Net worth of Americans aged 18 to 35 has dropped 34 percent since 1996: study

[DGUtley]

Net worth of Americans aged 18 to 35 has dropped 34 percent since 1996: study. The net worth of the average 18- to 35-year-old has plummeted 34 percent since 1996, according to new study from accounting group Deloitte. Despite stereotypes that millennials overspend on entertainment and dining out, the Deloitte study found that the generation is paying more for education, food, transportation and other basic needs, while their incomes have stayed steady. The group's average net worth is now below $8,000, putting today's millennials in a worse financial position than previous generations.

https://thehill.com/policy/finance/446372-net-worth-of-americans-aged-18-to-35-has-dropped-34-percent-since-1996-study?utm_source=morning_brew


26098

[Lummy]

Academia has to pay for its tenure and political power.

[DGUtley]

I think it's largely more my generation pushing every one of our children to college. College isn't for everyone.

[Lummy]

I wonder if anyone in academia is worth the money and benefits they get paid. I don't think so. Almost everything they teach can be learned by using the local library, and that costs nothing but a few bucks in taxes.

[Chris]

"the Deloitte study found that the generation is paying more for education, food, transportation and other basic needs, while their incomes have stayed steady" = inflation.

[DGUtley]

I wonder if anyone in academia is worth the money and benefits they get paid. I don't think so. Almost everything they teach can be learned by using the local library, and that costs nothing but a few bucks in taxes.

That's not true. Part of what a university teaches is how to think = how to critically think, intellectually analyze etc.

[Lummy]

"the Deloitte study found that the generation is paying more for education, food, transportation and other basic needs, while their incomes have stayed steady" = inflation.
... which effects everyone.

[Lummy]

That's not true. Part of what a university teaches is how to think = how to critically think, intellectually analyze etc.

Pay them for that part, slash the rest.

[alexa]

They come out of school owing tens or hundreds of thousands in loans.

This isn't surprising.

[Sergeant Gleed]

See what happens when the government "gives" someone "free" shit?

[DGUtley]

They come out of school owing tens or hundreds of thousands in loans. This isn't surprising.

The amounts these young adults owe is staggering. Just staggering.

[DGUtley]

See what happens when the government "gives" someone "free" shit?

What is being given for "free"? I can tell you that without the student loan programs that millions of us wouldn't have gone to college. I'd be on the farm, for one.

[Mini Me]

What is being given for "free"? I can tell you that without the student loan programs that millions of us wouldn't have gone to college. I'd be on the farm, for one.
There ain't no free lunch! Ever. EVAH!

[Chris]

... which effects everyone.

True, inflation harms all, and is caused by both parties.

https://i.snag.gy/aXEpnh.jpg

[Chris]

They come out of school owing tens or hundreds of thousands in loans.

This isn't surprising.


The amounts these young adults owe is staggering. Just staggering.



https://i.snag.gy/JCDFbk.jpg?nocache=1559575106771

[Chris]

What is being given for "free"? I can tell you that without the student loan programs that millions of us wouldn't have gone to college. I'd be on the farm, for one.


Same here, well, not on the farm, but loans helped me through school. And were the focus of working to pay them off as quick as I could.

[alexa]

The amounts these young adults owe is staggering. Just staggering.
I went to one of the most expensive private universities in the country and what I my parents paid over 4 years, including books, room and board etc wouldn't cover half a semester of my daughter's tuition now.

Fortunately, she won't have any loans, but her fiance owes $200k plus.

[Collateral Damage]

That's not true. Part of what a university teaches is how to think = how to critically think, intellectually analyze etc.
May I adjust your statement?
"Part of what a university is supposed to teach(es) is how to think = how to critically think, intellectually analyze etc"

IMO, this is a critical element missing from higher education today. It seems to be disappearing in high school also.

[Collateral Damage]

What is being given for "free"? I can tell you that without the student loan programs that millions of us wouldn't have gone to college. I'd be on the farm, for one.
I don't think anyone is actually knocking the student loan programs, per se.

One has to weight the benefit to the cost. It's become cliché, but when someone has to die in order for a position to open up on your chosen field, what is the probability of getting a decent paying job using your degree?

While Lummy was partially correct, a lot of learning can be found though the library, some companies demand the degree, some say ANY degree, to get your foot in the door.

I have the learning and experience, but not the physical degree. I've done rather well for myself, even without it, and no loans to contend with.

[The Xl]

Yeah, no kidding. That's what happens when everything is paywalled. That's what happens in a pay to play society where merit doesn't matter and you have to take a ridiculous amount of time and sign up for 6 figure debt to go anywhere. Certainly not good for the country, but a phenomenal pozi scheme for banks and universities.

[DGUtley]

I went to one of the most expensive private universities in the country and what I my parents paid over 4 years, including books, room and board etc wouldn't cover half a semester of my daughter's tuition now. Fortunately, she won't have any loans, but her fiance owes $200k plus.

You should be very proud. My daughters tell me what their friends owe. It is incredible.

[DGUtley]

I don't think anyone is actually knocking the student loan programs, per se. One has to weight the benefit to the cost. It's become cliché, but when someone has to die in order for a position to open up on your chosen field, what is the probability of getting a decent paying job using your degree? While Lummy was partially correct, a lot of learning can be found though the library, some companies demand the degree, some say ANY degree, to get your foot in the door. I have the learning and experience, but not the physical degree. I've done rather well for myself, even without it, and no loans to contend with.

Agree. Well said.

[FindersKeepers]

That's not true. Part of what a university teaches is how to think = how to critically think, intellectually analyze etc.

I think that's what they used to do -- but I'm not so sure they're all that analytical about it anymore. Now, it seems as though public universities are every bit as narrow-minded in their approach to thinking as parochial schools. Social engineering is creeping in.

[DGUtley]

I think that's what they used to do -- but I'm not so sure they're all that analytical about it anymore. Now, it seems as though public universities are every bit as narrow-minded in their approach to thinking as parochial schools. Social engineering is creeping in.

Remember, though, you send a child to a parochial school to get a particular education. I, for one, sent my children to a Catholic Grade School to get a Catholic religious education.

[Sergeant Gleed]

What is being given for "free"? I can tell you that without the student loan programs that millions of us wouldn't have gone to college. I'd be on the farm, for one.

You think getting a government-gauranteed loan at 3% wasn't a gift from the taxpayers?

And it those student loans that force new grads into negative net worth after the get their diploma, especially those that get useless "coffee in your future" degrees.

How to fix the problem is simple.

Get the federal government out of the education business. The Constitution forbids it, anyway.

Make the college a cosignature on the loan. If the degree is as useful as they advertise to the student, they shouldn't have a problem doing this.

Make the student loan dischargeable in bankruptcy, which again would limit who and what a lender would issue funds for.

And, finally, teach everyone the real solution to the student loan crisis:

"You pay YOUR loans".

It's part of "adulting".

[Sergeant Gleed]

I went to one of the most expensive private universities in the country and what I my parents paid over 4 years, including books, room and board etc wouldn't cover half a semester of my daughter's tuition now.

Fortunately, she won't have any loans, but her fiance owes $200k plus.

She shouldn't marry until that ridiculous loan is paid off.

[Sergeant Gleed]

I don't think anyone is actually knocking the student loan programs, per se.


I am.

It is unconstitutional.

The "lender", aka the taxpayer, has no means to say the major is retarded and the borrower can't pay back the loan, nor does the lender ever have the opportunity to say "you want how much?"

The colleges make fantastic piles of cash and there are almost no requirements that the student learn anything. The colleges raise tuitions at fantastic rstes...and the market forces that would run in their greed are eliminated by infinite monet via federally subsidized student loans.

The whole system is shit.



One has to weight the benefit to the cost. It's become cliché, but when someone has to die in order for a position to open up on your chosen field, what is the probability of getting a decent paying job using your degree?

While Lummy was partially correct, a lot of learning can be found though the library, some companies demand the degree, some say ANY degree, to get your foot in the door.

I have the learning and experience, but not the physical degree. I've done rather well for myself, even without it, and no loans to contend with.

[Sergeant Gleed]

I think that's what they used to do -- but I'm not so sure they're all that analytical about it anymore. Now, it seems as though public universities are every bit as narrow-minded in their approach to thinking as parochial schools. Social engineering is creeping in.
They have no desire to teach critical thinking when the SATS are going to be short-circuited by the new Adversity Score.

The test scores won't matter, what will matter is the shithole you live in.

[Tahuyaman]

That's not true. Part of what a university teaches is how to think = how to critically think, intellectually analyze etc.

I’m not so sure about that. It appears that today they are teaching that unquestioned compliance with a particular point of view is the only thing acceptable now.

[alexa]

She shouldn't marry until that ridiculous loan is paid off.

Her fiance makes around $250k/yr plus bonuses.

I'm not greatly concerned about his ability to pay off his loans.

The wedding is next spring.

They might still need a waiter, if you're interested.

[jimmyz]

I'd rather give my kid $150K-$200K for a house and tell them to go be a plumber or auto mechanic. They would turn out just fine

[MisterVeritis]

As long as big government and big education are entwined the costs for both will continue to rise.

Big education is the means to transfer enormous wealth from the the productive to the unproductive Propagandists who run the institutions.

The government has no Constitutional authority for its involvement in education at any level.

[Collateral Damage]

I am.
It is unconstitutional.
The "lender", aka the taxpayer, has no means to say the major is retarded and the borrower can't pay back the loan, nor does the lender ever have the opportunity to say "you want how much?"
The colleges make fantastic piles of cash and there are almost no requirements that the student learn anything. The colleges raise tuitions at fantastic rstes...and the market forces that would run in their greed are eliminated by infinite monet via federally subsidized student loans.
The whole system is $#@!.
While believing that a (generally) educated society benefits the society as a whole, there are some people, and some subjects, that should not be at University.

Correct, the taxpayer does not have a say in what curriculum the loans age allowed for, nor the minimal grade average should be. The Taxpayer is also not responsible for granting, or not, as the case may be, the loans. As with several things that are to the benefit of the Society in general, the group as a whole will never agree upon those particular factors.

I'd like to think that the loans that have been made, will benefit us in the long run, as long as paying back the loans is not washed away in the blood of the taxpayers who funded them. I do not agree with student loan forgiveness. One cannot borrow money for any other purpose at such minimal interest rates.

[Captdon]

I don't think anyone is actually knocking the student loan programs, per se.

One has to weight the benefit to the cost. It's become cliché, but when someone has to die in order for a position to open up on your chosen field, what is the probability of getting a decent paying job using your degree?

While Lummy was partially correct, a lot of learning can be found though the library, some companies demand the degree, some say ANY degree, to get your foot in the door.

I have the learning and experience, but not the physical degree. I've done rather well for myself, even without it, and no loans to contend with.

I made my money by doing dirty jobs most people here wouldn't do. I did jobs that took skill and finesse but no degree.. Here I am, retired more than comfortably and two children through school without loans and a nice dog.

[DGUtley]

You think getting a government-gauranteed loan at 3% wasn't a gift from the taxpayers?

Well.... first of all, my loans weren't 3% -- I'm a bit old and went to college and law school in the early to mid 80's. I think my law school loans were 9 and 12%. I don't remember what my undergrad loans were. Back then, they were government guaranteed (I believe) and weren't using government money. I could be all wrong but that's my recollection. 3% reflects the government guarantee - lower risk.


And it those student loans that force new grads into negative net worth after the get their diploma, especially those that get useless "coffee in your future" degrees. How to fix the problem is simple. Get the federal government out of the education business. The Constitution forbids it, anyway. Make the college a cosignature on the loan. If the degree is as useful as they advertise to the student, they shouldn't have a problem doing this.

It may initially force them into net worth but it has enabled millions of us to achieve great upward mobility in this country.

The Constitution doesn't explicitly mention a federal role in regulating aviation, either. I don't know that the Constitution "forbids it" -- I do note that it isn't specifically mentioned but there is the power to tax and spend for the general welfare.



Make the student loan dischargeable in bankruptcy, which again would limit who and what a lender would issue funds for. And, finally, teach everyone the real solution to the student loan crisis: "You pay YOUR loans". It's part of "adulting".
It's interesting that you suggest making them dischargeable. They used to be -- up until the year before I graduated from law school. The Tax Reform Act of 1986 took care of that (I believe) and it also removed the deduction for student loan interest (put it back on naturally shortly after I paid mine off - every penny.) We want kids to be able to go to college. If you make colleges responsible what do you do about the kids that just don't try? Aren't smart enough? Should we do that for high school as well? Should all of our taxpayer funded entities have a money-back guarantee?

[MisterVeritis]

While believing that a (generally) educated society benefits the society as a whole, there are some people, and some subjects, that should not be at University.

Correct, the taxpayer does not have a say in what curriculum the loans age allowed for, nor the minimal grade average should be. The Taxpayer is also not responsible for granting, or not, as the case may be, the loans. As with several things that are to the benefit of the Society in general, the group as a whole will never agree upon those particular factors.

I'd like to think that the loans that have been made, will benefit us in the long run, as long as paying back the loans is not washed away in the blood of the taxpayers who funded them. I do not agree with student loan forgiveness. One cannot borrow money for any other purpose at such minimal interest rates.
These student loans are not loans. They are the means to seize the wealth from the productive to give to this nation's domestic enemies.

These student loans are not loans. They are the means to vastly enrich America's enemies, leftist institutions and professors.

These student loans are not loans. They are the means to ensure a very great many young people are ensnared in government dependency and largess during their formative years. They are taught to hate this nation and to love socialism.

[MisterVeritis]

The Constitution doesn't explicitly mention a federal role in regulating aviation, either. I don't know that the Constitution "forbids it" -- I do note that it isn't specifically mentioned but there is the power to tax and spend for the general welfare.

I see you agree with FDR's overthrow of the US Constitution.

I am surprised and saddened. The nation is lost. When men of good will, such as yourself, who should both know better and stand opposed to an unlimited government instead embrace it the battle is already lost.

[DGUtley]

I see you agree with FDR's overthrow of the US Constitution. I am surprised and saddened. The nation is lost. When men of good will, such as yourself, who should both know better and stand opposed to an unlimited government instead embrace it the battle is already lost.

I understand how the courts have ruled. I knew I'd hear from you. You certainly know that I do not stand for unlimited government.

[MisterVeritis]

I understand how the courts have ruled. I knew I'd hear from you. You certainly know that I do not stand for unlimited government.
Dave, you JUST FUCKING did. "... but there is the power to tax and spend for the general welfare."

[Collateral Damage]

These student loans are not loans. They are the means to seize the wealth from the productive to give to this nation's domestic enemies.
These student loans are not loans. They are the means to vastly enrich America's enemies, leftist institutions and professors.
These student loans are not loans. They are the means to ensure a very great many young people are ensnared in government dependency and largess during their formative years. They are taught to hate this nation and to love socialism.
So, you would prefer that no one receive a higher education, unless they had cash on hand to pay for it? While college is not for everybody, are you willing to throw away a mind yearning to learn, because they don't have the cash at the ready, or the assets to liquidate to gain such?

Oh hell yeah, some of those institutions churn out mini-Marxists and other assorted societal plagues, but because of it, are you willing to deny all the possibility of expanding their horizons?

I disagree.... completely and utterly disagree.

[Cotton1]

I wonder if anyone in academia is worth the money and benefits they get paid. I don't think so. Almost everything they teach can be learned by using the local library, and that costs nothing but a few bucks in taxes.

In a perfect world higher education doesnt nessecarily teach one what to think but how to think.

[MisterVeritis]

So, you would prefer that no one receive a higher education, unless they had cash on hand to pay for it? While college is not for everybody, are you willing to throw away a mind yearning to learn, because they don't have the cash at the ready, or the assets to liquidate to gain such?

Oh hell yeah, some of those institutions churn out mini-Marxists and other assorted societal plagues, but because of it, are you willing to deny all the possibility of expanding their horizons?

I disagree.... completely and utterly disagree.
Pay attention.

It is not my job to transfer the wealth I earned and accumulated through hard work, diligence and delayed gratification to some radical, leftist Marxist or neo-Marxist professor.

What happens when businesses are forced to compete for customers? Prices drop and quality goes up.

[Collateral Damage]

Pay attention.
It is not my job to transfer the wealth I earned and accumulated through hard work, diligence and delayed gratification to some radical, leftist Marxist or neo-Marxist professor.
What happens when businesses are forced to compete for customers? Prices drop and quality goes up. What makes you think I'm not 'paying attention'? You are welcome to your train of thought, just as I am.

Of all the ways that the societal monetary pool can be used, do you prefer welfare, or education?

Now mind you, the question doesn't mean I believe we should be contributing more, it means that one has an impact on the other, which in the long run, has an impact not only on the society at large, but in everybody's wallet as well.

[Sergeant Gleed]

[Q2UOTE=alexa;2616509]Her fiance makes around $250k/yr plus bonuses.

I'm not greatly concerned about his ability to pay off his loans.

The wedding is next spring.

They might still need a waiter, if you're interested.[/QUOTE]

Then he shouldn't have a problem postponing the wedding until it's paid off.

[Sergeant Gleed]

So, you would prefer that no one receive a higher education, unless they had cash on hand to pay for it? While college is not for everybody, are you willing to throw away a mind yearning to learn, because they don't have the cash at the ready, or the assets to liquidate to gain such?

Oh hell yeah, some of those institutions churn out mini-Marxists and other assorted societal plagues, but because of it, are you willing to deny all the possibility of expanding their horizons?

I disagree.... completely and utterly disagree.

If someone wants a higher education, and that someone is not my child, they should not be able to raid my assets for they desires.

If they can't pay their own way, they don't have to go.

It's what being an adult is all about. Learning the joys of "you can't afford that".

[Sergeant Gleed]

What makes you think I'm not 'paying attention'? You are welcome to your train of thought, just as I am.

Of all the ways that the societal monetary pool can be used, do you prefer welfare, or education?

Now mind you, the question doesn't mean I believe we should be contributing more, it means that one has an impact on the other, which in the long run, has an impact not only on the society at large, but in everybody's wallet as well.
Oh.

Well.

When you put it thst way...

...a "contribution" is voluntary. So I'm perfectly happy to tell the little pecks to piss off.

You are not talking about contributions. You are talking about TAXES.

[nathanbforrest45]

I went to one of the most expensive private universities in the country and what I my parents paid over 4 years, including books, room and board etc wouldn't cover half a semester of my daughter's tuition now.

Fortunately, she won't have any loans, but her fiance owes $200k plus.

Artificial insemination?

[MisterVeritis]

What makes you think I'm not 'paying attention'?
Your response.


You are welcome to your train of thought, just as I am.

Of all the ways that the societal monetary pool can be used, do you prefer welfare, or education?
Putting taxpayers on the hook to enrich radical leftists is Marxian welfare, not education.

Now mind you, the question doesn't mean I believe we should be contributing more, it means that one has an impact on the other, which in the long run, has an impact not only on the society at large, but in everybody's wallet as well.
Educating your offspring is not my responsibility.

Our current system is not intended to educate.

[Sergeant Gleed]

Our current system is not intended to educate.

Nor does it do so.

[MisterVeritis]

If you want a non-engineering education consider Hillsdale College.

[Collateral Damage]

Your response.
Putting taxpayers on the hook to enrich radical leftists is Marxian welfare, not education.
Educating your offspring is not my responsibility.
Our current system is not intended to educate.
Do you not pay Real Estate taxes or School taxes? Then yes, according to the current arrangement, you are paying for the education of your, and other people's children.

I am beginning to wonder if the understanding of what a 'loan' is, is a little light. As in, the person receiving the benefit thereof, repays the currency to the originating party. Which means, 'you' are not paying for someone else's higher education.

[MisterVeritis]

Do you not pay Real Estate taxes or School taxes? Then yes, according to the current arrangement, you are paying for the education of your, and other people's children.
I reject my responsibility for paying to educate other people's crumb crunchers.

I am beginning to wonder if the understanding of what a 'loan' is, is a little light. As in, the person receiving the benefit thereof, repays the currency to the originating party. Which means, 'you' are not paying for someone else's higher education.
Nonsense. The government "loans" massive amounts of money that flow directly into the hands of well-paid radical leftists.

The government has no expectation the loans will be repaid.

"...Federal loans is because there are a lot of programs available that can help borrowers - income-driven repayment plans (IDR), student loan forgiveness options (https://thecollegeinvestor.com/21541/different-ways-to-get-student-loan-forgiveness/), deferments, and forbearances."

The taxpayers will be on the hook for a couple trillions of dollars of student debt.


" there is a sub-Reddit called /r/studentloandefaulters (https://www.reddit.com/r/studentloandefaulters), where borrowers post articles in the "fight against student loan slavery", but also help each other navigate through the complex rules governing student loan debt. So, while there is a strong political under-tone and some commentary on morality and debt, there is more help for borrowers who are seeking it."

https://www.forbes.com/sites/robertfarrington/2018/09/25/student-loan-defaulters-strategic-default/#29db6d75229c

[donttread]

Net worth of Americans aged 18 to 35 has dropped 34 percent since 1996: study. The net worth of the average 18- to 35-year-old has plummeted 34 percent since 1996, according to new study from accounting group Deloitte. Despite stereotypes that millennials overspend on entertainment and dining out, the Deloitte study found that the generation is paying more for education, food, transportation and other basic needs, while their incomes have stayed steady. The group's average net worth is now below $8,000, putting today's millennials in a worse financial position than previous generations.

https://thehill.com/policy/finance/446372-net-worth-of-americans-aged-18-to-35-has-dropped-34-percent-since-1996-study?utm_source=morning_brew


26098

Yet another sign that our economy is a house of cards.