‘I beat the game’: Now what? Even successful millennials who earn six figures see no end in sight for student loans [Apparently, it never occurred to these idiots that they are allowed to pay more than the minimum monthly payment]

Fortune ^ | April 19, 2022 | Megan Leonhardt

[grundle]

As she nears her 40th birthday this year, Gabrielle Cristobal is, by many definitions, the picture of success.

The Connecticut-based media executive earns close to mid-six figures and no longer worries about paying bills on time. “I have reached a point in my life where if I want to spend $200 on Amazon for no good reason, I can,” Cristobal tells Fortune.

[DIRTYSECRET]

It might be wiser to not pay more than the minimum.

[Red Badger]

Pretty soon, a hamburger flipper will be a ‘six-figure salary’....................

[Seruzawa]

Lol. What do you get when you send an idiot to college? You get a college trained idiot.

[A_perfect_lady]

Some people cannot be made happy.

[wny]

“Cristobal makes nearly four times the median U.S. household income of $85,694..”

..this means over $300K.

...stop whining and pay your bills.

[BiglyCommentary]

Evidently they don’t teach MBA’s how to do cost benefit analysis anymore.

[Tell It Right]

Make a budget. Live below your means. In your budget after making all minimum payments, allocate a lot of money to advance toward your next money goal.

After having a small emergency fund, on of her goals should be to pay into a simple investment account of mutual funds. I like a mixture of S&P 500 index, small cap value, large cap value, small cap growth, large cap growth, and all cap growth. (I do a lot of other funds too, but I'm trying to keep this post simple.) Month after month invest into that account with the kind of fervor you'd like that student loan paid off.

When the investment account is as much as the student loan plus more to account for capital gains tax -- use it to pay off the student loan. That'll pay it off much sooner than paying extra on the principal each month.

Then sue your school for the fact that you got a MBA from them but didn't know enough to figure out how to do this. A M B freakin' A!!!

[dsrtsage]

Think the moronial generation is bad? Just wait for the vaxxed and hypoxic gen zzzzzz and whatever the new one is now

[blackdog]

I had a boss from South Africa. He bought everything with loans and mortgages. He would find customer business that he would pay off his loans in 12 months. He never intended to extend anything past 12 months. Ever time we got a new big contract I knew I was getting a new company car, he was getting a bigger house, we were getting a new addition on the plant, and some new machinery.

I learned a lot from the guy.

[dfwgator]

“I like money!”

[EEGator]

I learned that in an introductory Macroeconomics course.
Maybe she’s “too smart”...

[EEGator]

[Vermont Lt]

This whole student loan thing has me flummoxed.

I understand a lot of these kids took out way too much money and no one explained the math to them.

But the loans were not predatory. No one forced them to take them. No one forced them to go to any school.

So, not they have a salary and they are paying their loans.

And it “hurts.” It doesn’t seem to stop them from buying up every home in town. But thats another story.

The question I have are if we are to give into them and “forgive” these loans, what then?

Are the programs going to stop be federally funded?

Are the kids going to be forced to sit through a course on personal finance BEFORE they get to sign for their loan?

Are there going to be changes to the way colleges get their part of this? Because the colleges will go out of business.

Is the forgiven debt going to be given as a tax credit over 20 years? Is it going to have to be taken as income for taxes as is most every other kind of forgiven debt?

And if we forgive about a trillion dollars in student debt, what is that going to do to the economy. It will inject hundreds of millions more in immediately disposable income into the marketplace. If you think inflation is bad now, wait until these fools are running around with a fist ful of dollars?

If interest is what is pissing people off, can we reduce the interest rate or stop it—and simply pass of the principle.

But we should not be considering ANY changes without some changes in the process so we do not see this happen again.

And finally....what kind of tax benefit do the people who paid their loans, their interest or managed to get through life without taking out these loans. What’s in it for them? Because...there are a lot more of THEM then there are 50 year olds with loans.

[Dr. Sivana]

adding she regrets not going to an Ivy League school to build better professional connections.

That's quite an assumption. I went to U of Chicago, which is not Ivy League, but still in that bracket of schools where one could make those "connections". Juts today I was looking through my class, and like me, many of them have ordinary jobs (e.g. loan officers, mid level admin at a non-profit) that would not make short work of paying $180K in student loans.

Now, some people DID make those connections, and cashed in on them. To do that, though, you have to not just have academic smarts, but social smarts, a touch of extroversion that can be turned off, and the willingness to play "the game". She has no way of knowing if she would be one of those, or if she would like herself when she was done.

[EEGator]

I can rack up 75,000 in credit card debt and discharge it in bankruptcy. Why is student debt different? Also, colleges cost what they do due to government involvement. There’s more than one thing wrong in all of this.

[Vermont Lt]

No argument there.

Did you read my part about making changes to the program before forgiving anything?

I don’t think the average Lib understands the immediate impact “forgiveness” would have on the economy.

[EEGator]

UoC is a premier business school. #4 in the country.

I understand your point though.

https://www.bloomberg.com/business-schools/regions/us

[EEGator]

Yes, I read your entire post but only selectively replied, mea culpa. I think school debt is larger than CC debt now.

[sitetest]

If she’s making $300K+/year, and she can’t throw $2K/month extra at her student loan principal, she’s mismanaging her money. Added to her payment, that’s probably clean it up in less than 6 years.

As to high taxes, STOP VOTING DEMOKKKRAT!

Idiots with too much money.