topic Re: Poor at 20, poor for life in Community Chat

Poor at 20, poor for life

SeaMaiden — Tue, 19 Jul 2016 00:21:39 GMT

My husband was fortunate enough to start with a great aerospace company in his 20's and work his way from the factory to earning his masters Degree in engineering and technology ( paid in full by his employer!) and moved up to a great engineering job in management for 35 years and going strong. I do not think today that is very common and it is probably much harder to move up with a company, let alone stay with a company for well over 30 years. I think you really have to be a go getter today as a young person, with a lot of drive and perseverance to make it in this economy and not get left in the dust.

Poor at 20, poor for life

A new study indicates that from the 1980s to the 2000s, it became less likely that a worker could move up the income ladder.

http://www.msn.com/en-us/money/yourlifeyourmoney/poor-at-20-poor-for-life/ar-BBukOCj?li=BBnbfcL

Re: Poor at 20, poor for life

Cakers3 — Mon, 18 Jul 2016 13:23:48 GMT

Service oriented and other low-paying jobs have increased along with the population. It stands to reason that those two factors alone would account for the decrease in future earning potential.

There isn't enough room for everyone to climb the earnings ladder. With fewer and fewer well paying jobs available for everyone who would like one these findings are not surprising at all.

I do disagree with the term "poor", though. Many 20 year olds are still in school or lacking enough experience/skills to be paid well at the start.

Re: Poor at 20, poor for life

Mellie32 — Mon, 18 Jul 2016 13:41:25 GMT

When I was 20 I was poor as dirt. I remember having no money at all in college (several times), but one in particular sticks out. I had to pay some bill (probably car insurance). I didn't want to ask my parents who didn't have extra money at all. So I asked my roommate. I've never been so embarrassed in my life. She was so nice and asked how much I needed. She probably would've given me all of her money. Love her.

Now 16 years later, not only do I have money for all of my bills, I have a large amount in savings and a lot of fun money left over. Plus -- I have the money to help a poor 20 year old college student just like I was.

Re: Poor at 20, poor for life

151949 — Mon, 18 Jul 2016 13:47:55 GMT

I disagree - however, I do think that it is important when choosing a career path for a person to look at the future potential in that career.For instance - a nurse who gets her RN then - on the hospital's dime goes back to school and gets a BSN then an MSN will make a very nice living. However, a person who gets a liberal arts degree with no specific training for a particular career will not do very well at all. Computers, TV and communication seem to be up & coming careers. Of course therwe will always be work for professionals like doctors, lawyers and architects and there are lots of opportunities in the trades - who hasn't needed a plumber, HVAC guy or electrician sometimes?

Re: Poor at 20, poor for life

bri20 — Mon, 18 Jul 2016 14:00:55 GMT

My daughter is going to be 20 and she's going to be a college sophomore. Her major is nursing.

I can't imagine what kind of a job she'd get where she could make decent money and advance without a college degree.

She's a typical college student. She has a car that we bought her in high school. She pays for gas and insurance. We support her. I'm not sure how she could make it otherwise.

Re: Poor at 20, poor for life

RetRN — Mon, 18 Jul 2016 16:00:28 GMT

There are too many variables to assess this topic with any degree of accuracy. Many high school graduates and trade school alumni have done very well. Many with college degrees have failed miserably.

Work ethic, attitude, and some humility are big factors. Go for what you enjoy and reach for the stars.

Re: Poor at 20, poor for life

CatsyCline — Mon, 18 Jul 2016 14:24:22 GMT

i think you really need to be " hungry " to make it nowadays, college or not. you have to have the drive. it builds confidence and self-reliance.

true, it was a lot easier to work your way up though back when i was 20. i had no safety net. no family to call who would be willing to help with $$. i had my own place to live far from "home" . i could call a company - and these were corporate companies - and land an interview the next day. i used the bus and subway, took advantage of tuition reimbursement. yes, going to night school and working full-time left no social life. no redit cards, no cable, had to save up for phone service, for a couch and a table and chairs. i used pay phones!

Re: Poor at 20, poor for life

151949 — Mon, 18 Jul 2016 14:40:57 GMT

@bri20 wrote:
My daughter is going to be 20 and she's going to be a college sophomore. Her major is nursing.

I can't imagine what kind of a job she'd get where she could make decent money and advance without a college degree.

She's a typical college student. She has a car that we bought her in high school. She pays for gas and insurance. We support her. I'm not sure how she could make it otherwise.

Do you realize that there are many nurses out there without college degrees or that she could have become an RN thru community college then got a job at a hospital where they will pay her tuition to get her BSN and her MSN should she choose to do that? No college loan - no putting parents into the poorhouse and the satisfaction of doing it on your own. Too bad high school counselors don't tell kids this before they get mired in student loan debt.

Personally, I think it is a horrible shame that they closed hospital based nursing schools as they produced a much better nurse with much more clinical experience than a college program does. In nursing clinical experience is much more useful than book knowledge.

Re: Poor at 20, poor for life

Burnsite — Mon, 18 Jul 2016 14:42:16 GMT

The early years of employment are difficult for every generation. Those who need to break into difficult fields have to be well-prepared as well as ambitious and diligent.

I agree that it is hard for young people today, but it was harder for my parents during the Great Depression, when the unemployment rate was over 30%. For me the later 1970s were a bit of a nightmare due to inflation and the gas shortage and the economic decline.

Hardly anyone today expects to hold a corporate job for decades. In our day, creativity, flexibility, and resiliance are important. The challenges we face now are, I would guess, far milder than those faced by early settlers, or new immigrants who did not speak English, in the 19th and early 20th centuries.

Re: Poor at 20, poor for life

151949 — Mon, 18 Jul 2016 14:47:16 GMT

@Burnsite wrote:
The early years of employment are difficult for every generation. Those who need to break into difficult fields have to be well-prepared as well as ambitious and diligent.

I agree that it is hard for young people today, but it was harder for my parents during the Great Depression, when the unemployment rate was over 30%. For me the later 1970s were a bit of a nightmare due to inflation and the gas shortage and the economic decline.

Hardly anyone today expects to hold a corporate job for decades. In our day, creativity, flexibility, and resiliance are important. The challenges we face now are, I would guess, far milder than those faced by early settlers, or new immigrants who did not speak English, in the 19th and early 20th centuries.

I agree - many young men got drafted and sent off to WW1 ,WW11,Korea and Viet Nam precisely at the time they should have been getting established in their career or been in college or apprentiship. My Dad was in apprentiship for a trade - drafted to ww11 then came home injured and his injury made him now unable to continue in the career he was training for before the war. He ended up in a government job and making minimum wage for the rest of his life.At least the government had good benefits.

Re: Poor at 20, poor for life

Mj12 — Mon, 18 Jul 2016 14:54:15 GMT

@151949 wrote:
@bri20 wrote:
My daughter is going to be 20 and she's going to be a college sophomore. Her major is nursing.

I can't imagine what kind of a job she'd get where she could make decent money and advance without a college degree.

She's a typical college student. She has a car that we bought her in high school. She pays for gas and insurance. We support her. I'm not sure how she could make it otherwise.
Do you realize that there are many nurses out there without college degrees or that she could have become an RN thru community college then got a job at a hospital where they will pay her tuition to get her BSN and her MSN should she choose to do that? No college loan - no putting parents into the poorhouse and the satisfaction of doing it on your own. Too bad high school counselors don't tell kids this before they get mired in student loan debt.
Personally, I think it is a horrible shame that they closed hospital based nursing schools as they produced a much better nurse with much more clinical experience than a college program does. In nursing clinical experience is much more useful than book knowledge.

Not every college graduate is burdened with student debt, not every parent is in the poorhouse due to sending kids to college. Sure many are - but many people are able to plan early.

Re: Poor at 20, poor for life

Suziepeach — Mon, 18 Jul 2016 15:00:01 GMT

My husband was on an aircraft carrier during Viet Nam.. he worked on the radar on the fighter jets. Head hunter contacted him straight out of the service & he worked his way up the ladder in a radiation therapy company and is now a national manager. I was an xray tech and well we didn't make squat compared to other positions in the hospital, according to some techs it's the same. As some love to say, you only push a button.. ok whatever.

Re: Poor at 20, poor for life

RetRN — Mon, 18 Jul 2016 15:03:26 GMT

@Suziepeach, my SIL was a nurse flight director and would ONLY hire Viet Nam vets to fly that helicopter. She said she wouldn't even consider anyone else, they were the best.

Re: Poor at 20, poor for life

MomCat — Mon, 18 Jul 2016 15:04:17 GMT

It's always been about the survival of the fittest. I see many kids now days treated like children well into their twenties. It's sad to see college graduates sitting in their parent's homes with no job. And, to see people who should be well into a successful career in a teenager's job flipping burgers wanting a pay raise to keep doing that job. I had a lot more drive than that back in my day. And, you absolutely do not have to get a college degree to get a high paying job. I've witnessed many who are proving that. Good for them!

Re: Poor at 20, poor for life

Suziepeach — Mon, 18 Jul 2016 15:06:10 GMT

@RetRN wrote:
@Suziepeach, my SIL was a nurse flight director and would ONLY hire Viet Nam vets to fly that helicopter. She said she wouldn't even consider anyone else, they were the best.

@RetRN, I couldn't agree more, yes they were the best! My husband was given the opportunity several times to back seat in the jets- he said it was incredible. He didn't have any college background, good ole military training!

Re: Poor at 20, poor for life

Noel7 — Mon, 18 Jul 2016 15:16:00 GMT

A meaningless generalization imo.

Scholars, beginning scientists, MDs and others are almost all poor in their 20s.

They are still on their path, still studying, still working on advanced degrees.

I was still in school in my early 20s, DH was in the Air Force. We're not poor now.

Re: Poor at 20, poor for life

HappyDaze — Mon, 18 Jul 2016 16:06:47 GMT

@MomCat wrote:
It's always been about the survival of the fittest. I see many kids now days treated like children well into their twenties. It's sad to see college graduates sitting in their parent's homes with no job. And, to see people who should be well into a successful career in a teenager's job flipping burgers wanting a pay raise to keep doing that job. I had a lot more drive than that back in my day. And, you absolutely do not have to get a college degree to get a high paying job. I've witnessed many who are proving that. Good for them!

I agree but I don't think it is always or necessarily that they are treated like children- they ACT like children. Or perhaps, a little bit of both.

I have a friend who has a 25 year old son, has a Master and going for a PhD. Still lives at home, has never had a paying job. Parents still pay for everything. Daughter is 22 just graduated from school still lives at home too but at least she has a job. Parents paid for everything.

I also have a friend whose son is 24 and still, 6 years later, in college and every time I ask them if he has graduated yet, they tell me "oh he has 2 more years to go". He still lives at home, parents pay for everything, has never had a job.

By the way, both these families are middle class and the parents are not in much debt due to paying for all their children's schooling so they are not rich by any means. It has set their retirement age back significantly. All their own doing, of course, as they do not have to let their kids sponge off of them nor did they need to pay for everything.

I could go on and on. I honestly feel that many kids these days don't have the drive and motivation like they need to in order to be successful. And you don't necessarily even need a degree to get a great job with a good company. I know many people who don't have a degree but work at some of the biotech and pharmaceutical companies I work with making good money and have long-term careers there if they want. These companies don't care as much about the degree as they do about creativity, imagination, drive, personality, ability to think outside the box, etc.

Re: Poor at 20, poor for life

Noel7 — Mon, 18 Jul 2016 15:20:28 GMT

@MomCat wrote:
It's always been about the survival of the fittest. I see many kids now days treated like children well into their twenties. It's sad to see college graduates sitting in their parent's homes with no job. And, to see people who should be well into a successful career in a teenager's job flipping burgers wanting a pay raise to keep doing that job. I had a lot more drive than that back in my day. And, you absolutely do not have to get a college degree to get a high paying job. I've witnessed many who are proving that. Good for them!

***********************************

@MomCat

Studies and research show that, as a group, college graduates will make much more money over their lifetime than those who only graduate from high school.

Re: Poor at 20, poor for life

bri20 — Mon, 18 Jul 2016 15:20:57 GMT

@151949 wrote:
@bri20 wrote:
My daughter is going to be 20 and she's going to be a college sophomore. Her major is nursing.

I can't imagine what kind of a job she'd get where she could make decent money and advance without a college degree.

She's a typical college student. She has a car that we bought her in high school. She pays for gas and insurance. We support her. I'm not sure how she could make it otherwise.
Do you realize that there are many nurses out there without college degrees or that she could have become an RN thru community college then got a job at a hospital where they will pay her tuition to get her BSN and her MSN should she choose to do that? No college loan - no putting parents into the poorhouse and the satisfaction of doing it on your own. Too bad high school counselors don't tell kids this before they get mired in student loan debt.
Personally, I think it is a horrible shame that they closed hospital based nursing schools as they produced a much better nurse with much more clinical experience than a college program does. In nursing clinical experience is much more useful than book knowledge.

You have no idea what our financial situation is, for one thing. I can assure you we won't be in the poor house putting her through school.

Hospitals in our area don't hire nurses unless you have a BSN. She'll be fine.

Re: Poor at 20, poor for life

Noel7 — Mon, 18 Jul 2016 15:25:40 GMT

@151949 wrote:

Do you realize that there are many nurses out there without college degrees or that she could have become an RN thru community college then got a job at a hospital where they will pay her tuition to get her BSN and her MSN should she choose to do that? No college loan - no putting parents into the poorhouse and the satisfaction of doing it on your own. Too bad high school counselors don't tell kids this before they get mired in student loan debt.
Personally, I think it is a horrible shame that they closed hospital based nursing schools as they produced a much better nurse with much more clinical experience than a college program does. In nursing clinical experience is much more useful than book knowledge.

*******************************************

@151949

Not here there aren't.

Not only do nurses have a Bachelor's degree, many, if not most, have a Master's Degree.

Nursing is much more advanced now than it was 50 years ago.