Gen Y... well educated, lots of loans grim future

[Mormon Red Death]

This article was striking to me. I was thinking about the recession today and its really being impactful. When the housing market crashed I went from having a small net worth or even to a large net loss.

[All-American]

Huh. Not really the article I wanted to read immediately after reading the upcoming Law Review masthead and finding it disappointingly All-American-less.

[fusnik]

Huh. Not really the article I wanted to read immediately after reading the upcoming Law Review masthead and finding it disappointingly All-American-less.

Hope you didn't read the Law School article in the journal a couple months back.

Yikes.

[All-American]

Hope you didn't read the Law School article in the journal a couple months back.

Yikes.

Yeah, read that one too. How law school students are compiling crazy amounts of debt, knowing that the market for lawyers is hyper-saturated with law school graduates, but who somehow delude themselves into thinking that the market will provide for them.

But it might provide something for ME.

[fusnik]

Its a new day for our generation:

Job loyalty is nonexistent
Career changes are the norm
Over educated demographic
We don't have savings

We need to figure out a new market, possible new economic structure and hopefully establish new wealth.

[Mormon Red Death]

Its a new day for our generation:

Job loyalty is nonexistent
Career changes are the norm
Over educated demographic
We don't have savings

We need to figure out a new market, possible new economic structure and hopefully establish new wealth.

Since India and China are coming up we need to find some new countries and steal their resources

[Color Me Badd Fan]

Glenn Reynolds often talks about the "higher education bubble." Tuition rates have greatly outpaced inflation and no small part of that is due to the ready availability and guaranteeing of student loans. I remember applying to law school and getting solicitations from Bodagget College of Law. Inevitably these places would charge something like $30k per year. You had to be a real moron not to be able to get into a law school. Unfortunately there are a lot of people willing to pay the price and they really don't know what they're getting themselves into.

In the end, I literally think some of these people would be better off learning a trade, becoming very good at it and eventually get paid quite well for doing that. I knew plenty of plumbers, backoe operators (excavators), electricians, etc. who were doing very well even before the building boom in 04-06. Of course, these guys are struggling right now in a horrible economy worse than most.

I've also heard that there's been a surplus of finance/MBA type degrees (not to mention Fine Arts degrees) and a general deficit of computer science, information systems and engineering majors. It seems like the economy can support jobs where people actually make things.

[wally]

Its a new day for our generation:

Job loyalty is nonexistent
Career changes are the norm
Over educated demographic
We don't have savings

We need to figure out a new market, possible new economic structure and hopefully establish new wealth.

We will have to grow up fast.

I believe loyalty does exist for gen y, but it has to be earned by an employer.

And "over-educated" means "good in school" or "good at the make-believe version of how things work." Being "over-educated" doesn't mean that we will over-perform.

An influx of hungry foreign educated workforce (Indians, Chinese) will do the same work as a domestic elite-educated Y-er and for less.

We Gen-Yers will have to change our value system to match the real world, or fail.

[The_Tick]

It really depends.

I only have a 2 year degree, but it has nothing to do with what I do for a living. I only got it so I could apply for government jobs.

I am considered "blue collar" because sometimes I turn wrenches for a living. But I am paid better than most teachers because of the skill/tech need in my field.

I have been at this job 4 years next month. My previous job was for 5.5 years. That was the longest I have ever worked anywhere.

I turn 36 next month so I am a Gen X'r I think.

I am working on building up a greater balance in my savings acct.

The best thing I have done for myself in the last 2 years is to quit impulsive buying. If I can't pay cash for it, I don't buy it. Not going to make payments.

I used to not have that discipline. I have worked at it. (I am still clinging to my 1st Gen iPod. And I REALLY REALLY want an iTouch.)

[Sullyute]

The best thing I have done for myself in the last 2 years is to quit impulsive buying. If I can't pay cash for it, I don't buy it. Not going to make payments.

That is not an easy thing to do for most people and takes a lot of discipline. Great job keep up the good work.

"If you know how to spend less than you get, you have the philosopher's stone." Benjamin Franklin

[landpoke]

It really depends.

I only have a 2 year degree, but it has nothing to do with what I do for a living. I only got it so I could apply for government jobs.

I am considered "blue collar" because sometimes I turn wrenches for a living. But I am paid better than most teachers because of the skill/tech need in my field.

I have been at this job 4 years next month. My previous job was for 5.5 years. That was the longest I have ever worked anywhere.

I turn 36 next month so I am a Gen X'r I think.

I am working on building up a greater balance in my savings acct.

The best thing I have done for myself in the last 2 years is to quit impulsive buying. If I can't pay cash for it, I don't buy it. Not going to make payments.

I used to not have that discipline. I have worked at it. (I am still clinging to my 1st Gen iPod. And I REALLY REALLY want an iTouch.)

You're Gen X. Don't sully yourself with these Gen Y trash.

[Eddie]

I'm not sure what this article speaks to the most. The fact that there is a recession and unemployment, or the unrealistic expectations of the workforce.

Their 23-year old with a degree in literary journalism is a great example of this. He is quoted as saying that he believed he had a better chance at finding a job than his peers. Really? Dude - your degree is in LITERARY JOURNALISM! Have you seen what newspapers are going through?

Truth be told, I was a little that way myself. I came out of school, found my first job, and thought "now I've got it made". I promptly purchased the most expensive vehicle my wife and I have ever owned. That lasted about 6 months and we sold it. It wasn't THAT expensive as far as vehicles go, but we realized quickly the payments were more than we could afford. It cost as much as our last three vehicles combined.

I think many kids come out of school ready to join the real world, but without realistic expectations. The kid in the article found a job and still managed to spend all of his savings. Now, I'm sure he wasn't making a lot, but I'd be curious to know if he adjusted his lifestyle to his income. Or did he just keep spending, purchasing for his "needs", rather than living a little more spartan.

[Tick's wife]

It really depends.

I only have a 2 year degree, but it has nothing to do with what I do for a living. I only got it so I could apply for government jobs.

I am considered "blue collar" because sometimes I turn wrenches for a living. But I am paid better than most teachers because of the skill/tech need in my field.

I have been at this job 4 years next month. My previous job was for 5.5 years. That was the longest I have ever worked anywhere.

I turn 36 next month so I am a Gen X'r I think.

I am working on building up a greater balance in my savings acct.

The best thing I have done for myself in the last 2 years is to quit impulsive buying. If I can't pay cash for it, I don't buy it. Not going to make payments.

I used to not have that discipline. I have worked at it. (I am still clinging to my 1st Gen iPod. And I REALLY REALLY want an iTouch.)

hey, I didn't ask for my iTouch, I was fine with the 1st Gen. iPod, you thought I needed it. Kid plays with it more than I do anyway. but I do like it

[The_Tick]

hey, I didn't ask for my iTouch, I was fine with the 1st Gen. iPod, you thought I needed it. Kid plays with it more than I do anyway. but I do like it

You did need it. Your scriptures hurt your hands to carry because of the arthritis.

And...it entertains you during sacrament.

[Tick's wife]

You did need it. Your scriptures hurt your hands to carry because of the arthritis.

And...it entertains you during sacrament.

I don't play with it during sacrament, the kid does. It waste battery.