Better a debt ridden degree holder than a bankrupt housing investor
I just realized that in less than twelve months, of scrimping and saving, and avoiding coffee shops but not coffee, I have paid off nearly a third of my University debt. Admittedly, our debts are lower in Australia than in the US. The cost to study anywhere is increasing at an alarming rate and the next budget proposes likely increases again. It makes no sense that our government is proposing placing yet more burden on young people and students who have the least of any cohort in the community. We talk about vulnerable people and then go after students and the unemployed with thoughtless insidious enthusiasm. Apparently, people are only vulnerable if they are "hard working families" or "mum and dad investors".
Personally, I believe that if the government wants to reduce spending on Universities, as well as hold them accountable for funding use, they need to reduce students. A University education traditionally was accessible to the cream of the crop of students and therefore had value. Give a degree to everyone, increase the cost and erode the value and end up with woeful employment for graduates.
If you want a University education then I would pursue with caution. You are better off doing free online courses, or low cost accredited courses most of the time. My trade qualifications were useful but I would probably not pursue University again. You can learn plenty by volunteering with organisations and doing everything reasonable to get casual work, or even better a traineeship/ apprenticeship.
Now I have a degree I want it paid off quick smart! As a bonus, today I received another refund from an old car insurance policy, apparently I was overcharged several hundred dollars a few years ago. This money will either be saved or used to pay off more of my University study.
This illustrated article by leading economists show the steps that can bring a housing boom to a bust:
I like to think there is a clue for us all in the word "boom". Remember explosions are not forever and neither are stupid land and housing prices. I await the calm after the storm when I can buy something out of the tangled web stupid debt has got many into. I actually have more to show with a University debt that someone bankrupted by "housing investment". That's the one benefit of an education, no one can take it away from you as long as you live!