The ability to be financially free dwells on my mind constantly these days like a never ending daydream. Recently there has been so much talk about how our generation is the least likely to own a house and live with the comforts of past generations. The double whammy of high student loans and high unemployment has crippled people in their twenties and their ability to start their lives.
I have several thousands in school loans from my days at USC and for me it represents a significant hurtle to jump over if I ever want to own a home close by Palo Alto, one of the wealthiest place to live. It is not impossible to pay of my loans and save for a house but, doing so would require the better part of a decade, just by myself. I could marry into money and have my wife pay for it, seeing how it might actually take less time than saving it myself. But I suspect that pool of candidates just got a bit smaller with this post and definitely not the girl above. :) For the time being, I am myself shackled in loans that I feel are like anchors to my feet while the currents are sweeping me underneath. I am paying it off as much as I can each month, while having virtually saving little. It I don't pay it off in a reasonable amount of time then I risk extending the loan and paying more interest over time.
I am one of the lucky ones that got a job relatively quickly out of school, so I can pay it off quicker, but most are not as fortunate and have to really struggle to pull together money so they can live paycheck to paycheck and pouring everything that they have into feeding themselves and their loans. How can they possibly save up for a house and a car if so much money is going to paying for their student loans? It amazes me that we are hammering the youth for every cent that they have and transferring that wealth to people that do not have lives to build.
I for one, believe that we should protect and safeguard the young people from a money debt that is almost inescapable because as we get older our ability to drive the future economy is at stake. If everyone in the future has massive debt and an inability to pay it off, who would buy stuff anymore? Well maybe just the rich.