Anybody Buying Yet? Where’s the Bottom?

[Jamen]

As someone who graduated with nearly 100k in student debt i can see some frustration with the current system. I dont think anyone should have to pay off my debts but myself. That being said my entire childhood was adults beating the notion into my head you will go nowhere without a 4 year degree. I believe they need to teach kids real life skills and show them the long term effects of taking on that much debt. Along with universities stop price gouging young adults.

That being said i am not bitter i had 100k in debt at 24 i made that choice. I learned to adapt make changes, work a full time job started a side business that has me as busy as i want to be. I will be 31 this summer and looking at hopefully being a first time home buyer come winter lol a goal i had thought i would have made by 27. Looking back i should have bought a house then because the prices are crazy now compared to then.

All that being said back on topic i have slowly started to buy some stocks to set up for my future. I think the near future will be good times to buy for the semi long future!

 

[KB_]

Thinking about those 2,700 billable hours my first year as an accountant and how luxurious it felt when compared to the near 3,000 billable hours the next four years.

51.92 hours per week your 1st year, I dont wanna hear it lol Lucky bum

57.69 Now? you'll be ok lol.

All coming from the guy that works at max 50 hours per week haha. Thanks college.

 

[KB_]

As someone who graduated with nearly 100k in student debt i can see some frustration with the current system. I dont think anyone should have to pay off my debts but myself. That being said my entire childhood was adults beating the notion into my head you will go nowhere without a 4 year degree. I believe they need to teach kids real life skills and show them the long term effects of taking on that much debt. Along with universities stop price gouging young adults.

That being said i am not bitter i had 100k in debt at 24 i made that choice. I learned to adapt make changes, work a full time job started a side business that has me as busy as i want to be. I will be 31 this summer and looking at hopefully being a first time home buyer come winter lol a goal i had thought i would have made by 27. Looking back i should have bought a house then because the prices are crazy now compared to then.

All that being said back on topic i have slowly started to buy some stocks to set up for my future. I think the near future will be good times to buy for the semi long future!

That is brave of you to admit all that.

It seems some kids these days know that this was a thing in our time. Now have no desire to go to college. My nephew says he's will not go to college and would rather work in the trades. I say hell yes to this and I hope he starts his own business.

He's also dabbling in the free market and I say more power to him. Just dont start out and invest more money then your willing to lose entirely. Especially in the freakin crypto world.

 

[BuzzH]

No business should have to pay for the fact that someone was dumb enough to take over 100k in loans to go school. Even now there are plenty of ways to get useful degrees and have very little if any student debt.

Also, that college degree is worth less now these days, and just from experience most employers dont put that degree in nearly as much regard as experience.

Also, factor in car payment? Are you kidding me? Buy something cheap that you can afford. You dont get to live the lap of luxury as a 22 year old accountant. Most of us had to save up our money to buy nice things. I'm fairly confident our own randy newburg worked his butt off to afford the nice things he has.

My first job in the software development world after I got out of the marines was 30k a year salary, best I could get after a finishing my associates degree, being 24, Married, and with a kiddo. Yea its hard, suck it up and figure out how to make money in the real world.

CPA is probably different just from some talks with friends of mine. The school the degree came from does matter a bit in large corporations.

But if your dumb enough to go to UCLA and get a degree in gender studies.... good luck buttercup.

I'm sorry but this is how businesses either go out of business, or ship off jobs overseas. Well that and greed of executives wanting to thicken up those pockets. We screwed up in not promoting trade work and promoting going to college straight out of high school and having not a clue what they want to study.

Its funny, time stands still after you have yours.

What a joke.

 

[KB_]

Its funny, time stands still after you have yours.

What a joke.

Fair criticism. I get it.

 

[rogerthat]

Check home prices, vehicle prices, fuel prices, food prices, rent prices and student loan debt...out to lunch?

Not hardly.

I’m acutely aware of the increase in prices. The article clearly lays out the irrational expectations of the current crop of college grads. Whether we like it or not that’s where we are. But on the upside with 9% inflation it shouldn’t take too many years to get those starting salaries up to 6 figures but by than college grads will be expecting 7 figure starting salaries I suppose

 

[jryoung]

51.92 hours per week your 1st year, I dont wanna hear it lol Lucky bum

57.69 Now? you'll be ok lol.

All coming from the guy that works at max 50 hours per week haha. Thanks college.

It's a joke, don't read too much into it.

That said, those are hours billed to clients, not hours worked.....admin, training, coaching, client PD. In a professional services firm that time is not small. I'm well removed from public accounting now though...I own my own business so I'm always on the clock.

 

[noharleyyet]

Our CPA is top dog in his firm. Says he’s having hell keeping entry level accountants. I asked if that statement was a fee increase.

It was….

 

[SAJ-99]

I’m acutely aware of the increase in prices. The article clearly lays out the irrational expectations of the current crop of college grads. Whether we like it or not that’s where we are. But on the upside with 9% inflation it shouldn’t take too many years to get those starting salaries up to 6 figures but by than college grads will be expecting 7 figure starting salaries I suppose

 

[nrpate05]

No business should have to pay for the fact that someone was dumb enough to take over 100k in loans to go school. Even now there are plenty of ways to get useful degrees and have very little if any student debt.

True, but many businesses require a degree for employment and then want to pay $15/hr.

 

[Sytes]

The market will continue as mentioned many pages back. Inflation is reality. Market's not going to tank. COVID played it's hand and that day too has passed.

I made somewhere around $3.80 hr in '86 at Domino's Pizza. Now? Same area: $16.

Life. Same setting in Canada, Australia, etc. Inflation. Same $ - different value.

 

[Beanland_fan]

Our CPA is top dog in his firm. Says he’s having hell keeping entry level accountants. I asked if that statement was a fee increase.

It was….

It's the same in civil engineering. And you need a college degree if you're going to get your PE license....

 

[KB_]

I was looking around in the crypto market yesterday after ignoring it for a little while trying to halt my depression lol. seems everything has taken a pause. Doge is hanging around 7 cents. bit coin is hanging around 20k. Market is so chaotic right now that it is very difficult to predict what direction its going to go next.

I'm thinking this time next year crypto is going do start increasing again. Election season is upon us and for whatever reason crypto markets are very reactive to election season, which honestly makes no sense to me. But here we are.

 

[npaden]

Yep.

Question is was 28K reasonable in 1980 as a starting salary?

I started in 1990 at $16,800. With overtime I made $22,000 that first year but worked WAY more hours than we ask our folks to now.

So yes, $28K would have been very reasonable in 1980.

 

[noharleyyet]

Was offered a coaching/teaching position in the late 70's for 7800/year. The bonus was teaching driver's ed in the summer for something like 1200 bucks.

So construction it was...

 

[Deleted member 28227]

I started in 1990 at $16,800. With overtime I made $22,000 that first year but worked WAY more hours than we ask our folks to now.

So yes, $28K would have been very reasonable in 1980.

Yeah my point was only inflation... even since I started in '10 it's pronounced, and that doesn't include factors like housing and education that have far exceeded inflation.

I have zero knowledge of what folks in your profession should expect.

 

[thusby]

Engineers in ‘10 asked for $50k/yr. coming out of school. Engineers in ‘22 are asking for $80k/yr.

Just from my experience hiring them.

 

[Nameless Range]

Was offered a coaching/teaching position in the late 70's for 7800/year. The bonus was teaching driver's ed in the summer for something like 1200 bucks.

So construction it was...

You'd have been a great driver's ed teacher NHY. A lot of students would've got a bonus musical education on the car radio from ya I'm sure.

 

[noharleyyet]

You'd have been a great driver's ed teacher NHY. A lot of students would've got a bonus musical education on the car radio from ya I'm sure.

Well, it was a pretty good era for changing of the guard music Nameless.

 

[KB_]

Engineers in ‘10 asked for $50k/yr. coming out of school. Engineers in ‘22 are asking for $80k/yr.

Just from my experience hiring them.

wow. Thats wild. I worked my butt off for a lot of years to get past 80k a year salary. That is the world we live in now.