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Today at 03:54:11 AM
Last edit: Today at 04:09:07 AM by Searing |
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From what I can tell young people are screwed today. You can never own anything seems to be the trend...phone/rent/student loans/cc loans/car leasing....etc etc.
it used to be you got in trouble with a cc you could go get a loan at a bank at (Now 7%) variable loan...trying to get my god daughter one and was told no dice due to cc (modest $4k or so, at the bottom) so no line of credit
or 7% variable rate bank loan NOT possible. Unlike even 7 years ago for such. However, they would 'gladly' xfer your 18% cc to their 18% cc bank card interest free for 1 years w/o issue. Completely compromised the banks are now.
So I tell young people that are getting cc (univ karate club and about) at 23.5% now in don't use them...WHILE THEY STILL HAVE NO BALANCE....you CAN get a line of credit or bank loan at 6%...pay off each month in full. But someday
you are gonna need a $5k loan for some emergency and the last place you want to do is hit up relatives and/or put it on a (now starting I heard) 23.5% cc as such.
So WITH NO DEBT.....on a cc as you you can set it up with the parental unit..such a bank loan yet....so sure as grass is green you are gonna blow your car up, twist an ankle or something else where you have to dump $4k on the cc and then
you are screwed.
trying to find a picture (I'm the photographer) from Summer of 1973 when I was in Twin Cities on Hennapiin and Lake ...in twin cities....of sign of a loan shark storefront sign at ....23.5%....I want to post this on FB and let the comments ride as
fake...but I was the person who took the photograph....to tell them to stick it.
So, if you have young folks in your life get something setup for a bank loan before they get cc debt...if cc debt can't get one.....even if you have to lie and say it is for auto loan and just pay them back the following month with the $50 in
interest the following month or some such to get such in play
I used to have all sorts of tricks for young folks in the univ karate club..for life hacks, now it is simply....1) get out of debt 2) don't go into debt......so far banks don't seem to care much about student loans as 100% covered...and everyone seems to have one
but only angle I have for young people is try to manage debt and ideally no debt with the line of credit ASAP at a bank above (currently 7%) with set payments based ....and no issues....with a cap. Damn site better then 23.5% in your emergency that happens to everyone someday
anyway, end of rant.....but only thing I can tell anyone in Univ years....so screwed they are...but MAYBE this is in their control
brad
p.s. again, all I got for younger folks as an angle...discovered all above with my god daughter about 1 month ago.....sucks....only other thing is take karate or yoga or something 3x a week, eventually instruct and have a social group 3x a week
for 2hrs you an own outside of economics lifetime..Avocation: like a your univ degree or work skills that 'can't' be taken away from you....
.just saying Don't rely on job and stuff and $$$ completely for life...it has a way of turning on you. Also, IMHO deep recession coming...so prepare..if I'm wrong big whoop 'you are prudent' if I am right
however you feel a damn site better ..I've been thru like 5 recessions they all suck and go on for years...so keep this in mind is my advice.
your univ degree or work skills that 'can't' be taken away from you.....just saying
Managing Debt allowed me to pay off student loans/cc debt then house..the 1st was equiv to a pt job the house pay off equiv to another full time job and no debt
this allowed me to be in univ karate club in eve and teach there and as adjunct of Univ ..and been in Shotokan karate started in 1978...
evenings free.....
allowed me to do side jobs on my terms no debt, eve free....allowed me to run a giant BBS game service...allowed me to get into Bitcoin Mining in 2013
manage debt is the only thing I have left that people can control and life will still try to screw you over such with medical bills and other emergencies
but frankly, again...I got nothing else for univ level folks in society...all other paths seem to be blocked off for you...just saying evening's free and boredom is not a bad thing for yourself vs some boss someplace
hope this helps
brad
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