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this post was submitted on 11 Feb 2024
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Am I wrong?
"I have taken out three huge loans and now I can't afford stuff" isnt something I really sympathize with.
That's a terrible financial decision.
Even if you could afford the loans, wasting all the time in school getting three degrees I stead if, you know, working, is also massjve money lost. Every hour in school is an hour that could've been spent at a job instead.
Even at minimum wage you usually "lose" another 10k to 15k a year you spend in school instead of working, best case scenario. If you can make better wage though that can balloon up to like 30k a year in lost potential income.
You sound 4 years doing that a d that's *120k you can never get back on top of the actual cost of the degree.
And this person did that twice and is gonna do it a third time?
Bruh that's like 360k+ now, that's a whole ass house they just lost
Stop jumping between degrees, it's not gonna magically make you stop hating work. Pick a lane and stay in it. Everytime you jump lanes you set yourself backwards 6-8 years
This person's indecision and inability to just stick to it, combined with "grass is greener" mentality is why they can't afford shit.
Terrible financial choices. I'm not being mean here, it's just a stone cold fact.
I'm hoping they realize this and don't make the mistake a third time.
No, your not really wrong, it's just the tone that comes off as blaming others for their failures.
There's a place for that but it is IMO not really on a public forum. Praise in public and criticize in private is good life advice. Maybe your tone is unintentional due to the nature of internet text communication.
To me, it seems like you could stop and realize that making sound financial decisions isn't as big of a factor to most people as it is to you. There is more to life than worrying about money.
Corporate media does hyperfocus on that but I don't think it helps make our (North American) society happy. It distracts us with escapism and temporary happy emotions.
Extra time in college is hugely expensive like you said. This is a cost people don't realize and don't like to admit. Each extra year "costs" around 100k between tuition costs and lost earning potential. The people I graduated with that took 7-8 years to get a bachelor's were so much further behind financially they won't ever catch up with those taking 4 years.
And those that spent 1 year getting a specialized certificate or two and entering into specialized markers that have low supply are even farther ahead.
Mind you, this isn't an option for many industries... but it is an option for some and extremely lucrative. (Welding, machining, tonnes of "confined space" jobs, anything in waste management...)
Spending 7 years on a degree to get a high supply low demand job though was and is a scam...
I feel really bad for folks who fell for it though, they trusted people who told them it was a good choice and ot sucks watching so many people suffer for it.
Literally all I did at 19 was crunch the numbers. "Average salary for that field is this, at min wage I would lose this much a year not working and going to school. After paying off my debt it'd cost this, I'd make this much more per year if I get the job asap... so it'd take.... thirty years for the investment to pay out? Wat?"
After comparing some costs vs others and contacting people in the fields, it became apparant that my dream field was actually a huge money sink, and my second best wasn't much better... but my third option was actually very low barrier of entry, growing demand, and paid less but cost almost nothing to get into.
So I went with that.