#CollegeEducation #YoungAdultsMoveBackHome #StudentLoans #ParentsHelpingKids
Since the Great Recession, many adult children have leaned on their parents.
Sometimes, they wanted help with expenses. Cellphones and Internet service might have been unnecessary – or not invented — when parents were their children’s ages, but are so necessary now.
Some have even moved back home entirely. (That begs the question: do you really want to live your adult life under your parents’ roof?)
But a survey by Discover Student Loans may reveal a new trend. It says 38 percent of parents expect their child to pay for most of higher education, a 7 percent increase from 2018.
Luke McGrath broke down the numbers in the survey for Bloomberg News. His piece was also published July 30, 2019, in The Atlanta Journal-Constitution.
Conversely, the numbers show 28 percent of parents were willing and able to pick up the whole college tab for their kid(s). That’s a 6 percent drop from last year, McGrath’s article says. Moreover, of the 70 percent of parents surveyed who said they will not limit their child’s college choice based on price, more than half said they’re planning to rely on scholarship and grants to help cover the costs, McGrath’s article says.
As of September 2018, 11 percent of student debt was more than 90 days delinquent or in default, McGrath quotes the survey. In the last quarter of 2017, more than 44.5 million Americans had some form of outstanding student loans and almost 8 million had a balance of $50,000 or more, McGrath quotes the Federal Reserve Bank of New York.
Let’s break down the numbers in practical terms. College is expensive, and getting more so by the year. In theory, it is unaffordable for many students who could qualify to go. A college education COULD pay off in future income for students, yet many students are coming out of college not only with big debt, but slim job prospects.
Some may not earn enough money to live independently, and pay down their debt in a reasonable time.
Such a situation could chase a student back home to live with mom and dad and, therefore, put a wrench into mom and dad’s retirement plans.
What to do? First, as a student goes through high school, learn whether he or she is college material. If he or she is not, don’t force it on him or her.
Secondly, if they are college material, determine what their interests are and what they are thinking about doing for work with a degree. Get an idea what those jobs pay now. Hint: if the jobs don’t pay much now, they probably won’t pay much later. And, to add to the thought process, some jobs that pay well now may become obsolete later.
So, if your son or daughter is not college material, or wants to major in something less lucrative, add up the costs, and how you (or they) would pay for college. Remember, going to college is a decision easily postponed. There are almost always opportunities to go back to school, either on campus or online, part time or full time.
Now, think about how your son or daughter will earn money during this – we’ll call it transition – time between high school graduation and when they decide what to do with their lives. There are certainly traditional jobs that don’t require a college degree, albeit fewer opportunities than parents may remember. But there are also many ways to earn money – perhaps a lot more than a “regular” job would pay – by investing a few part-time, off-work hours a week at tasks that anyone, regardless of background or education, can do. To learn about one of the best such programs, message me.
In short, college is not for everyone. If you are unsure whether it’s for you, try courses at your local community college first. They are fairly inexpensive, particularly for basic, required early courses. You can always transfer to a four-year school after that, when, perhaps, more money would be available.
Or, if you are open enough, check out one of these non-W-2 potential income producers. You could create some great flexibility for yourself later in life, to do, or study, whatever you want.
Peter
Category Archives: Uncategorized
MANY OLDER WORKERS DON’T PLAN TO RETIRE
#retirement #EarlyRetirement #ForcedRetirement #WorkingLonger
Illness, injury, layoffs and care-giving responsibilities often force older workers to leave their jobs sooner than they would like.
So say experts as quoted in an article by Andrew Soergel for the Associated Press. It was published July 8, 2019, in The Atlanta Journal-Constitution.
But the thrust of the article says nearly one in four don’t plan to retire, despite the fact they are aging.
The article gets that data from an Associated Press-NORC Center for Public Affairs Research poll. It says two in 10 people older than 50 don’t expect to stop working, according to the article.
Government data shows one in five people 65 and older was working or actively looking for a job in June 2019, the article says.
“People have to live in retirement much longer, and they may not have enough assets to support themselves in retirement,” the article quotes Anqi Chen, assistant director of savings research at the Center for Retirement Research at Boston College.
Ronni Bennett, 78, was pushed out of her job as a Web site editor at age 63, according to the article. One thing she did when that happened: she moved from Manhattan, where her job was, to Portland, Maine, the article says.
Although she searched for work after her layoff, it was like “banging my head against the wall,” the article quotes her.
Bennett’s example is fairly typical in this day and age. First, she was fortunate to survive at her job until age 63. Others were not quite as lucky.
It boils down to this: it probably won’t matter how long you WANT to work, the workplace will more or less dictate when you “retire.”
Decades ago, workers looked forward to retirement. In fact, an early-retirement package was a real gift. Workers were much more secure then. They had ultimate confidence that their employers would keep them until at least age 65, the common retirement age back then.
Remember, though Social Security and some pension plans – if you are fortunate enough to have a pension plan—have age rules about when you can access them. But your “retirement” may be foisted upon you much sooner.
What should you do? How should you plan for that unknown time when you “retire?” First, have a Plan B started. Have some of your paycheck go into automatic savings as early in your career as possible. Second, take a look at one of the many programs out there that allow you to devote a few, part-time hours a week toward picking up extra income – potentially a lot of extra income – while you still have your job. These programs require work, but it’s not really like having a second W-2 job. They also require you to have a mind open enough – education, skill and background are not factors – to check them out. To look at one of the best such programs, message me.
We are all getting older. Regardless of how healthy you feel today, as time passes your health will start to deteriorate. If you are lucky, that deterioration will come more gradually, and you can feel healthy well into your elder years. Of course, much also depends on how well you take care of yourself.
The job market today is fluid. Companies reorganize rapidly and frequently. You will never know from day to day when your last day at your job will come.
So, prepare now for that eventually. If you are lucky, when the day comes when you have to leave your job, you can do so with a smile, because you properly prepared.
Peter
PRINCESS FANTASIES BROUGHT TO THEIR KNEES
#princesses #HarryAndMeghan #TheRoyalFamily #DreamsAndFantasies
Prince Harry and Duchess Meghan are stepping down as senior royals in Great Britain.
Why would they do this when every little girl’s fantasy is to become a princess?
Katrina Trinko, editor in chief of The Daily Signal, took on this topic in a column in the Jan. 17, 2020, edition of USA Today.
It turns out that being a princess isn’t all it’s cracked up to be.
The American “princess” wants out, Trinko writes.
Despite Disney’s princess entertainment empire, being a princess has, well, strings attached.
“Meghan’s ‘thanks, but no thanks’ princess rejection should cause us to reexamine our cultural fixation with princesses,” Trinko writes.
“With all the options available to women in 2020, does it really should so fun to spend a lifetime shaking hands and smiling politely? Yes, royalty can — and, in many cases, does — promote charitable causes and advance international goodwill. But, you don’t need to be royalty to do either of those things,” Trinko continues.
This episode allows us to discuss the difference between fantasy and dreams.
Fantasies seem impossible to achieve at the time they are fantasized. Dreams are always possible to achieve, providing the dreamer does what it takes to achieve them.
Meghan did not seek to become a princess. She’s an actress by profession. She just happened to have married a prince. A similar situation occurred decades ago when American actress Grace Kelly married Prince Rainier of Monaco.
Princess Grace gladly gave up her acting career. Duchess Meghan wants financial independence. They can’t use their royal highness titles anymore, so they will have to figure out how to make a living. That doesn’t seem to worry Meghan or Harry.
The point here? It’s OK to have fantasies as a very young child. When those fantasies become “work,” and create encumbrances in your life, they don’t seem quite so fantastic.
Dreams, however, are desirable because they give you something toward which to work.
If you have dreams, but don’t see how you can achieve them now, know that there are many vehicles out there that can potentially provide resources that can move you toward your dreams more quickly. You just have to be willing to check them out.
To examine one of the best, message me.
Becoming a princess may not be so glamorous once you actually get there. It’s nice, if you are a woman, to be celebrated in your role as a wife and mother, as Trinko points out.
But, as Trinko suggests, it’s best to ditch child-like fantasies and “consider whether the happiest ending of all just might be not marrying a prince.”
Or, if you do, figure out your new life quickly and act accordingly.
Peter
AS RETAIL JOBS SHRINK, WOMEN LOSE
#retail #RetailJobs #ShrinkingRetail #OnlineShopping
Stores are closing by the droves.
The people losing their jobs predominantly are women.
A report in USA Today’s Dec. 18, 2019, edition says many of the retail jobs that remain are going to men.
We can’t do anything about the shrinking retail business.
More people are opting to shop online, rather than go to physical stores.
Certainly, physical stores have value. Though many shopping Web sites allow customers to buy first, try it on and send it back, many shoppers enjoy trying things on in stores.
If you need to buy a mattress, you generally like to lie on different ones to see which one makes you most comfortable.
Stores also help the undecided shopper. You may know you need a new jacket, for example, but which one should you buy?
Web sites certainly encourage browsing, but you can’t touch what’s online. You need a store for that.
So, if you’ve been working in retail for years, and are now watching your job(s) slowly — or, in some cases, quickly — disappear, what should you do?
There are many vehicles out there that allow you to generate a new stream of income without getting a new “job.”
If you’ve been working in retail, you may have to change your outlook on what you can do.
Actually, you can work at these programs regardless of your age, education, background or experience.
If you are looking for something different that may change your life for the better, and want to check out one of the best of these vehicles, message me
Retail jobs aren’t the only ones disappearing. Almost every sector of the economy is changing because of technology.
You can’t stop that change, but you can change to help create a whole new life for yourself.
You just need to be open to looking at something you may have never thought of doing.
Change will happen. You have to decide how change will affect you, and how you will change so you can prosper as change occurs.
Peter
DOWNSIZING AND BUYOUTS: WHAT SHOULD YOU DO?
#downsizing #buyouts #JobLoss #SeparationIncentives
Your company has decided to downsize.
Perhaps it wants to eliminate a division(s) that it doesn’t see as part of the future.
It “generously” decides to offer some qualified employees a separation package, or buyout, to encourage them to leave.
Let’s say you are among those employees.
You want to keep working a few more years, but they have given you what you consider a generous offer. What should you do?
Most buyouts have certain things in common. First, what they are offering initially is probably the best you are going to get. There’s usually no negotiation for a sweeter package. More or less, it’s take it or leave it.
Secondly, you have to make this decision without all the information. You don’t really know, and no one will ever tell you, what YOUR future is if you stay.
There is usually a company option to reject certain employees’ applications for the buyout, but that rarely happens to an individual. If you thought you were indispensable, think again. If the company does not want a certain group of employees to take the buyout, it will not qualify them.
Thirdly, the decision rests on YOUR individual position in life. If you are financially able to take it, you may well be advised to do so. If you want to do something else, worry about that later.
If your job is eating you alive, or your boss is not treating you the way you believe you deserve to be treated, you may be advised to take it. Your life is not going to get any better, and could very well get worse, if you stay.
If you are not financially able to take it, you will probably have to suck it up and stay, and deal with what happens next.
Now, what if you could prepare for such an event ahead of time? What if you could spend a few part-time, off-work hours doing something that could potentially build your current and future wealth?
Though we are not talking about a second traditional job here, the concept involves a more pleasant form of work.
It turns out that there are many such vehicles out there for those who are willing to look for them. If you are open-minded enough to want to check out one of the best, message me.
Buyouts, downsizings etc. almost always come without warning. You walk into work one day, and an announcement is made.
If you could prepare ahead for it, you could walk away with a sweet deal and a smile.
If you don’t prepare for it, the decision can be much more difficult.
We used the term “generously” when we talked about such offers. Many workers simply get thrown out the door with nothing.
You can prepare for that, too. If you do, you could accept that situation with a smile, too.
Peter
HAPPY 2020! CHOOSE TO SEIZE YOUR NEW YEAR
Featured
#HappyNewYear #2020 #NewDecade #Make2020Prosperous
The year 2020 is almost here.
Depending on how you look at it, it’s either the beginning or the end of a decade.
Logic tells us that when we count forward, we begin at 1. With that thinking, the decade starts at the year ending in 1, and ends with the year ending in 0.
It’s only when we count backward – 5,4,3,2,1,0 – as we would when watching the ball drop in Times Square, do we assign a count to the fractions between 0 and 1.
But, when we get into numbers larger than single digits, the numbers ending in 0 have countable value. That allows some to believe the decade starts with the year ending in 0 and ends with the year ending in 9.
Regardless of how you count decades, 2020 gives us a good place to start fresh, if a fresh start is what you need.
If you see yourself as already successful, 2020 should be a continuation of your success.
If the time leading up to 2020 has been disappointing, maybe it’s time to re-evaluate. Re-evaluation starts with feelings.
If you feel beaten, you are defeated. If you are motivated to overcome adversity, you feel challenged.
Some feelings cannot be chosen. If you’ve lost a loved one, you can’t choose how you feel. Grief is usually the dominant feeling, and it may never leave you. You can’t stop grief, you can only mitigate it over time.
But if you have lost a job or a house, you can choose how you feel and, by extension, how you react.
You can choose how you start, and end, 2020.
Whether you realize it or not, you don’t have to just mitigate losses – say, by taking a job that pays much less and learning to settle for less. But you can overcome those losses and change your life.
How? You can check out one of the many programs out there that, by investing a few, part-time, non-job hours a week, you can earn an income that could match or potentially surpass any that a job would give you.
To check out one of the best such vehicles, message me.
So, if you see 2020 as the end of a decade, you can use it to set the table for a very successful new decade.
If you see 2020 as the beginning of a decade, you can start building a better life that could last you for decades to come.
It comes down to choosing your feelings and choosing your actions wisely.
You can’t expect circumstances to change without you acting to change them.
It’s not what happens to you that matters, it’s how you proceed afterward.
Some events can elicit feelings you cannot choose. Others require you to choose how you feel, and how you react.
Choose to act. Choose to overcome. Happy 2020.
Peter
HOUSING COSTS UP, SALARIES DOWN
#HousingCosts #AtlantaHousing #HousingInAtlanta #AffordableHousing
One thing the economy has bolstered is housing.
Purchase prices and rents are going up.
Unfortunately, for many, salaries are not going up. In some cases, they are coming down.
Atlanta Mayor Keisha Lance Bottoms has unveiled a 43-page One Atlanta Affordable Housing Plan, as reported by The Atlanta Journal-Constitution reporters J. Scott Trubey and Stephen Deere in the June 25, 2019, edition.
The mayor will have to marshal the forces of the city, state and federal agencies, as well as local businesses, developers and non-profits to make the plan work, the reporters write.
“Rents are going up in and around our city, but the increase in wages is not keeping pace,” the article quotes the mayor.
The 13 initiatives and 45 other items in the mayor’s housing plan will require dozens of pieces of legislation, which would be drafter as necessary, the article quotes Bottoms.
The plan will use $1 billion in public and private funds to create or preserve 20,000 affordable units by 2026, the article says.
The problem of affordable housing is not unique to Atlanta. Many areas, particularly those attracting new residents and businesses, are seeing housing costs go way up.
Older, lower-income neighborhoods are being redone – gentrified, if you will – making it difficult for longtime residents to continue to afford them.
It’s certainly progress to see investments to upgrade housing. Unfortunately, some residents who may have lived in a neighborhood their whole lives are getting priced out. Where do they go? It’s hard to know, but the Atlanta newspaper also reported more recently that there are many people with full-time jobs living in extended-stay motels.
It’s not an easy problem to solve and Mayor Bottoms is trying to at least make a dent in the problem in her city.
Another unfortunate thing is that the jobs that residents may qualify for are not located near where they live. That brings forth the issue of affordable transportation.
With some people living paycheck to paycheck with nothing put away for emergencies, an unexpected car breakdown can really set them back. Not only can’t they get their cars fixed promptly, they have no independent way, perhaps, to get to their jobs. It’s tough to keep a job if you can’t get to it.
Have you ever wanted to live someplace, but not be able to afford to? What if something came your way that would allow you to spend a few part-time hours a week in a venture that could augment your income, perhaps beyond your wildest dreams? If you are open to checking one of the best of the many such vehicles, message me.
Keeping a supply of affordable housing is not an easy problem to solve. Builders are constructing new housing for the higher incomes, because it’s better for their bottom line.
On top of that, because the demand is there, some of the older housing is getting remodeled, making landlords raise rents etc. It’s tough to have to make choices between food, necessary medication and housing with a limited income.
Hopefully, Mayor Bottoms will be able to pull off her vision in Atlanta. Officials in other areas have to find innovative ways to keep the cost of housing from ballooning out of the reach of many residents.
Peter
CAN YOU FIND AN EMERGENCY $400?
#EmergencyCash #MoneyInTheBank #breakdowns #PaycheckToPaycheck
Your (pick one: car, refrigerator, washing machine) breaks down.
To repair it would cost $400.
Do you have the cash, or could you get a loan that you could pay back quickly, to cover it?
Four in 10 Americans don’t, according to a Federal Reserve survey.
Jeanna Smialek discussed this in a New York Times article that was also published May 24, 2019, in The Atlanta Journal-Constitution.
But the economy is good, you say. Still, a lot of folks not only live paycheck to paycheck, their paychecks have shrunk since they lost their job, presuming they’ve gotten another one since. Some have not.
It creates a chicken-and-egg issue. If your car is broken down, you have to bum rides, or just plain not get to work. In fact, the Atlanta newspaper published more recently an article about the number of working people living in extended-stay motels because rents have risen so much. For some of those, car troubles have been the cause.
Yes, people are selling things to pay for emergencies, the Times article says.
Since the Fed took the survey, the article says, household finances have improved. That’s the good news. Three-quarters of adults said they were “doing OK” or “living comfortably,” up from 63 percent in 2013, the Times article says.
So YOU are not in dire straits. But, you may not be living the life you want. You may not have the job, or income you want. You see others with the things you would want, and wonder: why them, and not you?
Sure, you may be able to pay your bills, or deal with an emergency repair. But you may want something more out of life, and are not really sure what to do to get it.
The good news is that you CAN get it, if you are willing to look at things that you may not have ever thought you would do. There are many vehicles out there that can allow people to live their dreams, even with a part-time, off-work effort. To check out one of the best, message me.
It’s tough to live for any length of time without your car, or key appliances. It’s hard to deal with increasing rents when your paycheck is not increasing, or even declining.
We’ve all heard the horror stories of people making the choice between food and necessary medicine. In America, no one should have to make that choice.
Instead, you should have the choice of doing something that will better your life, regardless of what your employer wants you to do.
You don’t need special skills, education or background. You just need to be open to looking at something different.
America is, and has always been, a great country. Opportunities abound for those willing to check them out.
If you are unhappy with your situation, and think there is nothing you can do about it, think again.
Then, ask yourself this: am I seeing all my options, or am I afraid to look for, and at, them?
The next big thing may not fall into your lap, but there are definitely options that will make anyone’s life better.
Peter
YOUNG ADULTS DIFFER FROM THEIR PARENTS
#YoungAdults #millennials #GenZ KidsAndParents
It’s not unusual for a younger generation to have different priorities from their parents’.
But usually most are optimistic.
Deloitte recently released its Global Millennial Survey of 13,416 millennials (born between 1983 and 1994) across 42 counties and 3,000 Gen Z respondents (born between 1995 and 2002) from 10 countries. Most are uneasy and pessimistic, according to an article Marie Patino wrote for Bloomberg. It was also published May 21, 2019, in The Atlanta Journal-Constitution.
The percentage of respondents who think that businesses are making a positive impact dropped from 61 percent in 2018 to 55 percent this year, the article says.
In other words, many of the kids don’t trust businesses.
Only about half of those in the two groups aspire to buy a house, the article says – something that likely was a high priority for their parents when they were young.
Only 52 percent of millennials surveyed said that earning a high salary was a top priority, the article says. It’s noble to want to have a higher purpose than just making money, and money doesn’t always buy happiness. But money can help one work through adversities in style.
Incidently, 56 percent of Gen Z’ers said earning a high salary was a priority, the article says.
In China and India, the article quotes the survey, Gen Z’ers were more optimistic about the future, while youth in major economic powers were pessimistic about the world and whether their place in it will improve, the article says.
It’s fairly easy to understand the pessimism. Perhaps the young folks have seen a parent, or someone they know well, forced out of a good job well ahead of retirement.
Perhaps they’ve come out of school with slim job prospects.
Perhaps they have witnessed atrocities, like school shootings, officer-involved shootings of unarmed people, or something else that triggers pessimism.
Certainly, older generations witnessed their share of bad news, but not nearly as much of the kinds of things the kids are seeing out there.
Regardless, there is still reason for optimism.
And, if you’re the kind of person who dreams of doing something great, for whom helping others is a high priority, there are many vehicles out there that can ultimately provide the resources to take some of those worries off one’s back, while enabling that person to pay it forward to others. To check out one of the best such vehicles, message me.
Certainly, there is much to be concerned about all over the world. Nearly everyone faces adversity at some point in life.
But bear in mind, if you are a young person who is pessimistic about the world, it’s OK to dream of a world you would like to see. It’s perfectly OK to dream of a very successful life for yourself, however you define that.
You have to be open, though, to perhaps doing something you may have never thought about, or considered doing. You have to be open to looking for, or at, something that could change your outlook on life. That something could be brought to you by someone you may not expect.
In today’s world, optimism sometimes requires effort. Don’t hesitate to put in that effort. You have the ability to improve your own lives. Go for it.
Peter
U.S. BIRTH RATE LOWEST IN 32 YEARS
#births #BirthRates #census #population
The U.S. is seeing its lowest number of births in 32 years.
So says provisional data from the National Center for Health Statistics.
A Bloomberg News article about birth data appeared May 16, 2019, in The Atlanta Journal-Constitution.
The article goes on to break down the data by race, method of birth etc., but doesn’t talk about why birth rates are declining.
There are a number of trends one could point to. Many people are postponing marriage for any number of reasons. The longer one postpones marriage, it seems, the less likely there are to be children as part of marriage.
Other data has pointed to an increase in both the number of single-person households, and the number of young adults who continue to live at home with their parents.
Also, there are money issues. College debt is at an all-time high. The more young adults owe for their educations, the more likely they will postpone buying homes and having children.
And, though the economy is considered good, not everyone has benefitted. Some younger folks have been laid off, and not been able to find work that pays what their previous jobs paid – if they have found one at all.
There are many solutions out there to the financial issues involved with the decision to have children. There are a number of vehicles out there that can enable young couples to devote a few part-time hours a week to augment – or even surpass – their incomes, To check out one of the best such vehicles, message me.
Though parents likely encourage their adult children to have children, having children isn’t for everyone.
Being a parent requires major responsibility. You not only have to support those children financially, you have to be there for them. In other words, being a parent involves lots of money and lots of time. Not everyone has the desire for and commitment to that responsibility.
It’s important, some say, that each person replace himself. The article says the birth rate is dropping below replacement levels.
So who are the future workers, if birth rates continue to decline?
First, as we now see, machines can replace humans for many tasks. Second, immigrants looking for opportunities are moving to the U.S. Regardless how you may feel personally about that, it’s reality. The need for those immigrants is plain to see these days, no matter where you look.
So how do you feel about having children? Don’t feel you have a duty to have them, regardless of how badly your parents want to be grandparents.
Have children because you really want to have children. Don’t have more children than you can afford. Try not to have “accidental” children, if you can avoid it.
There is no shame in being single, or being married without children. It’s all a matter of the kind of life best suits you.
Peter