generation limbo: 20-somethings today, debt, unemployment, the questionable value of a college education

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::6 years later silby, now dreamless and pipeless, takes a lucrative job in consulting, hoping to own a new pair of shoes for the first time in half a decade::

jon /bia /tche 2.0 (Lamp), Tuesday, 15 November 2011 05:20 (seven years ago) link

My current shoes are over two years old!

whoop, up the butt it goes (silby), Tuesday, 15 November 2011 05:28 (seven years ago) link

silby, vanderbilt is offering me a half-tuition scholarship + an ipad, can the university of silby match their offer?

iatee, Tuesday, 15 November 2011 05:36 (seven years ago) link

We will have a room at the community center and free water fountain water.

whoop, up the butt it goes (silby), Tuesday, 15 November 2011 05:38 (seven years ago) link

…need to get in to a PhD program first…

whoop, up the butt it goes (silby), Tuesday, 15 November 2011 05:46 (seven years ago) link

My college (which, ugh, mistake) was something insane like 95% adjunct, which they sold as "nearly all our instructors are working artists, imparting real world knowledge [like how to survive at 38 with no health insurance]"

― ENERGY FOOD (en i see kay)

ha, i wonder if we share an alma mater or if many art schools operate this way (which wouldn't surprise me).

1staethyr, Tuesday, 15 November 2011 05:53 (seven years ago) link

#2

iatee, Tuesday, 15 November 2011 05:57 (seven years ago) link

even most of the course heads in my school were part time

plax (ico), Tuesday, 15 November 2011 09:29 (seven years ago) link

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the european system is better for your average student but america has 'the best universities'.

Ha, at this point, I was actually thinking about 'better/fairer' for junior faculty and graduate students.

― EveningStar (Sund4r), Tuesday, November 15, 2011 4:10 AM (7 hours ago) Bookmark

If you're any sort of scientist, PhD funding is relatively easy to get (and not tied to TA-ing) and there are still quite a lot of postdoc positions. However, permanent jobs in my corner of Europe are few to none.

fun drive (seandalai), Tuesday, 15 November 2011 11:38 (seven years ago) link

yep

caek, Wednesday, 16 November 2011 16:16 (seven years ago) link

most of the course heads in my school were part time

"Part-time employees" is so gauche. It's high time we started calling them "itinerant scholars".

Aimless, Wednesday, 16 November 2011 18:52 (seven years ago) link

The young man, who requested anonymity in order to speak openly, graduated with more than $100,000 in debt. He has now whittled that amount down to $80,000.

He does not particularly enjoy his job and he's actively searching for other opportunities. He says the management team at his company isn't helping him grow, and many of his daily tasks are "monotonous" and focused on "damage control."

He wants to make sure his next step is the right one before leaving. But part of the reason he's stayed for three years is because the job compensates well. Between his salary and annual bonus, he's making about $85,000 a year.

I so do not buy the "nyc has such a high cost of living" excuse

iatee, Wednesday, 16 November 2011 21:27 (seven years ago) link

is that pre or post tax

dayo, Wednesday, 16 November 2011 21:28 (seven years ago) link

pre, and taxes are pretty high here, it's true

but seriously anyone w/ that kinda debt and income owes it to himself to pay it down asap

iatee, Wednesday, 16 November 2011 21:31 (seven years ago) link

he probably likes 'going out' and 'eating at nice restaurants'

dayo, Wednesday, 16 November 2011 21:33 (seven years ago) link

and 'living in a 2000/m studio'

iatee, Wednesday, 16 November 2011 21:34 (seven years ago) link

look at it this way; he's putting approx 10% of his post-tax income towards his school loans a year

he could likely pay more but, in general, school loan debt is good to carry if you can reliably make your payments because of the lower interest rate; it makes much more sense for him to be focusing larger chunks of cash on savings/investing strategies and making sure he has a reserve to cover his credit cards

gotta say though, 85K including bonus sounds a little like he got boned (rip 90s)

sex-poodle Al Gore (DJP), Wednesday, 16 November 2011 21:44 (seven years ago) link

^^ harvard glasses

iatee, Wednesday, 16 November 2011 21:46 (seven years ago) link

lol u mad

sex-poodle Al Gore (DJP), Wednesday, 16 November 2011 21:56 (seven years ago) link

u just mad cuz i'm ivy on u

BIG HOOS aka the steendriver, Wednesday, 16 November 2011 22:00 (seven years ago) link

http://4.bp.blogspot.com/-gWVfSCasDj8/TkAky9cWgkI/AAAAAAAAAAQ/od33Awt1YMA/s220/CCG_Oct%2B2010%2B398.jpg

you are right as long as he's saving money and not living the gud lyfe xp

iatee, Wednesday, 16 November 2011 22:01 (seven years ago) link

John Zimmer grew up in Greenwich, Conn., home to many Wall Street titans -- including former Lehman Brothers CEO Dick Fuld, who owned a $10.8 million estate there.

Zimmer graduated from Cornell University in 2006 and immediately went into a two-year program in real estate finance at Lehman Brothers in New York City, working on commercial mortgage-backed securities.

this is like the textbook definition of underachiever who gets by on pure privilege alone

dayo, Wednesday, 16 November 2011 22:02 (seven years ago) link

xp: he's probably living the okay lyfe, very few ppl who make that kind of money save ALL of it

sex-poodle Al Gore (DJP), Wednesday, 16 November 2011 22:03 (seven years ago) link

Dan, at the present moment I doubt there's a decent investing strategy in the world that could give returns comparable to the interest paid on student loans. The "reduce debt" fund at least outperforms "bury it in the backyard" which in turn has outperformed a whole bunch else lately...

s.clover, Wednesday, 16 November 2011 22:20 (seven years ago) link

Well besides making money with your other money, there's also building up yr credit rating using relatively-easy-to-manage debt, but that usually only matters if you are looking to buy a home or a car. Or a timeshare, lol.

Much Ado About Nuttin (DJP), Wednesday, 16 November 2011 22:35 (seven years ago) link

pent-up households

ooh i love my loaf n jug! (silby), Thursday, 17 November 2011 15:01 (seven years ago) link

"a handyman to hang a newly framed diploma"..?

a HANDYMAN TO HANG A DIPLOMA? who even thinks like that? even enough to make a not-very-clearly-signposted joke about it?

TracerHandVEVO (Tracer Hand), Thursday, 17 November 2011 15:13 (seven years ago) link

“I have it pretty good at home, since it’s so close to my work, and financially I just feel like it’s smarter for the long run to buy,” he said. He says that living with his parents enables him to set aside about half of each paycheck. “It’s like I pay rent, but to myself.”

haha i totally see the camera swinging over to his dad, who is gritting his teeth

TracerHandVEVO (Tracer Hand), Thursday, 17 November 2011 15:15 (seven years ago) link

it's pretty pragmatic! I would totally want to live w/ my parents if they lived somewhere where jobs for 20-somethings were

iatee, Thursday, 17 November 2011 15:51 (seven years ago) link

rly don't understand parents who make their children pay rent but I guess that's just 'the american way'

dayo, Thursday, 17 November 2011 15:56 (seven years ago) link

it's like the economic version of calling your parents by their first name

iatee, Thursday, 17 November 2011 15:58 (seven years ago) link

(unless your parents are struggling w/$, obv)

iatee, Thursday, 17 November 2011 15:59 (seven years ago) link

well yeah. but making your kid pay rent to 'teach them' about 'becoming independent' is, well

dayo, Thursday, 17 November 2011 16:04 (seven years ago) link

i like the unsubtle undertone in that article of blaming young people with jobs for the economy not being better.

j., Thursday, 17 November 2011 16:06 (seven years ago) link

i did that after college and a failed 6-mo. stint in DC. it was great. i waited tables, had obscene amounts of fun, stayed out of my parents' hair and they stayed out of mine. i did not pay them rent and basically just slept in the attic periodically, ate some of their food (not much, i worked at a lol health food restaurant and ate there most of the time), and used their phone.

the MMMM cult (La Lechera), Thursday, 17 November 2011 16:06 (seven years ago) link

i was also only there for 6 mo., not indefinitely

the MMMM cult (La Lechera), Thursday, 17 November 2011 16:07 (seven years ago) link

it's def less stressful when you know there's an end date

iatee, Thursday, 17 November 2011 16:08 (seven years ago) link

i also have virtually no ambition, so doing this was not really a huge crushing disappointment for me

the MMMM cult (La Lechera), Thursday, 17 November 2011 16:08 (seven years ago) link

still if my parents lived in the nyc metro region I'd so be cool w/ not helping the nyc rental market rebound, esp now that I don't live w/ my gf anymore

iatee, Thursday, 17 November 2011 16:09 (seven years ago) link

if i didnt have a girlfriend id most likely move back in with my parents

stupid girlfried

max, Thursday, 17 November 2011 16:52 (seven years ago) link

correct response is "can I have yours"

iatee, Thursday, 17 November 2011 16:54 (seven years ago) link

oops meant for ows thread

iatee, Thursday, 17 November 2011 16:54 (seven years ago) link

I dont want yr gf I am sure she is nice tho

iatee, Thursday, 17 November 2011 16:55 (seven years ago) link

you cant have her, anyway

max, Thursday, 17 November 2011 16:55 (seven years ago) link

we could trade?

iatee, Thursday, 17 November 2011 16:56 (seven years ago) link

lol like i would trade a nyc girlfriend for a NEW HAVEN one

max, Thursday, 17 November 2011 17:00 (seven years ago) link

yeah...it's a pretty crappy trade you basically have to half live in new haven, going again today

her apt is a lot nicer and cleaner than mine tho, so it's not all bad

iatee, Thursday, 17 November 2011 17:04 (seven years ago) link

haha no i mean, not judging that dude at all, but the way he says "it's like i'm paying rent...... to myself!!" it sounds as though he thinks he's discovered some magic secret thing

TracerHandVEVO (Tracer Hand), Thursday, 17 November 2011 18:12 (seven years ago) link


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