this world right now are those in there 30s and 40s.

Most of us youngins (I am 24) are rattled with debt from university studies. This debt is nearly impossible to repay because most college graduates are unable to find a job with their respective degree and are left working a job they could have easily done before going to college. In the end, we are paying out a large chunk of our overall paycheck to repay loans that served us nothing.

Has anyone previously ever had similar thoughts and have found them to be only temporary? Does it get better and easier to live and enjoy life?

Being able to afford international travel means your debt is not "nearly impossible to repay."

And, borg69, being able to earn 40 thousand per year just after graduation is also not impoverishment.

A debt of $26 000 can easily be repaid with that salary, with just a wee bit of determination.

Anyway, this is just a dose of reality. Realism, as an accompaniment to higher education, goes a long way to helping land those higher-paying jobs.

Most of all, career and money are not the best reasons for a post-secondary education. University studies are a way of preventing you from going through life uneducated.

 

[Lord Booticus]

Sure, we would have loved to go to pubs and forked out 5 pounds for a beer

Never pay £5 for a beer!

20 Most Useless Degrees

I find the notion of a "useless" degree to be insulting. Jobs aren't always just about the money, it's fine to say it's hard to find jobs and you wont be earning a lot, but what's the point in having a job or being in an industry that you hate? Sure it's great pay with great benefits, but if you dread going to work every day; what is the point?

 

[gsdx]

When I graduated university back in '75, my student loan totalled $2,800. Now, I read about students graduating with 5- and 6-digit debts in student loans alone. Add onto that 5- or 6-digit credit card bills, and it becomes terrifying. People should not start their adult life with such debts.

 

[JohnnyAnger]

How old are you guys responding to this? Maybe its just here in the UK, but shit is really fucked up financially for young people. No one can afford to leave home until they are nearly 30 these days (rents typically in my area are £400 a month each for a shared apartment), jobs are not forthcoming, our qualifications as a whole are viewed with massive scepticism. We have massive youth unemployment and even bigger under employment meaning that most graduate jobs have at least 100 applicants minimum. Recently low paid jobs are getting well over 150+ applicants each, and these positions no longer have any real promotion chances within them as companies wont move people up. They will just choice from the huge choice of people 35+ who have more experience and also happen to be unemployed.

We don't really have the same scholarship situation as you in the states do, so you have to take government loans out. While the repayments are easy to deal with, its not great coming out of uni with 30 grand on your head and no job opportunities. So you take your benefits, but then you are viewed as a scrounger with no experience living off mummy and daddy by all employers. Once you get trapped in that cycle its very easy to remain trapped.

Sorry I am kind of ranting here, but stuff is really fucked up for me and the rest of the under 25s. We had nothing to do with the economic downturn, and don't have the political capital to change anything, so we just get the joys of living as some horrible walking dead lost generation.

 

[JohnnyAnger]

forked out 5 pounds for a beer

Damn son, where the hell were you drinking!

 

[bankside]

When I graduated university back in '75, my student loan totalled $2,800. Now, I read about students graduating with 5- and 6-digit debts in student loans alone. Add onto that 5- or 6-digit credit card bills, and it becomes terrifying. People should not start their adult life with such debts.

That's $12000 in today's dollar. A better deal then, but economic times weren't exactly good from the mid 70's to early 80's either. Hyperinflation, recession, etc.

 

[MMMonsterBoy]

The rich get richer and the poor get poorer. That is for sure. The best thing to do is to not spend more money than you earn, or else your savings will be negative and well...you'll have no money. It sounds like common sense, but it is best to be frugal post graduation. I graduate soon and I can honestly say college was a waste of money. Not time, just money.

I have many issues with the scam we call college. That isn't to say I didn't have a great time, but is it the worth the massive amount of debt I am? I'll find out soon!

 

[borg69unimatrix]

My point was that a lot of students go to college with grand idea's, get a degree in "Under Water Basket Weaving" or whatever their dream career is without doing the research of comparing the cost of the education to the actual availability of said careers, and what they pay yearly. Most of those types of jobs are one in a million chance of landing the premo position.

The colleges don't tell you that... they just want your money. What you are able to do with the degree after you leave them is your problem.

Where I live, even trade jobs like Hair cutting, or Truck Driving don't pencil out once you get the schooling/degree, buy the equipment, do all the permits, and buy the insurance ... What you get out of it is significantly less than what you put into it.

They give you the false sense of security that once you get a degree, your life is set... but realistically, it's still dog-eat-dog out there, and even with that piece of paper you're more than likely to still end up waiting tables or working in a factory.

 

[youfiad]

My point was that a lot of students go to college with grand idea's, get a degree in "Under Water Basket Weaving" or whatever their dream career is without doing the research of comparing the cost of the education to the actual availability of said careers, and what they pay yearly. Most of those types of jobs are one in a million chance of landing the premo position.

The colleges don't tell you that... they just want your money. What you are able to do with the degree after you leave them is your problem.

Where I live, even trade jobs like Hair cutting, or Truck Driving don't pencil out once you get the schooling/degree, buy the equipment, do all the permits, and buy the insurance ... What you get out of it is significantly less than what you put into it.

They give you the false sense of security that once you get a degree, your life is set... but realistically, it's still dog-eat-dog out there, and even with that piece of paper you're more than likely to still end up waiting tables or working in a factory.

Not only do colleges not tell that, but they actually tell you the opposite with fabricated statistics. I'm honestly astonished that the government allows this to happen. But then again, why wouldn't they? They make billions of dollars/year off of these lies.

I graduated with a biomedical sciences degree at a four-year university; lots of chemistry, biology and physics. The internet keeps showing that these jobs are in demand. Everywhere I go, biomedical sciences shows up as a great paying job with high employment. When in reality, looking for a job is almost impossible and not even close to the 40k/year starting that sites seem to suggest.

 

[bankside]

I just remember after graduating spending a grand total of $600 on a road trip for two to Vancouver Island, and thinking "Damn, this is living!" Am I setting the bar too low? Is this where I find out I was poor?

 

[dereperez]

My point was that a lot of students go to college with grand idea's, get a degree in "Under Water Basket Weaving" or whatever their dream career is without doing the research of comparing the cost of the education to the actual availability of said careers, and what they pay yearly. Most of those types of jobs are one in a million chance of landing the premo position.

The colleges don't tell you that... they just want your money. What you are able to do with the degree after you leave them is your problem.

Where I live, even trade jobs like Hair cutting, or Truck Driving don't pencil out once you get the schooling/degree, buy the equipment, do all the permits, and buy the insurance ... What you get out of it is significantly less than what you put into it.

They give you the false sense of security that once you get a degree, your life is set... but realistically, it's still dog-eat-dog out there, and even with that piece of paper you're more than likely to still end up waiting tables or working in a factory.

Hey now! That was the major I declared before finding out it was highly selective.

 

[HunterM]

The only young people who are destined for financial failure are the ones who don't know how to save, budget and plan.

This is true for all generations.

 

[SLOPPYSECONDS]

lot lands faliures in all areas a default fa eons

but no say nothin or UNIs ans special folk upset

thankyou

 

[darden]

I'm not saying this is your situation, but I have heard that many college grads didn't really think ahead very well in their degree choices to begin with.

http://www.newsherald.com/opinions/...any-students-pursue-worthless-degrees-1.57728

20 Most Useless Degrees
http://www.thedailybeast.com/galleries/2011/04/27/20-most-useless-degrees.html

absolutely agree with this... if I had a college-aged kid today, I'd strongly advise them to take a year or two after high school before thinking about college. spend the year working and figure out what you really want to do with your life; don't just blindly go to college because it's the next step and it's what all your teachers are telling you to do.

I wish someone had been around to say that to me 10 years ago. instead of spending a hundred thousand dollars on college, I would have been much better off going to a trade school and using that money to relocate out to Silicon Valley or Seattle to get an entry-level tech job.

 

[Beachguyj]

Yes, but not only because of college debt, but because they have been spoiled by their parents and want things given to them instead of working.

 

[Callum]

I'm doing a dual undergraduate degree program. One is a specialist in pathobiology with a major in immunology. The other is a specialist in modern languages. I'm hoping for a career in medical research. I took on the latter in an effort to have international prospects/contacts. So, it's taking six years. I'm 23 and I'm in my fifth year now. My debt total, as of today's banking statements? $2259.61, to the cent. I took time off after high school and worked three minimum wage jobs like a dog. My parents offered nothing (sexuality woes, yay), and I could not apply for government loans because their income is through the roof.

I applied for 83 scholarships offered to me on studentawards.com (and I do it every year). I attend the University of Toronto, so thankfully it has name recognition. On the up-upside to that, my school offers "professional experience years" where science/engineering students can take a year off during their studies and take a paid internship at corporations, like Google/RIM/P&G/GSK. They offer base salaries up to 65k. Everyone I've known that's taken one of these internships has returned to school with a job after graduation. Not bad for wiping out debt. I personally didn't, as I need medical research downtown. The point is, there are plenty of opportunities for people to lose their debt while in school.

If graduating with an arts degree, though...well, good luck. Most of my friends from high school are pretty much done with university. Two of the arts majors are working as hospital orderlies, one is with an international volunteer organization, another is working as a bank teller, two are working at a Starbucks and the last I know is doing a PhD at Hopkins.