Unemployment thread

[MGH1989]

2 hours ago, rayzor said:

Yow. It sucks. Literally. It sucks the life right out if you having that hanging over your head. Regrets?

Not at this point. Definitely not ideal by any means, but I just got out of law school in 2018, so I am in the infancy of my career and the burden of massive debt has not really set in for me other than just having to make payments. I'll probably feel it more when I start looking to buy a home and stuff like that. At the same time though I am a pretty optimistic person (probably to a fault) and have some pretty high aspirations, so I hope to knock it out pretty quick (relatively speaking). Good thing is if I stay in the public sector for 10 years I can get loan forgiveness.

[MGH1989]

3 hours ago, stbugs said:

This boggles my mind. I’d never let any of my son’s build up that kind of student loan debt. I don’t mean to make light of your situation, but that puts you so far behind to start. My son’s a freshman at Clemson (home right now) and we are covering as much as we can but he’ll still have $20-25k or so in loans which is very manageable. Hoping my other two stay in state (he’s got a good scholarship but still a bit above say UNC) but I’d still want them with a little bit of skin in the game. Too many good state schools to go a Duke route and we can’t afford to pay $280k to help them without destroying our retirement. Even if you come out making $100k, that loan amount is a burden. Good luck.

My story isn't unique by any means. I come from a family of high achieving STEM degrees (PHD, Masters), but I always hated math and science as a kid so in undergrad I studied political science and history. Really didn't think I could do much with that so I went to law school. That is where the debt really racked up (hardly had any for undergrad). Even going to a state school like UNC, like I did, you're gonna come out with 100k unless you have scholarships and stuff like that. I think that is pretty par for the course for most graduate degrees though. If you're gonna doing anything where you feel like you need a graduate degree to get ahead you're gonna have to prepare for a lot of debt. Definitely can't knock anyone for being debt averse. At times I do wish I would have told my younger self to work harder at math and science so I could have gotten a STEM degree in college. I would probably be making the same or more than I am now, but with little to no debt. At the same time though I think passion matters in success and that stuff just does not excite me.

 

 

[thefuzz]

2 hours ago, rayzor said:

I was supposed to be (set for life, that is). I had friends who graduated and were walking into $75-90k a year jobs. An MBA was supposed to matter and give me a significant leg up on everything. The school I went to was expensive, for sure, but the job market and potential salaries (at the time) were worth it. 

When I was in school the economy was booming and people were hiring big time. I remember having discussions about it not being a matter of if we would be millionaires but just how long it would take. Sounds incredibly silly now, but considering what people were working for at the time and the jobs that were available, it was a pretty realistic conversation to have.

Then 9-11 and the dot.com bust happened and reality hit. I knew it wasn't sustainable, but I didn't realize how badly and for how long things would tank.

Wait....you went to college before the dot com bubble and have 180k in student loan debt?

Not trying to pick on you at all, that just seems incredibly hard to do?

[Harbingers]

1 hour ago, Paa Langfart said:

Has anyone actually seen a check or direct deposit for their unemployment yet ?

Supposedly NC will see it this week per Cooper. We’ll see. 

[Wes21]

24 minutes ago, MGH1989 said:

My story isn't unique by any means. I come from a family of high achieving STEM degrees (PHD, Masters), but I always hated math and science as a kid so in undergrad I studied political science and history. Really didn't think I could do much with that so I went to law school. That is where the debt really racked up (hardly had any for undergrad). Even going to a state school like UNC, like I did, you're gonna come out with 100k unless you have scholarships and stuff like that. I think that is pretty par for the course for most graduate degrees though. If you're gonna doing anything where you feel like you need a graduate degree to get ahead you're gonna have to prepare for a lot of debt. Definitely can't knock anyone for being debt averse. At times I do wish I would have told my younger self to work harder at math and science so I could have gotten a STEM degree in college. I would probably be making the same or more than I am now, but with little to no debt. At the same time though I think passion matters in success and that stuff just does not excite me.

My uncle is a "debt averse" person, like you said.  He hates the idea of being in financial debt of any kind.  My dad helped him build his house back in the 80s, and there was only a little debt he took on to build it and he hated life until it was paid off...which he did within a couple of years.  That was the last debt he's ever had.  Everything else he's wanted (new tractors and farm equipment, machinery for his paint shop, etc) has been cash.  Also, when his parents house became available (same neighborhood), he bought it from them and rented it out.  He socked that money away, and then when another house in the neighborhood became available, he bought it for cash and rented that out as well.  He continued the cycle to end up where he is now...which is owning much of the block he's on, debt free, and lots of cash coming in every month.

Its a beautiful thing to watch from a distance, but I don't have the discipline.

[Harbingers]

6 minutes ago, Wes21 said:

My uncle is a "debt averse" person, like you said.  He hates the idea of being in financial debt of any kind.  My dad helped him build his house back in the 80s, and there was only a little debt he took on to build it and he hated life until it was paid off...which he did within a couple of years.  That was the last debt he's ever had.  Everything else he's wanted (new tractors and farm equipment, machinery for his paint shop, etc) has been cash.  Also, when his parents house became available (same neighborhood), he bought it from them and rented it out.  He socked that money away, and then when another house in the neighborhood became available, he bought it for cash and rented that out as well.  He continued the cycle to end up where he is now...which is owning much of the block he's on, debt free, and lots of cash coming in every month.

Its a beautiful thing to watch from a distance, but I don't have the discipline.

You should really post that in the TB.

[Davidson Deac II]

nm

[Davidson Deac II]

2 hours ago, Paa Langfart said:

Has anyone actually seen a check or direct deposit for their unemployment yet ?

Its been a long time since I got unemployment, but even in relatively good times, it takes a couple of weeks.  Now adays, I imagine it takes a little longer to get started.  

[The Huddler]

5 hours ago, 4Corners said:

Yeah but the head nurse is the head nurse 

the fug are you talking about

[LinvilleGorge]

The Fed is predicting up to 32% unemployment in Q2.

https://www.businessinsider.com/fed-unemployment-forecast-coronavirus-pandemic-millions-layoffs-record-rate-jobs-2020-3

To put that into perspective, unemployment peaked at around 25% during the Great Depression. It was just under 10% during the Great Recession. 

[LinvilleGorge]

4 hours ago, rayzor said:

I was supposed to be (set for life, that is). I had friends who graduated and were walking into $75-90k a year jobs. An MBA was supposed to matter and give me a significant leg up on everything. The school I went to was expensive, for sure, but the job market and potential salaries (at the time) were worth it. 

When I was in school the economy was booming and people were hiring big time. I remember having discussions about it not being a matter of if we would be millionaires but just how long it would take. Sounds incredibly silly now, but considering what people were working for at the time and the jobs that were available, it was a pretty realistic conversation to have.

Then 9-11 and the dot.com bust happened and reality hit. I knew it wasn't sustainable, but I didn't realize how badly and for how long things would tank.

It seemed like every laid off professional in the entire country got an MBA during the Great Recession. These days it seems like a practically worthless degree and a trap of "overqualified for the position" unless it's a top 10 MBA.

[Bytes]

1 minute ago, LinvilleGorge said:

It seemed like every laid off professional in the entire country got an MBA during the Great Recession. These days it seems like a practically worthless degree and a trap of "overqualified for the position" unless it's a top 10 MBA.

Sad but true. 

[DeAngelo Beason]

8 hours ago, Khyber53 said:

You're right. See, we can print practically unlimited amounts of money. Gold, well, there just isn't a way to make matter...

But hey, it is really much more complicated than that.

You can also say that about the same time we brought that top end income tax down from the 70% rate in 1981. That's also about the time that American industry started moving offshore. So many causes...

1971 was really the beginning of the true "credit" based economy.  While we still had a central bank, inflation was still partially kept in check by the price of gold.  Once that ended, inflation set in.  The US is fortunate that it is the primary currency of the IMF, so we get away with printing money way more than other countries, and since the US is the largest consumer nation, other countries simply cannot afford our currency to crash.

[CanadianCat]

6 hours ago, *FreeFua* said:

Yep I’m in Winnipeg. Figured you were just outside the city when you said Manitoba and not Winnipeg. 

I’ve seen a handful of people with Panthers stuff in the city but yeah, there aren’t many.

You should try to make it down to Minny or GB this season with the RoaringRiot (assuming there’s a season). Always a good time. 

Yeah if not at a game then at a bar or something!... assuming there is still a a season..