Privilege? My kids certainly weren’t born into a life of privilege. Our highest combined income we made when my kids were college age was $60,000. Everyone doesn’t have to go to a pricey college. Life is all about choices. Of course there are unexpected medical bills etc that can happen to anyone (we had those too). But there is no arguing that this generation spends way beyond their means more than any other in history. Generations in the past had some tough times too. My dad was born into life of poverty (he tells how every day for lunch he had to pack a ketchup sandwich) yet he worked hard, spent frugally and was able to buy several homes and retire comfortably (with no college degree). My generation had 18% mortgages, and much higher inflation and unemployment than right now so everyone has had issues to deal with.
I know why colleges are so expensive. I used to work at one. They have huge endowments just sitting there (millions and sometimes billions of dollars) yet they keep raising tuition. They have bloated administrative costs - more than any industry I’ve ever worked for, yet they don’t feel
the need to downsize like companies have had to. They keep adding expensive amenities and programs to attract prospects and passing the costs onto you. But until people stop paying the high costs, then they will continue to fleece our children. Try community colleges or local small schools, try trade schools. The biggest roadblock to young adults from home ownership now is huge college debt. Everyone has a choice and you don’t have to get sucked in a cycle of financial ruin.
