Millennials in Debt: Their Struggle to Make Money
ฝัง
- เผยแพร่เมื่อ 3 ส.ค. 2015
- Aug. 4 -- Willett Advisors Chairman Steve Rattner discusses the struggle millennials are having to amass wealth. He speaks on "Market Makers."
-- Subscribe to Bloomberg on TH-cam: / bloomberg
Bloomberg Television offers extensive coverage and analysis of international business news and stories of global importance. It is available in more than 310 million households worldwide and reaches the most affluent and influential viewers in terms of household income, asset value and education levels. With production hubs in London, New York and Hong Kong, the network provides 24-hour continuous coverage of the people, companies and ideas that move the markets.
A boomer who acknowledges its there doing, and has real ideas I must be dreaming
The possessive case would be "their" vice there.
Haha my boomer parents are morons
steve b I dont think that matters on the internet just as long as you understand what theyre trying to say which as developed as the human brain is, is capable of understanding a message even in seemingly severely botched spelling
A millennial who can't spell or punctuate, who's also quick to point a finger and play victim. I must be dreaming.
Learning a trade is far more important then spending 4 years in college getting drunk and wasting money on classes you don't need
I know a few people who "learned a trade" (assuming that you mean getting a technical certificate instead of a full degree, any degree teaches a trade), and the job market isn't too great for that either. It's hard to find work in that area, and when you do find it you work terrible hours in shitty conditions because they have a hundred other bozos who took that same shitty advice trying to break into the field. Yes, it pays well, but it's worse in every other respect.
I already knew I wouldn't be able to afford college, went to trade school it was very affordable and I'm now a certified x-ray technician. I think my generation (millenials) need trades over college, real skills and most importantly a better chance to succeed
Timothy Bailey I'm about to do a trade too because college is TOOOO EXPENSIVE and I refuse to live the rest of my life paying off debt for an education that doesn't actually give me financial advantage. I know people with 2 masters who are jobless with over 70k in loans. It's freaking crazy.
100% correct. Or community and transferring to a 4 year helps as well.
The sad truth is that the colleges haven't been properly preparing their students for the work but rather for academics which are near useless in the working world. Writing essays does nothing for middle management and is irrelevant to most sales advertising and basic bureaucracy.
lol that's why I just got 3 different certifications in project management. there is no reason I need to know what a mitochondria does so why would I pay to take it? bachelors are a waste of money and they wont guarantee anything. learn how to be personable too... no one is going to hire a shy weirdo.
Typing essays & research papers wasted my valuable time when I attended college. Academic is a fat joke. Trade school & vocational college should be value more. ‘Get a college degree to be successful’ is a gimmick.
This woman has said nothing intelligent. But the problems highlighted by Steve make a lot of sense
I'm a millennial and I live with my parents. Because of this, I was able to save up some money. I bought a condo about 2 and a half years ago with no student debt (paid for by parents). If I were to do this on my own with my modest $40k salary, I wouldn't have a chance.
Thank you for your honesty Ray. It seems the only people I know who were able to move out utilized assistance from their parents. Of course they don't admit it.
steve b can you read?
Steve is an idiot millennial, Ray C is a responsible millennial.
so you accept and fully acknowledge that you are indeed a momma's boy
Ray C what did you study?
Instead of military increase spending & bailing out other nations, cut student loan debt in half with those funds
It's absolutely true, over the past 40 years wages have been stagnant. Wages have not kept pace with inflation. The world is much more globalized now and good jobs are much harder to find. We all know this a problem that won't go away anytime soon. We know the opportunities are not there as in years past, that's true. So what are the options? Stay out of debt. The fact is the economy is going to do what it's going to do. Employers are going to do what they're going to do. Many jobs don't pay a living wage so to balance it out you have to cut your risk and expenses. Stay out of debt. You have to have some control over your life and living debt free gives you a chance to defend yourself against the insane job market. The problem is students go thousands into debt for a degree when the debt is actually the worst thing they do to themselves because the economy is just too unstable. You have to take a lot of power away from bad employers who won't pay a living wage. You can greatly reduce the power they have over you by living debt free. If your debt free, it won't matter if you have to put up with horrible pay for a time cause you don't have all the debt. If you need to change employers it's much easier if your debt free. No the economy is not like it used to be in that the opportunities for young people simply don't exist like they used to. However, living debt free can level the playing field to give young people a much better chance. Stay out of debt and give yourself a chance.
You nailed it
Millennials aren't the ones who created the debt, but we're the ones who will have to deal with it. We inherited this problem, we didn't make it.
Actually you _did_ help make it because you're the ones that are wholeheartedly on board with flooding your country with cheap brown filth laborers that have only driven your OWN wages into the ground.
If we got rid of student loans, corporations would be begging the government to subsidize colleges. Corporations need people with college degrees, or at least some post-secondary education, but they have found a way to make their employees pay huge amounts for the training that they require. It used to be that the government would fund all education that was necessary to create a prosperous society, in other words what businesses said they needed. Then businesses started requiring more education... but they didn't want to have to pay taxes for it... so instead they made the employee pay for it, or else be left out. The person couldn't pay for it so instead they created a program when they would rack up huge amounts of debt in hopes of one day being able to get a job. If we got rid of that debt system businesses would have no choice but to either a) do without extra education (not likely in our current situation) b) pay for the education themselves (lol yea right) or c) convince the government to do it. Obviously c would win out... but as long as the student loan system exists it won't happen anytime soon.
I tend to believe data more than people. The data speaks for itself.
Listen... You are not stuck in debt. Listen to Dave Ramsey and follow his plan. It is free!!!!! I have been doing it for a year with my wife and I have paid off over $75k and I am now debt free and will have my house paid off by the time I am 30. I am 27!!! Enjoy the now, but think ahead. You will be glad you did!
BryceJohnson88 do you have a link to this info I am very interested. I can't afford college so I'm opting to go to trade school instead.
TheRealVivia he is on TH-cam Dave Ramsey show. I follow him as well n will currently be debt fre by next year.
Thinking ahead is the key.
My family think i am crazy because a don't go to college (21 yrs) even having a multimilionaire idea it is incredible how ignorant people can be more if you know that you have to pay a "little" debt after college.
It might not be fair, but if we keep blaming others for the bad economy and don't shoulder the responsibility ourselves, we're just going to leave our kids with the same problem we got left with.
Bingo
You should tell people that they should think ahead what they want to do with their training and how they intend to pay their student loans back. The average US student has a student loan debt of 26.000k dollars. That is about as much as a car costs. The average American buys 10 cars in his life.
The fact is that if you're a teacher, an enigneer, a physician or have finished anything STEM related you will not have problems to pay your student loans back. The actualy problem are overpriced tuitions because the number of students was artificially increased by government backed student loans. A majortiy of these newly recruited students did not chose studies that prepare them for anything in demand on the marketplace. This is the reason they struggle to pay their debt back.
+Rubashow - I agree. Before entering college people need to see if their desired field of study will have a job waiting for them and how much is the job market willing to pay them. As one TH-camr stated "...any degree that ends in 'Studies' is a waste. Gender Studies, Women's Studies, etc".
STEM is a safe bet but only if you work hard. I know plenty of STEM folks who didn't work and learn and they are unemployable.
Got my Masters Degree-majored in 12th Century Norwegian Literature. Here I am daily repeating "Did 'ya wanna supersize that"? Life isn't fair I tell you!!
Depends what you study in University and the job placement ratio
really shouldn't be going out of state for college (or private schools) if you can't afford it, no matter what amazing job you land afterwards.. other ways/opportunities to reach your goals than to be six figures in debt. A top 10 school is no better than a top 30 school if there's a significant cost save, no one cares
There will always be rich and poor in each generation. I know people at age 31 making 250k in NYC, not in i-banking.
Money is much to important to be left in the hands of GOVERNMENT'S and it's PEOPLE!!!
REMEMBER..................................
GREED HAS MANY CHILDREN and
PROFIT IS IT'S FIRST BORN! 🎸❤
I died at “why should we care?” wow.
Stiff the colleges and universities with the student loans. If they didn't teach anything useful, they deserve a swindle! Their tuitions were a swindle in the first place.
Amen!!!
I'm a Millennial and i never went to College or University, but i make close to 6 Figures a Year with zero debt!
I'm 23, have less than high school education and I'm running my own company successfully. Don't let other people judge you or decide your future, be your own boss!
I'm glad that you got a small loan of a million dollars from your parents. I have some business ideas too, some that I've put a lot of thought into. However, without startup capital they're not even worth the paper they're printed on.
Angolin You dont have startup funding in america?
Public school should end at 8th grade nothing left to learn in school after that. Last 4 yrs should be trade oriented only
Higher education and productivity, lower wages seems about right...
Why don't we change or adapt what's being taught?
go and take a look how they do it in europ collage is one thing it's teachers and that's why it's cheap why doesnt annyone in the usa do it like that i can see that being succesfull
Poor millennials fleeced by the institution of academia. College grads wait tables and drive for uber. College price controls anyone??
And when we thought we were finally done from getting reemed up the arse from the 2008 financial collapse, in comes Covid-19 to run a train on us...😶
Live at home until you are 40
Dont ever cosign a loan.
Don't feel bad for me. Just give me your money.
Millennials are not children; it reveals something odd about his thinking to say they are
Basically Wage has not gone up since the last 40 Years
Our daughter is a millenial. She graduated from college with honors in 2015. She won three academic prizes for study in her field. She captained her school's figure skating and alpine ski teams. She was one of 14 U.S. students accepted into Oxford University for Junior year study abroad where she won a varsity letter in women's soccer. She served in student government and was elected Chairman of her school's Honor Council where she had to run regularly scheduled meetings which included the College President and Board of Trustees. She interviewed with five top corporate law firms and received five job offers and accepted employment with the #1 rated firm in the world. She earned well over $100,000 her first year after college. In exchange for this, she regularly worked between 80 and 90 hours per week, and had a few weeks in excess of 100 hours. She is applying to law school and recently took her LSATs and scored in the 99th percentile. She has numerous friends from all these endeavors and works hard to maintain those friendships. Perhaps she has been unusually lucky, but more, more likely her 'luck' was the intersection of hard work and opportunity. I guess the moral is "seek and ye shall find" - but only if you're willing to make a sustained effort.
With all due respect, this post doesn't offer anything of worth other than bragging rights that "my daughter is doing so well, why aren't you?" It's like someone saying, "why aren't you as rich as Bill Gates or fast as Usain Bolt?" Have you ever seen a statistical distribution? All you have done is point out an extreme case. What doesn't matter is whether your daughter is doing exceedingly well. What *actually* matters is whether the typical (i.e. average/mean) millennial is doing well, and all the evidence points to the contrary. This is an empirical fact so there is no point disputing it. Jobs are not secure as they once were, wages are stagnant, companies don't give two hoots about the wellbeing of their employees, etc etc etc. All I will say is this: this is a much more serious problem than people being somehow "inadequate". All it will take is for your dear daughter to lose her job because the company has outsourced her job or automation kicks in for you to wake up to the bleak reality that is the economy in the present age. How talented your daughter may be is of no relevance to a company that will layoff workers because it feels like it.
And Dave Ramsey speaks so highly of this age group when they are the struggling with debt. Lol. I thought they had their act together.
Recognize what the cost in society are now.
"The worst economic crisis". Yeah just wait til 2020 gets here.
ya its called the schools are working towards becoming private institutions. As state funding shifts away from schools they have increased seg fees or private fees. They need to become nicer to attract more students so that when the state funding disappears they can become private institutions.
Might help if they could get in at 9am when they start work
It seems to me that all college kids are in dept. What makes the millennials any different
Here's a idea,get some skills work with your hands learn to weld and fabricate read blueprints you will make all the money you want.problem solved
.... Aaaand that's why you have to engage in politics
wait what...a boomer admitting their doing????
Hahaha
Yeah Boomers are plain arrogant, even in Europe we hear their bullshit talks.
I'm in debt and dont even know how
I've worked in Higher Education. It's a false equivalence to assume years spent in school is the same as education. I've worked with post-grads and their minds are frighteningly mediocre and they are quite ignorant of just how ignorant they are.
I am sorry but that woman voice makes me think she has the hottest breath in the room. like damn someone open up a window.
That is outdated info. Fail. Debt will kill you and you will end up poorer than a tradesman with no debt and no degree.
That lady is keep cutting off
American higher education is just ridiculous
The best educated generation in history - or the least savvy and the most screwed?
Best edjewcated
Only now they figure the scam? Pathetic. This is not news.
best educated in history, ask them why do we celebrate the 4th of July, or who is the vice Presedent
But they definitely know _all about_ "Juneteenth".
They are just pissed that they cant walk away from the money they owe. Thats the law. Surprise.
I'm a millennial, I own my own business and my home and car... I have 3 degrees no debt & a 820 credit score... Not all of us are brain dead 😒
Best educated generation? Sorry, ur fine arts in history degree is not education, but a total bullchit
Lol fuck us and let's fix it for the next generation.... cool my whole life been miserable anyways....
Soo boring
28 Year-old engineer here. No student debt whatsoever. Worked all through highschool and post-secondary so that I could pay my own way. Never took out a loan. Became a homeowner at 22.
Some of these people do nothing but whine and make excuses for themselves. Pathetic individuals.....
Wrong.
I disagree. I just turned 30 here. While I majored in nursing and worked throughout my nursing education, I too came out with no student loan debt. But that isn't to say I didn't have some help along the way. I got married, my husband worked extra hours to also help pay for my bachelor's degree as did I. It was a team effort. I know a lot of people who do not have the luxury to pay off college as they go. While I think a lot of it really is self-discipline, I also think some of it is what kind of helpful surroundings does one individual have.
Then my comment doesn't apply to you Chrisitna. I'm referring to all the tards who took out $100,000+ in student loans, in order to do a degree in medieval period blood painting or feline psychology or something else equally useless.
Those who whine and make excuses will never do anything in life. Take responsibility and more forward or else you will never retire and never be financially independent. Life has no obligation to give you a royal flush...play the cards you are dealt.
DICK it’s because you picked the right degree in the first place. Most kids go to college stupidly picking the wrong degree. You are the lucky one because the path you chosen.
Your living at home with mom and or dady there a lot of work out there
HEY YOU, tax payers! Come and pay for my debts.
I don't think any Millennials were asking this... There were literally three older folks talking calmly and rationally about the issues younger people are dealing with... And with regards to this clip, they are dealing with it somewhat silently... As there are no young people talking... or asking for handouts. So... yea. It's mostly older generations that have suggested bailing out student debt loads... You can't blame young people for like the idea lol.
Hey why not we bailed out the banks when they screwed up
Perhaps if they'd done degrees in useful subjects they might be in a better position - what use is Gender Studies or other degree of a similar ilk?
This guy is talking out of his ass. We have an unprecedented amount of educated people in our society who know nothing about the real world or how it functions. I'll call them naive to be polite. The reality is having a college education is not the same as having a skill that's in demand. Even starbucks will only have a limited number of barista positions available. Actually I think the correct term is networking opportunities. I recall discussions back in the early seventies about the global economy, well it is now here and if your looking for a job you are out of luck. The very group of scholars responsible for this economy have been promoting education for the past 40 years. For the most part the only beneficiaries of this have been themselves, allowing for their continued employment selling the dream.
Lol. Yes, it's the (((scholars))) that have been promoting globalism.
Get a job!!!
We can't!,,,
Yes you can.
It's just so easy to say "get a job". But many jobs don't pay enough to really live. Still, get a job regardless. But don't expect much. Might need two, or 3. Might need to do some work on the side. Now days it's more about having connections to have a decent job.
If it's get a job or two or three or starve most of us will find employment. If it's get a job or two or three or move back to Mom & Dads house many will not find employment.
pranksterguy1 ......nah