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Author Topic: 39% OF YOUNGER MILLENNIALS RETURN HOME AMID CRUSHING RECESSION  (Read 581 times)

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Offline RomanCatholic1953

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39% OF YOUNGER MILLENNIALS RETURN HOME AMID CRUSHING RECESSION
« on: August 10, 2020, 10:07:23 AM »
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    • 39% OF YOUNGER MILLENNIALS RETURN HOME AMID CRUSHING RECESSION
    Published: August 8, 2020
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    SOURCE: ZERO HEDGE


    The virus-induced recession has abruptly upended younger millennials (ages 24 to 29) from living on their own, have now moved back home, according to a new survey.
    The new survey, commissioned by TD Ameritrade (seen by CNBC), found that out of the 2,000 young millennials surveyed, about 39% are in the process or have already moved back home because of the crushing economic downturn. 

    About 15% of the respondents said they’re on financial life-support, with their parents helping to subsidize rent, while another 15% said their parents are covering all rental expenses.
    An overwhelming majority (82%) said they don’t want to rely on their parents for financial support, but due to the economic downturn, it seems like many have no other choice.
    A crushing recession could be the best thing for millennials. Allows them to move home, save money, pay down pesky auto loans, credit card debt, and student loans. So by the time the next economic upswing starts, their debt loads will be low, allowing them more economic mobility. 
    Another reason why millennials should considering moving back is that the recovery stalled in mid/late June, and some cases reversing. A recovery heading south again is bad news for the labor market, as we noted this week, the second round of layoffs is well underway. 
    For more color on this, the latest Chase credit and debit card data shows consumer spending activity is well below the baseline and stalled in mid-June.

    The stalled recovery has led to a reversal in the labor market with Initial Claims and Continuing Claims now on the upswing. The slowdown in the economy has been widely attributed to rising COVID-19 cases and deaths in Sun Belt states, resulting in much of the country to slow down, pause, or reverse reopenings. 
    What this means is that the economic surprise index will likely reverse.  

    Young millennials are making the right choice to move home as the crushing virus-induced recession persists. 

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    Online Ladislaus

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    Re: 39% OF YOUNGER MILLENNIALS RETURN HOME AMID CRUSHING RECESSION
    « Reply #1 on: August 10, 2020, 10:37:39 AM »
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    • I've encouraged my older kids to stay at home because it makes zero sense to go out, get an apartment, and flush money down the drain while they could be saving money.

    Even if they work at $10 an hour and are able to save $15K per year, in about 10 years, they're in a very good position to buy a home.

    So instead of paying $40K for college (state schools with no room and board), they could save $15K (or more) over those 4 years.  So that's a swing of $100K during their college years alone.

    College is a scam.

    If young men were patient, they could have a house paid for by the time they're 30, and THEN they'd be ready to start a family.  And that's assuming they never break above minimum wage.
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    Offline fatimarevelation23

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    Re: 39% OF YOUNGER MILLENNIALS RETURN HOME AMID CRUSHING RECESSION
    « Reply #2 on: August 10, 2020, 11:38:15 AM »
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    • Quote from: Ladislaus on August 10, 2020, 10:37:39 AM
    I've encouraged my older kids to stay at home because it makes zero sense to go out, get an apartment, and flush money down the drain while they could be saving money.

    Even if they work at $10 an hour and are able to save $15K per year, in about 10 years, they're in a very good position to buy a home.

    So instead of paying $40K for college (state schools with no room and board), they could save $15K (or more) over those 4 years.  So that's a swing of $100K during their college years alone.

    College is a scam.

    If young men were patient, they could have a house paid for by the time they're 30, and THEN they'd be ready to start a family.  And that's assuming they never break above minimum wage.

    I might be the youngest person on this forum as I am not even a millennial, I am 19 years old and I am Gen Z. I can confirm that all of this is true. The main problem is that I want to be a catholic religion teacher. I don't know what I should do with this as the debt that comes in will be crazy. The average student loan debt has hit $50,000. I might need some advice.
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    If somebody wants to shoot me from a window with a rifle, Nobody can stop it, so why worry about it? - John F. Kennedy, The Morning of November 22nd, 1963.

    Online Ladislaus

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    Re: 39% OF YOUNGER MILLENNIALS RETURN HOME AMID CRUSHING RECESSION
    « Reply #3 on: August 10, 2020, 11:43:01 AM »
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    • Right, and another part of the college scam is that 80% of the classes they force you to take are not in your Major.  Depending on the Major and the school, you'll take 8 - 10 courses in your major, and about 32 in various "core" classes and other such nonsense.
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    Online Ladislaus

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    Re: 39% OF YOUNGER MILLENNIALS RETURN HOME AMID CRUSHING RECESSION
    « Reply #4 on: August 10, 2020, 11:51:51 AM »
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    • Quote from: maccabeansoft on August 10, 2020, 11:38:15 AM
    I might be the youngest person on this forum as I am not even a millennial, I am 19 years old and I am Gen Z. I can confirm that all of this is true. The main problem is that I want to be a catholic religion teacher. I don't know what I should do with this as the debt that comes in will be crazy. The average student loan debt has hit $50,000. I might need some advice.

    Where would you want to teach Catholic religion?

    Unfortunately, part of the scam is that it's difficult to get a job, especially in teaching, without that "degree".  So if you want a job in teaching, there aren't many alternatives except to take a lot of classes at a Community College and transfer them over.  For those who live in Ohio, they have a program called "College Credit Plus," where you can take college classes for dual credit, both towards eventual college and for High School, and the state pays for it (by  moving money from High School to the college).  Also, even places like McDonalds, Taco Bell, and Chipotle pay good chunks of college tuition if you work a minimum number of hours per week (I think it was 18 for McDonald's).  So if you work 18 hours, you get up to $3500 per year towards college.

    For some fields, you can probably sneak in without a degree by just taking the classes you need in your MAJOR field of study.  So, for instance, if you wanted to get into Computer Science, you could take the 8-10 classes required for a Major and then tell prospective employers that you completed the course requirements but haven't yet been able to fill out the core curriculum.

    I got into Computer Science myself, despite only having degrees in Greek and Latin, because i learned the stuff myself, and employers simply didn't look past the fact that I had a degree.  All I listed on my resume was, "A.B., Loyola University of Chicago".  I didn't list my major.  And you'd be surprised how few people ask.

    Of course, NOBODY actually checks your college reference.  I could have told them that I had a B.S. from Princeton, and it's not like anyone has ever bothered to check.  OF COURSE, for Traditional Catholics, that's lying.  These guys come over from India and claim they have degrees from the University of Bangalore or something, and who the heck is going to call over there to find out if "Vishal Reddy" has a degree there?  Answer:  "Yes, we have about 3,000 of them."  Good luck.  Of, in my case, I could say I had a Master's from the University of Budapest, and nobody would ever check.

    BTW, I would be leary of Indian medical professionals who claim to have degrees for the same reason.
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    Offline fatimarevelation23

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    Re: 39% OF YOUNGER MILLENNIALS RETURN HOME AMID CRUSHING RECESSION
    « Reply #5 on: August 10, 2020, 06:03:33 PM »
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    • Quote from: Ladislaus on August 10, 2020, 11:51:51 AM
    Where would you want to teach Catholic religion?

    Unfortunately, part of the scam is that it's difficult to get a job, especially in teaching, without that "degree".  So if you want a job in teaching, there aren't many alternatives except to take a lot of classes at a Community College and transfer them over.  For those who live in Ohio, they have a program called "College Credit Plus," where you can take college classes for dual credit, both towards eventual college and for High School, and the state pays for it (by  moving money from High School to the college).  Also, even places like McDonalds, Taco Bell, and Chipotle pay good chunks of college tuition if you work a minimum number of hours per week (I think it was 18 for McDonald's).  So if you work 18 hours, you get up to $3500 per year towards college.

    For some fields, you can probably sneak in without a degree by just taking the classes you need in your MAJOR field of study.  So, for instance, if you wanted to get into Computer Science, you could take the 8-10 classes required for a Major and then tell prospective employers that you completed the course requirements but haven't yet been able to fill out the core curriculum.

    I got into Computer Science myself, despite only having degrees in Greek and Latin, because i learned the stuff myself, and employers simply didn't look past the fact that I had a degree.  All I listed on my resume was, "A.B., Loyola University of Chicago".  I didn't list my major.  And you'd be surprised how few people ask.

    Of course, NOBODY actually checks your college reference.  I could have told them that I had a B.S. from Princeton, and it's not like anyone has ever bothered to check.  OF COURSE, for Traditional Catholics, that's lying.  These guys come over from India and claim they have degrees from the University of Bangalore or something, and who the heck is going to call over there to find out if "Vishal Reddy" has a degree there?  Answer:  "Yes, we have about 3,000 of them."  Good luck.  Of, in my case, I could say I had a Master's from the University of Budapest, and nobody would ever check.

    BTW, I would be leary of Indian medical professionals who claim to have degrees for the same reason.

    I actually took a computer science class in high school interestingly enough. That's some good advice. Thank you for the advice Ladislaus as this is a hard time for me and for many people in my generation.
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    If somebody wants to shoot me from a window with a rifle, Nobody can stop it, so why worry about it? - John F. Kennedy, The Morning of November 22nd, 1963.

    Offline trad123

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    Re: 39% OF YOUNGER MILLENNIALS RETURN HOME AMID CRUSHING RECESSION
    « Reply #6 on: August 10, 2020, 06:11:04 PM »
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    • No point in taking general education courses at a university. Take them at a community college and transfer the credits.
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    Offline fatimarevelation23

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    Re: 39% OF YOUNGER MILLENNIALS RETURN HOME AMID CRUSHING RECESSION
    « Reply #7 on: August 10, 2020, 08:57:41 PM »
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    • Quote from: trad123 on August 10, 2020, 06:11:04 PM
    No point in taking general education courses at a university. Take them at a community college and transfer the credits.

    I am actually already doing that.
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    If somebody wants to shoot me from a window with a rifle, Nobody can stop it, so why worry about it? - John F. Kennedy, The Morning of November 22nd, 1963.

    Offline Viva Cristo Rey

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    Re: 39% OF YOUNGER MILLENNIALS RETURN HOME AMID CRUSHING RECESSION
    « Reply #8 on: August 11, 2020, 09:06:31 PM »
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    • Most millennials never left home.  Many are lazy too.  Won’t even help around the home.
    Too busy planning for pride parades or riots.  

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    May God bless you and keep you

    Offline Seraphina

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    Re: 39% OF YOUNGER MILLENNIALS RETURN HOME AMID CRUSHING RECESSION
    « Reply #9 on: August 12, 2020, 12:56:22 AM »
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    • Quote from: Viva Cristo Rey on August 11, 2020, 09:06:31 PM
    Most millennials never left home.  Many are lazy too.  Won’t even help around the home.
    Too busy planning for pride parades or riots.  
    Most?  I think you’re wrong about that.  Some are lazy bums, but most do something, even if taking college classes for lack of a specific plan or wise counsel.  A nephew has returned home because his father abandoned his duties and skipped the country.  My sister is left raising three boys on her own.  Now she is unemployed and unemployable due to her age and having diabetes.  The youngest boy is 11 and has Down Syndrome.  The middle boy is 15, out of control, abusive, violent.  He is in a detention facility for a year and a half.  The only income is provided by the oldest boy.  He quit university to support his mother and brother.  He works three jobs and averages 80 hours week.  
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    Offline Venantius0518

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    Re: 39% OF YOUNGER MILLENNIALS RETURN HOME AMID CRUSHING RECESSION
    « Reply #10 on: August 12, 2020, 07:59:05 AM »
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    • Quote from: Seraphina on August 12, 2020, 12:56:22 AM
    Most?  I think you’re wrong about that.  Some are lazy bums, but most do something, even if taking college classes for lack of a specific plan or wise counsel.  A nephew has returned home because his father abandoned his duties and skipped the country.  My sister is left raising three boys on her own.  Now she is unemployed and unemployable due to her age and having diabetes.  The youngest boy is 11 and has Down Syndrome.  The middle boy is 15, out of control, abusive, violent.  He is in a detention facility for a year and a half.  The only income is provided by the oldest boy.  He quit university to support his mother and brother.  He works three jobs and averages 80 hours week.  
    God bless him for knowing where his duty lay and for performing his duty.
    .
    My sisters kids are the most hardworking bunch I have ever seen.  Reared on a farm.
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