If you’re a millennial, I want to talk to you about a cruel experiment we’ve been playing on you. The experiment is called “How much debt can millennials carry over the course of their lifetime?”
We’ve run this experiment on you in the following ways:
You’re constantly told higher education is the only way to advancement. And in many ways, it’s true.
This was never the case for my generation. I paid my way through college relatively easily with a part-time job. It was $243/semester for law school. And there were opportunities waiting when I finished.
Today, your degree is worth less but costs more. You’re told you have to take out the loan, you’re promised a great living for it, and then when the promise turns out to be a lie, you’re offered almost no options for getting out of that debt.
It’s dishonest and cruel. My generation doesn’t do you any favors when we pretend you have it easy.
In our 20s, my generation happily bought houses, got married, and had children. Many millennials are waiting to do all three, often in part because they can’t afford it.
It’s ironic, isn’t it, that the older crowd talks about millennials as being self-absorbed and materialistic? We joke about how you can afford an expensive smartphone, for example. But in actuality, studies show your generation is much more careful about your spending than we were.
When low-paying jobs are the only thing available, and there’s little room to move up in the workforce, it’s hard to build savings. Add to that the student debt, and suddenly even basic expenses like groceries end up on the credit card. It’s simply not an option to save or invest the money.
Some of you can stay on your parents’ plan, and some of you have likely benefitted from the Affordable Care Act. But there’s no doubt many millennials are also shocked at the monthly health care bills – especially if you’re in good health but still have to pay extremely high premiums.
And if you don’t have a good policy, small emergencies instantly become massive financial burdens.
Help with the Debt Burden for Millennials
Every generation has trouble placed on them – war, depression, political turmoil. Among other things, your generation has been dealt false promises.
You’ve gotten an unfair deal. Now the only option you have is to face it in the best way you can. Here’s what I’d recommend for those of you with a lot of debt:
- Get rid of your credit card debt, so you can focus your energy on other priorities.
- Deal with any other debts that keep you from paying off student loans, and make sure you’re set up on any federal or state program that might lower your monthly student loan payments for right now.
- Pay attention to your credit, especially in your 20s and 30s. My office offers a free program for all our clients to help you improve your credit to an A rating.
I have a lot of experience helping young people take control of their financial lives. I can help you get started today. Just fill out the form on this page, or call my office at 901-327-2100.