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20% of Millennials Expect to Die with Debt



What a busy couple of days I've had - on Saturday I went with my mother on a multi-state antique store trek so she could stock up for her Etsy business (which involved me waking up at five and spending eight hours in the car) and then yesterday my boyfriend and I went to the movies. I haven’t seen a movie in theaters in so long! But don’t worry, I used gift cards I’ve held on to for the past 5 years (read gift cards I forgot about at the bottom of my purse) to purchase the tickets. So it wasn’t a really expensive outing. Things are only going to get busier as I start my spring semester tomorrow (two classes down, eight to go until I have master’s #2!). So you'll have to forgive me if I miss a few days here and there! I promise I'll still try my best to stick to my every other day schedule.

Anyways, over the weekend when I was in the car on the aforementioned trek with my mother I stumbled across this depressing article. One in five millennials (those aged 18 to 34 or 37 depending on the study) expect to never be able to pay off their debt. I get that the struggle is real. As you already know I have a ton of debt and I know millennials have crushing student loan debt but c'mon, let’s not give up just yet. We’re in our 20’s and 30’s (well, for the most part), we have our whole lives and careers ahead of us. I think that’s too dang young to just give in and give up on the idea of financial freedom. Besides, I don't want to think that I'm never going to pay my debt off! What happened to a little bit of optimism? It can’t hurt right?

So here’s the sad state of affairs the article brings up:
1) The average millennial has $36,000 in personal debt (all debt such as car loans, student loans, credit cards, personal loans, etc. Mortgages are excluded)
2) Over 60% of millennials say they don’t know if or when they’ll pay off their debt
3) 20% of millennials expect to die in debt

Also to keep piling it on, the recommended article on the bottom of my already bad news article: 60 percent of millennials don’t have enough money to cover a $1,000 emergency. Millennials aren’t the only ones struggling either, 52% of all Americans said they couldn’t cover the $1,000 emergency.

I have my fair share of personal debt - $21,100 as of my progress report. That’s a lot in my opinion. I would love to see this number in the four digit range. The article suggests having a plan to pay off your debt. As for me, I’m going to start small and focus on paying off the smaller balances I have first.

As for dying in debt. No, not if I can help it. Since my biggest expense should always be my mortgage, I have a set timeline for when I believe I should be debt free - 30 years. At the max. I plan on making extra payments because I want to be debt free. I’m pretty sure everyone does. To put it simply, debt sucks and I want to be able to have a few good debt free years (maybe on the Florida sunshine!). I’m hoping that everyone else in my generation can achieve this goal too, I think we can if we put our minds to it.  We’re the most educated generation in history, let’s show ‘em what we got!

I also have enough (but barely) to cover a $1,000 emergency. I know I need to pad my savings account. One of my main focuses will be making sure I have an emergency fund. Met goal is six months of expenses, but the article recommends at least three. Since I live in a somewhat economically depressed area and I have very specialized work experience I figure six months is a better idea for me.

Millennials, I know it’s hard. I’m in a debt. I don’t know just when I can get out of it and the prospect of being nearing 60 when I write my last mortgage payment check is downright scary but I won’t give up on the idea that it’s eventually going to happen. One day I will be debt free. Please don’t give up on that idea for yourself. You can do it! And if you need a friend to do a no spend challenge with, I’m here!
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Broke Dolly
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