What they do not tell HS students when deciding on college: 1. Only 65% of students who start at a 4 year college actually graduate with a four year degree. Most of the 35% that do not, still have student loans that must be repaid. 2. Of the 65% that graduate, over half are working in jobs that do not require a bachelor's degree and are under employed. What do HS students and parents hear instead? A person with a bachelors degree will earn a million dollars more in their lifetime compared to someone without. The bachelors stat includes all CEOs and most Billionaire.
There's definitely value in pursuing a college degree but the decision must be done with all statistics. Students should be encouraged to explore all options including two year technical colleges (where I taught) and trade schools.
We've gotten out of hand with pushing graduates into college! Definitely need to reverse that trend.
The other part of the "bachelors degrees make more money" stat that gets ignored is all the other correlating variables — people who have access to college are also more likely to have access to certain types of jobs opportunities, for reasons that have nothing to do with their degrees.
Wow, thanks so much for sharing. I've never filed for bankruptcy, but I still have credit card debt because I had an ex who was financially abusive. I'm finally getting a divorce so I can get away from his toxic habits. In the meantime, trying to heal my relationship with money. You're right, financial literacy helps but it's the system that we're stuck in that causes so many of our problems. I'm so glad you were much more practical about your bankruptcy the second time around. Actually your story is quite inspirational!
You’re so right, we don’t need help with creating a budget. We need higher income and a lower cost of living.
“Wealth is higher pay than we deserve for a job we’re lucky enough to have.” That’s what I wrote in “Sage Words FREEDOM Book One.” We need income equity.
When the average cost of living is greater than the average living wage there is no other way to survive in America than through debt.
A recent headline reported that the majority of Americans can no longer afford basic living expenses. You are not alone. What sets you apart is that you were brave enough to write about this and I applaud you.👏👏👏
I went down the same path as you- read over 40 books of finances. What Suze Orman and all the rest get wrong is that it’s not about budgeting its income inequity and the greatest wealth gap of our lifetimes.
We are living in a second guilded age. I highly recommend the PBS documentary on the American Experience called “The Guilded Age.” It aptly described what we are going through and what we need to do to get out of this.
Thank you for writing this and sharing it. I will repost. Your words will validate many people in your same shoes.
We have to educate the world that we are not entitled for using debt to survive- we are deserving to live a life beyond our survival needs. Our value cannot be solely calculated through our monetary wealth or lack thereof. We have inherit worth because we exists.
These are the topics I write about in my book. Well done! Keep sharing!🌻
A friend who is an attorney spends a great deal of time helping people out of legal and financial messes that they got into because they followed Suze Orman's advice. Her advice is great for some but it is far from a "one size fits all" scenario. And don't get me started on the entire credit rating system that encourages you to get into debt but then shames you for not being able to get out.
My family was middle class. Mom was a Realtor. Dad was a food and beverage controller at a hotel. We rarely ate out. My much-older sister and her family would eat out multiple times a week. Once I whined, "Why can't we eat out more like they do?" My mother said, "Because they're putting those charges on their credit card and racking up debt."
That stuck and I have worked very hard to not have credit card debt. I had some credit card debt and a small student loan when I graduated college (I really don't remember how much--that was over 30 years ago!) I was able to pay everything off in a few years after getting a full time job. I'm married. We have no kids. We live in a big city. No car. We travel a lot for work and fun so no pets. I feel "comfortable" but not "rich." The priority has always been for me to not carry debt (other than our mortgage).
I cannot imagine how most people with kids, pets, and cars get by. The system is rigged against the lower and middle classes for sure.
Tonight (6/26) on PBS Newshour, Lisa Desjardins presented a short series of graphics showing how the looming Bad Bloated Billionaire bill pans out financially by income, percentages of the population, and economic class. Guess who wins and loses? Highly recommend watching. https://www.pbs.org/newshour/show/who-gains-and-who-loses-under-trumps-big-budget-bill
What they do not tell HS students when deciding on college: 1. Only 65% of students who start at a 4 year college actually graduate with a four year degree. Most of the 35% that do not, still have student loans that must be repaid. 2. Of the 65% that graduate, over half are working in jobs that do not require a bachelor's degree and are under employed. What do HS students and parents hear instead? A person with a bachelors degree will earn a million dollars more in their lifetime compared to someone without. The bachelors stat includes all CEOs and most Billionaire.
There's definitely value in pursuing a college degree but the decision must be done with all statistics. Students should be encouraged to explore all options including two year technical colleges (where I taught) and trade schools.
We've gotten out of hand with pushing graduates into college! Definitely need to reverse that trend.
The other part of the "bachelors degrees make more money" stat that gets ignored is all the other correlating variables — people who have access to college are also more likely to have access to certain types of jobs opportunities, for reasons that have nothing to do with their degrees.
Wow, thanks so much for sharing. I've never filed for bankruptcy, but I still have credit card debt because I had an ex who was financially abusive. I'm finally getting a divorce so I can get away from his toxic habits. In the meantime, trying to heal my relationship with money. You're right, financial literacy helps but it's the system that we're stuck in that causes so many of our problems. I'm so glad you were much more practical about your bankruptcy the second time around. Actually your story is quite inspirational!
I'm sorry you've dealt with that, Wendy! I'm glad to hear you're able to move forward and heal your relationship with money now 💖
Thanks! I'm glad it was helpful. :)
You’re so right, we don’t need help with creating a budget. We need higher income and a lower cost of living.
“Wealth is higher pay than we deserve for a job we’re lucky enough to have.” That’s what I wrote in “Sage Words FREEDOM Book One.” We need income equity.
When the average cost of living is greater than the average living wage there is no other way to survive in America than through debt.
A recent headline reported that the majority of Americans can no longer afford basic living expenses. You are not alone. What sets you apart is that you were brave enough to write about this and I applaud you.👏👏👏
I went down the same path as you- read over 40 books of finances. What Suze Orman and all the rest get wrong is that it’s not about budgeting its income inequity and the greatest wealth gap of our lifetimes.
We are living in a second guilded age. I highly recommend the PBS documentary on the American Experience called “The Guilded Age.” It aptly described what we are going through and what we need to do to get out of this.
Thank you for writing this and sharing it. I will repost. Your words will validate many people in your same shoes.
We have to educate the world that we are not entitled for using debt to survive- we are deserving to live a life beyond our survival needs. Our value cannot be solely calculated through our monetary wealth or lack thereof. We have inherit worth because we exists.
These are the topics I write about in my book. Well done! Keep sharing!🌻
A friend who is an attorney spends a great deal of time helping people out of legal and financial messes that they got into because they followed Suze Orman's advice. Her advice is great for some but it is far from a "one size fits all" scenario. And don't get me started on the entire credit rating system that encourages you to get into debt but then shames you for not being able to get out.
Would love to get you started on critiquing the credit rating system!! 👏👏👏
My family was middle class. Mom was a Realtor. Dad was a food and beverage controller at a hotel. We rarely ate out. My much-older sister and her family would eat out multiple times a week. Once I whined, "Why can't we eat out more like they do?" My mother said, "Because they're putting those charges on their credit card and racking up debt."
That stuck and I have worked very hard to not have credit card debt. I had some credit card debt and a small student loan when I graduated college (I really don't remember how much--that was over 30 years ago!) I was able to pay everything off in a few years after getting a full time job. I'm married. We have no kids. We live in a big city. No car. We travel a lot for work and fun so no pets. I feel "comfortable" but not "rich." The priority has always been for me to not carry debt (other than our mortgage).
I cannot imagine how most people with kids, pets, and cars get by. The system is rigged against the lower and middle classes for sure.
Tonight (6/26) on PBS Newshour, Lisa Desjardins presented a short series of graphics showing how the looming Bad Bloated Billionaire bill pans out financially by income, percentages of the population, and economic class. Guess who wins and loses? Highly recommend watching. https://www.pbs.org/newshour/show/who-gains-and-who-loses-under-trumps-big-budget-bill