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Originally posted by BackFire
The layout of that article gave me aids.

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I am 35 years old—the oldest millennial, the first millennial—and for a decade now, I’ve been waiting for adulthood to kick in. My rent consumes nearly half my income, I haven’t had a steady job since Pluto was a planet and my savings are dwindling faster than the ice caps the baby boomers melted.

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Contrary to the cliché, the vast majority of millennials did not go to college, do not work as baristas and cannot lean on their parents for help. Every stereotype of our generation applies only to the tiniest, richest, whitest sliver of young people. And the circumstances we live in are more dire than most people realize.

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About 59 percent[of millennials] work in college jobs by the time they reach 26 or 27, compared with 48.4 percent of college-educated 22- and 23-year olds.

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In our survey, we found that 65.7 percent of them are planning to attend an in-state school to save on the cost of tuition. With the average tuition cost for an out-of-state school more than double that of an in-state school at $24,930 per year, students are aware that taking on more student loan debt can set them back financially after graduation.

Of those students who plan to attend an in-state school, 19 percent plan to live at home and commute. Although room and board can be covered through scholarships and financial aid, it still comes with a hefty price tag. According to College Board, the average cost of room and board is $10,440 for four-year public schools—more than the average cost of in-state tuition at $9,650.

Why is it that Generation Z is more financially cautious? Dr. Tatum Soo Kim, Associate Dean to Student Affairs at Columbia University affirmed, “Generation Z is financially cautious because they care deeply about how their money is spent.” She goes on to say, “Undeniably, Generation Z will expect value for their investment.”

We asked students how they plan to pay for college and found that 82 percent of students plan to use scholarships to supplement the cost of college.

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45% of survey respondents didn’t know what percentage of their salary went to paying off their loans.

• 37% were unaware of the interest rate on their loan.

• A very oblivious 15% were even unaware of how much they owe.


• 44% claimed not to fully understand the difference between federal and private loans.

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When asked what they’d consider giving up in order to pay down their debt, less than half were willing to do without concert tickets, lattes, food delivery, alcohol purchases or travel.

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Across all age groups, the U.S. homeownership rate — at 62.9 percent — has now fallen to its lowest level in more than five decades. Among younger Americans only, things look especially paltry.

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Specifically, 86 percent of young people who got married before having kids are among the middle or top third of earners. Just 53 percent who put childbearing first have incomes in the middle or top third, meaning 47 percent of millennials who have a baby first are considered lower income.

Even millennials from low-income families are more likely to flourish if they married before having children: 71 percent who married before having children made it into the middle or higher end of the income distribution by the time they are age 28 to 34," the AEI and IFS report.

By comparison, only 41 percent of millennials from lower-income families who had children first made it into the middle or higher end of the distribution when they reached ages 28 to 34.

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From job security to the social safety net, all the structures that insulate us from ruin are eroding. And the opportunities leading to a middle-class life—the ones that boomers lucked into—are being lifted out of our reach. Add it all up and it’s no surprise that we’re the first generation in modern history to end up poorer than our parents.

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While 55 percent of 28- to 34-year-old millennial parents had their first child before marriage, the vast majority of millennials who married before having any children are now steering clear of poverty and appear to be headed toward realizing the American dream. Additionally, 95 percent of millennials who married first are not poor, compared to 72 percent who had children first.

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After six months of applying and interviewing and never hearing back, Scott returned to his high school job at The Old Spaghetti Factory. After that he bounced around—selling suits at a Nordstrom outlet, cleaning carpets, waiting tables—until he learned that city bus drivers earn $22 an hour and get full benefits. He’s been doing that for a year now. It’s the most money he’s ever made. He still lives at home, chipping in a few hundred bucks every month to help his mom pay the rent.

In theory, Scott could apply for banking jobs again. But his degree is almost eight years old and he has no relevant experience. He sometimes considers getting a master’s, but that would mean walking away from his salary and benefits for two years and taking on another five digits of debt—just to snag an entry-level position, at the age of 30, that would pay less than he makes driving a bus. At his current job, he’ll be able to move out in six months. And pay off his student loans in 20 years.

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Only about 9 percent of all recent college graduates worked in a low-skill service job from 2009 through 2013, the four years following the recession.

And for 20-somethings who are worried about getting stuck in those jobs forever, the researchers had some additional good news: The percentage who are employed in service jobs drops by half by the time they reach their mid-20s, which suggests that they're transitioning to jobs better tailored to their skills.

Millennials are also shifting into better jobs. About 59 percent work in college jobs by the time they reach 26 or 27, compared with 48.4 percent of college-educated 22- and 23-year olds.

And underemployment doesn't necessarily mean minimum-wage work. About half of underemployed millennials hold relatively high-paying jobs, such as in information processing and business support, where the average wage is slightly more than $59,000, the researchers found. The largest share, about one-quarter, are in office and administrative support roles, where the average annual pay is $37,207 -- far more than a barista would take home.

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Originally posted by Kurk
As Squidward always said: https://www.youtube.com/watch?v=2eXU2p982GQ

and this

https://www.youtube.com/watch?v=B3alOx1z0hE


As a young millennial myself, this article really triggered my anxiety for the first time in a long time. I hate being reminded of the direness of this generation's situation.

College is a scam. The PBS documentary Declining by Degrees goes into how college has transformed into the ultimate corporate sham.

Worst of all, I've realized this but I have no choice but to take out loans and attend due to tiger parents. Either I take out massive debt or become disowned by my parents and end up homeless. My only motivation in school right now is to avoid the latter. In the end I'm going to end up with a worthless degree with my only option being dental school which would add $350,000 in debt. Account for interest and it's closer to 400k+. I'd be in debt until I'm middle-aged.

Plenty of things are contributing to this situation, but the college sham is definitely the biggest one in my mind. Plenty of trades can pay good salaries for minimal debt.

The American dream has been dead for a while now.

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Kbro, you still amaze me. Your ability to annoy me surpasses anyone I have ever met. I do not understand how you can persist despite the inevitable debunk, which always arises after you spew economic fallacies or slanderous exposés.

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I think before I begin it is worth noting the absolutely horrendous formatting which made this article extraordinarily laborious and taxing to read.

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Originally posted by dadudemon
I am doing okay. I could be better. But I most certainly do not pay half my income towards housing.

None of his criticisms add up, to me.


Sure, I had student loans but nothing outrageous. They are almost gone.

My car is paid off.


I have debt, no doubt. But that is being paid off.


Perhaps he should stop complaining about his situation and actually work towards doing something about it. I was in school more than full time and working more than full time while married with 2 kids. I didn't think anything of it until I got done and then I started hearing about people being super upset about having so much school work to do and not enough time to get hang out with their friends (drinking, smoking, clubbing). WTF?

There's your problem, dumbasses.