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  1. #21

    Re: Beware of this great economy?

    Quote Originally Posted by Sharon Jean View Post
    I 100% agree. College is not the best choice for everyone, yet most young adults are told "you have to get a degree in order to succeed today". Guaranteed college loans are made readily available, and if the student fails and defaults, you and I the taxpayers are on the hook. The Universities still get paid, tuition continues to rise, and the circle continues. If the universities were made responsible for even a portion of these defaulted loans, things would fall in line quickly.
    If the student defaults now he/she is still liable with the change Obummer put in while in office that debt follows you forever. Now they take your Fed tax return till loan is satisfied. You can make a deal with the ONE and ONLY company that buys the defaulted student loan but they try to get 75% or more of the original loan amount not what they paid. So the government gets maybe 10-20% back. And go figure the company is out of IL and my guess is a friend of Obummer also - speculation on the owner and Obummer I found all this putfirst hand when my daughter did not pay her loan and they took my tax return. And what a huge pain in the A to try and get it refunded, going on two years and still have not gotten it back.

  2. #22

    Re: Beware of this great economy?

    Quote Originally Posted by motoryacht lover View Post
    I briefly scanned the zero hedge article. The article mentions work arounds such as cleaning your own home, cutting your own grass, things of that nature. I don’t want to get into my financial situation but I could comfortably afford to have someone clean my office and my home and cut my homes grass. I do those things myself. Full disclosure my wife mostly cleans the house. I drive a 2011 F350 service body truck. My wife drives a 16 Ford Explorer. My point is this is how a lot of Boomers raised by the depression generation are living. So; do millennials have expectations that they shouldn’t have to do those things? Do you know how many people today cant fix their own toilet? We use to own apartments and a male tenant called about the bee infestation on his porch. I came prepared for a show down. It was a wasp nest that I took care of with a broom. To me that situation personifies a lot of Americans these days. The want to hit an app on an iPad and have someone instantly solve their problem. That cost money. I believe there is now a business picking up dog excrement in people’s yards. I have seen some working class people not only make money but build wealth doing what others don’t want to do. I have worked for a family business literally since I was 9 years old, spring break i came home and worked. The day after I graduated college I drove home and went to work. I have been working 6 days a week since. As I have aged I have slowed on the Saturdays and now go into the office for 3-4 hours. My father told me you won’t get ahead working 40 hours a week. So if the next generation expects to have what some of us have you are going to have to work more than 40 hours a week. Last thought, I believe I heard this right. If one makes $130,000/year he/she is in the top 10% of income earners. So if one makes 150,000 he or she would most likely define themselves as middle class. Statistics say they are at a minimum upper middle class.
    This story is my story. I was thinking today how I used to feel cheated because I had to report to the family business after school every day. Maybe I didn't fully socialize until a little later, but work is nothing for me. My parents, who lived the Great Depression, were pretty damn smart, and I'm fortunate to be the beneficiary of their wisdom. I was able to retire in my forties because of hard work, a good education and a lot of luck. My 2012 MB has 240K miles, and I really don't care. I remember the sleepless nights when I took out my first mortgage at 30. I paid off my twenty year loan, in the best old neighborhood in town, in about three years. My parents told me I couldn't afford that house, so I worked seven days a week to prove them wrong. I've also been completely debt free for twenty years, and that is a wonderful feeling. A feeling that I always try to convey to my kids.
    Semper Siesta
    Robert Clarkson
    ASLAN, 1983 55C #343
    Charleston, SC

  3. #23

    Re: Beware of this great economy?

    Many people are debt free. They just dont own anything either.
    Scott
    41C117 "Hattatude"
    Port Canaveral Florida.


    Marine Electronics and Electrical Products Distributor.

  4. #24

    Re: Beware of this great economy?

    Quote Originally Posted by jim rosenthal View Post
    I wonder how many people on this forum have children that are millennials. (sp?) And I wonder how many would describe their own millennial children in the disparaging terms commonly used?

    Maybe that's other peoples' children. Their children are not typical millennials.
    Good point. The term "generation" has become much more inclusive today than it was in the past. I grew up as a poor boomer I guess, and none of the financial aspects of boomers applied to my family or my neighbors. It wasn't till I made my own way that I achieved a "boomer" life. My point being that there were probably as many failed boomers as there are failed millenials, and they probably failed for all the same basic reasons. Yes, today, more go to college, which basically proves that college by itself has nothing to do with it.
    Prometheus
    1978 53' MY Hull #529
    Viera, FL

  5. #25

    Re: Beware of this great economy?

    Anyone who knows how to work and is motivated to work, can make a good living these days. I don't mean those that want a job. I mean those that actually work.
    Sky Cheney
    1985 53EDMY, Hull #CN759, "Rebecca"
    ELYC on White Lake--Montague, MI

  6. #26

    Re: Beware of this great economy?

    plum
    Quote Originally Posted by SKYCHENEY View Post
    Anyone who knows how to work and is motivated to work, can make a good living these days. I don't mean those that want a job. I mean those that actually work.
    Its relative to the world you live in. Someone with a trade: carpenter, plumber, electrician, hvac etc..

    and some business sense can do quite well today. It takes discipline and yes hard work. The real estate world I'm in has tremendous opportunity. My go to plumber works his own hours and has several rental properties, my go to handyman owns his $300k house and has 4 guys working for him. $300k in this area is doing well. One of my first boss's had a poster behind his desk" The future belongs to those willing to get their hands dirty"

    That was 1973. Millenial, gen x . boomer whoever. It has not changed. Work hard, get better, move up. Oh yeah remember the work hard step!
    Fred
    31 Tiara Open
    "Escalation"

  7. #27

    Re: Beware of this great economy?

    Quote Originally Posted by krush View Post
    It doesn't matter...even if a millennial is fully employed and paid well, the last 10+ years of zero/low (ZIRP) interest rates has PUNISHED people that save.Try $20,000 a year to attend a state "average" school studying engineering (tuition +room/food). This is for in state residents. Out of state 40k.....a YEAR.Boomers say "I worked full time in the summer and paid for college". HAHAHAHAHAHHAHA. And then people graduate with degrees and are underemployed. Many have useless degrees, but plenty of technical people are underployed. Oh yeah, $50-60k sounds like a lot out of school, but it's garbage when a house costs 400-500k and the person paid 80-100k for IN STATE tuition.It will be interesting to see what happens to house prices as boomers begin to sell all the mcMansions that millenials don't want. Prices will likely crater.
    Housing costs are absolutely insane. People are taking 40 year mortgages and paying huge sums to the banks. These same people are all complaining about the bankers salaries.

  8. #28

    Re: Beware of this great economy?

    Quote Originally Posted by SKYCHENEY View Post
    Anyone who knows how to work and is motivated to work, can make a good living these days. I don't mean those that want a job. I mean those that actually work.
    I disagree. Government regulations, insurance requirements, taxes, compliance cost, etc. It all makes it very difficult for one "motivated to work" to make a good living. Small business men often would be better off working for the government or a big company. They will get better benefits and live a better life.

    How about this point: Ask any "self employed" person to share they health insurance headaches with you. In 3 years, my premiums went like this (monthly) $205, 300, 350, and 2019 was $500. This is with $8,000 deductible and it was an annoying HMO. That's for one person, young, healthy.

    Toss on workers comp, taxes, and all the other stuff, and it's rough. I'd like to do side work doing engine electronics vehicle/boat mobile repair. I can work for cash (illegal) or deal with so much overhead it doesn't make it worth my time.
    FTFD... i drive a slow 1968 41c381

  9. #29

    Re: Beware of this great economy?

    Quote Originally Posted by Seapig100 View Post
    Housing costs are absolutely insane. People are taking 40 year mortgages and paying huge sums to the banks. These same people are all complaining about the bankers salaries.
    Its definitely changed in my lifetime. I'm not sure how long you can finance a car for these days, six years?? I rent space to a mattress company, and I was surprised people finance mattresses for 5 or more years. I don't care how nice it is, that's not my idea of a perfect sleeper. (I love the manufacturers who offer a 10 year warranty while stating you shouldn't sleep on a mattress for more than seven years.)

    Definitely what I would call a fragile economy with so many living one paycheck from disaster.
    Last edited by racclarkson@gmail.com; 05-06-2019 at 05:11 PM.
    Semper Siesta
    Robert Clarkson
    ASLAN, 1983 55C #343
    Charleston, SC

  10. #30

    Re: Beware of this great economy?

    Toss on workers comp, taxes, and all the other stuff, and it's rough. I'd like to do side work doing engine electronics vehicle/boat mobile repair. I can work for cash (illegal) or deal with so much overhead it doesn't make it worth my time.[/QUOTE]

    I hear what you are saying but yes to be legit you will need to have insurance, etc. But remember you have to pass those costs along to the customer. It will be difficult to recover all of those costs if you are working it as side jobs. I have seen many a small contractor fail or barely survive because he knows the trade but doesn’t know the numbers or business side of it. So I don’t agree with the blanket statement that most would be better off working for the gov’t or a large corporation. A motivated person who pays attention to the business side can not only make a living but can build wealth. Many people aspire to own their own business and think that they can set their terms, hours, etc. Nothing is further from the truth the demands of the business set all of that. So out of all that aspire to own their own business I would say 70% are not cut out for it.

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