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Capitalism is not favored by millennials

Established Member

Re: Capitalism is not favored by millennials

Man, when you think about it it is absolutely INSANE that we will loan kids tens of thousands of dollars with no proof of income and they’ve actually never had any income ever in life! They can’t even get a credit card.

I’m only 23. I avoided college because I was debt adverse and I did poorly in high school due to playing video games all day instead of homework. I scored the highest ACT in my school but my GPA was 2.3. I have a good union job but my income is low, I’m on track to make $29 an hour by 2021 but that’s nothing to compare to what I see people on Reddit and these forums making. sometimes I worry did I make the right choice not going to college.... I need to be frugal and get into rental property asap.
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Valued Member

Re: Capitalism is not favored by millennials

I know a few people in there late 20’s early 30’s that don’t pay there student loans. They could, but that Coach purse or new SUV is more important to them. I don’t get it. In my opinion, student loans should be just like a car loan. If you don’t pay your car, it gets repo’ed. Repo that dang degree and every credit if you decide you just don’t want to pay your student loans!

 

 

Super Contributor

Re: Capitalism is not favored by millennials


Porch wrote:
Man, when you think about it it is absolutely INSANE that we will loan kids tens of thousands of dollars with no proof of income and they’ve actually never had any income ever in life! They can’t even get a credit card.

I’m only 23. I avoided college because I was debt adverse and I did poorly in high school due to playing video games all day instead of homework. I scored the highest ACT in my school but my GPA was 2.3. I have a good union job but my income is low, I’m on track to make $29 an hour by 2021 but that’s nothing to compare to what I see people on Reddit and these forums making. sometimes I worry did I make the right choice not going to college.... I need to be frugal and get into rental property asap.

You could always go back to school and in my career field it doesn't matter what school you go to.  The trick is to find what you like and then figure a way to make money doing it.   College isn't for everybody and I learned 99% of my job through experience. 

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Established Contributor

Re: Capitalism is not favored by millennials


Porch wrote:
Man, when you think about it it is absolutely INSANE that we will loan kids tens of thousands of dollars with no proof of income and they’ve actually never had any income ever in life! They can’t even get a credit card.

I’m only 23. I avoided college because I was debt adverse and I did poorly in high school due to playing video games all day instead of homework. I scored the highest ACT in my school but my GPA was 2.3. I have a good union job but my income is low, I’m on track to make $29 an hour by 2021 but that’s nothing to compare to what I see people on Reddit and these forums making. sometimes I worry did I make the right choice not going to college.... I need to be frugal and get into rental property asap.

 One of the problems is that many people don't really have a concept of what most people in the US make, so too many people have "keep up with the Jones'" lifestyle when they really don't need to, and because of that have a very skewed sense of what "fair" is.  For example, at the end of the year, I'll clear somewhere around $55K.  That means I'm making more money yearly than nearly 70% of the rest of the country.  Many of my wife's millenial friends make less money than I (or we) do, but they have more fancy electronics, newer cars, and go on big vacations every year (sometimes twice a year), but they have no savings or investments, and they almost ALL feel like they are being screwed by "The Rich" somehow.

 

 I don't think it'll effect credit cards too much, because that's how these people live...  But I see it more effecting mortgage and investments markets; the Long Term financials.

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