One four year degree. Got a great job in the bay area this year. Making a lot of $$ but renting.
The other a certificate, not even a two year degree. Making an equal amount of $$ in SD, able to buy a house which the other kid can’t do. Will the 4 year degree win out? No doubt in the long run. But for now, neck in neck, both working office jobs for great corporations, both hard working, both going for the gold.
Let’s not be doom-n-gloomers. Is the world as it was 50 years ago? of course not. But human nature being what it is, there will always be lazy folks and those that will do whatever it takes to be successful. Degree or not.
As the saying goes, you can’t keep a good man down.[/quote]Agree with this. Your degreed kid can’t buy anything in the bay area simply because the prices are too high for a “recent” grad (one who graduated in the past 10 years). They haven’t yet had enough time to save up $175k++ for a downpayment and possibly don’t make enough to qualify for a supercomforming or jumbo mortgage (by themselves). My kid(s) are successful in the bay area as well (SF) but still renting for 12+ years, during which time SF residential real estate has gone up in price 250%+ (in spite of the “2008+ recession” which had little effect on this city).
A one-year “certificate” from a CC or private occupational school can get one a job at an insurance company, bank, medical/dental office or an administrative or account clerk position anywhere. Once the certificate-holder starts working, they can move up from their entry-level position. It’s a totally respectable and affordable way to get trained after HS. The worker can always attend college later on in the eves …. AFTER their employer agrees to pay for it!
I agree that boomers had it much easier on living expenses than millenials do …. straight out of HS. My first apt in SD (Banker’s Hill) was $140 month (incl all utils as it had a “boiler room”). It was a beautiful, spacious “vintage” apt in an historic bldg with my own private small yard. BUT the wages then were far, far less than they are today. Fortunately, I made good tips, lived very well and was able to pay cash for a brand new car (~$5K for a “loaded” vehicle at the time) :=0
Disclaimer: I was not a college student at the time.
It all depends on the motivation of the kid how successful they’re going to be as a young adult. And I believe the parents’ input on expectations (or lack thereof) affect that level of motivation. The lazy 20-something indebted-millenial-whiner college graduates just don’t want to alter their lifestyles (ex: pay exorbitant rent in Gritty City to place themselves in positions to make the Big Bucks). For many CA millennials, it’s easier to camp out in parents’ back bdrms indefinitely (if their parent(s) are willing). Especially if they will have their own baths, access to pool/jacuzzi, garage parking, etc, etc. And a lot of these kids are heavily indebted after graduation cuz they chose a PRIVATE college over public and/or borrowed copious amounts of money for living expenses while in college (ex rented “luxury” apt, did not have enough roommates, weekly salon visits, mall shopping, amusement parks, eating out at full-service restaurants … the list goes on). These same ex-students are now crying wolf because they’re in debt for ~100K just from earning a bachelor degree at a CA public university!
Where were their parents when their student was wasting $$$$ every quarter/semester on non-necessities? Didn’t any financial advice or talks occur between parent and student? Were these students ever counseled against taking out a student loan by anyone who cared about them??
A large portion of student loans were taken out solely to “upgrade” the lifestyle of the student while in college. Their tuition, fees, books and parking were already covered (and then some). I know this because I know VA Chapter 35 eligible students (now grads) who did this (unbeknownst to their parents) and had to return “home” after graduation to start making their student loan payments. Needless to say, their parents were furious when they found out because VA Chapter 35 eligible students now receive over $1060 month from the VA over and above their (year-round) tuition waiver! A part time job of 12-15 hrs week at min wage could have solved all their problems! Yes, even at a large urban CA campus!
I’ve always “talked turkey” to my kids. I’m not their “friend” (they’ve got 100’s of those, lol). I’m their parent.
I don’t feel sorry for any of these indebted “entitled brats.” They did it to themselves.
