Poor at 20, poor for life

SeaMaiden · ‎03-10-2010

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.

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

Cakers3 · ‎06-17-2015

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.

"" Compassion is a verb."-Thich Nhat Hanh

Mellie32 · ‎03-13-2010

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.

151949 · ‎03-09-2010

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?

bri20 · ‎03-10-2016

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.

RetRN · ‎10-01-2013

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.

CatsyCline · ‎07-24-2013

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!

151949 · ‎03-09-2010

@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.

Burnsite · ‎03-10-2010

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.

151949 · ‎03-09-2010

@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.