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I Came of Age During the 2008 Financial Crisis. I’m Still Angry About It.


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A “sobering” report from the real estate website Zillow attempted to explain that the reason millennials rent instead of buy is because they spend money on lavish bachelor or bachelorette parties instead of saving. But this generation, quite simply, can’t afford homes. Our stagnant incomes must go toward the loans we took out for college in the misguided belief that a higher education would lead to a down payment on a house, affordable health care and other relics that once defined our parents’ generation.

 

It makes sense that if you have to pay off your $70K student loans you'll have less money for a down payment and will then have to delay home ownership. Tuition was nowhere near this high 20 years ago.

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A “sobering” report from the real estate website Zillow attempted to explain that the reason millennials rent instead of buy is because they spend money on lavish bachelor or bachelorette parties instead of saving. But this generation, quite simply, can’t afford homes. Our stagnant incomes must go toward the loans we took out for college in the misguided belief that a higher education would lead to a down payment on a house, affordable health care and other relics that once defined our parents’ generation.

 

It makes sense that if you have to pay off your $70K student loans you'll have less money for a down payment and will then have to delay home ownership. Tuition was nowhere near this high 20 years ago.

 

I wouldn't even say it's that. It's that the $600 a month loan payment makes it very difficult to get the debt to income ratio where it needs to be. Given that loans don't go away for 15 years or so, that takes you to your mid 30's and if you make $75k a year it eats up about 25% of the room in the borrowing equation.

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A “sobering” report from the real estate website Zillow attempted to explain that the reason millennials rent instead of buy is because they spend money on lavish bachelor or bachelorette parties instead of saving. But this generation, quite simply, can’t afford homes. Our stagnant incomes must go toward the loans we took out for college in the misguided belief that a higher education would lead to a down payment on a house, affordable health care and other relics that once defined our parents’ generation.

 

It makes sense that if you have to pay off your $70K student loans you'll have less money for a down payment and will then have to delay home ownership. Tuition was nowhere near this high 20 years ago.

 

Smooth, I would also add that boomers are responsible for this insane increase in health care over the last 15years.

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I'm 33 (full disclosure) and have been gainfully employed since graduation in 2008 (very fortunate).  I've noticed that many people have delayed retirement because 2008 is fresh in their mind, interest rates are low, and they likely more afraid from the negative media bias.  I hear from people who are delaying retirement complain that "millennials" need to quit complaining and get a job.  It would certainly help if more people would retire first.

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Is there some important reason that someone going in debt 100k at high rates to graduate in journalism in the year 2009 shouldn't be taking nearly full accountability? Sounds very thin to me.

 

My company's sales went down 80% from 07-10' and I lost (my money not the banks) 211k on a house.

 

Get on with it, this is america, this shits relatively easy. Work, save, invest. Repeat. For the top 80%, that's all there is to it. I can equivocate about the bottom 20%.

 

 

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Give me a break with this full accountability/personal responsibility stuff.

 

Who on the finance side took full accountability for driving the financial system into the ditch? And these were supposed to be people who should really have known what they were doing. But the line became that nobody could have seen this coming. Sure, because it was out of the realm of possibility that if you write shitbag mortgages with your eyes closed something really bad may happen.

 

So until the big guys step up and take full accountability I'm willing to give the little guys a break on the accountability and what they should have known.

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Give me a break with this full accountability/personal responsibility stuff.

 

Who on the finance side took full accountability for driving the financial system into the ditch? And these were supposed to be people who should really have known what they were doing. But the line became that nobody could have seen this coming. Sure, because it was out of the realm of possibility that if you write shitbag mortgages with your eyes closed something really bad may happen.

 

So until the big guys step up and take full accountability I'm willing to give the little guys a break on the accountability and what they should have known.

 

A car salesman makes his living selling cars. Is he really supposed to tell you that you can't afford it? That the car is inferior to a competing product? Why are mortgage brokers, real estate agents, etc different. I've spent a lot of time around these types of people. If these are the folks we are relying on the responsibly guide the country, we're screwed...

 

To the point made prior, there are way too many kids that go to college simply to have a social life and avoid starting a career. This I believe is the crux of many of the liberal arts majors. I mean it is known, at least I certainly did, if you want to make decent money, don't be an x,y, or z major. Its part of the stupidity and selfishness that people choose to do so anyway. And spare me the do what makes you happy/ what you are passionate about nonsense. I am passionate about hockey cards. If I decided at 19 to open a sports card and memorabilia business I'd be a moron...

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Gregmal while you’re right to a very great degree IMHO, it wasn’t the real estate agents who packaged these mortgages up in such a way that people confused them for AAA bonds. All along the chain of those who sold them, those who bought them, those who rated them, and those who regulated them, a ball was massively dropped because quick money could be made and damn the consequences. Those people did NOT do the work to understand the risks and did NOT take responsibility in any way that I understand the word. And by and large they didn’t pay. None of that excuses those who borrowed what they couldn’t repay, or millenials doing crap degrees, but that doesn’t make it untrue.

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Gregmal while you’re right to a very great degree IMHO, it wasn’t the real estate agents who packaged these mortgages up in such a way that people confused them for AAA bonds. All along the chain of those who sold them, those who bought them, those who rated them, and those who regulated them, a ball was massively dropped because quick money could be made and damn the consequences. Those people did NOT do the work to understand the risks and did NOT take responsibility in any way that I understand the word. And by and large they didn’t pay. None of that excuses those who borrowed what they couldn’t repay, or millenials doing crap degrees, but that doesn’t make it untrue.

 

You sure about that? The owners of the companies that were involved in these practices paid massively. Many of employees were shareholders as well hence felt the pain. CEOs walked away with millions and incentives were for sure wacky, but a) they all did lose massive wealth, b) I believe CEO compensation incentives have improved since with greater claw backs.

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Gregmal while you’re right to a very great degree IMHO, it wasn’t the real estate agents who packaged these mortgages up in such a way that people confused them for AAA bonds. All along the chain of those who sold them, those who bought them, those who rated them, and those who regulated them, a ball was massively dropped because quick money could be made and damn the consequences. Those people did NOT do the work to understand the risks and did NOT take responsibility in any way that I understand the word. And by and large they didn’t pay. None of that excuses those who borrowed what they couldn’t repay, or millenials doing crap degrees, but that doesn’t make it untrue.

 

The people who bought houses at the peak with very little equity usually did Ok, when they just let it go. At least in CA, it was easy to live rent free for one year (if not longer) while waiting for the foreclosure to proceed. Since they put very little up to begin with, with the more than one year of rent saved, they actually broke even or almost even. I know this, because I had some acquaintances that just did that and I encouraged them to do so, after looking at their numbers.

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I think this comes down to priorities.  $100k is a big number to graduate with and a huge burden.  Yeah that sucks, but in 2008 there was a deluge of information in the media regarding personal finance.  Everybody with any amount of debt knew what needed to be done.  The financial crisis was not the author's fault, but the decision to spend 10 years effectively ignoring his debt is.  Even after 1 year of making minimum payments you have to look at the result and prioritize a change... if financial security is truly important to you. 

 

Instead, this guy chose to borrow from his future at whatever rate he's paying.  Now, 10 years later, he's decided that wasn't a good choice and decides to reinforce the millennial stereotype of shirking responsibility by blaming the "shadow banking system" for his financial situation.  I understand the appeal of living in a cosmopolitan city, working as a journalist, covering the fashion industry, etc. but that lifestyle comes at a cost.  The cost for him is $100k at a "disgracefully high interest rate".

 

I think the author is willfully ignoring an important part of being an adult: personal finance.  I'd say in 2008 his situation is mostly not his fault.  In 2018 it's completely his fault.  He had 10 years to adjust his lifestyle and chose not to.

 

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Give me a break with this full accountability/personal responsibility stuff.

 

Who on the finance side took full accountability for driving the financial system into the ditch? And these were supposed to be people who should really have known what they were doing. But the line became that nobody could have seen this coming. Sure, because it was out of the realm of possibility that if you write shitbag mortgages with your eyes closed something really bad may happen.

 

So until the big guys step up and take full accountability I'm willing to give the little guys a break on the accountability and what they should have known.

 

A car salesman makes his living selling cars. Is he really supposed to tell you that you can't afford it? That the car is inferior to a competing product? Why are mortgage brokers, real estate agents, etc different. I've spent a lot of time around these types of people. If these are the folks we are relying on the responsibly guide the country, we're screwed...

 

To the point made prior, there are way too many kids that go to college simply to have a social life and avoid starting a career. This I believe is the crux of many of the liberal arts majors. I mean it is known, at least I certainly did, if you want to make decent money, don't be an x,y, or z major. Its part of the stupidity and selfishness that people choose to do so anyway. And spare me the do what makes you happy/ what you are passionate about nonsense. I am passionate about hockey cards. If I decided at 19 to open a sports card and memorabilia business I'd be a moron...

 

+1

 

I was in college during 2008/2009. Had a ton of friends there on full-ride scholarships with me who chose to give them up because they just didn't want to put in the work or didn't think the classes they were forced to take for the scholarship were necessary for their major. Out of the 6 of us who lived together Freshman year, all had academic full rides but only two of us graduated with them. The others gave them up because they didn't want to do the work and one of us never graduated at all. Any debt they have today is a product of their decision to drop the scholarship. 

 

When living in NYC, I encountered people who had taken on six-figure student loans to major in education! Everyone knows education doesn't pay. This is the fault of the student - I can guarantee there were plenty of cheaper options available, but they just HAD to go to that small, private university that they'd dreamed of since their childhood. The debt they have today is a product of their decision.

 

I now know a social worker in the mid-West who borrowed ~75k to graduate with a degree in social work - another profession that doesn't pay. At least she can have the loan forgiven after 10 years - oh wait, she just quit that job for another where loan forgiveness is not an option and the new job pays less.  This was her decision - not an evil banker or some predatory student loan lender.

 

The options for these people is to either 1) get realistic about how much you want to make and change your major OR 2) get realistic about price comparing educational options so you don't spend a fortune to get a low paying job OR 3) stop b*tching about not being able to afford things when you chose your major, your career, and the price of your school.

 

It's time for people to own up to their decisions and accept responsibility for them.

 

And I think we all know at this point that it wasn't just the bankers/ratings companies/mortgage insurers who were making terrible decisions in the mortage crisis. It was also the consumers who took mortgages they could barely afford knowing the prices could rise with interest rates. It was the people who quit their day jobs to speculate in home-flipping because it was easy money. It was the Federal Reserve who allowed interest rates to stay low enough, for long enough, to draw in the suckers on both sides to make it work. It was the government who pressured banks into making loans to unqualified borrowers so more people could achieve the dream of home-ownership. It was the financial markets for levering that whole mess up many times over.

 

There was A LOT of responsibility to be shared in the 2008 crisis - not just one group of people.

 

 

 

 

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@TwoCities

The pushback I have is 17 or 18 year old you chooses the cost of college. 19 to 21 year old you chooses your major. More mature you pays the bill. Normally that's fine but many of these loans would never be granted to people of this age if the word "college" and "non-dischargable" weren't attached. Many kids find that what they thought they could do or wanted to do was no longer feasible for all sorts of reasons. Some find that it's not the right decision to graduate. Some kids find out they aren't that smart, they aren't ready to leave home, hormones don't agree with them at this stage of life and they have temporary anxiety/mental issues, they find out they are susceptible to addiction after the first few times drinking, they get pregnant, they get in to a bad relationship, and whatever else. Life happens such that folks cannot proceed in the 'rat race'. The pay for it later in all sorts of ways. Locking them out of credit markets for a few decades isn't necessary.

 

As to realistic majors, someone has to teach today. Someone has to be a social worker.  I am a big believer in the idea that the country has a long lifespan and we should ignore the wants of the present society for the long-run. But these careers require expensive education for low pay by regulation. You could be financially smart and wait it out, but you only get one life and you are only 18-24 once. I can't realistically defend every individual in a tight spot due to educational debt but, in aggregate, they have a reasonable claim. The auto workers and corporations were bailed out. Financial workers and institutions were bailed out. Homeowners were bailed out. If you went to certain online colleges, your debt was forgiven. "Why do I owe this ridiculous bill?" seems like a reasonable complaint to me. Their parents put themselves through school so there was a reasonable expectation that their future wage would pay for whatever debts they absorbed (even if it was always truly fantasy).

 

We are the same age ish. I made all the right choices too. I went to state school, got scholarships, got a good degree/good grades, bought my own car, and hustled for beer money. I got a good job after school and saved up enough to take crappy jobs in the field I really wanted to work in (instead of getting a low-return degree like finance or business ;)). I watched others make bad choices and get themselves in to problems. At the same time, I still sympathize to a degree because I think more than just their parents, society was giving them bad advice. Selfishly, I also don't think it does the country any good to have a large portion of young, productive people locked out of various markets. I'll feel differently when I'm older and the equation changes from that future-me POV. Responsible folks will always pay for the irresponsible imo. That's life, too.

 

The more responsibility you are given, the more strictly rules should be enforced upon you, imo. I can't help but think of all sorts of folks in positions of responsibility today who aren't held to these same views these kids have been and are being held to. I agree a ton of folks have some blame for the GFC and student loan issue, but these kids should not foot the final bill (even though they ultimately will).

 

Edit: It's easier to criticize your post than write my own so there's that. I don't necessarily disagree with any of your points. Just giving pushback.

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This is just borrowers looking for anyone else to blame but themselves. Everybody else got a bail out, so I should to.

Mom and dad have either refused (mortgage their house to pay off my debt, and get a job to pay for the mortgage), or don't have the means.

 

Young and dumb is not an excuse, there is no 'undo' button in life.

You f'ked up, hence you wear it; and have the rest of your working life to pay it off.

You don't get to buy a house, you have your kids later (if at all), you don't get to live the same life-style as mom or dad, because you f'ked up - they did not. You get the rented shit-box, take the bus, and work two/more jobs until that debt is paid off - just as mom/dad had to do when they were your age. Bwah ....

 

Every druggie blames their dealer for getting them hooked, every alchoholic blames the bar/store for making it 'too available', and every borrower blames their lender. Everybody else but them.

 

Sure it sucks, but you made your own bed.

That's life.

 

SD

 

 

 

 

 

 

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Interesting discussion about responsibility.

When faced with it, an easy way is to point fingers and share the blame. Sometimes though, responsibility does need to be shared.

IMO, it's hard to say that the government (our image?) has a fiscally responsible behavior:

https://fred.stlouisfed.org/series/FYFSD

Some days, I have a feeling that we are living on borrowed time.

Wonder if the Financial Crisis was not wasted?

That's life and humans are humans.

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There are some simple solutions, but the current system won't stand for it.  Government funded student loans should be limited to schools and degree programs where it is shown that the student can pay back the loan in a reasonable time (10 years?).  Half of most degree programs are a total waste, but are necessary to sell credit hours to retain tenured professors. 

 

It seems like the "get off my yard" crowd is a little bit out of touch with reality here.  I came out on the right side, but I never underestimate the degree that luck plays in success.  Most successful people attribute their success to hard work and grit and grossly undervalue the luck factor.

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This article has been making the rounds the past month on various sites. Feel the same way I do about it when I read it the first time as I do now:

 

There’s no good journalism schools in Michigan that you can pay in-state tuition for? Instead this guy went to one of the most expensive private schools in the country located in one of the most expensive cities in the world!

 

Even then, he’d likely would’ve been a strong to an exceedingly strong candidate for the honors colleges at out of state schools which usually offer in-state tuition/scholarships. You tell me he couldn’t have gotten into at least one of Missouri, Arizona State, or Georgia (three of the top journalism schools in the country - all public) with in-state tuition?

 

He blames everyone but himself. Sorry, but no sympathy.

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This article has been making the rounds the past month on various sites. Feel the same way I do about it when I read it the first time as I do now:

 

There’s no good journalism schools in Michigan that you can pay in-state tuition for? Instead this guy went to one of the most expensive private schools in the country located in one of the most expensive cities in the world!

 

Even then, he’d likely would’ve been a strong to an exceedingly strong candidate for the honors colleges at out of state schools which usually offer in-state tuition/scholarships. You tell me he couldn’t have gotten into at least one of Missouri, Arizona State, or Georgia (three of the top journalism schools in the country - all public) with in-state tuition?

 

He blames everyone but himself. Sorry, but no sympathy.

 

Agreed, sympathy's in the dictionary between sh!t and syphyllis.

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I can try to empathize with the author because he was young and perhaps made a series of poor decisions while young. 

We were all stupid of something when young.  And I think he realizes some of this mistakes.

 

To go into journalism and keep the major when newspapers were being gutted by the internet is not a wise decision, especially when English majors were in oversupply and prospects likely poor even in a good economy. 

 

Here are the bad decisions he made:

 

1.  Journalism - bad earning power and employment prospects.

2.  NYU -  ripoff, private school in ripoff city.

3.  Took on a ton of debt  (which he PROMISED TO PAY BACK, some with high interest rates loans).  It's like he LBO's himself.

4.  After graduation staying in a NYC in a likely low paying job.  Low pay, high costs and high taxes. 

 

These poor decisions just compound on themselves.  If his parents didn't warn their son of this they are also stupid.

 

In that context he has the uncontrollable factor of the great recession. 

 

That is a tough situation but you make your bed and then you lie in it. 

Being angry, resentful, bitter and other negative emotions don't help the situation.  Those are unproductive emotions and like a poison in one's body. 

 

I would tell him to try to negotiate his interest rates down, get a better paying job in a lower cost locale.  I don't hear engineers complaining of this in lower cost areas.

 

And you know what - the movie is not over yet.  He is still alive, has likely learned from many of his mistakes and gained wisdom that is hard to learn.  "Suffering reveals the way to greatness." 

 

I think people in the US are super lucky and should often quit their complaining.  A huge number of people in squalid 3rd world countries would happily trade places with him and wash dishes in the US vs starving in their country.

 

 

 

 

 

 

 

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Some of you are way too harsh. Plenty of highly educated 50 year olds don't understand loans and debt—let alone a 17 year old who has been told since day 1 to go to the best school they can get into. To someone who has never really worked before, and has been financially supported their entire life, the difference between a $10k and $100k future payment is just some abstract # with no real weight behind it.

 

For example, I would consider myself pretty financially savvy. I've (responsibly) had a credit card since I was 15, bought my first stock at 13, have had a 401k and Roth IRA since I was 17, etc. But I also took out ~$100k of student loans to go to school, because I simply had no idea how much money that was. Sure didn't seem like a lot when every school tells you that 80%+ of their graduates make $100k. In retrospect, yes, I overpaid for my education. But I also don't see how 17 year old me could have known otherwise.

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I can try to empathize with the author because he was young and perhaps made a series of poor decisions while young. 

We were all stupid of something when young.  And I think he realizes some of this mistakes.

 

To go into journalism and keep the major when newspapers were being gutted by the internet is not a wise decision, especially when English majors were in oversupply and prospects likely poor even in a good economy. 

 

Here are the bad decisions he made:

 

1.  Journalism - bad earning power and employment prospects.

2.  NYU -  ripoff, private school in ripoff city.

3.  Took on a ton of debt  (which he PROMISED TO PAY BACK, some with high interest rates loans).  It's like he LBO's himself.

4.  After graduation staying in a NYC in a likely low paying job.  Low pay, high costs and high taxes. 

 

These poor decisions just compound on themselves.  If his parents didn't warn their son of this they are also stupid.

 

In that context he has the uncontrollable factor of the great recession. 

 

That is a tough situation but you make your bed and then you lie in it. 

Being angry, resentful, bitter and other negative emotions don't help the situation.  Those are unproductive emotions and like a poison in one's body. 

 

I would tell him to try to negotiate his interest rates down, get a better paying job in a lower cost locale.  I don't hear engineers complaining of this in lower cost areas.

 

And you know what - the movie is not over yet.  He is still alive, has likely learned from many of his mistakes and gained wisdom that is hard to learn.  "Suffering reveals the way to greatness." 

 

I think people in the US are super lucky and should often quit their complaining.  A huge number of people in squalid 3rd world countries would happily trade places with him and wash dishes in the US vs starving in their country.

 

Another gigantic AGREE.

 

I've worked in many places such as those you speak of.

Two of the worst were Abidjan in Cote d'Ivoire and Takoradi in Ghana.

 

I would watch groups of literally a hundred or more guys, on a dock, hauling large sacks of cocoa off of trucks and then pouring them into a warehouse feeder trench in the 100+ degree sun.

 

I have no idea what they were being paid but I'm sure it wasn't much & they did this ALL DAY LONG.

Then they'd walk home to their dirt floor hovels with no windows or doors.

 

I'm particularly disturbed by people who act as if the world owes them a favor, especially when they live in one of the greatest economic zones in the world.

 

Luck plays an important part for all of us.

 

MAGAbedamned

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Some of you are way too harsh. Plenty of highly educated 50 year olds don't understand loans and debt—let alone a 17 year old who has been told since day 1 to go to the best school they can get into. To someone who has never really worked before, and has been financially supported their entire life, the difference between a $10k and $100k future payment is just some abstract # with no real weight behind it.

 

For example, I would consider myself pretty financially savvy. I've (responsibly) had a credit card since I was 15, bought my first stock at 13, have had a 401k and Roth IRA since I was 17, etc. But I also took out ~$100k of student loans to go to school, because I simply had no idea how much money that was. Sure didn't seem like a lot when every school tells you that 80%+ of their graduates make $100k. In retrospect, yes, I overpaid for my education. But I also don't see how 17 year old me could have known otherwise.

 

There's a broader underlying point here about the financial illiteracy of even apparently intelligent people in this country, whether teenagers or adults.  As you note, this person made the initial decision to go to NYU and major in journalism when he was 17 or 18 years old.  He appears to be an intelligent person.  So, why did he (and many others like him) not make wiser decisions?  I understand the point about personal responsibility, but most people absorb the lessons they see around them.

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Some of you are way too harsh. Plenty of highly educated 50 year olds don't understand loans and debt—let alone a 17 year old who has been told since day 1 to go to the best school they can get into. To someone who has never really worked before, and has been financially supported their entire life, the difference between a $10k and $100k future payment is just some abstract # with no real weight behind it.

 

For example, I would consider myself pretty financially savvy. I've (responsibly) had a credit card since I was 15, bought my first stock at 13, have had a 401k and Roth IRA since I was 17, etc. But I also took out ~$100k of student loans to go to school, because I simply had no idea how much money that was. Sure didn't seem like a lot when every school tells you that 80%+ of their graduates make $100k. In retrospect, yes, I overpaid for my education. But I also don't see how 17 year old me could have known otherwise.

 

There's a broader underlying point here about the financial illiteracy of even apparently intelligent people in this country, whether teenagers or adults.  As you note, this person made the initial decision to go to NYU and major in journalism when he was 17 or 18 years old.  He appears to be an intelligent person.  So, why did he (and many others like him) not make wiser decisions?  I understand the point about personal responsibility, but most people absorb the lessons they see around them.

I've been asking myself this for a long time because I see people make stupid financial decisions all the time. And I don't think it's just about financial literacy because I saw lots of people that actually work in finance make tons of bad financial decisions for themselves.

 

The conclusion I've came to is that actually making good financial decisions for the most part is actually very hard. If you "get it" it may seem very simple. But it's a hard thing to do in general.

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Some of you are way too harsh. Plenty of highly educated 50 year olds don't understand loans and debt—let alone a 17 year old who has been told since day 1 to go to the best school they can get into. To someone who has never really worked before, and has been financially supported their entire life, the difference between a $10k and $100k future payment is just some abstract # with no real weight behind it.

 

For example, I would consider myself pretty financially savvy. I've (responsibly) had a credit card since I was 15, bought my first stock at 13, have had a 401k and Roth IRA since I was 17, etc. But I also took out ~$100k of student loans to go to school, because I simply had no idea how much money that was. Sure didn't seem like a lot when every school tells you that 80%+ of their graduates make $100k. In retrospect, yes, I overpaid for my education. But I also don't see how 17 year old me could have known otherwise.

There's a broader underlying point here about the financial illiteracy of even apparently intelligent people in this country, whether teenagers or adults.  As you note, this person made the initial decision to go to NYU and major in journalism when he was 17 or 18 years old.  He appears to be an intelligent person.  So, why did he (and many others like him) not make wiser decisions? I understand the point about personal responsibility, but most people absorb the lessons they see around them.

Interesting question.

Looked for answers.

https://www.brookings.edu/wp-content/uploads/2016/06/Are-College-Students-Borrowing-Blindly_Dec-2014.pdf

https://static.newamerica.org/attachments/2358-why-student-loans-are-different/StudentLoansAreDifferent_March11_Updated.e7bf17f703ad4da299fad650f47ac343.pdf

 

So, this is an issue tied to individual responsibility.

But what if everybody around you (parents, friends, social circle, school, government and other institutions) say:

"Don't worry, just sign here."

Is it reasonable to expect that the average college applicant will behave responsibly?

Somehow, I would say that the "system" can be improved and not only through emphasis (and consequences) on personal responsibility.

 

This has a lot of parallels to the unfortunate mortgage episode that happened recently.

 

Doesn't history repeat itself sometimes?

Can we learn from mistakes?

 

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