Another millennial thread...

[jesmu84]

https://www.businessinsider.com/millennials-kill-industries-because-poor-fed-report-2018-11

[GB Warrior]

I paid off my student loans in 5 years out of school, but some or most won't be as fortunate. At some point, their debt is going to be a problem for the housing market, since there is a whole generation of would-be buyers that can't afford it. This goes for many, many other industries as well

[tower912]

One of the reasons my wife and I really worked to make sure our daughter graduated college with a old used-car worth of debt and not a BMW amount of debt.      Starting out $100k in the hole is rough.   

[jesmu84]

One of the reasons my wife and I really worked to make sure our daughter graduated college with a old used-car worth of debt and not a BMW amount of debt.      Starting out $100k in the hole is rough.

I was in a good spot financially after Marquette. Went back to grad school. That set things back. Happy with my career decision. But I'll be behind the debt 8-ball for decades

[forgetful]

Shouldn't this be:  Another, another millennial thread...

[tower912]

A few more to go.   They each need one.    Hey-o.

[Galway Eagle]

I was in a good spot financially after Marquette. Went back to grad school. That set things back. Happy with my career decision. But I'll be behind the debt 8-ball for decades

Hoping my story doesn't mirror yours...

[GGGG]

I was in a good spot financially after Marquette. Went back to grad school. That set things back. Happy with my career decision. But I'll be behind the debt 8-ball for decades

Out of curiosity, why did you go back to school then? 

[jesmu84]

Out of curiosity, why did you go back to school then?

PA school.

I should have clarified that I'm much happier in my career/job now vs before grad school

[GGGG]

PA school.

I should have clarified that I'm much happier in my career/job now vs before grad school

Yeah ok. I wasn't trying to be a smart ass but there had to be *some* reason why you went to graduate school. And that's a real good reason.

[Billy Hoyle]

right now my payment plan has my last payment at age 61.  All from grad school as my loans at MU were minimal.  Opening a business has set back the idea of moving that payoff date up too.

It's amazing though, my grad school tuition topped out at $25K my final year, now it's $41K for tuition alone. MU is ranked lower and costs nearly $45K. It's no wonder more of us in that situation (Millennial or not) are living a more minimalist lifestyle.  We don't have the disposable income to just buy random crap and realize that we don't need a big house.  I always think back to one of my favorite footballers who when asked what he collected said "nothing. I see no reason to buy things just to have them." Wise words indeed.

[TAMU, Knower of Ball]

I was lucky when it came to grad school. I found a graduate assistantship that paid all of my tuition. Worked 20 hours of week and had my tuition paid in full, including fees. I even got free housing as part of the package though that is considerable rarer. Most schools offer dozens of such assistantships but I only think a very small population of grad students are even aware that they exist. Any time a student tells me they are interested in grad school I always encourage them to look for assistantships.

[mu03eng]

Had grad school 100% paid for by my company...took an extra year going nights and weekends but easy trade to have zero tuition debt.

[jesmu84]

Had grad school 100% paid for by my company...took an extra year going nights and weekends but easy trade to have zero tuition debt.

I wish either of those was an option

[dgies9156]

I wish either of those was an option

Unfortunately, this is a perk that has been slashed dramatically by companies everywhere. I did my MBA courtesy of the trade association for which I worked in the 1980s. They paid 75 percent of it and the remainder was tax deductible. The amazing thing was no one other than our administrative assistants took advantage of it until I did.

After I began working on my MBA (Loyola University of Chicago), our firm paid for about three Northwestern MBAs, one University of Chicago MBA and a DePaul University math degree, almost all from the same department of our firm (mine). Even in those days, that was very expensive.

Firms themselves were in a conundrum. They spent a lot of money on MBAs. They had people who were overqualified for their positions but were not always situated to move those folks into positions appropriate to experience and education. So the folks left, meaning the company made a massive investment in a person's education but got little back for it.

That's probably the biggest reason why the tuition assistance programs died.

[mu03eng]

https://www.npr.org/2018/11/30/672103209/why-arent-millennials-spending-more-they-re-poorer-than-their-parents-fed-says

Good context in this article, a lot of stuff millennials are experiencing isn't unique to them but given the macro economic changes they are behaving differently....for how long is the ultimate question

[mu03eng]

Unfortunately, this is a perk that has been slashed dramatically by companies everywhere. I did my MBA courtesy of the trade association for which I worked in the 1980s. They paid 75 percent of it and the remainder was tax deductible. The amazing thing was no one other than our administrative assistants took advantage of it until I did.

After I began working on my MBA (Loyola University of Chicago), our firm paid for about three Northwestern MBAs, one University of Chicago MBA and a DePaul University math degree, almost all from the same department of our firm (mine). Even in those days, that was very expensive.

Firms themselves were in a conundrum. They spent a lot of money on MBAs. They had people who were overqualified for their positions but were not always situated to move those folks into positions appropriate to experience and education. So the folks left, meaning the company made a massive investment in a person's education but got little back for it.

That's probably the biggest reason why the tuition assistance programs died.

You're probably right, but I also think universities have priced companies out of offering that perk as well.

One thing I see a long term trend with companies is acting like employees are commodities and that will impact those companies negatively long term. Yes at lower wage levels automation starts to take over but that means you have to opportunities for creating value in terms of new products and services which will require talented/educated human capital. Companies are acting very short sited right now

[jsglow]

Aurora Healthcare and her TA position pay all (maybe more, not recalling) of our DD's graduate Nursing education at MU. That'll likely apply all the way through her PhD.

I really feel for you guys with massive debt. A little skin in the game is all good but our kids' debt is 'used car' money.

[forgetful]

You're probably right, but I also think universities have priced companies out of offering that perk as well.

One thing I see a long term trend with companies is acting like employees are commodities and that will impact those companies negatively long term. Yes at lower wage levels automation starts to take over but that means you have to opportunities for creating value in terms of new products and services which will require talented/educated human capital. Companies are acting very short sited right now

I think the bigger issue is too many employees were using the opportunity to get a sham MBA from for-profit universities (with very high tuition), in order to get the MBA-raise.

So companies were paying a crap ton of money, and having to give a pay raise, for a worthless piece of paper.

[jsglow]

You're probably right, but I also think universities have priced companies out of offering that perk as well.

One thing I see a long term trend with companies is acting like employees are commodities and that will impact those companies negatively long term. Yes at lower wage levels automation starts to take over but that means you have to opportunities for creating value in terms of new products and services which will require talented/educated human capital. Companies are acting very short sited right now

Word.

[jesmu84]

https://www.theatlantic.com/ideas/archive/2018/12/stop-blaming-millennials-killing-economy/577408/

[WarriorDad]

https://www.theatlantic.com/ideas/archive/2018/12/stop-blaming-millennials-killing-economy/577408/

Looks like a nice millenial wrote that article.   

[jesmu84]

Looks like a nice millenial wrote that article.   

Yea. Facts and statistics are a real pain.

[WarriorDad]

Yea. Facts and statistics are a real pain.

I've raised a few millenials.  Worked at one time with more than I can count.  Patience is a virtue they lack.  Most of us had to wait our turn, but I found all too often an entitlement by some.  Some got it, too many didn't.  They couldn't wait to tell you how they were the smartest hot shots in the room, but they lacked experience which is the great equalizer.  Experience takes time, and to many didn't want to wait in my opinion.  They are also part of a much more competitive world than in the past, that's a matter of timing and bad luck.  Of course they could have been fighting in wars and being killed if born in an earlier generation, but that would require perspective and less whining.

[jesmu84]

I've raised a few millenials.  Worked at one time with more than I can count.  Patience is a virtue they lack.  Most of us had to wait our turn, but I found all too often an entitlement by some.  Some got it, too many didn't.  They couldn't wait to tell you how they were the smartest hot shots in the room, but they lacked experience which is the great equalizer.  Experience takes time, and to many didn't want to wait in my opinion.  They are also part of a much more competitive world than in the past, that's a matter of timing and bad luck.  Of course they could have been fighting in wars and being killed if born in an earlier generation, but that would require perspective and less whining.

Thanks for the perfect example of cliche millennial commentary.

Also, is the irony lost on you that you are responsible for the rearing of those which you seem to have so much disdain for?