Joe Pinsker
speaker
1,247 appearances
30 recordings
1 series
first heard Oct 2022
last heard Jan 2025
Joe Pinsker’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · How Not Having Student Loans Affects Your Financial Future · 1 Dec 2022
podcast
Research from the Federal Reserve actually shows that the rising amount of student debt has impacted young Americans' ability to own homes.
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And similar research from the Philadelphia Fed has found that people who hold debt are less likely to start a small business.
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So some of the ways that you think about building wealth if you're a young person become harder to access when you have debt to pay off each month.
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So the Fed does a survey where it asks Americans about their financial situations.
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And among Americans with a bachelor's degree, 64% of the people who didn't take out student loans said that their financial status was, quote, living comfortably.
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But if you look at the group of bachelor's degree holders who currently hold debt, that percentage was only 36%.
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Right.
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On some level, it's a choice to the extent that students can pick between colleges and maybe choose an in-state tuition over something more expensive.
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But a lot of things are kind of beyond their control in a way.
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It oftentimes has to do with how much money the family that you come from has or what kind of merit package a school happens to offer you.
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One really interesting person I spoke with is Rachel Romer.
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She's the CEO of a company called
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Guild Education.
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And she talked a lot about how she grew up in what she called an A-B test on affordable education in the sense that one side of her family, about 21 of her siblings and cousins, all had their tuition paid in full with money from a family business.
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But the other side, which consisted of 20 cousins, they didn't have that same family wealth to draw on.
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And she saw firsthand how much of a difference it made in terms of how hard people had to work and the sacrifices they had to make in their lives and careers in order to get further in life.
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Not in and of itself, no.
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Graduating without debt doesn't guarantee that you're going to be wealthy.
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But stories from people like Skyler and others I talk to seem to indicate that when debt is taken out of the equation, it opens up certain pathways that are otherwise harder to access.
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Many of the things that we think about when it comes to measuring the impact of debt are things that can be quantified, like homeownership or starting a business or retirement savings.
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Showing 1141–1160 of 1,247 · page 58 of 63
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