#giggers #SelfEmployed #SoloPractitioners #NonEmployerEstablishments
South Florida is loaded with “giggers.”
Atlanta, Dallas, Washington and Boston have also seen a surge.
What are “giggers?” They are one-person shops or, in bureaucratic parlance, “non-employer establishments.”
“Between 1997 and 2015, the number of non-employer establishments – that is, self-employed, freelance workers and independent contractors that aren’t often counted in traditional government measures of job growth – in the Miami area rose 142 percent,” writes Nancy Dahlberg in an article for the Miami Herald. The article was also published Dec. 25, 2017, in The Atlanta Journal-Constitution.
That growth is more than twice the national average of 58.6 percent, Dahlberg writes. The other metro areas showing growth behind Miami include Atlanta (126 percent), Dallas (95 percent), Washington, D.C. (78 percent) and Boston (31 percent), according to the article.
This trend shows that people with imagination and a marketable skill who want to work, but don’t want to be employed or are having trouble finding a traditional W-2 job, are using their skill and imagination to help others, while earning money.
The article also quotes a 2016 McKinsey Global Institute report that found about 27 percent of working-age people in the U.S. and Europe engage at least partially in independent work. It also quotes a 2016 study by the Minneapolis Fed that found the engagement at 37 percent in the U.S. alone, and government estimates show that rate could rise to 40 percent by 2020.
The 2008 recession has had lots of effects on lots of people. Some chose to continue to look for new jobs, with varied success. One should consider himself or herself incredibly fortunate if he or she had lost a good job, but subsequently found a better one. For many, if they have found new work at all, it pays less than they were making before. Therefore, a lifestyle adjustment became necessary.
But suppose you have some imagination, but don’t have a really marketable skill that you can peddle on your own? Or, what if the skills that you have are difficult, if not impossible, to ply in an independent setting?
Fortunately, there are many ways out there that you can earn a potentially significant income – perhaps even more than you’d ever earned before – without having a W-2 job or any specific skill or background. To check out one of the best, message me.
Most of us dream of working until a certain age, then perhaps concentrating on a favorite hobby or hobbies to occupy our time after working. For some, retirement came before they wanted, or were ready, and they are using their hobbies or skills as a solo practitioner.
For some, a lifestyle adjustment was required. Many of us dream of the time when we make a lifestyle adjustment only for the better.
We are moving toward a more “you economy,” in which you call your own shots, you solve your own economic problems and you advance your lifestyle.
What if you could do all those things, and help others do the same?
What if the “you economy” were not forced upon you by necessity, but presented to you as a gift?
What if that bad situation – a job loss – became the best thing that ever happened to you?
To borrow from John Lennon, you may say you’re a dreamer, but you’re not the only one.


#housing #LowIncomeHousing #poverty #gentrification
There are three myths in the housing market.
First, gentrification has as much to do with morals as with economics. Second, there is more poverty in cities than suburbs. Third, having low-income housing in one’s community reduces property values.
Darcel Rockett discussed these myths in an article for the Chicago Tribune, that was also published Dec. 18, 2017, in The Atlanta Journal-Constitution.
Since the term gentrification has many connotations, we won’t spend a lot of time discussing it. Suffice it to say, “We need to take the depth of ethical and moral disgust out of the name gentrifier, so that we can get people together and say this is something that we are a part of, but it’s also something bigger than us …. So how do we move forward?” Rockett quotes John Joe Schlichtman, an associate professor of sociology at DePaul University.
But let’s dive deeper into the other two. Poverty exists everywhere. It’s not an urban problem, suburban problem or a rural problem. Especially since the 2008 recession, you have many people who were once considered “middle class” suddenly without a job, or, suddenly losing their homes.
For some, one or both of those events can create instant poverty, regardless of where one lives.
Secondly, there are many people moving from the suburbs to the cities, essentially gentrifying some urban neighborhoods.
“The number of poor persons in suburban Chicago eclipsed the number in the City of Chicago in the last decade, and there are no signs of this trend reversing anytime soon,” Rockett quotes Scott Allard, a professor at the Evans School of Public Policy and Governance at the University of Washington.
That brings us to low-income housing’s effect on housing prices. Rockett quotes a 2016 Stanford Graduate School of Business analysis that reviewed low-income developments nationwide, funded by the low-income housing tax credit program. The impact of that housing on surrounding property values varied based on neighborhoods’ economic state and the number of minority residents, Rockett quotes the study.
“What the study finds is that the effects of putting one of these (low-income housing developments) in a neighborhood depends on the pre-existing conditions in that neighborhood,” Rockett quotes Anthony DeFusco, assistant professor of finance at Northwestern University’s Kellogg School of Management.
What all of this tells us is that housing – just one segment of the overall economy – cannot be stereotyped. “Instead of building housing and targeting it” to people with income below a certain level, “if you just build more housing, and housing was more plentiful overall, prices in general would be lower and would be more affordable for everyone,” Rockett quotes DeFusco.
Are you living where you want to be living? If not, is it because of finances? Perhaps you need to look at ways to make more money that doesn’t involve a second W-2 job. There are many ways out there to earn extra money – perhaps even surpass the income from your primary job – by spending a few part-time, off-work hours a week. To check out one of the best such vehicles, message me.
As the article intimates, it doesn’t matter how you label housing. Housing comes in all types and price ranges. You should be able to choose the housing, and location, that’s right for you. The more housing options available, the more affordable all housing becomes.
So, here’s hoping you are living where you want, in a place just right for you. Remember, too, that a house is a house. A home is created by the people living in it.


#SuzeOrman #WorkUntilAge70 #retirement
Suze Orman has made a fine career of giving retirement and other financial advice.
But when she advises people to work until age 70, Wes Moss, who writes the Money Matters column in The Atlanta Journal-Constitution and also has a radio show of the same name on WSB AM, begs to differ.
Moss discussed the matter in a Nov. 7, 2017, column.
Certainly, medical advances and the like have made living longer possible. Some folks may even enjoy their work to the point of never thinking about giving it up. Others may believe that the longer they are able to keep working, the better off they will be financially.
Moss points out that the latter is pretty much Orman’s philosophy. He quotes an old joke in financial circles: “How do you never run out of money for retirement? Work until you die,” Moss writes.
In Moss’ mind, perhaps the most important reason for not setting 70 as a retirement age is that “you may lose the sweet spot of your retirement – the years when you are healthy and active enough to live out your post-career dreams to the fullest,” he writes.
Certainly, the Social Security Administration has inched up the “full retirement” age to 67 from 65, where it was for decades. But Moss points to a Bloomberg News article that says Americans are retiring later, dying sooner and are sicker in between.
Here’s something else Moss points out: companies largely do not want older workers around. Younger workers are generally cheaper. So, even as workers approach middle age, they become vulnerable to being forced out of their jobs for one reason or another.
If you are among those who are nearing retirement, and don’t have lots of money saved, take heart. There are many ways out there you can make money in your spare time, say, a couple hours a week, without taking a second W-2 job, or working overtime (if available) in your first job. To check out one of the best such vehicles, message me.
In short, unless you really love your job, think about retiring as soon as you are able. If you can foresee your job going away before you want it to, take measures to soften the blow when it comes. If you do the right things – spend less without depriving yourself, save more money, invest well etc. – you might even be able to walk out of your job with a smile.
As Moss says, you shouldn’t make it a goal to sacrifice the best years of your retirement by working those extra years. And, once you do retire, you shouldn’t waste time sitting at home, and not venturing out of your comfort zone. Have dreams. Fulfill them. Retire with no prejudices, no pretenses and no burdensome obligations.
That isn’t to say that there are some jobs that are so great, you don’t want to give them up unless you have to. But, chances are, no matter how good you are at what you do, eventually your employer is going to want you gone.
If you’re lucky, when your employer wants you gone, he or she will offer you a package to leave. If you get an offer like that, remember that few people who take them ultimately regret that decision. If you are being paid to leave, the message you should hear is that the employer want you out.
So, if you are a Suze Orman devotee, remember that not everyone agrees that one should work until he or she is 70. A better philosophy might be this: when is the SOONEST I can retire? Once you’ve determined that, think about not only how you are going to pull it off financially, but also what you will do with your new-found time.
Work, dream, save and retire.


#HomeRepairs #MoneyForHomeRepairs #RainyDayFund
It’s been said that if your (pick one: car, refrigerator, heating system) breaks down, you’ll always find the money to fix it.
That is true as long as you are prepared financially.
Erica Lamberg discussed preparing for costly home repairs in an article for GOBanking.com. It was also published in the Nov. 13, 2017, edition of The Atlanta Journal-Constitution.
Some people have a rainy day fund for such things. Others, who are not prepared, have to do without until they can come up with a way to pay for the repair.
As one can attest, it’s tough to live more than a few hours without your car, refrigerator or heating system.
Lamberg also talks about unexpected roof repairs. As she advises, though a roof is supposed to last 30 years, don’t wait that long to take preventative action. “A new roof, for an average-sized home – using medium-priced asphalt shingles – can cost at least $5,000 in most parts of the country, assuming that the sheathing is still sound,” Lamberg quotes Timothy G. Wiedman, a retired professor of management from Doane University in Nebraska.
She writes that Wiedman, who has bought, maintained, upgraded and sold several homes, said homeowners would be wise to start putting $600 to $700 a year into a roof replacement fund.
As for your heating system, Lamberg advises regular maintenance by a good local HVAC contractor. Twice a year, at the beginning of the heating and the beginning of the cooling seasons, is recommended.
“The proactive approach of being ready for the eventual changing of your equipment will save you money,: Lamberg quotes Gene Amick, with Climate Control Heating near Kansas City, Mo.
There are a number of things around your home that wear out over time. Sometimes, just regular maintenance helps prolong the life of those things. Other times, as in the case of your roof, or perhaps, your refrigerator, it’s best to have a fund that you can tap when replacement time comes.
Sometimes, having an income source that can help you pay for those things is warranted. There are a number of ways out there to earn extra money without having to get another traditional job, or begging your boss for raises. To check out one of the best – and you may find ways to save on new appliances and cars, too – message me.
Avoiding unexpected breakdowns is not just a money issue. It involves paying attention to things. The easiest way to get financially hammered by an unexpected repair is to ignore things. If you have a storm, particularly a hail storm, have your roof inspected. If you are lucky enough to have a good homeowner’s insurance policy, you might be able to get that new roof paid for.
Have your car regularly maintained. Regular oil changes over several years are cheaper than buying a new car. A good rule of thumb for vehicles is not only to get regular maintenance, but also to do the math on repairs. If the repairs become too frequent and expensive, a new car may be in order.
Most people do save for new cars, and plan their new-car purchases. But for those unexpected breakdowns, make sure you have a fund to cover the repairs.
Don’t let unexpected household repairs or purchases break you. Plan ahead. Have a source of funds readily available so you don’t have to do without for too long.


#RuralAmerica #EconomicDevelopment #jobs #employment
Rural areas want to boost their economy.
They want to attract companies/employers who can employ lots of people who are now out of work for a variety of reasons – not the least of which is where they live.
Kyle Wingfield, a columnist for The Atlanta Journal Constitution, took on this issue, as it applies to rural Georgia, in an Aug. 27, 2017, column.
“There are a lot of different factors that affect the quality (of the workforce),” Wingfield quotes Amy Lancaster, director of workforce development for the Metro Atlanta Chamber of Commerce. “The education system is a big piece of that … but the opioids (epidemic), criminal justice reform – all those things have a big impact, so it’s hard to limit or confine it to one issue or agency,” the quote continued.
Regarding the education system, Wingfield discussed the community college system with Lancaster. “The course offerings may not be aligned with local demand, at least not from the employer side,” Wingfield quotes her. In other words, what the employers want the students to learn is not what the students themselves want to take.
She told Wingfield that there are no incentives for colleges, either two-year or four-year, to offer what the employers really need students to learn.
Let’s break this down further. Rural areas, be they in Georgia or any other state, have a distinct disadvantage to urban areas in terms of attracting employers. It’s difficult to attract the type of talent employers seek because the workers they want to attract, usually young and fairly educated, don’t want to move to a rural area. They look for the multitude of life options urban areas provide in abundance. And those workers already living in rural areas may not be the type of workers Company X needs.
Secondly, though there is relatively high unemployment in rural areas, it doesn’t appear that people are willing to do what it takes to become more employable. In other words, if a company needs, say, welders, and people are not willing to take the necessary training to become a welder, there’s a mismatch between the supply of employable people and the demand for the needed skills.
From the worker’s perspective, he may think, “is it worth my time to get the extra training that Company X wants me to have, only to find that a year or two later, the employer demands something else – or needs to reduce staff — and I’m no longer needed?”
Many workers who thought they had secure jobs have lost them, so it’s easy to figure out why they would ask whether the extra training and effort would be worth it in the long run.
An example might be truck driving. Would a prospective new truck driver want to go through all the training that it might take, only to discover a few years later that his company will be going to driverless vehicles?
Welders may be in demand now, but will they be replaced by robots later?
It’s a tough position all around. But, if you are a prospective worker who is examining what to do with your life, you might want to think outside the box. There are plenty of ways out there to make a potentially sizeable income, without a W-2 job, if you are open to checking them out. To learn about one of the best, message me.
If you are an employer, consider that workers willing to be retrained for the skills you need now will want some assurance that they will be able to adapt as your technology changes. And, in fact, that they will still be welcome as needs change. So, it’s not only the educational institutions that need incentives to offer courses in skills employers need, the workers, too, need incentives that a decent future awaits them, if they make the effort to be retrained.
It’s not just technical skills that employers look for. The so-called soft skills – being able to work as a team, being friendly and attentive to customers etc. – can be just as important to employers.
It’s a tough world. Good things come to those willing to adapt. How you adapt – and how you think about the future – could make all the difference in your success.


#RaisingTheRetirementAge #retirement #WorkingLonger #disabilities
The government continues to raise the retirement age.
People are working longer.
Yet, their health continues to decline.
Ben Steverman discussed this in an article for Bloomberg News. It was also published Oct. 24, 2017, in The Atlanta Journal-Constitution.
“The age-adjusted mortality rate in the U.S. rose 1.2 percent from 2014 to 2015, according to the Society of Actuaries,” the article reads. “That’s the first year-over-year increase since 2005, and only the second rise greater than 1 percent since 1980,” the article says.
So, Americans are retiring later, dying sooner and are sicker, the article says.
Almost one in three Americans age 65 to 69 is still working, along with almost one in five in their early 70s, the article says.
Americans in their late 50s have more serious health problems than people of those same ages 10 to 15 years ago, according to the article. To boot, cognitive skills have declined. Those with a retirement age of 66, 11 percent already have had some kind of dementia between ages 58 and 60, the article quotes a study by University of Michigan economists HwaJung Choi and Robert Schoeni.
Experts say obesity, high rates of suicide, drug overdoses and alcohol abuse have been cited as causes, the article says.
The higher death rates are good news for pension plans, the article points out.
“Americans may have already seen most of the benefits from previous positive developments that cut the death rate, such as a decline in smoking and medical advances like statins that fight cardiovascular disease,” the article reads.
So are you among the group that feels worse than you think you should for your age? Has the economic downturn of 2008 got you working at a job you hate, when it’s high time for you to retire?
Perhaps a solution to the latter problem may relieve the difficulties of the former. There are many ways to make money beyond a traditional W-2 job – especially one that you hate, or that is making you sick. To check out one of the best such vehicles, message me.
And though pension plans may like this news – the Society of Actuaries calculates a typical pension plan’s obligations could fall by 0.7 to 1 percent , the article says – not everyone is fortunate enough to have a pension.
That puts the onus on every worker to make sure their retirement is not only survivable, but potentially prosperous.
This may entail some thought outside the proverbial box, especially if your employer is not providing you a pension.
If you’re young, start saving your money sooner. Cut out that extra coffee-shop visit or extra meal out, and put that money toward your retirement.
If you are older, not only must you think about how long you WANT to work, but also how long you will BE ABLE to work. It may not be an illness that gets you. You may be one bad manager or one reorganization away from a dead career.
You may not be able to solve health problems, but money problems can be conquered. You just have to have the best life you can, and try to live as long as possible.


More men are expected to be attracted to “women’s jobs” in the coming years.
However, the reverse is not proving to be a trend.
That’s according to research by Jed Kolko, economist at the job-search site Indeed. His study was quoted in an article by Ana Swanson in the Washington Post. It was also published in the April 23, 2017, edition of The Atlanta Journal-Constitution.
Kolko concludes that less-educated men may especially face challenges in the job market of the future, the article says.
“In recent decades, fields that are dominated by men and by women have not fared equally. Many men have fallen out of work as increased mechanization has allowed the U.S. to produce more agricultural and manufacturing goods than ever, with fewer people than before,” the article says.
“Jobs that are dominated by women are projected to grow nearly twice as fast as jobs that are dominated by men,” the article quotes the Kolko study, based on figures from the Bureau of Labor Statistics.
“Fast-growing ‘male’ jobs that require lots of education don’t really help men without a college degree who have been in traditionally ‘male’ jobs,” the article quotes Kolko.
We all have an idea what a “male” job – construction, manufacturing, mining, farming etc. –or a “female job” – nursing, administrative assistant, etc. –is. The article says that computer programming was once dominated by women, but is now heavily male.
It’s been reported many times that men fared worse in the Great Recession than women. The good jobs done largely by men went away more quickly than those done mostly by women.
Kolko points out that some “female” jobs, such as telephone operaters and textile workers, also have been automated out, according to the article.
The broader trend is away from manufacturing and more toward services, which could draw men into jobs traditionally dominated by women, the article says.
So let’s step back and examine this. Good jobs in general are disappearing quickly. Lots of folks, if they are lucky to find new jobs, generally are getting paid less than their previous jobs paid them. Many are not using the skills they were trained for. Those skills, largely, are being replaced by machines. There’s nothing a person can do to stop that!
But what a person CAN do is think about other ways to make money. There are many such vehicles out there for those willing to step out of what’s comfortable, and look at something different. To learn about one of the best such vehicles, message me.
The economy, the recession, downsizing – however you wish to think about it – is not something that will, or can, go away. So, if such circumstances hit you, don’t beat yourself up. Sure, those circumstances will hurt, but by further beating yourself, the pain will be worse.
Americans can be very resilient. Sometimes, tough circumstances require bold action. Sometimes, one has to think differently to better himself.
If you view yourself as a hard-working person, and most do, don’t expect someone to give you something. You may have to look for other opportunities, perhaps completely unrelated to what you’ve done before.
So whether you’ve been doing a “male” job, or a “female” job, and it has gone away, remember that someone you know, or may not yet know, may introduce you to something you may have never heard of. Listen. Don’t dismiss out of hand. You could be hearing about the light at the end of your tunnel.



Why do students of East Asian descent do so well in school? Because parents are the primary educators.
So concludes Maureen Downey, education columnist for The Atlanta Journal-Constitution. Her column on the subject was published July 31, 2017.
While American parents are concerned with how engaging their child’s teacher is, how much homework their child will have and whether their child will be able to balance school and other activities, such as band or soccer, in East Asian countries, parents are worried about one thing: whether their child will learn, Downey writes.
The Asian children’s success will depend not only on their own effort, but that of their parents, she writes.
That difference may explain the performance gap between American students and those from East Asian countries, Downey writes.
According to a research scholar on East Asian education, this lagging performance by American students will not change unless we upend two beliefs: teachers are responsible for student achievement and parents play a supportive, rather than primary, role in their child’s education, Downey writes.
Cornelius N. Grove, author and researcher on East Asian education, has challenged the assumption that school performance is determined by innate aptitude, Downey writes. He says children bring – or don’t bring, in the case of some U.S. students – a receptiveness to learning and a moral and cultural imperative to excel, Downey writes.
Students who fail an algebra test here might say, “I’m just not good at math,” Downey quotes Grove. East Asian students use failure to figure out what they don’t know and redirect their study plan, Downey quotes Grove.
One could argue that while education is important, so are other things in life. The balance American parents look for in their children is a worthy endeavor. We want children to have a life, to do things that kids do, to enjoy growing up and not be put in a pressure cooker.
On the other hand, some parents can be too loosey-goosey, fret about the child’s self-esteem, etc.
Those old enough may remember when parents sent kids to school, let them figure out what to do, perhaps had one or two conferences a year with teachers and that was it. Some parents were disinclined, or perhaps even incapable, of helping with homework.
Still, “we have masses of young people (In the U.S) who aren’t able to do simple math, who have trouble reading a sentence,” Downey quotes Grove.
Yet, she quotes him, “we are not short of entrepreneurs in this country.” If your child is an entrepreneur, and is looking for something to apply that trait that could earn him potentially a lot of money, there are many vehicles out there that may fit him or her. To check out one of the best, message me.
The bottom line is that parents have to find the happy medium in which their child can excel in school, and still be a kid. The parents have to devote a higher priority on education, and not leave everything up to teachers and schools.
The children have to want to learn. A parent who cultivates a child’s desire to learn is parenting at its best. So let your kids be kids, let them do what they enjoy, yet still have focus on education. Perhaps the parents can take a leading role in increasing school performance of American children.


#income #ParentsIncome #earnings
“If you’re born poor, you die poor.”
That’s according to a United Kingdom politician from six years ago. The quote leads off an article by Michael Heath Bloomberg published in the Aug. 30,2017, edition of The Atlanta Journal-Constitution.
The article says little has changed in those six years. Great Britain, France, Italy and the U.S. continue to show a high correlation between parents’ earnings and those of their children, the article quotes a report by Standard Life Investments. The Scandinavian countries, Australia, Germany and Canada show a similar correlation, but to a lesser extent, the article says.
As a result, human capital is wasted and workers are less motivated, the article says. Higher levels of inequality in earnings stunts economic growth, the article says, quoting research.
Let’s think about this. Perhaps children go into the same, or similar, professions as their parents. More likely, however, parents probably have told their kids that their potential is limited because of finances, innate ability etc. How many have been advised by parents, or other trusted elders, to seek security, rather than follow dreams?
The article says researchers tracked the proportion of 30-year-olds who earned more than their parents did at that age, and found a significant downtrend: just 50 percent of children born in the 1980s earned more than their parents at the same age, compared with nearly 80 percent of 1950s-born kids, the article says.
Another figure the article quotes: in the American Midwest, just 41 percent of children born in 1984 earned more than their parents at the same age, compared with 95 percent of those born in 1940.
Certainly, decline in manufacturing, as the article says, has much to do with that. Inflation is certainly another factor. People working in the 1940s and 1950s were paid much less than their children would earn. But wage stagnation is real. And it’s obvious in just about every industrialized country.
So what to do? Most everyone could sense this problem that the article actually quantified. The security that one’s parents may have advised their children to seek is just not there. A young person today – even some who’ve invested in a college education – can expect, unless he or she is truly fortunate, that his job and career he starts with will change, or end, before he wants it to.
And the change that happens usually means more work for less money, or having to take a new job that pays less.
There are ways to combat this. First, don’t be afraid to change careers. See what the market is looking for, learn the appropriate skills, and change. Second, save your money. That may require forgoing frivolous pleasures so that you can bank, and properly invest, money over time. The time trajectory, remember, may not have a person working to age 65. It may only last until, say, age 45.
Finally, be open to checking out different ways to make money. Perhaps you are unaware of the many good ways to make money that have nothing to do with a W-2 job. To check out one of the best, message me.
Though the article paints a gloomy income picture, it doesn’t have to be that way. It may take a desire to want a better life, a willingness to looking at things that may look uncomfortable and a belief that YOU can ultimately control your own situation.
The security your parents may have told you to seek is likely imaginary. Therefore, not only is there no harm in pursing your dream, there could be a real benefit to doing so. Remember, too, that pursuing a dream can also allow you to help others do the same.


#StudentLoans #StudentLoanDebt #economy #college
Imagine having your dream job, after a great education, and yet be broke.
That is the case with Melissa Cefalu, a veterinarian, and her husband Andrew, a chiropractor.
You see, Melissa and Andrew are buried under $365,000 in student loan debt.
Paul Davidson highlighted their story in his USA Today article about how student loan debt is hurting the U.S. economy. It was also published in the July 7, 2017, edition of The Atlanta Journal-Constitution.
Melissa and Andrew never take vacations. They may grab a long weekend with friends or relatives. Andrew drives a 13-year-old Chevy Tahoe. Instead of buying new clothes, Melissa, 35, wears her sister’s hand-me-downs, according to Davidson’s article.
The $1.34 trillion in student loan debt, a record high, is affecting the overall economy, Davidson writes. It’s causing delays in home purchases, it’s crimping consumer spending and inhibiting formation of new businesses, the article quotes analysts. He quotes others as saying the student loan debt crisis is no more than a lot of hype.
“I love what I do but … I don’t feel my degree was worth the sacrifices we have to make every single day,” the article quotes Melissa Cefalu. The couple, between them, makes $125,000 a year, and lives in affordable Madison, Miss.
Let’s break this down further. We’ve all heard about the excessive student loan debt, and the debate rages on about how to fix the problem. Should we, as a nation bail out these loans, or should we let the people who incurred the debt take their medicine – probably for a lifetime?
At the rate they are going, Melissa and Andrew will probably never be able to save for a house, let alone retirement, for a good long time. Theirs is a lesson for others thinking about whether college will be worth what they will have to do financially to get through.
And the Mississippi couple’s example shows that even if you come out of college with a decent job, doing what you had always wanted, debt can punch you in the gut for many years. Think about the graduate who comes out of college with no job, AND lots of debt.
Statistics repeatedly show that the more education one has, the better his job prospects. Still, the decision whether to go to college should not be automatic, even for the brightest of students.
There are many different ways to approach the problem. Consider these options: if a student is college material, but his family cannot afford to send him, he could work for a few years at a relatively menial job, i.e. a restaurant server, and save his money to go to college later in life. That same student could take that menial job, and take some college courses part time over a few years until he has the money to go to school full time.
Secondly, a student could consider military service for a few years, presuming he is physically able for that. The service may entitle him to college benefits after he serves his tour of duty.
Thirdly, a student may decide to look for a vehicle that will provide him enough income to eventually give him a world of educational options, without incurring a lifetime of debt. To check out one of the best such vehicles, message me.
Regardless of how you may feel about student loan debt, and how it may be affecting the economy, consider this: if a student incurs debt that would surpass a mortgage, that student will not be able to do much of anything financially for a good long time. He or she could grow old and broke, with very little help to get out of their situation.
If you don’t want to be among those folks, think long and hard about whether, and when, to go to college. College is not for everybody, and for those who are ripe for college academically, but not financially, it’s still not a decision to be made without lots of thought.
He who properly thinks through the college decision will likely see the most success as a productive adult.