A nation of workers

amother

Wed, Jan 24 2024, 11:50 am

amother DarkRed wrote:

I feel like there’s also a basic lack of understanding of investing etc, and coupling that with men being so late to enter the workforce = starting at a much later date when bills are so high already. If a couple is able to invest 10, 20, 30k a year before bills are high, they are already able to generate passive income.

This is what im talking about. We see young couples splurging on luxuries because they have some extra cash at hand. I don't think it's coming from a place of entitlement, it's just because if they do have some extra money they are simply clueless how they can put it to good use.

amother

Celeste

Wed, Jan 24 2024, 11:59 am

Op I agree with you.

A few points however

-not everyone is cut out for business, regardless of their education
-everyone cannot be a business owner, because every business needs employees
-business can make you a lot of money, but it can also cost you. Some people need safer opportunities

That being said, my husband (satmar) comes from a family of entrepreneurs. He learnt so much over the years from his father and relatives. He single-handedly runs a high earning company ever since age 26. He would go meet clients who were in their fifties and they would marvel that their sons his age were still in college.

I agree with you that there is a lot of information and knowledge that can be taught to our teens before entering the workforce.

amother

Wed, Jan 24 2024, 12:13 pm

amother Celeste wrote:

I agree that running a successful business is not for the faint of heart, but I do believe if there would be more education in this area there would be a lot more entrepreneurs starting their businesses at a younger age (like your brother did).

I personally do have a very entrepreneurial streak to myself, and I already own a successful business while working on a second one now. I just didn'thave anyone in my family in business to learn from, so I was only able to come up with my second business (that is a lot more lucrative) by having the experience from my first talent based business. But I believe if I would've been a bit more financially aware and a bit more educated, I would've done better at a younger age.

It's the lack of financial awareness that's bothering me, more than the fact that people are slaving away to make their bosses richer.

amother

Pumpkin

Wed, Jan 24 2024, 12:44 pm

amother Honeysuckle wrote:

OP I agree with you
Most college degrees get you no where, aside from doctors, lawyers, and engineers
Business is the way to go
Just as an aside, when I used to teach high school in mainstream BY schools in Lakewood, I created and taught a personal finance curriculum that dealt with a lot of this

That simply is not accurate.

College graduates - with any degree - will earn more over their lifetime and have more stable careers than high school graduates.

There are always outliers but for most "regular" people a college degree is the foot in the door to even get hired.

What is true is that the benefits of a college education don't require that one go to a very expensive private school. For most people, there are relatively low cost colleges which enable one to graduate with minimal loans - if any.

Most people don't have the ability to start a very successful business - they don't have the capital and they don't have the expertise. How many businesses are there going to be realistically?

In 1983, only 28% of jobs required any postsecondary education and training beyond high school. By 2021, that had jumped to 68%, the report also found. In another decade, it will climb to 72%.

https://www.cnbc.com/2023/03/0......html

Loads of data on the long term benefits of a college degree.

fauxreal

Wed, Jan 24 2024, 12:55 pm

There’s also the aspect of parents guiding kids.

A woman I went to school wIth bought a house before she got married (early 20s) in an up and coming neighborhood.

Her father advised and guided her.

Today the house is worth an insane amount of ROI.

It’s our job to teach the kids.

justforfun87

Wed, Jan 24 2024, 1:00 pm

This has been commented but want to say it again. We are actually doing great as a nation financially. We just can't sustain the lifestyle imposed on us. Only the wealthiest of secular people send to private schools. For us it is considered a non option. Financially, paying for multiple tuitions makes no sense for the middle class which most of us are. We are basically forced into poverty except for the lucky few.

amother

DarkRed

Wed, Jan 24 2024, 1:00 pm

amother OP wrote:

Yes. It boggles my mind to hear about young couples with their stretchies for their babies and doonas etc when they could honestly just be saving the money. I feel like there’s no money management courses being given. I was just talking to a family member who’s engaged to a “long term learner” and her plan is - she’s in school to be a BCBA! She’s going to be great! Well if she’s making 60k and her husband is learning for 10+ years as per the “plan” plus then they go out and spend money in a disproportionate amount to their income they are going to quickly be in trouble. There are so so many young couples with this ideology and by the time the bills are too much it’s really too late to get out of the hole.

amother

cornflower

Wed, Jan 24 2024, 1:17 pm

We can tsk tsk about expensive strollers and clothing but you arent addressing the root of the issue. The root has nothing to do with business or investing or being guided early. It is a fundamental value system that does not lend itself to financial stability. You can address each one and cut down to some extent but when you combine it all together into a larger picture, then you have a problem. Also, the expectation that every family will earn half a million dollars a year or have enough to generate passive income is a completely unrealistic expectation.

1: Marry young
2: Kollel in the beginning and then career
3: Large families (at least 4 or more children)
4: Tuition
5: High housing costs because everyone needs to live in an eruv with a shul
6: Paying for all your childrens weddings rather than everyone pays for 1 wedding for themselves. This ties into #1, they marry young.
7: High food costs
8: Large families so expensive simchas
9: Because of Mitzvos, higher costs in general (tefillin, mezuzah, tznius clothing, shaitels, mikvah, shul dues, lulav and estrog, sukka, shabbos, yom tov expenses)
10: Mixed economic communities- everyone lives and goes to shul/school together which puts pressure and standards on those who earn less. Yes we can be mature and stand up to the pressure but very often, we cant or we decide it is worth the relationship building to stress our finances (ex: child wants something their friends have, sleep away camp, presents for chosson/kallah etc. Its no so simple to just say no)

amother

Hyacinth

Wed, Jan 24 2024, 9:07 pm

amother DarkRed wrote:

The bcbas I know earn more like 100/120k. It’s actually one of the better paying and best ROI in terms of career paths.

Most of my friends that have Doona etc either have their family paying for it.

amother

Lightcoral

Wed, Jan 24 2024, 10:41 pm

Sorry OP, I strongly disagree with you. I don't know the numbers, but I'm assuming if you looked at the earnings of frum families vs non frum families, our earnings would be significantly higher, and our number of those in poverty significantly lower.
Our lifestyle + number of kids we have makes our expenses exponentially higher.
I don't really think there's any way to change the situation without a major overhaul of the tuition system