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Millennials that are thriving in this economy are those with links to rich parents: The vast majority of other Millennials are mired in debt and unable to purchase homes. submitted by doctorshady to news

Prostetnicvogontrill 1 points 39 points (+40|-1) ago

I often wonder why some people succeed and some don't. For instance, I came from a probably dead center middle class family that dropped to lower middle class later on when my father's job was offshored to Indonesia or something. He was lucky enough to get severance that helped pay for him to go back to school and get a 2 year degree but he made much less after that. After they divorced my mother made very, very little. I split my time between both parents equally, my sister and I and my mom shared a 1 room apartment for several years. Most of my friends families were in about the same socioeconomic situation as I was before the offshoring and divorce.

Anyway, I went to college and got what I considered to be a strong degree. My parent's couldn't pay my tuition, so they took out parent loans and I took out student loans. I worked the entire time I was in college to help pay the rent and some food costs. I went to a 2 year community college before transferring to the 4 year state school for the better looking degree. Anyway, I took out about 80% of the debt for my school. I got a couple scholarships, small ones in the order of like $1-3k. I left school with about $47k in debt. I Ended up graduating with a degree in finance with honors and had a job lined up before I graduated. Left there for another job shortly after and now make about $65k a year. Married a girl who I have been with since HS, who makes about $47k a year (we went to and graduated college together also).

With our salaries we were able to buy a house, pay our monthly student loans, put a good chunk in emergency savings and bought two reliable used cars. I am the only one of my group of friends who has a home and is financially stable for I think several reasons, but I think the main ones are as follows:

A) I picked a degree that pays well on average. Not knocking art degrees at all, I love art, but on average finance/accounting degrees pay well and enable me to afford my hobbies.

B) I went to a 2 year CC before transferring to a 4 year state school, saving lots of money.

C) I worked A LOT during college and used the money for food and rent, also cutting down the money I needed to borrow.

D) My father taught me financial responsibility. I am not frivolous with money and save it very well. I think most people have problems managing their money and this should be taught in schools.

E) I have a wife who makes a decent amount of money. My male single friends make close to what I make, but aren't as able to buy a house because relative to home prices they effectively make less since they are single.

F) I am a tall white guy. Lucked out there, I am more likely to get better paying jobs in my demographic, not doubt about that as sad as that is

I think those things are what made it easier for me to be able to have the house, pay the bills and have extra money to play with. I ask myself a lot why other people who graduated college complain that they can't buy a house or pay their student debt, and this is what I usually come up with. Of course there are a lot more circumstances at play, but I think those things are at the very least big parts of the reason. It was a combination of being setup for success by thinking into the future. My dad taught me how to manage money, laying a strong foundation. I picked a major that paid well and was relatively easy to stay employed in. I did what I could to keep my student loans as low as possible. I married someone who makes enough money to help and is also on the same page as me financially. And I am also lucky in many ways. I happened to be in the right place at the right time. As a result it is sometimes it's hard to see what people complain about all the time, saying things like "only rich parent's kids go on to be able to afford a house." I'm like wait a minute, I am not even close to a rich kid and I did it. Then I see my friends and know that they are capable and can do it too, but they either didn't make good decisions with their school, with their borrowing for school, don't know how to manage their money, made stupid life decisions (kids before they were ready) or just have plain bad luck. I feel like a lot of the "reasons" people cite for not being able to buy a house are avoidable. But the problem is, when you are 18 you don't know how to prepare or understand the impact of those things. And if you don't have a parent like my Dad, no-one is giving you the right advice to help to steer your life in that direction. I think it isn't children of rich parent's per se, I think it is children of parents who just know how to set their kids up for success. And rich parents by and large may have the money and the know how to do that. Still, who the fuck knows man. It's a crap shoot sometimes.

deleted by user submitted by exisredditus to technology

Prostetnicvogontrill 1 points 23 points (+24|-1) ago

I always find it funny that people think the U.S. is the only country that does things like this....

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