I know nothing about the world of most of these Generation Xers. But one thing I'm pretty sure of is that they'll never be far enough out of debt to save for retirement.
Because people would call them bums.
I have done this with my son; he pays bills, is responsible for chores around the house, etc. My peers cannot believe he lives at home.
“Heck, I don’t know why they go into debt for college. I don’t understand why they aren’t taking public transportation or driving cheap used cars.”
Those are legitimate questions. Things are changing now, but the myth that a college sheepskin means a lifetime of above average living was pretty compelling back in the day. Borrowing was easy; repayment terms seemed reasonable. And the high school graduate could avoid the stigma of ‘not having gone to college’.
As far as the twenty-somethings living within their means, quite a bit of peer pressure to live a certain way. On top of that, everyone feels young, strong, and invincible - “I’ll find a way to pay for it all...somehow.”.
I’m not trying to make excuses, We’re I to do it over I NEVER would have borrowed to go to school. Heck, knowing what an indoctrination mill most of them are, I may not have gone at all!
Because neighborhoods like that tend to look like Ferguson, after dark.
Personal safety now comes with a pretty steep price tag, in much of the country.