thyme4change
Community Leader
Joined: Dec 26, 2010 13:54:08 GMT -5
Posts: 40,762
|
Post by thyme4change on Jun 14, 2011 11:33:22 GMT -5
I was flipping around when I was in a serious Saturday Coma, and I watched Susie for a few minutes. I haven't seen her for years. I noticed two things: 1) She is advocating an 8-month emergency fund. Did she increase this from the 6-month standard recently? 2) She had a big (huge) sign on the back of the stage that said "Money Class" - but she kept standing in front of the "CL" so it just said "MONEY ASS"
|
|
Deleted
Joined: Oct 5, 2024 11:32:45 GMT -5
Posts: 0
|
Post by Deleted on Jun 14, 2011 11:35:49 GMT -5
I used to like the "Can I afford it " part, but her answers are so obvious. It is almost like watching Judge Judy
|
|
|
Post by jospaced on Jun 14, 2011 11:38:07 GMT -5
This message has been deleted.
|
|
kiskis
Initiate Member
Joined: May 18, 2011 13:26:36 GMT -5
Posts: 59
|
Post by kiskis on Jun 14, 2011 11:39:47 GMT -5
Did you see the part where she says she is working with people to get the law on not being able to discharge student loans through bankruptcy changed? What did you think? She lost me right there. LoL, was that with the guy who she was gushing over because of his puppy dog eyes and near-tears face? My comment to DH was, "She wants to give him pity sex so bad right now."
|
|
|
Post by jospaced on Jun 14, 2011 11:42:16 GMT -5
This message has been deleted.
|
|
thyme4change
Community Leader
Joined: Dec 26, 2010 13:54:08 GMT -5
Posts: 40,762
|
Post by thyme4change on Jun 14, 2011 11:42:20 GMT -5
I missed that part.
However, I will be interested in seeing what happens with student loans. Although we fritter about people coming out of universities with $100k in student loans and jobs that earn $30k - the real problem is with for-profit schools. This would include trade schools, beauty schools, University of Phoenix, etc. etc. The default rate on those loans is extraordinarily high. I think the industry is in for a world of hurt. The sooner the better. We need to suffer through the pain of figuring out a better way.
|
|
|
Post by jospaced on Jun 14, 2011 11:43:59 GMT -5
This message has been deleted.
|
|
thyme4change
Community Leader
Joined: Dec 26, 2010 13:54:08 GMT -5
Posts: 40,762
|
Post by thyme4change on Jun 14, 2011 11:44:07 GMT -5
Suze Orman - the Money Ass.
|
|
constanz22
Senior Member
Joined: Dec 18, 2010 14:32:17 GMT -5
Posts: 4,219
|
Post by constanz22 on Jun 14, 2011 11:44:11 GMT -5
Did you see the part where she says she is working with people to get the law on not being able to discharge student loans through bankruptcy changed? What did you think? She lost me right there. LoL, was that with the guy who she was gushing over because of his puppy dog eyes and near-tears face? My comment to DH was, "She wants to give him pity sex so bad right now." Uhm, I seriously doubt that's what she was thinking, since she's gay and has a wife/life partner...
|
|
kiskis
Initiate Member
Joined: May 18, 2011 13:26:36 GMT -5
Posts: 59
|
Post by kiskis on Jun 14, 2011 11:45:52 GMT -5
LoL, was that with the guy who she was gushing over because of his puppy dog eyes and near-tears face? My comment to DH was, "She wants to give him pity sex so bad right now." Uhm, I seriously doubt that's what she was thinking, since she's gay and has a wife/life partner... Twas a joke. She was ridiculously gushy about him.
|
|
thyme4change
Community Leader
Joined: Dec 26, 2010 13:54:08 GMT -5
Posts: 40,762
|
Post by thyme4change on Jun 14, 2011 11:46:18 GMT -5
The origination of the law to exempt them from bankruptcy was that doctors and lawyers were graduating, declaring bankruptcy, ridding themselves of huge student loans, and then going out and making very high salaries. (I know - not all doctors and lawyers are rich, blah, blah, blah.) I think the concept was good, but as always, the execution was, as always, done by a bunch of greedy people who figured out the best way to get as much as they could from as many people as possible.
|
|
bean29
Senior Associate
Joined: Dec 19, 2010 22:26:57 GMT -5
Posts: 10,198
|
Post by bean29 on Jun 14, 2011 11:47:06 GMT -5
I missed that part. However, I will be interested in seeing what happens with student loans. Although we fritter about people coming out of universities with $100k in student loans and jobs that earn $30k - the real problem is with for-profit schools. This would include trade schools, beauty schools, University of Phoenix, etc. etc. The default rate on those loans is extraordinarily high. I think the industry is in for a world of hurt. The sooner the better. We need to suffer through the pain of figuring out a better way. Really? I always knew institutions like University of Phoenix were a problem but Trade Schools like our local Tech College System? They are still funded by taxpayers better than the public university system, so they are not overly expensive? And beauty schools? My DD and I each got our hair colored yesterday $160.00 for the two of us +35 tip. My beautician is not doing that bad.
|
|
zibazinski
Community Leader
Joined: Dec 24, 2010 16:12:50 GMT -5
Posts: 47,910
|
Post by zibazinski on Jun 14, 2011 11:48:26 GMT -5
DF thinks we are in for a serious recession. I pray he is wrong but he rarely is( ) so that may be her rationale for 8 month as opposed to 6 month ef. No way will student loans ever get discharged. It's like the IRS, NOT going to happen. What hopefully will happen is that people start having some sense about college.
|
|
thyme4change
Community Leader
Joined: Dec 26, 2010 13:54:08 GMT -5
Posts: 40,762
|
Post by thyme4change on Jun 14, 2011 11:50:20 GMT -5
The graduation rates from all of those schools are pretty low. And, just because you picked a better than average stylist doesn't mean there aren't super-cuts people making around minimum wage. You also assume that everyone who graduates can pass the licensing tests.
|
|
|
Post by jospaced on Jun 14, 2011 11:50:22 GMT -5
DF thinks we are in for a serious recession. I pray he is wrong but he rarely is( ) so that may be her rationale for 8 month as opposed to 6 month ef. No way will student loans ever get discharged. It's like the IRS, NOT going to happen. What hopefully will happen is that people start having some sense about college.
|
|
|
Post by jospaced on Jun 14, 2011 11:52:08 GMT -5
This message has been deleted.
|
|
thyme4change
Community Leader
Joined: Dec 26, 2010 13:54:08 GMT -5
Posts: 40,762
|
Post by thyme4change on Jun 14, 2011 11:54:54 GMT -5
Oh - well then. I'm sure I'm totally mistaken and that all the averages listed for all beauticians is totally wrong. Clearly they are all multi-millionaires. Sorry - I retract. Every person that has every gone to beauty school has paid back their student loan, and actually paid double because they were so rich they didn't know what to do with all the money.
|
|
swasat
Senior Member
Joined: Apr 13, 2011 9:34:28 GMT -5
Posts: 3,735
|
Post by swasat on Jun 14, 2011 12:01:31 GMT -5
My beautician has a house worth half a million + and a cottage on the shore. Thats most likely an exception, not the norm. Who knows if she has another income stream. Like a high earning SO or some other business. She might be the owner of her salon business. 90% of the beauticians *do not* earn that kind of money.
|
|
|
Post by jospaced on Jun 14, 2011 12:04:23 GMT -5
This message has been deleted.
|
|
thyme4change
Community Leader
Joined: Dec 26, 2010 13:54:08 GMT -5
Posts: 40,762
|
Post by thyme4change on Jun 14, 2011 12:16:07 GMT -5
Not sure how your vastly isolated story of one individual's house has any relevance to the fact that a majority of people who went to beautry school default on student loans.
|
|
Deleted
Joined: Oct 5, 2024 11:32:45 GMT -5
Posts: 0
|
Post by Deleted on Jun 14, 2011 12:17:18 GMT -5
Did you see the part where she says she is working with people to get the law on not being able to discharge student loans through bankruptcy changed? What did you think? She lost me right there. I'm ok with private SLs being discharged via bankruptcy. As it stands a consumer has more protection with a cc than a private SL.
|
|
|
Post by jospaced on Jun 14, 2011 12:20:04 GMT -5
Pardon me for commenting.
|
|
Deleted
Joined: Oct 5, 2024 11:32:45 GMT -5
Posts: 0
|
Post by Deleted on Jun 14, 2011 12:23:06 GMT -5
I’m still surprised at how passionate everyone gets when they speak of Susie Ormond. Do you think her advice is bad, or just too basic? It seems pretty basic to me, and might be helpful to those who “don’t have a clue” that we’re always talking about. I wish my sister would watch her, but she says she “doesn’t want to know” how bad it is, and prefers to keep her head in the sand and her fingers crossed. I think some basic financial information would ease her stress and fear of the unknown.
Re discharging student loans: I believe she’s talking about private loans and not federal loans. A private student loan should be like any other consumer debt and be dischargeable in bankruptcy.
|
|
thyme4change
Community Leader
Joined: Dec 26, 2010 13:54:08 GMT -5
Posts: 40,762
|
Post by thyme4change on Jun 14, 2011 12:23:11 GMT -5
Universal Technical Institute's full program can cost up to $45,000. That would be tuition only. Students can still get living expenses on top of that. The average salary of an auto mechanic is $36,000. I guess I would rather have $80k in loans and a law degree than $80k in loans and a UTI certificate.
|
|
bean29
Senior Associate
Joined: Dec 19, 2010 22:26:57 GMT -5
Posts: 10,198
|
Post by bean29 on Jun 14, 2011 12:34:36 GMT -5
Thyme, I did not mean to discount everything you are saying, I was just pointing out that there are publicly funded technical schools, and then there are private tech schools. I was saying you should be careful to not lump all "technical schools" into the abuse category.
I myself have a 2 year degree from a publicly funded Technical College and a 4 year degree from a Private College. The tech school was every bit as good, just cheaper, and some of my teachers that taught at the 2 year school also taught at the 4 year school.
RE: My beautician, she is in a pretty middle of the road shop. It is not high end. Personally I think beaticians do well as long as they have access to health ins. Also since most are self employed it is things like health ins, disablilty ins, and retirement savings that are big issues for them. They spend most of their day on their feet, which may be a barrier to continued employment as they get older and deveolp things like arthritis etc. Personally I don't hold a lot of water for statistics in jobs that are heavily dependent on tip income. How do they accumulate valid data when underreporting income is the norm? In my state, they will be eligible for State funded ins if they stay under about $40,000 in income so all of them are going to have motive to underreport.
|
|
midjd
Administrator
Your Money Admin
Joined: Dec 18, 2010 14:09:23 GMT -5
Posts: 17,720
|
Post by midjd on Jun 14, 2011 12:34:46 GMT -5
That is exactly why DH went to Ivy Tech (our state school) instead of UTI, Lincoln Tech, etc. It costs us about $1,500/semester, versus $10K a semester at one of the for-profit schools. Interestingly, our neighbor is currently an auto tech student at Lincoln Tech. He is an Operation Iraqi Freedom vet so I'm assuming he gets some tuition assistance, which is good... otherwise I'd be tempted to give him the "Do you REALLY want to pay that much for your education?" talk He spends a lot of time hanging out with DH in our garage and from their conversations, it doesn't sound as though the curriculum is any different - so I just don't get why you would pay 10x more for the same education. The only thing I can think of is that Ivy Tech doesn't advertise on daytime TV, whereas ITT/Lincoln/UTI do, so maybe some people just aren't aware of the program...
|
|
thyme4change
Community Leader
Joined: Dec 26, 2010 13:54:08 GMT -5
Posts: 40,762
|
Post by thyme4change on Jun 14, 2011 12:37:25 GMT -5
Let me clarify
For profit schools of all kinds have very high default rates.
|
|
midjd
Administrator
Your Money Admin
Joined: Dec 18, 2010 14:09:23 GMT -5
Posts: 17,720
|
Post by midjd on Jun 14, 2011 12:44:33 GMT -5
Oh and I have to add this, because this is my favorite University of Phoenix story.
DH's cousin (who could be the subject of many, many YM posts) is married to a gal who has been going to the University of Phoenix for a degree in business administration. We went for a visit and the wife and I got to talking about student loans. I said that mine were in the six figures, and I wasn't happy about it, and she said something like, "Wow, I can't imagine having that kind of debt... I've taken out $50K so far, but once I finish my degree, I'll be able to get a job as CEO making like $100K a year."
She had taken out $50K - TWO YEARS INTO a degree that is going to get her resume tossed in the trash. She has another year to go and I suspect when she's finished, her SLs will be just as high as mine - but without the accompanying professional certification. It is unfortunate - I don't care for DH's cousin, but she is a nice girl, and I think just got in WAY over her head. When this train wrecks, it is not going to be pretty.
I suspect this is not at all uncommon with for-profit schools.
|
|
thyme4change
Community Leader
Joined: Dec 26, 2010 13:54:08 GMT -5
Posts: 40,762
|
Post by thyme4change on Jun 14, 2011 12:47:41 GMT -5
Well - you never know - I am looking at a resume now that one year out of school she was president of the company.
I told her to take that off as no one would believe her, or care. She now needs an entry level job. Her title needs to reflect her playing nice in the sandbox, not bossing around 2 employees at some small-time operation.
|
|
Phoenix84
Senior Associate
Joined: Feb 17, 2011 21:42:35 GMT -5
Posts: 10,056
|
Post by Phoenix84 on Jun 14, 2011 13:01:19 GMT -5
"Oh - well then. I'm sure I'm totally mistaken and that all the averages listed for all beauticians is totally wrong. Clearly they are all multi-millionaires. Sorry - I retract. Every person that has every gone to beauty school has paid back their student loan, and actually paid double because they were so rich they didn't know what to do with all the money." Thyme4change, you are right about beauticians not making that much. According to the bureau of labor statistics: "Median hourly wages in May 2008 for hairdressers, hairstylists, and cosmetologists, including tips and commission, were $11.13. The middle 50 percent earned between $8.57 and $15.03. The lowest 10 percent earned less than $7.47, and the highest 10 percent earned more than $20.41." "Median hourly wages in May 2008 for barbers, including tips, were $11.56. The middle 50 percent earned between $8.93 and $14.69. The lowest 10 percent earned less than $7.56, and the highest 10 percent earned more than $19.51." www.bls.gov/oco/ocos332.htmDon't let them get you down, some people think "just because they know somebody" that it makes it scientific fact. Screw actual research! You are right. My guess is that if a beautician is apparantly doing well they are either married to a high earning spouse, have another job, or are independently wealthy.
|
|