Short $UPST to bankruptcy: me a $300k salary FAANG employee with STEM degree at top 10 school, $100k savings, no debt looking to get $30k loan to trade stocks -- only got approved $22.5k loan at 27.5% APR and $2.5k origination cost -- worst product ever!!! (to compare WFC offered me $30k at 14% APR)
American arrogance is going to make Chinese stocks the multibagging wealth generators of the next decade for those of us who aren't racist English vocabulary peddlers lol. This country has human resources, especially in STEM, that almost dwarfs the rest of the planet combined.
what in the word salad did I read? corporations and government jobs only looking at candidates with degrees is a completely separate problem than the population being employed. the population picked the WRONG degrees, the nation pretty much only needs STEM and trades and even then it doesn't need degreed candidates on the STEM side and that can be treated like trades too. employers are the problem here.
WTF. I took out my loans 20+ years ago (loans were for three STEM degrees), my second job has been in the public sector since 2005 (teacher, EMT) and I still have at least 3 more years before it gets knocked out under PSLF. Meanwhile my student loan payments are currently more than I make in a month because they won't fix my IDR which they have been processing for 5 months (I was severely injured on the job as an EMT during Covid so I'm on workman's comp which is 215/week). I was supposed to be lowered to $276/month from $1700. (Mohela doesn't respond back, I filed a complaint with the Dept of Education, it's crazy, etc.)
Correct. I'm a STEM doctorate that's been invested since 2014. In college I worked as a technical fellow evaluating university invention disclosures for their market potential. In my current role I advise on technologies for their disruptive potential. I've spent 5 years researching cryptographic primitives, and the quantum technologies that will affect them. Cryptocurrency (more accurately labeled cryptofintech) has been the easiest investment choice of my life.
Not a lot of jobs in my area, tourism based mostly. Was either looking at $35k a year in the corporate grind or working 3 days a week in the service industry netting more (would of had benefits though). Bought a house at the perfect time with money I saved working through COVID and after living with my parents for a couple years so don’t want to leave the area quite yet. Watched office space when I was finishing up grad school and realized the main character was me 😂get a STEM degree kids.
Totally for withdrawing support for Israel. Yeah tax laws need to change and I also don’t want my tax money to go student loan forgiveness. I’m also willing to forgive student loans for STEM fields but I don’t want to pay for everyone’s business degree. I didn’t go to college because i knew i wouldn’t be able to pay for it. It’s not everyone else’s problem Harbor Freight is a more successful business than the practice/hospital your wife works at
Real talk, since WW2 the military/government dumped BILLIONS into higher education/STEM (GI Bill, student loans, direct funding, grants ect). This was really the result of the Cold War. So many of the tech advances we have today came from this investment. Also a crazy amount of jobs in this country come from contracts related to military spending. The aircraft carriers were built largely from American contractors, all the way down to the steel manufacturing, indirectly boosting our economy. $1 billion plane means most of that will go back into our economy. Really our competitive position in the market is largely related to national defense spending.
FWIW, graduated in 2011, so a little after the fact, but could definitely still feel the impact of the recession for sure - only really realized that in hindsight, at the time I was a bit of a wandering indifferent nomad and kind of didn't really pay attention to shit. Nonetheless I graduated with a not too great, not too terrible GPA (3.3) in a STEM field (Physics) from a top 50 university and had a hard time getting work doing much more than tutoring and teaching part time. Eventually wound up in grad school until 2015, did some unrelated work and internships until I wound up getting a big boy job in my field in 2017. That said, I knew people with M.A.'s and M.S.'s from places like Cambridge (admittedly, less remunerative ones like education and humanities and such) who were barely scratching out a living. They graduated in 2008-2010 and it was rough for them.
No. But I’ve heard that if the immigration ministry doesn’t think you are an asset to the country they will move you from a 3-year visa to a 1-year visa. It is basically impossible to get a permanent residence (PR) visa on a 1-year visa holder. I don’t think they can legally kick you out if you can find employment. Immigration uses a points system to decide who is eligible for PR in Japan. In principle, a STEM PhD with a couple patents could get PR in just a few years.
>But maybe those who chose humanities are not arrogant pricks who are interested in other things than posting about magic cards or video games on reddit. Interesting that you would post a clap back calling out STEM major's arrogance with a textbook nerd stereotype showing your own arrogance. Also, I would infinitely prefer to use Reddit to post about my hobbies than be a perpetually online political doomer, so there's that.
Pop culture's influence on the industry coupled with classic internet culture of everyone being an anonymous expert. I don't think people realize that in 99% of their favorite Wall Street media, the protagonists are *salesmen*, not *investors*. The buy side in public markets is full of STEM nerds and PhDs.
Make sure the career you are getting into ( or hope to) will have job openings and how much the salary is. Dont choose any EASY program as the field will be flooded. Best to go with a STEM field or Economics / financial career.
Since a lot of people have asked, I'm in Michigan. Specifically I'm in the Detroit suburbs, but I've lived all over the state. There are a lot of affordable homes in the area with low crime rates and good public and private K-12 schools. We're also home to some great universities: University of Michigan (STEM), Michigan State (Agriculture and Veterinarian), Michigan Tech (STEM), Wayne State (medical), and more. Yes, it's not going to have as many "cool" things that the coastal states do, but there are few states that are better if you like outdoor activities and sports. There's an emerging tech scene, including a lot of startups in Detroit and Ann Arbor, as well as a lot of auto industry jobs. Also, all those fun things in the big cities don't really count for a whole lot of/once you have kids. Politically, Michigan is actually a solidly blue state now and will likely continue to be so going forward now that we've permanently eliminated the old gerrymandered districts. I wouldn't expect us to be as super liberal as California (though Ann Arbor might give them a run for their money), but you'll probably have more of that "blue dog Democrat" vibe of social progressiveness combined with fiscal responsibility. It won't be everyone's cup of tea, but hey, at least we're not Ohio... My first home was in Lansing. It had 3 bed 2.5 bath, 1200 sqft + 800 sqft finished basement. I paid 125k in 2010 and sold it for $160k in 2014. We then built a 4 bed 2.5 bath new construction home in the Detroit suburbs with 2700 sqft and 3 stall garage for 307k. Finished the basement for ~60k to add a second kitchen, another bathroom, home theater, and another 1200 sqft or so of space. It's also a walkout basement. The home is currently worth almost $600k since we got in early to a "hot" area and the housing market is insane right now. Last I checked, an equivalent house would cost multiple millions of dollars in California. You can still find similar pricing in other parts of the state.
First comment, cause I'm the best. I wont't give you permission to reply to me. Listen it was entertaining at first. Hell, it was actually funny. But now I'm getting the feeling that you think you're actually on my level. From the day I was born, I was destined for success. I was brought into this world by a software engineer and a prominent actuary, both of Norwegian decent. From the moment that the fucking curtains were raised, I was set to dominate the STEM fields. And because I had guardians that actually cared about me, I flourished. Pretty soon, I was placed into a special school of correspondence, specifically I.M Gelfand's school for gifted children in New England. I not only reached my parent's expectations, but I passed the with flying colors. I had raw talent. I was fucking better. I was surrounded by 6th graders, many from Hong Kong, whom were smarter than half the posters in this website. And now where am I? In MIT, getting my double BS in Electrical Engineering and Physics, with a Stanford-Binet tested IQ of 147 at age 17. Get this through your head: I am worth more than your entire goddamn family. I'm smarter than you, better looking than you, taller than you, wealthier than you, and more employable than you. While you type out another comment, I'll be simultaneously working with the brightest minds in the world and fornicating with my beautiful girlfriend. It gets on my nerves when people pretend to be better than me. Know your place. Never, ever reply to my posts again.
There are some others. I dont have the same mental disorder as him. I work out. As a teen I've already earned enough to buy what will be my future house (going for a SirJack) I'm also going to college for an actual STEM degree. I can almost guarentee my personal life will probably be better too. Most likely my kids will like me lmao. Yall put so much into being able to pump/dump on your followers in a tweet... if that's the life you strive for then go for it man! I'm rooting for you. Personally outside of riding on Tesla success there is literally nothing I want to be like Musk about my life. You do you though.
Debatable Depends on what you are going to school for and the cost of school. Going to ivy league for a degree in music probably doesn't have the same value as going to community college+state school for a degree in STEM or a trade school for certificate as a medical tech or plumber.
Well STEM is way harder than my relatively blue-collar white collar occupation I’ll tell you that 😂 and it still pays six figs. Yet some of my friends my age make 2-3x my income but I’m not bitter about it. I think if you have a college degree you’re already in a pretty fortunate spot for earnings potential that’ll eventually propel you to your savings goal. But it’s not gonna happen with that mindset
Thank you for all this wonderful advice stranger. From dropping gems about miracle savings to advancing my skills. Well shit I never fucking thought of that!! Huh my bachelor's in STEM is meager compared to the super skills that you must be talking about. I hope it doesn't involve getting money in nefarious ways....
If we keep eliminating non STEM funding from the education system (and we've already done a lot of that already) we'll be no different than India and China. There's a reason California designed the iPhone and not Guangzhou or Hyderabad. Or that Hollywood output generate vastly more global soft power.
Not at the current unemployment levels though. No way in hell all those people are actually useful, and from what i experience most are actually counterproductive and just inflate costs by existing in the org. I am all for everyone trying to earn as much as they deem fair, but the labour market is supposed to be competitive. Not hiring anyone that can fog up a mirror. \*EVERYONE\* employed should be trying to get their own wage to outpace inflation (and then some) however not everyone deserves it and jobs don't make economic sense should be gotten rid of. Otherwise you end up with a service economy full of consultants and middle managers and government workers who don't actually drive any deflationary pressure: physical Industrial goods/tooling/infrastructure. Or even worse you get a slave labour force working for food stamps and housing in a modern urban version of a slave plantation. FIWI, I think the Pilots and UAW Unions actually really stiffed their members by fooling them that "times are tough" and letting everyone with just a couple of extra brain cells make a massive amount of money over the last 3 years, the current "economic conditions are uncertain or tough" is more of the same bullshit. People are being lied to and that is sad. The Unions are actually really holding their members back, people see these headline numbers that I tossed out as though they are outragous, but I'd actually argue they are too low... Take the UAW for example, their initial demand was 36% raise \*over 4 years\*, that's only 8% per year. It looks like they will go to \~24% over four years, 6% raise per year is a joke. GM can just buy some 10 year treasury bills that pay 5% to basically cover the incoming OPEX expense and keep an asset on the books. As I said in a reply (that got down-voted by commies) to another thread, the baseline growth for your money should be 10% per year if you aren't getting that, you are doing it wrong. We all know the CPI metric for inflation is a self fulfilling prophecy since the "standard" for the average basket of goods gets lowered (smaller dwelling, lower quality food, walk and bike everywhere) when real inflation hits. Returns/raises/pensions indexed to CPI are laughable. When it comes to the workforce, when I see bullshit like this from IBM, I feel sad for the world: https://preview.redd.it/fgme59cia6wb1.png?width=873&format=png&auto=webp&s=9a4ab93e39fa431b293f22b726b8c61b46da4912 So basically, humans are turning into task schedulers for automated calculators, scheduling being an NP-hard problem I find irony in the idea that STEM skills aren't needed to schedule and prioritize. Maybe I and my attitude the real cause of inflation. I view wages as a very simple transnational relationship with no hard feelings, If you don't pay me what I want I just won't work for you, no hard feelings. I got plenty of shit to do for myself and for the most part really wish people just left me alone. I am not here for the sake to be employed, i can keep busy and generate value regardless.
No one has balls or will to do it in Congress but a serious cutting and revision of expenditure would be a relief. Cut colleges off from subsidies except for STEM grants. Call me crazy but spending $80M on a study to study the therapeutic effects of ballet on trans mental health and such endeavors is something we could do without.
-425,000 . The next year +500k . Mostly super high risk investing all eggs in one basket (gambling) and lucky educated guesses as i was landsliding into bankruptcy anyway in 2009. Now I’m a multi millionaire with 300.00 in cash. Hope I dont need grocery’s anytime soon. A better relevant STEM education would have helped in hind site.
Wow, nice. In 2015 I was paying off my $95k of student loans for a STEM degree that didn't land me a job out of college because I graduated in the 2010 recession. My parents claimed they would help pay my college when I graduated high school but then they did not, so going that much in debt was not my first choice. Fun times, I'm not bitter at all as you can tell 🙃
You walk over GenX... being smaller we hold per capita wealth equivalent to our Hippy, Yuppie parents at age 50. I would say on average boomers are not dying of the things my grandparents (born in 1919-1925) died of, boomers are cancer screening every freakin week. There use to be someone dead of lung cancer in my life at an early age every few years, now nobody in my economic class smokes. Here is what I see as 15 years older than a millennial. millennials were oversold the value of a name brand education. millennials were oversold the value of a degree outside of STEM. millennials were oversold the value of doing something for the common good. millennials were oversold the value having the best rated house, car, phone or REIT. millennials were oversold the value of crypto, EVs, Green and Walkable Cities. millennials were oversold the value of free health care in a world of low cost miricle drugs. The boomer list of shortfalls I herd from my grandfather many times when the hippies were in the other room, someone who wanted to tour in jazz band at 17 but became a regional bank manager after watching his buddies die in the sky over europe. Dreams do not work out the way one expects. We are having a much easier time of it than people born in 1900 and 1920. 1970 and 1990 were not bad years to be born.
Your bit about well-paying jobs is riddled with ignorance. By design, those are fewer and farther imbetween now. While housing, education and general inflation have skyrocketed over the past couple decades, wages have been largely stagnant. My boomer grandparents could afford to support a family, buy a house and car, then retire, all on a highschool diploma working what we could call "entry level" jobs their entire lives. I worked my way up to management in pharma and still couldn't afford my own 1 bedroom apartment. The fresh STEM graduates I was hiring were getting paid just above min wage, which is half of what they would he getting had min wage been indexed to inflation. Even less if wages took into account the vast increases in productivity, but instead that's all going to CEOs and boomer shareholders.
As an Singaporean, I used to believe the whole "buy the rest of the world" thing because I thought I was being smart and contrarian. Now I don't. Talented migrants still choose America, and funding and entrepreneurship for disruptive future tech happens in America. If the world is bullish, it is America that will lead because innovation happens there more than anywhere else. Tech has only compounded this advantage. The more I learn disruptive tech development, the more I realise you can't just copy paste innovations from America into another country and think it'll "be the next Silicon Valley". If it were, the US wouldnt be utterly dominating future industries like AI and space right now, because China has all the capital and STEM talent to compete. I run a modest AI Startup. As much as I try to be resourceful, there's so many growing advantages Silicon Valley has, that I can't make a case for any other tech hub catching up. China's hardline government is clamping down on tech, the EU tech scene just doesnt have the activity or track record. India *maybe* has a shot, but not by much. My American friends/competitors love innovation, they find easy funding from investors who love innovation, and other countries' innovators migrate there. I really dont think it's comparable to anywhere else on earth.
I think so. Becoming a global power requires a lot of work at all levels – in STEM, healthcare, politics etc. The problem with oil money is that it made their lives *too easy* and they haven't gotten that culture that drives people to innovate etc. *At best*, I think I can be like Australia where there's natural resources wealth and reasonable economic management. However, I wouldn't count on it.
Several years ago, I considered joining the Air Force and Navy reserves. Have multiple graduate degrees in STEM (including from Harvard). The AF recruiter offered me an enlisted position. The Navy recruiter was slightly better but it wasn’t that great a sell. Yeah no thanks. Glad I never joined up.
Holy crap lol, someone linked the r/StudentLoans subreddit and damn thats depressing. I'm all for them paying back their loans, but reading about people who make a minimum payment but their loan principle just endlessly goes up because they're not even covering the interest is actually fucked. Its literally indentured servitude. I'd be alright with discharging some degree of student loans IF it also had restrictions on future student loans given, like stop giving 50k to someone who will get a job that makes 50k, they will never pay it off. Only give loans to STEM fields or things like that with high paying jobs waiting for them. College isn't for everyone. Like with the border, you can't do shit about the people here until you stop the rest of them from coming here, long as the border is open then theres no point in talking about anything else. Same thing with student loans, as long as more losers that shouldn't be going to college are getting loans to go to college, theres no point in talking about solutions for the ones who already are fucked. Anyway...student loan repayment starting again is absolutely going to cut into the consumer spending and the people who think otherwise are living in LALA land.
I don't entirely disagree with you but you fail to mention the fact that the government itself pushes these loans and systems in the first place. Not only that, but it's a vicious system that feeds on itself: student loan companies gives out loans to people wanting to go to college (and let's also keep in mind these target low to middle class individuals, as the rich can afford to just pay) and then universities (including public state ones) raise tuition, book costs, dorm costs etc, which causes students to ask for more and more simply for attending 4 years of school. The costs of STEM degrees are also _not cheap_ for the common person. There's a lot of data covering the massive inflation in cost of attending any sort of post high school education, and these are set by for profit companies, not the students. What happens next? People need to take out bigger loans because they can no longer even afford a bachelor's, and then these loan companies charge even more. So on and so forth, as I alrady said. I understand where you're coming from, however it's not so easy to just say "don't go to college," or "everyone who can't afford to pay tuition up front needs to go to trade school or unskilled labor". That would mean the only people capable of receiving a higher education are those wealthy enough to pay out from the beginning, which would only exacerbate things further. I suppose that's the part where I show my cards and say I prefer the European method. There's no reason that a country like the US can't provide good, free education for the less financially stable people while having the option of amazing (and it is amazing) private education for those that want and can afford it. Let me also end this by acknowledging as well that I do think trade schools are amazing, and yeah, we don't need 10^6 people studying liberal arts. That said, we as a society and government need to 1) make that more financially viable, 2) less looked down upon, and 3) create more programs dedicated to getting people into these jobs that don't require expensive loans. Why do you think they don't do that, I wonder?
The world and the economy is in a shit place, and I know so many people who are drowning in debt because their family thought kicking them out at 18 was a good life lesson. It's astonishing. It comes from exactly that type of "fuck you got mine" mentality. It makes me wonder why boomers and people like this wanted to have kids in the first place. I would assume you'd want your "legacy" to be financially stable and have a fighting chance, but these people are incapable of extending even that basic kindness to the person who didn't even ask to be born. They suffered, and instead of planting new trees for the new generation, they cut down all the metaphorical trees. Fuck man, who even created those classes? Exactly the idiots who criticize the younger generation for taking them (not to mention it entirely a strawman and just a shoe-in for anything not STEM).
My two cents and guesses: The newest generation of investors display an unwarranted optimism about the perpetual rise of the market over the long term. Overall productivity and practical skills are declining. Stocks will continue to artificially rise for a while. Here’s why: We (my generation) take on increased risks due to an flawed belief in the market's constant growth and lack of understanding of what has historically driven growth. We’ve been told the market “always goes up in the long haul” by the generation before us. As a generation however, we don’t have the work ethic of those before us to produce the goods and services that root this growth. The US in 1970-2015 produced revolutionary STEM advancements that outcompeted the other markets of the world. It was hard work that drove up prices over this long period of time, not an innate characteristic of capital markets. I think productivity overall drives market growth, and I think that productivity in this generation is beginning to level off. In addition, AI will eventually take a large chunk of the work load, decreasing the total size of the pie and giving it all to a small number of specialized people. By extension, I have a few hypotheses: 1: Rates are more likely than not to hang around 10% or higher for the long haul as people generally choose higher risk avenues, which function to lower demand for debt instruments and keep pushing rates higher. 2: The government and large banks will continue to trend away from buying these relatively low yield bonds until a “reverse pressure” stabilizes rates at a new norm (10-15%?). I think this is the beginning of a new long term debt cycle and rates like 5% won’t be seen for several decades. See here: https://www.wsj.com/finance/investing/why-8-percent-mortgage-rates-arent-crazy-590d887f# 3: Stocks will artificially rise due to false optimism of things “working out over the long haul”. Stocks and rates will counterintuitively rise together for a short period of time until stocks flatten out and eventually enter a long period of stagnation that lasts as long as the lack of productivity does.
Hang on now. IF it's forgiven then it's money spent. But that's getting a little far from our argument. Fund the piss out of STEM programs. Fund the top 25% of undergrad students then everyone who qualified for graduate study. If you want some kind of other degree you're on your own. It would also behoove is to remove all the bullshit classes students have to take. Sorry, but I don't give two shits if my heart surgeon passed his American literature course.
Hey Geo, Yea man, funny how nobody talks about anything other than Tier 1 operators. Nothing against it, just funny how the conversation has yet to shift. It will. My entire portfolio is Teir 2 and 3. MRMD being the biggest company for example. I was buying STEM at .01 and .009 etc. Was going to grab my last 40k shares to reach 800k this morning on the open, but backed the orders off last night. To hard to buy after was getting it at .01 for like 3 months.
I got a loan for a school that ended up costing $100,000k over 4 years, as a 17yo non us citizen. There's a problem in that. My chosen STEM degree would pay about $40,000 as a PhD but I switched. Dozens of people in my school that went that route since it was top 3 nationally in that STEM field. Necessary for society. There needs to be loan forgiveness to keep society running.
Congress can just borrow money to buy the debt they owe then use the interest they’re collecting pay future debt. We’re fine. We’re producing more oil than Saudi Arabia, American productivity dominates the globe, we lead the world in STEM research and development, and we’re about to become the world’s largest producer of green technology. That’s besides the point we have the greatest military force in human history and one of the most educated populous with the world’s most elite universities. All while having a young and diverse population we could either grow organically or import. Sure there’s lots of problems, but we’re just a species of primates.. it’s kind of amazing we’ve gotten this far despite how stupid everyone is.
Money and wealth is in theory an infinite resource. Land and buildings are finite. I’m not hear to complain. I’m hear to advocate for myself and others. To remove barriers to entry. Subsidizing STEM eduction, first time home ownership, etc. No tears for you today my dude. ✌️
Wait until you get accepted to a program and they tell you what's required! It's likely you'll need a Windows machine for STEM, MacOS (not iOS) if you go arts, something that runs Linux for CS, etc. I don't know of any program that requires students have an iPad, but plenty that require a full laptop or desktop. You'll regret it if you think an iPad is all you need now and end up needing to use R Studio, or Matlab/Simulink, or some specific piece of software that only runs on Windows
The macro economics are making it very hard for small cap companies to accelerate growth so we may see $STEM beginning to show weakness. Currently they are making a large proportion of sales within the hardware side which has poor margins. They are trying to redirect the company towards a software/service offering which as most know have juicy margins. There should be enough room in the market for a few providers. STEM / TSLA / FLNC etc. The total addressable market is massive. Another indicator of why I’m bullish is the legislation that has been passed and currently in negotiation. Everything is pointing towards an electrified continent. Legislation leads, money follows. I’m sitting with shares currently but have slices in $FLNC and $ENPH. I’m hopeful they will get to a cash flow and EPS positive position but I don’t see $STEM as a x10 bagger. Bullish: - Industry / Sector / Market Size - Legislation Tailwinds - Product has been receiving good reviews/awards Bearish: - Cash Reserves / BS Debt - Majority Hardware Sales - High Inflation Macro Environment
that and also I'm not a 100% sure a big company like tesla can just start to offer their own software with their batteries and suddenly push STEM aside. I like STEM's idea but I don't see them growing so fast and with a proper moat to prevent other companies from stealing their meal before they get big enough. Maybe everything changes next quarter but from what I've seen they might be losing steam too early, or maybe I'm wrong.
Cash is the biggest issue for $STEM at the moment, $150m remaining with debt already on the books and new debt is expensive. Their CEO hinted that a significant amount is tied up in the inventory which should be cycled out by the next quarter hopefully bolstering their balance sheet but time will tell. Should also be CF positive by Qrt4 23. $STEM is cheap and Wallstreet knows there are issues but again it’s so early. High risk / high reward.
There is little to no excuse to go out of state. California has an extremely long list of public universities that have like 85%+ admission rates as well. For STEM degrees your college hardly matters and going out of state for non STEM is extremely silly, unless it's specialized grad school. Studying a lib arts degree out of state is a privilege and a terrible financial decisions so if you can afford it go for it but you're the only to blame.