Well bitcoin is now at $7200. Happy to see the prices steadily rise but the financial markets seems to be unraveling. Wished I could invest my 401k into bitcoin, but maybe in the near future.
So speaking of savings or lack there of for me and my generation. Zerohedge had an article about Millennials using sex to get out of their debt. Link to story below:
I am appalled by the story. Sad and depressing to see beautiful women sell their bodies to get out of debt. They probably are not focusing on necessary getting rich but just to make ends meet. No defending my generation but explaining the reality. Many kids that get out of college are in debt. They also have to world to compete for a job due to globalization. Bottom line they start mostly in the red before they even work so how would they be able to save?
It took me 8 years to pay off my debt and I only took out a little over $40k. Each year tuition was around $20k and I was able to side jobs and part time to pay half. The rest were package into a student loan with a interest of 6%. I never really did the calculations for interest but personally believe it was higher than 6%. In any case I never went out with friends for the first two years and today only occasionally. I have grown use to this and accepted that I do not have the income to do certain things but it is not all that bad. I do not have a chain of debt hanging over me.
Although worth to mention I would have been better off financially if I did not have my school debt. My current job was based on work I did after graduating, not because I graduated. Yet that is part of reality. You get what you work for. Kids today out of college will have to deal with it. They do not need to be lectured more. Took me some time to realize that myself.
Getting back to selling sex for money it seems this is the only route form some because the debt that they have are extremely difficult to pay back. Of course people would beg to differ but the reality is good paying jobs are rare and cost of living has sky rocketed. Many of these women, and some men, are basically crossing what is morally and ethically right yet this country technically is allowing it to happen. Most states do not allow prostitution but it still exists. So in a way this arrangement of meeting a sugar dad or sugar mom would be define as acceptable. At least 2.5 million college students accepted this. Repeat educated people decided they were willing to partake in this arrangement.
Call me old fashion but I feel this is not what our parents had imagine their kids. I can only imagine how difficult it will be for my kids when they grow up. I hate to say this but they need to learn about money sooner rather than later. Not having what they want and having what they earn for.