Comments on: Generation Debt: The High Debt Of 20-somethings http://20smoney.com/2008/10/22/generation-debt-the-high-debt-of-20-somethings/ Aggressive Yet Responsible Wealth Building For 20-Somethings Thu, 11 Mar 2010 19:15:17 -0800 http://wordpress.org/?v=2.8.3 hourly 1 By: Festive Link Love Carnivality #30 | Free From Broke http://20smoney.com/2008/10/22/generation-debt-the-high-debt-of-20-somethings/comment-page-1/#comment-1097 Festive Link Love Carnivality #30 | Free From Broke Sun, 26 Oct 2008 12:43:27 +0000 http://20smoney.com/?p=228#comment-1097 [...] The debt of 20 somethings. [...] [...] The debt of 20 somethings. [...]

]]> By: kevin duffey http://20smoney.com/2008/10/22/generation-debt-the-high-debt-of-20-somethings/comment-page-1/#comment-1054 kevin duffey Wed, 22 Oct 2008 15:44:49 +0000 http://20smoney.com/?p=228#comment-1054 MoneyGrubbingLawyer: I agree with your take on the independence issue. However, I also respect people that do what it takes to get out of their dire situation NOW rather than later. A 20-something who needs help getting rid of debt is a much lesser burden than someone older (perhaps with a person) in a tough financial situation. If such a move were warranted, I would encourage parents to have the agreement fully structured with a definite move out date. This is imperative to avoid an "mooching" situation with no end in site. Establish goals and time frame and encourage the action. Again, perhaps this is only needed in desperate situations, but I have no problem with it when done correctly. MoneyGrubbingLawyer:

I agree with your take on the independence issue. However, I also respect people that do what it takes to get out of their dire situation NOW rather than later. A 20-something who needs help getting rid of debt is a much lesser burden than someone older (perhaps with a person) in a tough financial situation.

If such a move were warranted, I would encourage parents to have the agreement fully structured with a definite move out date. This is imperative to avoid an “mooching” situation with no end in site. Establish goals and time frame and encourage the action.

Again, perhaps this is only needed in desperate situations, but I have no problem with it when done correctly.

]]> By: MoneyGrubbingLawyer http://20smoney.com/2008/10/22/generation-debt-the-high-debt-of-20-somethings/comment-page-1/#comment-1053 MoneyGrubbingLawyer Wed, 22 Oct 2008 15:16:20 +0000 http://20smoney.com/?p=228#comment-1053 I fully agreed with this article until the "How to Get Out of the Hole" section. Extra income is a great tip, especially when paired with reducing expenses. However, moving in with parents and borrowing from family are terrible ways to save money. There's no question that they will benefit you financially, but at a major cost. In your 20s you need to be focused on not just growing your bank account, but growing yourself as a person. This means moving towards independence, even if it costs you money. In fact, I can't help but think that one of the biggest problems with our generation is that too many of us remain dependent on parents, rather than moving towards self sufficiency. Stand on your own two feet- you'll be a better person for it. I fully agreed with this article until the “How to Get Out of the Hole” section. Extra income is a great tip, especially when paired with reducing expenses. However, moving in with parents and borrowing from family are terrible ways to save money. There’s no question that they will benefit you financially, but at a major cost.

In your 20s you need to be focused on not just growing your bank account, but growing yourself as a person. This means moving towards independence, even if it costs you money. In fact, I can’t help but think that one of the biggest problems with our generation is that too many of us remain dependent on parents, rather than moving towards self sufficiency. Stand on your own two feet- you’ll be a better person for it.

]]> By: Eric http://20smoney.com/2008/10/22/generation-debt-the-high-debt-of-20-somethings/comment-page-1/#comment-1052 Eric Wed, 22 Oct 2008 12:16:23 +0000 http://20smoney.com/?p=228#comment-1052 This is a huge problem in our generation. Consumerism is the first piece that needs to be addressed because its the wild spending our generation seems to be conducting that has partial blame in where we are. Everytime I goto the mall or a store to pick something up (which is not often) I cringe as I watch others my age spend lavishly. Despite my written advice, and spoken advice on person finance matters many of my friends spend their pay checks as soon as the check clears. Personally I am hoping that this financial crisis and the recession will push people to wake up. The unfortunate aspect is I know our generation, and I can't help but feel it will have little if any impact. This is a huge problem in our generation. Consumerism is the first piece that needs to be addressed because its the wild spending our generation seems to be conducting that has partial blame in where we are. Everytime I goto the mall or a store to pick something up (which is not often) I cringe as I watch others my age spend lavishly. Despite my written advice, and spoken advice on person finance matters many of my friends spend their pay checks as soon as the check clears. Personally I am hoping that this financial crisis and the recession will push people to wake up. The unfortunate aspect is I know our generation, and I can’t help but feel it will have little if any impact.

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