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Not trying to post here with an intent of bullying etc not actually specifically wanting an individual response though I think it would be of value to him. But given RDQ’s repeated themes of criticising outlets he comes across for missing some vital element of personal finances like tax or being fraud like FIRE sub 50 and maintaining that any spreadsheet or budget approach to life is unnecessary or too stressful, I truly think he would benefit from trying to learn how it might be done.
So recommendations for 101 level online tools a numerical neophyte might play with to put together a basic financial plan for a new graduate starting the workforce.
Let’s say we give them a starting salary of 60k and student debt of 100k. And no further handouts from parents or grandparents. Payrises will be fair and steady but no massive leaps and or stock option bonanzas.
Then perhaps if we can persuade the world’s biggest hold out against spreadsheets and modelling to engage then it becomes an easier sell to younger generations. 😉
“Payrises will be fair and steady but no massive leaps and or stock option bonanzas”
This caught my eye after reading “https://paulkedrosky.com/life-under-two/“. I perceive that there is a difference in expectations between “our” generation (assuming that folks on this forum are north of 50 (even 60) and have experienced that steady upward pressure) and, well, those who are Crypto/YOLO-ing thru their adulthood.
Nice piece – brings together a bunch of emerging realities into a plausible scenario.
I’m actually not that concerned for the young. They have the gift of youth and the brighter ones will find ways to harness AI whether that’s to get paid for 2 or more remote drone jobs at the same time or to outsource work entirely to their personal avatars. But if you are young you may as well invest your work capital in start up type businesses with potential to give you a multi banger exit in short order than corporate giants who will can you without blinking next reorg cycle,
It’s more than plausible though that there will be two track prosperity with even greater divergence than today.
I think I am concerned – because there’s no obvious path upward to investing in anything specific. It’s increasingly clear that the ROI of a college degree has disappeared – and one of the advantages of such a degree was (historically) that it prepared one for a variety of career paths. Today’s alternatives – electrician being touted – seem to offer returns but at the expense of future flexibility.
Young folks probably wouldn’t heed your advice, but what advice would you give them other than “start up type business”?
I still believe in the power of education. But the way it’s become commoditized at undergraduate level has massively decreased the value for most : unless they are in really vocational programmes or a specific prestige degree they are only really a hygiene factor.
A maths degree from a top programme still really has a difficulty threshold that makes grads very valuable as quants/ actuaries/AI specialists.
Med school obviously has its own value and it’s the ultimate globally portable career that will always be needed.
I’m astounded at the tiny number of vet schools in the US.