Wealth Gap Between Old and Young

[Wiseman]

Originally Posted by cat in the hat

a lot of older people did not go to college on govt loans either.

30=40 years ago, if you wanted to manage a restaurant or motel, you worked your way up in the industry. now kids earn a degree first then complain that Chili's will not hire them as a General Manager right off of the street.

Don't forget private student loans, a lot are defaulting on those too. Due to the recession everything has become more competitive. Entry level jobs ( at least in my field ) that used to require 0-2 yrs of experience became 2-4 yrs. Internship/lab experience is sometimes not counted in full and instead half. When I was in high school, I was taught that a good college = success. What happened as a result of this mantra was the mass production of graduates for whom there aren't enough jobs. Even getting a job part time flipping burgers is hard because they feel you are going to demand more money as a college graduate and instead opt for a high school student.

As far as fresh graduates denying work that is very low pay or "beneath" them, there is another rationale for that and that is if they stay with this job outside of their major, it will be very hard for them to switch back once the economy picks up ( if it ever does ) because HR will ask why haven't you worked in your field for so long and interpet any answer as a lack of interest/motivation on your part. The other option is to stay unemployed. So you have two very shitty options with one being slightly better than the other. As a result, this generation is pissed off at the fact the educational system told them, hey it's ok to take out loans, your invesment will pay off in the long run and it really didn't. I wonder what schools are telling their students today.

[plato]

Originally Posted by Wiseman

As far as fresh graduates denying work that is very low pay or "beneath" them, there is another rationale for that and that is if they stay with this job outside of their major, it will be very hard for them to switch back once the economy picks up ( if it ever does ) because HR will ask why haven't you worked in your field for so long and interpet any answer as a lack of interest/motivation on your part. The other option is to stay unemployed. So you have two very shitty options with one being slightly better than the other. As a result, this generation is pissed off at the fact the educational system told them, hey it's ok to take out loans, your invesment will pay off in the long run and it really didn't. I wonder what schools are telling their students today.

If HR isn't aware of the number of job openings in a field, and the number of applicants who had to wait in line, run from that company, don't walk. If any of them don't understand the normal desire to eat/survive in the interim, run faster.

Educational systems sell education like Ford sells Fords. I wouldn't stake my future on any salesman. I don't believe any prospective student should.

Worked a "not in my field" job for 8 years. Applied for my very first engineering job, and when the HR type asked what I'd been doing for the 8 years since graduation, I told her "jumping out of aircraft and killing folks". Got the job.

When faced with shitty options, add more options.

Kids today pay more every year for cellphone use, than I paid for college tuition. Young people could build a nest egg, if they gave up Starbucks and made their own coffee.

[1stindoor]

Originally Posted by WCH

Kids today pay more every year for cellphone use, than I paid for college tuition. Young people could build a nest egg, if they gave up Starbucks and made their own coffee.

I've had that same talk with several Soldiers when I was a 1SG and they would come in my office asking to get me to sign off on an AER loan. Looking over their bills I see cell phone bills that are over $100.00, cable/internet bills that are over $100.00, and eating lunch/dinner bills that are in $200-$300 range.

[TrapLine]

Originally Posted by plato

Worked a "not in my field" job for 8 years. Applied for my very first engineering job, and when the HR type asked what I'd been doing for the 8 years since graduation, I told her "jumping out of aircraft and killing folks". Got the job. .

As someone who sits through a lot of interviews, I can see how that worked. I might have responded, "Can you start tomorrow?"

[DevilSide]

Originally Posted by 1stindoor

I guess that depends on how you define it. He's remembered for serving his country, his work ethic, and taking care of his family by his son...pretty rich in my book.

Was referring to money-wise but in the other way, yes, very rich. Wouldn't trade those qualities for any amount of cash. Was just pointing out that not all the past generation are rolling around in benz's because thats just not the case.

[cold1]

Originally Posted by Wiseman

As far as fresh graduates denying work that is very low pay or "beneath" them, there is another rationale for that and that is if they stay with this job outside of their major, it will be very hard for them to switch back once the economy picks up ( if it ever does ) because HR will ask why haven't you worked in your field for so long and interpet any answer as a lack of interest/motivation on your part. The other option is to stay unemployed. So you have two very shitty options with one being slightly better than the other. As a result, this generation is pissed off at the fact the educational system told them, hey it's ok to take out loans, your invesment will pay off in the long run and it really didn't. I wonder what schools are telling their students today.

Thats a Rationale?

I cant work in my "major" so I wont work at all. Thats sounds like an excuse to be on umemployemet for 99 weeks to me. What about your bills, your students loans. Are just not gonna pay them since an unemployment check only goes so far? Gotta have net access, gotta have the new iphone so I can keep up on job prospects. I have heard that also.

How about working in that non major field and making some money and paying your bills. Then when the time comes you move up in the company or your find a job in your feild. I cant think of any HR person that would rather hire someone thats been on unemployemnt for 50+weeks over someone who has been working as an under employed college grad that has been paying his bills. Its called work ethic, get some!

SOunds like the arguements from the 99%ers. I think they need to branch out and form the 99weekers.

[Paslode]

Originally Posted by cat in the hat

a lot of older people did not go to college on govt loans either.

30=40 years ago, if you wanted to manage a restaurant or motel, you worked your way up in the industry. now kids earn a degree first then complain that Chili's will not hire them as a General Manager right off of the street.

You could and I did. It was a apprenticeship so to speak. I like many others started working in a hot, dirty warehouse sweeping and worked my way into the office. From there I worked my way up the chain. The pay was excellent, in many cases better than if we had a college degree.

Along the road somewhere, companies in that industry began filling spots with the College Educated who had never been dirty or touched a broom rather than the Apprentices and before to long these highly educated folks commandeered the ship and told many of these folks that they did a wonderful job, but based on their education level their compensation was too high....

[1stindoor]

Originally Posted by Paslode

...Along the road somewhere, companies in that industry began filling spots with the College Educated who had never been dirty or touched a broom rather than the Apprentices and before to long these highly educated folks commandeered the ship and told many of these folks that they did a wonderful job, but based on their education level their compensation was too high....

That's a very good point.

[Richard]

There's a huge 'wealth gap' between my wife and I and our three sons - we keep our money and they get to keep theirs...and they have the opportunity to continue 'working' on trying to reduce the gap.

And so it goes...

Richard

[PSM]

When our son moved out, a couple of years ago, he was surprised to find a bunch of IOUs from his dad in his "piggy" bank. I'm ATM challanged.

Pat

[1stindoor]

Originally Posted by PSM

When our son moved out, a couple of years ago, he was surprised to find a bunch of IOUs from his dad in his "piggy" bank. I'm ATM challanged.

Pat

That cracked me up...I'm always borrowing $20.00 from my son until I can hit an ATM...generally though I never go through the ATM, I wait until I hit a grocery store or Target so I don't have to pay ATM fees.

[Requiem]

The mindset today is "gotta have it NOW." Instant gratification = debt for most people. Debt means paying more for the item than the sticker price. But hey, you're cool because you have it all now, right?

My husband and I bought a 4-plex and lived in it until we could afford a home. Now the income from the 4-plex pays for itself and the home. Did I enjoy living in a little apartment in town? Not really. But the idea of someday affording something better in the country kept me patient. I paid my dues, so to speak.

Nobody wants to pay their dues now.

Susan

Originally Posted by cold1

Thats a Rationale?

I cant work in my "major" so I wont work at all. Thats sounds like an excuse to be on umemployemet for 99 weeks to me.

How is someone who has not held a job eligible to collect Unemplowment Insurance?

[Wiseman]

Originally Posted by WCH

How is someone who has not held a job eligible to collect Unemplowment Insurance?

Someone has to be very corrupt on both ends for that arrangement to happen. I think cold1 meant the mindset being the same.