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.
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Thread: Beware of this great economy?
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05-02-2019 03:38 PM #21Senior Member
- Join Date
- Jun 2017
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- 96
Re: Beware of this great economy?
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Re: Beware of this great economy?
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
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05-02-2019 05:03 PM #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.
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05-05-2019 12:36 PM #24Senior Member
- Join Date
- Jun 2018
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- 1,069
Re: Beware of this great economy?
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
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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
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Re: Beware of this great economy?
plum 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"
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05-05-2019 07:58 PM #27Senior Member
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- Jan 2017
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- 362
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05-06-2019 04:12 PM #28Senior Member
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- Jun 2007
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- 4,974
Re: Beware of this great economy?
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
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Re: Beware of this great economy?
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
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05-06-2019 05:08 PM #30Senior Member
- Join Date
- Mar 2007
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- 517
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.