Self-Entitlement: Potential Pitfall to Your Financial Health
A lot of people who are struggling to make ends-meet never fully expected to be in this situation. But this scenario is repeated many times over throughout the country. An average American today has some form of debt he needs to pay off at a regular basis. It has become a fact of life and all that most people can do is to deal with it. Take the example of Paige Nichols. Born in 1975 in Oklahoma City, she came from a rather well-off family.
Her father was a successful commodities trader. However, by 1993, about the time when she entered college, their financial situation has become volatile. Though her parents were able to send her sisters, 11 and 13 years older to college, they couldn’t afford to send her to school anymore. In this type of situation, most people turn to student loans.
Paige finished at the University of Tulsa in 1997. She took a business degree and a $20,000 after graduation. By official reckoning, her situation reflects those of typical college graduates in America. Paying $300 a month, she’ll need to pay off the debt until she’s 50 at that rate. Though $20,000 isn’t really ‘that much’, it feels hefty according to Paige.
Similar others of her generation, Paige never thought that money will be an issue in her career and in her life. But it was. Long fascinated with forensic psychology, she was accepted into the master’s program at the Chicago School of Professional Psychology. The catch is, she had to borrow $32,000 which is a big amount especially since she is likely to less when compared to the corporate world.
She is among the first generation that grew up at the introduction of the internet and mass media advertising. However, many have come to know her generation as the most indebted in history. There are economic realities that should be noted. Students in the last several decades have to borrow money in order to attend college. As soon as they enter school, credit card offers abound. By the age of 30, they have accumulated so much debt they can ill-afford to repay.
No Guarantees
In various ways, the reality today has changed for the worse. A college degree is now the minimum qualification required to enter the labor force. But even a college degree is not protection against financial turmoil in the market. It cannot guarantee retirement plans and health insurance as well. In addition, the real earnings for these graduates continue to fall even as the cost of higher education continues to rise. With this type of scenario, a lot of people will pay off their debts well into their 40′s.
These types of financial burden leave many people vulnerable to discontent. Those with huge amounts of debt have to change career plans, put off buying a house, give up graduate school, and delay getting married. Turning 30 used to be an iconic symbol. It is supposed to be the time when a person reaches maturity, gain the seriousness of a purpose, and have a distinct plan for the future. However, debts can diminish that stability and leave a lot of people feeling vulnerable.
Stop the Sense of Self-Entitlement
Many people grew up with a sense of entitlement. Because they were raised as consumers, they have an unusual sense of self-entitlement, sure of their future success. Doing a reality check will reveal that this isn’t the case at all. But all is not lost especially if you’re ambitious, smart, and entrepreneurial in spirit.
