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(Forbes)   Millennials are using cash far more often than credit cards in the wake of recent security breaches and the realization that they don't make enough money to have credit cards in the first place   (forbes.com) divider line 210
    More: Obvious, security breaches, Target, credit cards, digital native  
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2152 clicks; posted to Main » on 18 Mar 2014 at 7:05 AM (50 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2014-03-18 08:40:01 AM  

reprobate1125: Snarcoleptic_Hoosier: Of course, student loans that equal about a car payment don't help either.

And you can't bankrupt out of the loans for that psychology degree.


What about for my MBA or Accounting degree?
 
2014-03-18 08:40:42 AM  

Ray_Finkle: Are CC really that difficult? Spend money you have. Pay it off at the end of the month. Collect x% in rewards. Sure it may not be much but I can earn an extra 200+ dollars a year and not change my spending habits.


I don't charge THAT much (but I put everything I can on my card) and I make $600 to $1200 and don't pay any interest/annual fees.
 
2014-03-18 08:42:13 AM  

macross87: reprobate1125: Snarcoleptic_Hoosier: Of course, student loans that equal about a car payment don't help either.

And you can't bankrupt out of the loans for that psychology degree.

What about for my MBA or Accounting degree?


Can't bankrupt out of that either :) But at least I'm guessing that was a better investment.

BTW, I don't know if you were trolling, but if you really did get an MBA, was it worth it?

I would love to get one, but there is such a glut right now.  I know I'd have to specialize. Just curious.
 
2014-03-18 08:44:41 AM  

RockofAges: Could be a regional thing, haven't heard of this phenomenon. A credit check here would be standard, perhaps, for a banking (or related) position. It would be offensive in any other industry AFAIK.


Other than North Dakota and a few other small regions, there are a glut of applicants for every position...I don't feel that employers are THAT worried about offending people. I get it though.
 
2014-03-18 08:44:50 AM  

reprobate1125: Ray_Finkle: Are CC really that difficult? Spend money you have. Pay it off at the end of the month. Collect x% in rewards. Sure it may not be much but I can earn an extra 200+ dollars a year and not change my spending habits.

I don't charge THAT much (but I put everything I can on my card) and I make $600 to $1200 and don't pay any interest/annual fees.


Exactly. I was talking 200+ per card because some have limits. You throw in sign up bonuses though and 1000 isn't too hard.
 
2014-03-18 08:47:19 AM  

Yankees Team Gynecologist: Serious, nonjudgmental question for those out there who have ever actually borrowed on a credit card (i.e., did not pay it off every month): why did you do it? Did you lack shopping discipline at the time? Did you simply not understand how the card worked? Were you in a bind and needed the money?

To many it's a no-brainer to use a card in a disciplined manner and pay it off every month so that you build credit, collect rewards, and have fraud protection without paying any interest or fees. But enough people refute this notion such that it must not be as simple as it sounds. Some CSBs might help bridge the gap of understanding.


According to my neighbor she was dropped as a child, repeatedly.

/I racked up a few months of non payment back when I was 19, I was not a very forward thinking 19 year old.
 
2014-03-18 08:49:09 AM  

RockofAges: MemeSlave: It's just hipster/artisan/renfair/steampunk/prepper backlash against The Man.  You know, because of that Snowden guy.   Or something.

Let one of them need to acquire any real property and they'll stampede to credit like the other demographics.

1/10. Only one point because you did use "hipster" at least.


That's not a troll, son, it's the truth.
 
2014-03-18 08:50:09 AM  

Ray_Finkle: reprobate1125: Ray_Finkle: Are CC really that difficult? Spend money you have. Pay it off at the end of the month. Collect x% in rewards. Sure it may not be much but I can earn an extra 200+ dollars a year and not change my spending habits.

I don't charge THAT much (but I put everything I can on my card) and I make $600 to $1200 and don't pay any interest/annual fees.

Exactly. I was talking 200+ per card because some have limits. You throw in sign up bonuses though and 1000 isn't too hard.


Yeah. Now that I think about it, I did pay a fee for a southwest one this year, but I'm going to wind up with 3 RT flights for that $100 fee and they give $86 in points when you pay the $99 fee every year so I'm on the fence with that one.
 
2014-03-18 08:52:58 AM  

RockofAges: I'm Canuckian, FWIW. The more I post in politics the more I realize that there are deep cultural differences here. I am sure some places do credit check / piss test, but frankly, I've never heard of them. Piss test for high end construction. Credit check for banking / financial. Never heard of it otherwise. And definitely not in the public sector.


According to Kipplinger (in 2012) who cited someone else...
About 13% of employers check credit reports for all candidates and 47% check for those applying to selected positions, according to the Society for Human Resource Management.

From what I understand, that is trending up. 
Read more at  http://www.kiplinger.com/article/business/T012-C000-S002-can-a-credit - score-kill-a-job-offer.html#PJcB5oLvoGCcWUtS.99
 
2014-03-18 08:55:33 AM  

Semantic Warrior: illannoyin: Isn't the millennium only 14 years old?

/I don't really understand how that whole generation naming thing works

Well aren't the baby boomers actually the baby boomed?  Like they're the babies that came from the boom?  I don't know what exists between boomers and Xers, and always thought Xers were anyone from the late 70s/80s, but millennials  are said to be 80s/90s, so is there an overlap or what?


According to Wikipedia:

The Baby Boomers are the generation that was born following World War II, generally from 1943 up to the early 1960s, a time that was marked by an increase in birth rates.

Generation X, commonly abbreviated to Gen X, is the generation born after the Western Post-World War II baby boom. Demographers, historians and commentators use beginning birth dates from the early 1960s to the early 1980s.

"Millennials", or the Millennial Generation, also known as "Generation Y", are the demographic cohort following Generation X. Commentators use birth dates ranging from the early 1980s to the early 2000s.
 
2014-03-18 08:57:11 AM  

RockofAges: reprobate1125: RockofAges: I'm Canuckian, FWIW. The more I post in politics the more I realize that there are deep cultural differences here. I am sure some places do credit check / piss test, but frankly, I've never heard of them. Piss test for high end construction. Credit check for banking / financial. Never heard of it otherwise. And definitely not in the public sector.

According to Kipplinger (in 2012) who cited someone else...
About 13% of employers check credit reports for all candidates and 47% check for those applying to selected positions, according to the Society for Human Resource Management.

From what I understand, that is trending up. 
Read more at  http://www.kiplinger.com/article/business/T012-C000-S002-can-a-credit - score-kill-a-job-offer.html#PJcB5oLvoGCcWUtS.99

Are these American #s?


Yeah. Sorry.  I was explaining how Murica does it.
 
2014-03-18 08:59:40 AM  

RockofAges: reprobate1125: RockofAges: I'm Canuckian, FWIW. The more I post in politics the more I realize that there are deep cultural differences here. I am sure some places do credit check / piss test, but frankly, I've never heard of them. Piss test for high end construction. Credit check for banking / financial. Never heard of it otherwise. And definitely not in the public sector.

Are these American #s?


I guess it does happen in the private sector in Canada....

Is an employer allowed to perform a credit check on an employee or prospective employee?
An employer may perform a credit check on an employee or prospective employee if the employer intends to use the information for employment purposes. Such purposes include considering new hires, granting promotions, reassigning employment duties or determining whether to retain someone as an employee.

When should the employer perform the credit check?
For prospective employees, the credit check should be completed only after a conditional offer of employment has been made in writing. The main reason being that non-financial information about the candidate may be discovered through the credit check process; if the information concerns protected grounds of discrimination and a decision is made not to hire the employee, the employer could become exposed to liability.
For current employees, we recommend completing a credit check only when a decision has otherwise been made in respect of promoting or retaining the employee.

Is an employer required to give notice that a credit check will be performed?
Before conducting a credit check, the  Consumer Reporting Act requires an employer to give written notice to the applicant or employee that a credit check will be performed. If the applicant or employee asks, the employer must inform him or her of the name and address of the consumer reporting agency supplying the report. All such written communication must be in the format prescribed by the legislation.

(Rest of the article at ...http://www.mondaq.com/canada/x/273700/employee+rights+labour+rela tions /Frequently+Asked+Questions+Employee  from Nov 7, 2013)
 
2014-03-18 09:08:15 AM  

Yankees Team Gynecologist: Serious, nonjudgmental question for those out there who have ever actually borrowed on a credit card (i.e., did not pay it off every month): why did you do it? Did you lack shopping discipline at the time? Did you simply not understand how the card worked? Were you in a bind and needed the money?

To many it's a no-brainer to use a card in a disciplined manner and pay it off every month so that you build credit, collect rewards, and have fraud protection without paying any interest or fees. But enough people refute this notion such that it must not be as simple as it sounds. Some CSBs might help bridge the gap of understanding.


Some people need things right away that they cannot afford to wait until the next paycheck for. Things like food, medical bills, utility bills, car repairs, everyday things for themselves or their children (like clothing or school supplies), etc. These people tend to have crappy jobs. So even if they could wait until the next paycheck the chances are that they still wouldn't have enough. Many, many people have bad jobs and making ends meet, even with very minimal luxuries, is hard.

Many, many people have full time jobs and still struggle to get by. Sure, there are plenty of people who see credit cards as free money. But so many others use them as necessary buffers. I've been there. I got to card to build credit. Then, after a few years, things got hard. Car repairs and medical bills stacked up. for a while, with my card sitting at 95% max, and my only luxury being cable and internet (cheap entertainment, all said and done. We need entertainment to keep us sane) I was still getting down to under $50 in the bank every month.

I'm doing much better now. But for a while I would have been homeless without my credit card. Shiat happens. Jobs out there are too few in number and suck as it's a race to the bottom as corporations are seeing how little they can pay a desperate person do to a job. And so long as the ones in charge do things like run skeleton crews and outsource so they can pay someone else 1/5 of what they'd have to pay a local all so that they can make even more money that the'll never spend, nothing will change.

The short version, not everyone has money for unexpected expenditures. Credit is a blessing for that reason. And not everyone has enough money for day to day living. As has been pointed out here many times, one can work 40+ hours a week and still barely afford a place to live and food.
 
2014-03-18 09:11:34 AM  

Yankees Team Gynecologist: Serious, nonjudgmental question for those out there who have ever actually borrowed on a credit card (i.e., did not pay it off every month): why did you do it? Did you lack shopping discipline at the time? Did you simply not understand how the card worked? Were you in a bind and needed the money?

To many it's a no-brainer to use a card in a disciplined manner and pay it off every month so that you build credit, collect rewards, and have fraud protection without paying any interest or fees. But enough people refute this notion such that it must not be as simple as it sounds. Some CSBs might help bridge the gap of understanding.


When I was graduating I did it to pay moving expenses.  I was a poor student with nothing but a few dollars to rub together and, while I was getting a moving bonus, it wasn't going to be available until after my first paycheck, which entailed moving cross country, paying first month's rent and, you know, eating.  My biggest mistake was setting my start date for a month after graduation.  Six months earlier it seemed like a great idea to have a break and spend time with family and friends .  After a week of sitting in my house eating Ramen I really wanted to start work and get paid.

Earlier, that same year I had also had to get two root canals at the same time so I used Care Credit to pay for them.

It took me about a year to dig myself out of that hole but previous to that and after (past 6 years) I have not carried a balance even though I use my credit card for everything.  I've always been aware of the possibility of fraud and identity theft but credit cards are convenient and have a lot of benefits if you pay them off right away (I currently have a couple hundred dollars in rewards I'm saving for Dragon Con this year and just used some FF miles to book a trip to visit a friend next month for free)  so I'm unlikely to go back to cash.
 
kab
2014-03-18 09:11:56 AM  
 
kab
2014-03-18 09:14:16 AM  

illannoyin: Isn't the millennium only 14 years old?

/I don't really understand how that whole generation naming thing works


The name is irrelevant.  Being able to blame all your woes on the generation before you is where it's at.
 
2014-03-18 09:14:52 AM  
"I'm about to lose my home, car and access to the necessities of life."

"Well, we gave you that credit card.  Use that."

"But I'll never be able to pay it all down with this interest and all."
www.unixstickers.com
         SO JUST MAKE THE MINIMUM PAYMENTS!  THAT'S FINE!


It's called indentured servitude.  Ha ha.
 
2014-03-18 09:18:40 AM  

RockofAges: Usury is so reprehensible that even fundies eschew it. Let that one sink in.


Ooh, someone got a new thesaurus for their Quinceañera.
 
2014-03-18 09:18:55 AM  

ApeShaft: Cerebral Ballsy: The Muthaship: Good.

Grown ups carry cash.

I'm proud of you.

I have a coworker trying to date me who doesn't use cash, even small amounts.

/I won't even be your friend if you're one of those annoying-ass people

Why would you want to use cash? I live in Sweden and I never use cash. It's faster, simpler and safer with card payments. At least over here.


Tips, vending machines, small businesses that only deal in cash, split restaurant checks... I am tired of the crap these men pull because they don't carry cash.

Just, no.
 
2014-03-18 09:20:39 AM  

reprobate1125: macross87: reprobate1125: Snarcoleptic_Hoosier: Of course, student loans that equal about a car payment don't help either.

And you can't bankrupt out of the loans for that psychology degree.

What about for my MBA or Accounting degree?

Can't bankrupt out of that either :) But at least I'm guessing that was a better investment.

BTW, I don't know if you were trolling, but if you really did get an MBA, was it worth it?

I would love to get one, but there is such a glut right now.  I know I'd have to specialize. Just curious.


There was a comedian that joked about debit of school loans. Talked about a valuable lesson of buying text books for a premium and selling them for pennies as irony after thought. Don Friesen I think b

Wife has MBA and it helped with her economics stuff. Employer contributed heavily towards it though. That was her only real motivation for it.
 
2014-03-18 09:23:32 AM  

RockofAges: LasersHurt: RockofAges: Usury is so reprehensible that even fundies eschew it. Let that one sink in.

Ooh, someone got a new thesaurus for their Quinceañera.

I wish. All I got was this crappy RAM.

/actually, it's damn good RAM, and 16GB of it.
//has a fridge too. But it came from grampy's outbuilding and I have to use a pen to set the temp as the button facing is cracked off.
///CSBro


See, I knew Poverty in the US was bullshiat.
 
2014-03-18 09:25:58 AM  
When I was like 18 or so I had some credit cards and I would make late payments occasionally just out of laziness or forgetting what day of the month it is, those fees turned me off credit cards as a "real" adult, anything small I'll just cover with savings and anything bigger I'll just get a bank loan. My wife uses her credit card like some of you where she pays it off each month for some pittance of a reward, I can't really care enough to bother.
 
2014-03-18 09:26:01 AM  

RockofAges: A credit check here would be standard, perhaps, for a banking (or related) position. It would be offensive in any other industry AFAIK.


Heh, well, that's the least of employers' concerns.

RockofAges: Maybe via inheritance in 20 years if the boomers don't discover the fountain of youth and cling on indefinitely.


You've never heard of reverse mortgages I take it.  Go ahead and wiki it.  The Boomers don't intend to leave anything.
 
2014-03-18 09:27:03 AM  

macross87: reprobate1125: macross87: reprobate1125: Snarcoleptic_Hoosier: Of course, student loans that equal about a car payment don't help either.

And you can't bankrupt out of the loans for that psychology degree.

What about for my MBA or Accounting degree?

Can't bankrupt out of that either :) But at least I'm guessing that was a better investment.

BTW, I don't know if you were trolling, but if you really did get an MBA, was it worth it?

I would love to get one, but there is such a glut right now.  I know I'd have to specialize. Just curious.

There was a comedian that joked about debit of school loans. Talked about a valuable lesson of buying text books for a premium and selling them for pennies as irony after thought. Don Friesen I think b

Wife has MBA and it helped with her economics stuff. Employer contributed heavily towards it though. That was her only real motivation for it.


Yeah. My wife got her master's from the school district. Being self-employed, it's not like I'm going to pay myself more bc I have a master's.
 
2014-03-18 09:29:08 AM  

dragonchild: You've never heard of reverse mortgages I take it.  Go ahead and wiki it.  The Boomers don't intend to leave anything.


If you're smart and your parents are thinking of doing that, see if you can buy their house from them instead and save the freaking awful up front fees and garbage interest rates before letting them do that.

They're such bad products that only make sense in the most limited situations that most states (if not all) make you take a class/get counseling now before taking one out. Not that that isn't biased.
 
2014-03-18 09:31:48 AM  
If America were civilized, all restaurants would automatically split all checks n-ways.  It's ridiculous that restaurants in the year 2014 have  any trouble splitting checks arbitrarily.
 
2014-03-18 09:34:29 AM  

RockofAges: /here be dragons
//and at least some fun


Speaking of that, I think Dragon's Den should be syndicated here.  So much more fun than Shark Tank.

/I love both though.

I do try to put myself in their shoes as a small business owner.  Obviously I might want details that an applicant isn't willing to tell me, but if I (setting up the straw man)
Have 2 people with relatively similar job experience,education, and interview skills, why wouldn't I want the one that has shown the ability to handle money (at least recently?).

To me it shows maturity.

I setup an emergency fund as a lad and in my life I've had TB, e-coli, salmonella (I travel a lot), but my foresight allowed me to pay out of pocket when that could have wrecked someone else.

I think that in almost any job you want the person who shows the foresight to plan for unforeseen circumstances because Murphy happens.
 
2014-03-18 09:35:47 AM  

schezar: If America were civilized, all restaurants would automatically split all checks n-ways.  It's ridiculous that restaurants in the year 2014 have  any trouble splitting checks arbitrarily.


Yeah, some restaurants say
Seat 1: Blah
Seat 2: Blah, Blah, Blah (obviously a fatty)
etc.

Doesn't seem very hard.
 
2014-03-18 09:36:26 AM  

reprobate1125: If you're smart and your parents are thinking of doing that, see if you can buy their house from them instead


That's exactly what I did.  Convinced my mother she could make ends meet if she paid off the mortgage, then gave her the money to do so on the agreement that she wills the house to me.

She still got the free money she needed to clean up her finances, but instead of the house going to the bank, I get it.  Which is basically a zero inheritance because I'm just getting back money I put in, but at least we kept the number of grubby hands in the honey pot to a minimum.
 
2014-03-18 09:38:30 AM  

reprobate1125: They're such bad products that only make sense in the most limited situations that most states


"limited" situation being the person needs the money to live...
 
2014-03-18 09:40:51 AM  

Yankees Team Gynecologist: Serious, nonjudgmental question for those out there who have ever actually borrowed on a credit card (i.e., did not pay it off every month): why did you do it? Did you lack shopping discipline at the time? Did you simply not understand how the card worked? Were you in a bind and needed the money?

To many it's a no-brainer to use a card in a disciplined manner and pay it off every month so that you build credit, collect rewards, and have fraud protection without paying any interest or fees. But enough people refute this notion such that it must not be as simple as it sounds. Some CSBs might help bridge the gap of understanding.


The only time I have ever carried a balance: I paid for a whole semester of college on a credit card when I failed to earn enough surplus cash at my sales job to pay for my final semester of college. My thinking was "I just want to GRADUATE already". The market was crap, nobody was buying anything.

The balance bothered me but I'm glad I did it.
 
2014-03-18 09:41:41 AM  
Hey not too many 14 year olds have credit cards anway.
 
2014-03-18 09:42:56 AM  

Detinwolf: Hey not too many 14 year olds have credit cards anway.


My cat a credit card offer once.  It was made out to Fuzzhead (Mylastname).

Seriously.  Fuzzhead.
 
2014-03-18 09:44:03 AM  

RockofAges: I agree to some degree, but I don't think the market needs to be any more anti-employee than it already is. Also, given our current financial climate (complete stratification / growing inequity / in-my-opinion-an-economy-almost-completely-built-around-an-illusion) I think there are many more accurate predictors of maturity than a credit score.

Work experience, personality, and reliability can we sussed out quite quickly. Privacy used to mean something and the bare pertinent details were more than good enough -- "can you do the job?". I am for returning to that standard.


I 100% Agree.
 
2014-03-18 09:48:06 AM  
The day drug dealers accept plastic is the day I will stop having to refer to articles like these as excuses for why I like to carry around a lot of cash all the time.
 
2014-03-18 09:48:25 AM  
pbs.twimg.com

"Millenials! Hipsters!" *shakes cane, loses teeth*
 
GBB
2014-03-18 09:49:51 AM  

Yankees Team Gynecologist: Serious, nonjudgmental question for those out there who have ever actually borrowed on a credit card (i.e., did not pay it off every month): why did you do it? Did you lack shopping discipline at the time? Did you simply not understand how the card worked? Were you in a bind and needed the money?

To many it's a no-brainer to use a card in a disciplined manner and pay it off every month so that you build credit, collect rewards, and have fraud protection without paying any interest or fees. But enough people refute this notion such that it must not be as simple as it sounds. Some CSBs might help bridge the gap of understanding.


Well, here's a serious answer.  When I headed off to college, my father got me my own credit card with his bank.  It was my own account that was secured to his.  Kind of like a co-signer; if I defaulted, he was responsible.  Limit was $500 + annual fee.  I didn't use it all that much, because it had such a low limit.  I had my own job, but up to this point, never had my own expenses.  He paid for my housing while I was in college, so I only had to worry about utilities.

On campus, every semester, they would have events and the ubiquitous credit card sign-up tables.  I got myself a Discover card and used it sparingly.  Then the offers started pouring in.  I ended up with a total of 4 accounts, and I started using them.  The minimum payments seemed so reasonable!   I started off paying more than the minimum, but less than the balance.  Soon, I had hundreds on credit.  Then the limit increases came in, and the rate reductions.  It was awesome!   I spent more and carried higher and higher balances.   I got myself one of the first Palm Pilots on credit.  It was fantastic.  The beauty was, I got stuff I wanted without having to pay for it right away.  Even better was that I had my own money that I could use with enough left over to pay the minimum balance as well as the utilities I shared with 3 others at school.  But, college didn't go so well for me and I was academically suspended for 2 semesters.  Didn't go back for several years.  I pretty much had no discipline.

Eventually, I started looking into how to make these credit cards go away and ended up only caring about making the payments smaller.  Consolidation was the answer.  So, I ended up transferring balances and making 1 small payment.  But, look at all that unused credit.  I put an expensive cruise vacation on credit.  It was well deserved.   And a new laptop.  I still had no discipline.

Would you care to guess the balance when it all came crashing down??

Sixteen grand.... on a fifteen grand limit.    And I was in default.

This was also after I cleared out a $5K IRA that was gifted to me at my high school graduation.  That sixteen grand was consolidated to one account and put on internal collections.  The credit card company worked with me and refunded a lot of racked up fees, closed the account to future purchases, and reduced the interest quite a bit.  I paid it off in 4 years and never carried a balance with any card ever again.  I went back to college and got a BA in accounting.  I started developing my own discipline.


My issue was that I had absolutely no guidance as to how to handle finances.  I thought I could deal with it on my own.  I never asked for help.

I now have excellent credit and decent savings going.  And I have much more discipline.
 
2014-03-18 09:51:12 AM  

GBB: This was also after I cleared out a $5K IRA that was gifted to me at my high school graduation.


I'm glad for the turnaround and I really believe that some people who get into a little trouble are better off for it.

How do you gift an IRA? Was inherited?
 
2014-03-18 09:51:25 AM  

RottenEggs: illannoyin: Isn't the millennium only 14 years old?

/I don't really understand how that whole generation naming thing works

I thought Gen X refered to youth dealing with the aftermath of WW2 .


Baby Boomers: 1945-1965
Gen X: 1966-1986
Gen Y: 1987-2000
New Millennium: 2001-

Generations usually run 20 years. Baby Boomers: War causes people to have children. It's a natural reaction. Gen X wasn't effected by WW2 in anyway; our parents were. Gen X (I'm one of them) was effected by MTV and the Reagan Presidency. Gen Y was effected by cell phones and 24 hour news programs. The New Millennium started off bad (9/11/2001), hopefully it will end on a happier note.
 
2014-03-18 09:52:32 AM  
images.thetruthaboutcars.com
Good for them.

/GenXer
//$0.00 CC balance
/// pissed a lot of money down that rabbit hole.
 
2014-03-18 09:58:41 AM  

RockofAges: Keep the money in the family.


Meh, depends on the family.  My mother's word is good and she has a martyr complex to boot, so while she's a materialistic self-loathing delusional bigot she's otherwise the antithesis of a Baby Boomer in that she at least doesn't want to be part of a shiat-stained legacy.

But I wouldn't recommend it for everyone.  A lot of people have family that would gladly accept the offer, then screw their progeny twice by getting the reverse mortgage anyway.  They get double the fun money, the house comes down to a battle between someone holding a will and a bank holding a loan.  And in that battle, the bank never loses.  Odds are it puts the "beneficiaries" on the hook to pay off the family debts.
 
2014-03-18 09:59:44 AM  

reprobate1125: BTW, I don't know if you were trolling, but if you really did get an MBA, was it worth it?


I took two years out of the workforce to get an MBA. I did NOT pursue the MBA so that I could get a role in finance, I pursued the MBA because I took zero business classes (unless Micro/Macro econ is considered a business class - I have yet to find a situation where I'm required to discuss pareto optimality in the business world). My area of specialization was corporate/business strategy, which gave me wide exposure to virtually every track (finance, marketing, IT, HR, etc.)

It wasn't (completely) worth it.

While the fact that I have an MBA has come up in a few conversations/interviews, I firmly believe that I would know exactly what I know now had I simply made a trip to the library or local B&N and picked up a few books on each area of focus. Better yet: if I  actively pursued first-hand experience in these areas within my industry, I most likely would have figured out exactly what I need/don't need to know (I use managerial account almost as much as I use my extensive knowledge of pareto optimality: never).

Before you commit to pursuing an MBA full-time or even part-time, I'd offer up the following advice: decide what you want to be when you grow up. Not a vague sense of a 'I think it's my end goal', but a sharply defined target. Then, if you're able, do what you can to learn about that role first-hand and work at it. You may surprise yourself with how far you get. At that point, revisit the decision. If you really think it'll help (you'll know for certain at that stage), go for it.

Though I don't have any wild regrets over obtaining the degree, I would rather not have student loans and I'd gladly take back the two years I spent out of the industry.

Just my 2 cents.
 
2014-03-18 10:01:48 AM  
There is a very old and moldy crock of sh*t in American culture that asserts that as soon as your junk works and you get a drivers license, it's your turn to be special.  If only.
 
2014-03-18 10:04:01 AM  

emarche: reprobate1125: BTW, I don't know if you were trolling, but if you really did get an MBA, was it worth it?

I took two years out of the workforce to get an MBA. I did NOT pursue the MBA so that I could get a role in finance, I pursued the MBA because I took zero business classes (unless Micro/Macro econ is considered a business class - I have yet to find a situation where I'm required to discuss pareto optimality in the business world). My area of specialization was corporate/business strategy, which gave me wide exposure to virtually every track (finance, marketing, IT, HR, etc.)

It wasn't (completely) worth it.

While the fact that I have an MBA has come up in a few conversations/interviews, I firmly believe that I would know exactly what I know now had I simply made a trip to the library or local B&N and picked up a few books on each area of focus. Better yet: if I  actively pursued first-hand experience in these areas within my industry, I most likely would have figured out exactly what I need/don't need to know (I use managerial account almost as much as I use my extensive knowledge of pareto optimality: never).

Before you commit to pursuing an MBA full-time or even part-time, I'd offer up the following advice: decide what you want to be when you grow up. Not a vague sense of a 'I think it's my end goal', but a sharply defined target. Then, if you're able, do what you can to learn about that role first-hand and work at it. You may surprise yourself with how far you get. At that point, revisit the decision. If you really think it'll help (you'll know for certain at that stage), go for it.

Though I don't have any wild regrets over obtaining the degree, I would rather not have student loans and I'd gladly take back the two years I spent out of the industry.

Just my 2 cents.


Thanks for the input. I read/listen to every good business book I can get my hands on and I've done pretty well so far. I think I'll go MBA if I ever have a job that pays/partially pays for it.
 
2014-03-18 10:08:34 AM  
Did it ever occur to anybody that in a functional culture with a functional economy, the rule of the day wouldn't be sharpening your minefield navigation skills in order to come with a better con that will let you hit 70 with a roof, meds and running water?  The latter of which, atm, I don't thave because thieves broke into my duplex last night ans stripped all the copper pipe out while I and my downstairs flatmate were at work.  I blame boomers.
 
2014-03-18 10:09:04 AM  

RockofAges: I'm '84. Generation X mostly reminds me of DE-Generation X.

/two words for ya? anyone?



SUCK IT!!
*Does D-Gen X Arm Motions*


/Gen X, But not De-Gen X
 
2014-03-18 10:10:12 AM  
Not enough money to have credit cards??! WTF? Pass the crack, subby.
 
2014-03-18 10:10:50 AM  

reprobate1125: I really believe that some people who get into a little trouble are better off for it.


If that was universally true then no pilot would ever survive flight training.
 
2014-03-18 10:13:28 AM  

reprobate1125: emarche: reprobate1125: BTW, I don't know if you were trolling, but if you really did get an MBA, was it worth it?

I took two years out of the workforce to get an MBA. I did NOT pursue the MBA so that I could get a role in finance, I pursued the MBA because I took zero business classes (unless Micro/Macro econ is considered a business class - I have yet to find a situation where I'm required to discuss pareto optimality in the business world). My area of specialization was corporate/business strategy, which gave me wide exposure to virtually every track (finance, marketing, IT, HR, etc.)

It wasn't (completely) worth it.

While the fact that I have an MBA has come up in a few conversations/interviews, I firmly believe that I would know exactly what I know now had I simply made a trip to the library or local B&N and picked up a few books on each area of focus. Better yet: if I  actively pursued first-hand experience in these areas within my industry, I most likely would have figured out exactly what I need/don't need to know (I use managerial account almost as much as I use my extensive knowledge of pareto optimality: never).

Before you commit to pursuing an MBA full-time or even part-time, I'd offer up the following advice: decide what you want to be when you grow up. Not a vague sense of a 'I think it's my end goal', but a sharply defined target. Then, if you're able, do what you can to learn about that role first-hand and work at it. You may surprise yourself with how far you get. At that point, revisit the decision. If you really think it'll help (you'll know for certain at that stage), go for it.

Though I don't have any wild regrets over obtaining the degree, I would rather not have student loans and I'd gladly take back the two years I spent out of the industry.

Just my 2 cents.

Thanks for the input. I read/listen to every good business book I can get my hands on and I've done pretty well so far. I think I'll go MBA if I ever have a job that pays/partially ...


That sounds like a very smart plan - good luck!!
 
2014-03-18 10:19:08 AM  

dragonchild: If that was universally true then no pilot would ever survive flight training.


Some people. Little trouble.

http://dictionary.reference.com/browse/some?s=t
http://dictionary.reference.com/browse/little?s=t
http://dictionary.reference.com/browse/universally?s=t
 
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