Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

When bills pile up, young people turn to strangers on Venmo

latimes.com

Post reply on HN
Print view View original

101–110 of 158 posts

Re: When bills pile up, young people turn to strangers on Venmo

#101

Post by Domenic_S »

kaesar14 wrote: post #84
AcerbicZero wrote: post #66

Earlier quoted context omitted.

Sure, but that opens up a lot of other difficult topics, all of which are very nuanced. If we're not going to consider 18 year old's adults, we need to re-visit the age limits on voting, military service, and other large financial contracts. In the end, it always comes down to (some degree of) personal responsibility. Just because the government (or your job, or your family, or some guy you met on the street) offers…

I disagree massively with your last point, on the manner by which someone ended up there being obvious. Our current children are being raised by parents who grew up in a very different time, and the world has never been more complex. The tradeoff isn’t as simple as an educated adult making a bad financial decision, it’s actual children taking on huge burdens with little to no guidance in complete accordance with what…

> actual children

18-year-olds are not "Actual children".

> taking on huge burdens with little to no guidance

I don't know if this is still the case but when I took out student loans nearly two decades ago I had to go through "entrance counseling" and "exit counseling", explaining very clearly and meticulously what I was getting myself into.

Re: When bills pile up, young people turn to strangers on Venmo

#102

Post by jjeaff »

rangeofmotion wrote: post #64
DiffEq wrote: post #51

Earlier quoted context omitted.

Perhaps it could start with, yeah I don't need that unreasonable brand new car with a 72 month payment plan, or I can take these college courses for 1/10 the cost at a community college rather than a more unreasonable expensive school, or I don't need that unreasonable 5500 square foot McMansion in that fancy neighborhood, or I don't need that unreasonable 10th pair of jeans, that unreasonable new iphone, etc. People…

I can understand this sentiment. And it certainly applies to some people. But honestly I don't think the majority of people struggling are driving fancy cars or living in McMansions. Most of the people I personally know (which is a lot of people) drive an average car, live in an average home or condo, and don't live lavish lives. Most are just saddled with some combination of common factors like high cost of housing,…

What's your definition of average? Because a $30k Mazda should not be average. It's way too expensive for most people. Also, you probably don't need one for each member of the family.

A 3,500 sq ft house with granite countertops and hardwood flooring for 4 people should probably not be average either.

With the exception of a few markets with very expensive land, we have a consumption problem. We have a keeping up with the Jones problem.

You don't have nearly as much worry about losing your home if you spend below your means.

Re: When bills pile up, young people turn to strangers on Venmo

#103

Post by Domenic_S »

Terr_ wrote: post #77
eanzenberg wrote: post #35

Earlier quoted context omitted.

No? SS is literally a forced pay-in retirement account.

No, that's a common misconception, which I suspect is spread partly by right-leaning finance-industry lobbyists, as their companies salivate over the thought of busting open the piggy-bank and collecting a percentage-fee on the flood of money that would be wildly thrown into the stock-market. SS is INSURANCE policy. Quite literally, "insurance" in the name of the law. Oh, sure, there are lots of extra quirks, but fun…

That isn't the whole picture, either. After a certain age you can collect Social Security whether or not you need it -- a healthy, able-bodied person of retirement age can collect. In your terminology, it's disability & old-age insurance. Only it's guaranteed that anyone still living will qualify to collect, unlike traditional insurance.

I think the most unique thing about SS (that almost nobody understands) is that current payouts are funded by current contributions -- there's no "pot" or "account" you pay into per se, not like a 401k for instance. Instead you earn points by paying in over time, and the points map to an amount you're guaranteed which is in turn paid for by future taxpayers.

Re: When bills pile up, young people turn to strangers on Venmo

#104

Post by Domenic_S »

shados wrote: post #69
rangeofmotion wrote: post #58

Earlier quoted context omitted.

I get what you're saying. I agree that college and university should be looked at differently going forward for a lot of people. It's just that there is a problem that exists right this minute, with an entire generation of people who already took the loans, not realizing the outcome they would face. I'm just looking at all the wreckage and sense of instability people have all around me right now, and it seems to make…

Yup. Thats why I think all 3 of my points above need to happen at the same time. Working toward forgiving debts while still handing them out is counter productive. Only semi related, but I also take issue about how we got there in the first place. "Lets make college free!" "No, this is AMERICAH!~ People should pay for things!" "Ok, then lets give out loans! Gov will insure them, so its win win! People get to go to co…

I don't disagree with any of these points, just had a tangentially-related thought: wouldn't making college "free" be a forcing function to tighten admission criteria, further stratifying social classes? Schools can be a bit loose today since basically anyone with a pulse can get student loans.

Just thinking out loud; I suspect looking at other countries who do this would be informative...

Re: When bills pile up, young people turn to strangers on Venmo

#105

Post by daodedickinson »

rangeofmotion wrote: post #41

What I don't understand is why people don't band together and simply refuse, collectively, to pay bills that are well known in the culture to be unreasonable. In particular, student loans. But also a few other things. My god, I know so many people who are struggling that it seems like everyone is struggling. I know people making six figures who are worried about losing their homes. In fact, I've known so many people…

>What I don't understand is why people don't band together and simply refuse, collectively, to pay bills that are well known in the culture to be unreasonable. In particular, student loans.

Or taxes, when they are being used to recklessly loan so much money.

Re: When bills pile up, young people turn to strangers on Venmo

#106

Post by sandworm101 »

>>> "Children grow up aspiring to be Youtubers. Teenagers rake in thousands of dollars selling slime,"

No. They are not selling slime. They are selling themselves. Just like any hollywood starlet, they are marketing their youth and sex appeal. Customers buy a fantasy, a perceived connection with the attractive or famous person. If that makes the customer happy then that's great, but don't pretend that just anyone can start a youtube channel and start getting paid. Being young and attractive is 99% of the game.

Re: When bills pile up, young people turn to strangers on Venmo

#107

Post by rangeofmotion »

jjeaff wrote: post #102
rangeofmotion wrote: post #64

Earlier quoted context omitted.

I can understand this sentiment. And it certainly applies to some people. But honestly I don't think the majority of people struggling are driving fancy cars or living in McMansions. Most of the people I personally know (which is a lot of people) drive an average car, live in an average home or condo, and don't live lavish lives. Most are just saddled with some combination of common factors like high cost of housing,…

What's your definition of average? Because a $30k Mazda should not be average. It's way too expensive for most people. Also, you probably don't need one for each member of the family. A 3,500 sq ft house with granite countertops and hardwood flooring for 4 people should probably not be average either. With the exception of a few markets with very expensive land, we have a consumption problem. We have a keeping up wit…

I have spent a lot of time with a lot of families from wildly varied economic backgrounds. I'm not talking about people with brand new cars and 3,500 square foot houses (that would be a McMansion, I believe). I'm talking about Hondas and weather-worn Dodge pickups parked at a condo or a very modest house in a working class neighborhood.

Sure, the keeping up with the Jones thing is happening with a lot of people. But that does not appear to be the bulk of the problem. Heck, just drive through the country and tell me if you spot more McMansions or more McShacks.

Re: When bills pile up, young people turn to strangers on Venmo

#108

Post by Phillipharryt »

sandworm101 wrote: post #106

>>> "Children grow up aspiring to be Youtubers. Teenagers rake in thousands of dollars selling slime," No. They are not selling slime. They are selling themselves. Just like any hollywood starlet, they are marketing their youth and sex appeal. Customers buy a fantasy, a perceived connection with the attractive or famous person. If that makes the customer happy then that's great, but don't pretend that just anyone can…

You are aware there are many slime instagram accounts and channels that involve nothing but footage of their hands manipulating slime? I'm not sure what part of that involves being young and attractive.

Re: When bills pile up, young people turn to strangers on Venmo

#109

Post by kaesar14 »

Domenic_S wrote: post #101
kaesar14 wrote: post #84

Earlier quoted context omitted.

I disagree massively with your last point, on the manner by which someone ended up there being obvious. Our current children are being raised by parents who grew up in a very different time, and the world has never been more complex. The tradeoff isn’t as simple as an educated adult making a bad financial decision, it’s actual children taking on huge burdens with little to no guidance in complete accordance with what…

> actual children 18-year-olds are not "Actual children". > taking on huge burdens with little to no guidance I don't know if this is still the case but when I took out student loans nearly two decades ago I had to go through "entrance counseling" and "exit counseling", explaining very clearly and meticulously what I was getting myself into.

Sure, not legally, but relative to the life experience required to even somewhat competently navigate the complexities of the modern world, 18 year olds are functionally children. Your entire life to that point is school, for many people, sheltered from the harsher realities of life and finances.

That entrance and exit loan counseling is a privilege for sure. I just graduated from a top 25 ranked private school and was never given loan counseling, and none of my peers were either. Thankfully I picked a high paying field, succeeded in it, and had parents with a ton of financial knowledge to help me effectively plan how to pay for it all, but the vast majority of my peers had no such luck on those three fronts. It’s especially telling that you went to school two decades ago, as no one going to school right now legitimately thinks the college student loan process is clearly presented in terms that are easy for the AVERAGE 18 year old to understand. Meanwhile, the costs have gone up...I don’t know, at least 100% since you went to school? Shit, tuition went up 4 grand while I was still in school.

Re: When bills pile up, young people turn to strangers on Venmo

#110

Post by [deleted] »

rangeofmotion wrote: post #41

What I don't understand is why people don't band together and simply refuse, collectively, to pay bills that are well known in the culture to be unreasonable. In particular, student loans. But also a few other things. My god, I know so many people who are struggling that it seems like everyone is struggling. I know people making six figures who are worried about losing their homes. In fact, I've known so many people…

[deleted]
Post reply on HN