For The First Time Ever, Millennials With Student Debt Have Negative Net Wealth

[Eastwoodjones]

Just following the trends. Our last bubble happened because banks gave mortgages to anyone with a pulse to peddle derivatives and once people started defaulting in mass the jig was up. With student loans the government backstopped all debt so banks felt comfortable loaning 50k to teenagers and colleges greedily spiked tuition. Since you can't default on student debt, the pain will be felt elsewhere. People will stop buying houses. Put off getting married. Put off having kids. Put off traveling. Decrease consumer spending. Decrease going out as much. Decrease buying the big ticket items previous generations bought frequently. If you pay attention to the news, you already see various industries bytching about this now. Then you throw in automation and the massive amount of job loss that's predicted to occur in the next ten years and it gets real scary. There's a few politicians talking about it but, Washington will refuse to do anything until it gets much worse.

If student loan debt gets forgiven or restructured it will be because the mortgage, credit card, and auto lending cartel are going to go to Washington begging for relief. You got millennials who can't afford a car, house, nothing, and this will come to a head when the boomers die off.

And the colleges get off the hook and the whole thing starts over again.

 

[Reece]

It's inevitable and government is putting that shyt off is the real issue here.

We literally have a generation now that has been in the hole anywhere between 10K-120K the minute they turned 18.

If student loan debt gets forgiven or restructured it will be because the mortgage, credit card, and auto lending cartel are going to go to Washington begging for relief. You got millennials who can't afford a car, house, nothing, and this will come to a head when the boomers die off.

And the colleges get off the hook and the whole thing starts over again.

Definitely.

Toys R Us went bankrupt recently and blamed Millennials not having kids as the reason

They're starting to shyt on young adults for not buying houses too but, how you gonna save 40 grand for a DP with low wages and massive debt

 

[Field Marshall Bradley]

When baby boomers start to die off and its up to Gen X, Millennials and Gen Z to keep everything running, you're going to see just how fukked up things are

 

[Reece]

You must not be familiar with your government. You will die in debt and they will bring in a replacement population through immigration.

And for the record, they didn't give a shyt about the bubble. They only cared about keeping the market stable. As long as they can avoid market volatility, your fukked.

We'll be automating low skill to mid level skill work drastically over the next decade

What will this replacement immigrant population do

 

[Liquid]

Nothing wrong with getting a degree.

Problem is people are label whores and think they have to spend $$$k on undergraduate education.

$$$k should only be spent on professional school.

How old are you?

It is easy to say this in hindsight. From the moment we hit 13-14 our parents, government and school teachers/principals continuously force-feed the idea that we MUST go to college and guarantee that extra 1M earned over a lifetime. I am pretty sure that same bullshyt is being shown to kids just as I saw it when first enrolling in college.

High School is not doing a good job at teaching us at a young age to make wise decisions financially.

We all go @ the idea of a kid taking care of a lump sum of cash or a big asset, but taking out up to a hundred thousand dollar loan...undecided on what to do in terms of degree? No problem.

 

[mamba]

How old are you?

It is easy to say this in hindsight. From the moment we hit 13-14 our parents, government and school teachers/principals continuously force-feed the idea that we MUST go to college and guarantee that extra 1M earned over a lifetime. I am pretty sure that same bullshyt is being shown to kids just as I saw it when first enrolling in college.

Nothing wrong with going to college.

But, for undergraduate education, unless you get into Harvard, Stanford, MIT and a few other schools, racking up six-figure debt is retarded.

Go to the state school and take advantage of in-state tuition.

 

[EndDomination]

How old are you?

It is easy to say this in hindsight. From the moment we hit 13-14 our parents, government and school teachers/principals continuously force-feed the idea that we MUST go to college and guarantee that extra 1M earned over a lifetime. I am pretty sure that same bullshyt is being shown to kids just as I saw it when first enrolling in college.

That isn’t the end-all be-all of the issue though.
Kids definitely do need to go to college, trade school as well, but post-secondary education is an absolute necessity.
I teach at a school with a 3-4% college entrance rate, and an even lower college graduation rate, the “we’re told to go to college in droves” rhetoric only works for the suburban middle-class kids who went to private school for Art History and have $65k in non-dischargeble debt.

 

[TallMan_J]

This shyt is sad, but it’s inevitable. Try to get debt free as soon as possible, brehs. The only debt you should have is a mortgage. If you gotta get $XXXK in debt for an education, it isn’t worth it. Trust me. There are plenty of jobs/skills that pay well without a degree. And stop trying to impress other people, please. Focus on you financial security and future. Learn how to grow and cultivate your own food, too.

 

[Tom Foolery]

We'll be automating low skill to mid level skill work drastically over the next decade

What will this replacement immigrant population do

Work at companies that cant afford automation.

 

[eastsideTT]

when that student loan bubble bursts and the pension bubble bursts at the same time

kicking the can down the road for so long the can eventually just falls apart

"Even though it's almost over, why we can't get no jobs?"

When I see Betsy DeVos and her scamming ghoulish creep of a husband in hell, I'm going to spit in both of their faces


also LOL at the "better start coding now!" train of thought. They're starting coding in 1st grade now in some places. That's going to be the new-era equivalent of low-wage manual, unskilled labor. Not saying it's useless for anyone to pick up but it's not like it used to be at the turn of the 21st century. When they said "you should go into STEM" just about everyone damn near listened... what do you think's gonna happen in 10-15 years with that then?

 

[Secure Da Bag]

Renewable energies, automation, data science, machine learning, AI, and quantum computing.

These are the jobs that are going to make money between now and the next 30 years (at least). Blockchaining in the short term.

Trade skills will still make you money. Construction, sewage, water desalination, electricians, plumbers, etc will still be making money.

 

[paperbag]

Almost everyone that missed out on the real estate bottom from 2009-2013, either too young or no capital/bad credit, seems to be way behind

 

[mannyrs13]

It's all a business. Higher education is strictly for profit. They know people are gonna try to go for these degrees, many of which aren't worth the cost. They can just keep raising the costs since they will get students regardless. And not like salaries are going up either. So it's getting harder and taking longer to pay off student loans. It's a big business and I see no change coming anytime soon. Schools are multi million dollar corporations, maybe even multi billion. Just look at all the huge college football stadiums out there. With thousands of students and a constant income stream, the schools are banking. Then the students get sent out to the real world and are making like 40k or most often less and that's not even a livable wage in lots of places. Especially with raising rent costs, since they can't buy cuz they have either no credit or not enough saved for a down payment. Only stem and law degrees have a high roi and even still they have to struggle depending on their finances. The schools are smart. They charge you money to sell you a dream that may or may not come true.

 

[WakandanPride]

When you have scholarships that cover everything

 

[Rozay Oro]

fukk