Today’s Title: Millennials are just like me as a kid, except… By Charley.
The number of 16-year old’s with driver licenses has declined by 20% since 1983. Only 25% of 16-year-olds have a drivers license now. It appears that cars are not as important, especially with Social Media and Uber. It is easier to higher a driver for a ride than own a car. Also, the average cost of a car has increased from $25,500 to $32,500 over the past ten years. Insurance rates are much higher as the design complexity (think of your dashboard toys) of a car has increased.
States are vying for high-quality future taxpayers and government employees. To recruit recent college graduates, nearly half of the States have incentive programs to pay off student loans in exchange for employment.
Utah, for example, forgives 25% of a college graduate student’s loans for each year the graduate remains in the state and works in a field where the state faces a workforce shortage. In Michigan, Public defenders and prosecutors employed by the state can qualify for student loan forgiveness.
All systems are a go. We see the economy, fueled by population trends and immigration, going well for the foreseeable future.
Contact your MFA advisor to discuss ways to grow profitability with a flat yield curve. All of us at McQueen Financial are dedicated to your long-term success.
Have a great week!