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top 200 commentsshow 500

[–]nom_yourmom 139 points140 points ago

I know this is a cartoon and a satire but it is pretty severely misrepresenting the concepts of both debt and net worth.

[–]DeadComma 60 points61 points ago

Assets? Nope, never heard of it.

[–]cupofteafather 21 points22 points ago

Don't be silly. Your house isn't worth anything unless you sell it!

[–]evabraun 2 points3 points ago

True.. unless you're one of those lucky folks whose mortgages are under water.

[–]xanthus12 322 points323 points ago

Yeah, that's not how net worth works...

[–]Torlen 124 points125 points ago

Except for the student.

Source: I'm a recently graduated student.

[–]MagicalTrevor09 23 points24 points ago

Yeah, seriously. This is money owed for specific things. These people most likely own cars and a house and other belongings that are worth money. Just because you owe money, it doesn't mean your net worth is negative.

[–]vinfx 19 points20 points ago

Also, the homeless man is likely homeless with debt. The first thing you do after losing your job is try to keep your residence by accumulating debt. Your available credit runs out and then you lose your home and default on all your loans.

[–]vita_benevolo 0 points1 point ago

It is for some of us, especially students. Each letter of my degree cost me about $110,000. If you want to get philosophical though that degree is worth much more than I paid for (hopefully).

[–]sailingonward 528 points529 points ago

This is only liquid assets. Home owners can sell their house. Car owners can sell their car. Running bitch prob owns several grand in electronic shit and clothing.

[–]sharckweek 61 points62 points ago

Yea and present value of all foreseeable future cash flows

[–]epictimewaste111 65 points66 points ago

So the bum is still worst off.

Hooray!

[–]puttheremoteinherbut 38 points39 points ago

At least we all feel better about ourselves.

[–]Protuhj 0 points1 point ago

Mission Accomplished™

[–]suchende 12 points13 points ago

Joke spoiler.

[–]Birdslapper 264 points265 points ago

This. Also, the only person I really feel bad for is the student.

[–]auronvi 75 points76 points ago

Cried a little as I saw myself in him... 60 grand you will be dead in 5 years!

[–]watermelonmeowmeow 33 points34 points ago

Two years of college so far. 60 grand in debt. Four years to go.

[–]Sidnv 30 points31 points ago

200 grand in debt here. Or I will be by the time I'm done.

[–]CivilDiscussions 20 points21 points ago

Doctor or lawyer, I hope.

[–]Sidnv 16 points17 points ago

Mathematician/ physicist. Can't really work in what I want to do without a PhD unfortunately. I'm working it off partially by GSI'ing in college which isn't much but it'll be 30000 at the end.

Should mention, I am an undergrad. And I'm not completely unsupported even though I will be paying off the bulk off the loan.

[–]XavierMendel 68 points69 points ago

Well, at least with your math degree you'll be able to figure out how screwed you are to the decimal.

(I kid.)

[–]Cynical_Walrus 7 points8 points ago

Fractions man.

[–]6roybatty6 21 points22 points ago

Scientists can always use notation.

Owing $0.2x106 doesn't seem so bad.

[–]ohlawl 10 points11 points ago

Most Ph.D. programs are funded by grants and scholarships. Further, income is provided by the university through research or teaching assistant positions with tuition often being waived by the school after coursework is completed and only the dissertation is left. I HIGHLY doubt you would see this much debt for your studies.

[–]vildhjarta 3 points4 points ago

This is the truth. 4 years of undergrad, currently in a PhD program, zero debt, getting a $20k+ a year stipend.

[–]Sidnv 2 points3 points ago

The debt is for undergraduate education. No debt for grad school thankfully.

[–]bovineblitz 1 point2 points ago

That depends on the program. If you don't bring profit to the school by contributing on grant funded research you're probably paying for your Ph.d.

Math should be fine.

[–]umanwizard 4 points5 points ago

What??? No reputable math or physics Ph.D. program costs money.

As for undergrad, you can go to University of Arizona undergrad and get into Harvard Ph.D.. I know people who have done it.

[–]TMP10 4 points5 points ago

I go to the University of Arizona and I make 15k a year in scholarships just to be in school, plus I make about $25 an hour over the summer working full-time in an internship that directly pertains to my degree. However, I work my butt off and I'm in one of the more lucrative engineering programs out here. It's a great University, I don't see why anyone would knock it! We let a lot of dummies in because the state mandates it, but our six-year graduation rate is only 58% for a reason...most majors here have very rigorous course-loads!

[–]NerdieHarlot 3 points4 points ago

I too know someone who was at UA and went to pursue a PhD at Harvard. Harvard wanted him so bad they offered more many than other schools he applied to.

[–]CivilDiscussions 2 points3 points ago

Best of luck with your studies and career! I hope your investment pays off many times over.

[–]SonOfOnett 3 points4 points ago

Any Math/Physics graduate school worth anything will pay for your tuition and also support you through grants, scholarships, and/or teaching assistantships.

[–]vervii 0 points1 point ago

Go to a cheaper school.

[–]HyperionCantos 4 points5 points ago

Academia is one of those fields where CSU Bakersfield isn't gonna cut it

[–]Mr_Pie_Eater 0 points1 point ago

Even then it won't matter. I know many doctors who wish they would have done differently.

Not to say it isn't worth it, but the amount of income you make is over-shadowed by the amount of debt you have. $200k will take more than 15 years to pay off. By that time, it is more like $325k. Really not worth it. Just the reality of economics.

[–]vervii 5 points6 points ago

But I want attached lasers and robotic legs to people in the future... no other field will allow me that. :(

[–]Joy_Behar 3 points4 points ago

325k over 15 years? That's a little over 20k grand a year, that's should be easily doable on even an internist's salary. For a radiologist, cardiologist, surgeon etc... it's almost chump change.

In a way this might even be considered a good thing, it can ensure that people go into medicine for reasons other than to make a quick buck.

[–]HoldmysunnyD 2 points3 points ago

250k here. Lawyer. 150 from lawschool, 100 from undergrad...yeah... I know that feels broke.

[–]Mr_Pie_Eater 10 points11 points ago

Even if you make $100k+ out of college, you will be struggling. Maybe a different University that isn't $30k a year would have been smart...

[–]merton1111 6 points7 points ago

Maybe a different University that isn't $30k a year would have been smart...

Exactly. Students could get out with much less debt than they would have if they actually spent according to how much they have, and not how much they can borrow.

[–]d3m0n0id 18 points19 points ago

3 years in and no debt

Community colleges have their plus sides

[–]bronghits 7 points8 points ago

god I love my parents for saving me from this.

[–]KatLikeAKat 3 points4 points ago

DEAR DUCKS! What are you going to school for? I can't imagine paying that much. My 4 year bachelor won't go past 25,000.

[–]frankhorriganlovesto 0 points1 point ago

Go to community college. Did your cost for 2 years include freshman courses? Core Classes are usually unnecessary to degrees say when you're a senior or grad student. People spend thousands too much in English and College algebra and alike when it might be accredited in a satellite school. (I have gone to public and community colleges, not high brow schools for my first masters, I assume at "bigger schools" accreditation is different).

[–]vinfx 0 points1 point ago

I have to ask the question. Why are you going to such an expensive university? I would have a little more sympathy for you if you had actually chosen a cheaper university.

If you can't afford to get a Master's degree at Fancy Pants University, then you ought not to pursue it and choose a cheaper alternative instead.

[–]cedurr 5 points6 points ago

You can't seriously feel bad for him over the homeless person can you?

[–]Atworkwasalreadytake 0 points1 point ago

yeah, that education sure does suck

[–]PokemasterTT 0 points1 point ago

Don't like student loan? Don't study at school that charge tuition.

[–]HuricaneRetarded 7 points8 points ago

I agree, but was it necessary to call her "Running bitch"

[–]merton1111 12 points13 points ago

Except the house, rare are the assets that will be able to cover the debt created by them. A quick example is a car, you buy it at 20k, put lets say 5k down, and pay up 3k/y on it. The value of that car will probably be 15k the first year, 10k the second year, and 7k the third year. So for the first year, you actually have more debt than assets.

[–]DrMonocle 6 points7 points ago

Yep, and electronics are even worse. If you had a five year old iPhone you wouldn't expect to get even 10% of what you originally paid for it.

[–]Derpettia 5 points6 points ago

Electronics aren't worth all that much second hand, neither are clothes. Typically anyway.

[–]BroTickleNoHomo 13 points14 points ago

Bought my house in 07 for 400k, it's now worth 300k. The bums at the end of the freeway have more financial freedom than I will have for another decade or so.

[–]burlycabin 12 points13 points ago

OK, but your house will appreciate. I assume you have a 30 year mortgage, so it'll likely be worth a fuck ton more in 2037. And, assuming you can afford the payments along with the fact that your interest rate should be low (assuming that you had refinance options in the last few years), I do not feel worse for you than the bum.

Oh, and you have a house to live in while he doesn't.

Edit: That's one of the more dickish comments I've ever written.

[–]iainlbc 3 points4 points ago

His house will need to be worth 800k or more to make up for interest paid over 30 years. Depending on the rate and downpayment of course. And for the first 10 years he's probably paying mostly interest , not getting any equity. So if he sells at year 10 for 400k, he prob. still owes the bank 350, and has paid 2k/mo or whatever (200k). Not including cost off upkeep, any hoa's, taxes, etc. most would be better off financially having lived in an apartment at 1600/mo, and investing the 400/mo savings difference. You'd be up at least 60k, instead of down 150. Then again, I have no idea what I'm talking about (not being sarcastic). A home is probably better choice if you commit to long enough to start paying off the principal. It's probably also better because most will not save the 400/mo, but will starve to pay their mortgage (forcing them to save something, even if the interest rapes them the first 10 years). Would love to he enlightened by someone better versed on the topic. This was my conclusion after looking at a 30 year amortization table

[–]DrunkmanDoodoo 2 points3 points ago

Not so much for people who live in large cities where people can live in apartments their entire lives.

[–]Snarfler 3 points4 points ago

bitch is keeping her shit tight, I bet she has a sugar daddy

[–]onewarriorprincess 3 points4 points ago

Maybe they're all renters except for the homeless man, and that is all new debt, and worth of their cars is factored into their negative worth amounts. It could happen, is all I'm saying. :)

[–]loudcrumpet 2 points3 points ago

They live in the city, this is probably true.

[–]misterbinny 3 points4 points ago

Sell house (For less than its worth) still owe the bank money. Sell car (after a 25% drop in value.) Sell obsolete electronic stuff, practically worthless. Sell clothing? seriously?

[–]Monco123 1 point2 points ago

assuming you don't owe more on your home/car/electronic shit(prolly financed on a terrible Best Buy card) then what its worth?

[–]xenophobias 1 point2 points ago

Not to mention that they are all a bunch of arbitrary numbers written on some comic.

[–]trampus1 0 points1 point ago

Bum can sell his cup.

[–]rckid13 1 point2 points ago

That's probably not true for most recent college graduates though. I don't own a house, a car or a TV. I would be able to sell my laptop, cell phone and a few random things only. I would be pretty sunk if I lost my job and my parents were unwilling to help.

[–]s13ecre13t 1 point2 points ago

Non liquid assets have costs associated with conversion.

  1. depreciation rate -- Computers lose most value between 1 to 3 years. Cars lose value fast too. Houses will actually depreciate without upgrades, maintenance and repair. Sure it depreciates slower than a car, or electronics, but still does. Tax code / accountants defines full depreciation at 27.5 years, or in other words, the house loses 3.75% each year you own it.

  2. taxes related with sales -- most asset sales require you to collect sales tax. Check garage / yard sales rules.

  3. agent fees -- some assets require selling through dealers or agents. One can sell a house without an agent / realtor, but that is rare. And an agent means an additional loss of 5%.

So yeah, most of the examples have assets, but those assets won't fetch what they were paid for.

ps: House value appreciates on par with inflation rate. So over time, no net worth gain.

[–]ikinone 0 points1 point ago

Out of interest, my friend is convinced that using the word 'bitch' in the way you just did is misogynistic. I completely disagree. What do you think and what was your intent?

[–]lordolunch 0 points1 point ago

The problem with this is that even if they do sell these things, it's very unlikely that they'll get what they put into it.

[–]electricmice 0 points1 point ago

don't forget human capital.

[–]up_n_atom 104 points105 points ago

Yeah, I'd be a lot happier being homeless.

[–]Wolfosaurus 27 points28 points ago

I'd be even happier with a home and no debt. And a racecar.

[–]korkyshadow 21 points22 points ago

And a racecar bed.

[–]Monocle_Lover 94 points95 points ago

The homeless guy likely has drug debt.

/buzzkillington

[–]iamemanresu 18 points19 points ago

Probably not. Who would front to a homeless person?

[–]TomServoHere 20 points21 points ago

A homeless drug user...

[–]iamemanresu 19 points20 points ago

Why would a homeless drug user front out all his drugs? Then he'd be out of assets and be holding way too many sub-prime loans. That's not responsible banking at all!

[–]SilvanestitheErudite 21 points22 points ago

Conclusion: homeless drug user/dealers are smarter about risks than bankers were in 2007.

[–]iamemanresu 2 points3 points ago

Somehow that made me laugh and depressed me at the same time.

[–]The_Painted_Man 5 points6 points ago

At least he is photogenic...

[–]Ghede 8 points9 points ago

Homeless yes, destitute, no. I'd love to grab a backpack full of supplies and just... go. Obligations... sigh. Also walking. Walking sucks. Figure I'd eventually get used to it, but that first leg would suuuuuuuuuuuuck.

[–]Slimy_Hog 6 points7 points ago

Sorry sir, but I'd have to say you're wrong, walking is awesome.

[–]GreenSpleen6 12 points13 points ago

He's probably homeless because of debt anyway.

[–]AF1991 13 points14 points ago

probably a recent graduate

[–]Navevan 5 points6 points ago

That's why the student around the corner looks so uneasy. He just saw his future.

[–]darthbone 25 points26 points ago

Author does not understand the purpose of Credit, and doesn't understand the causes of Homelessness.

[–]sage101 4 points5 points ago

Right? Like somehow this guy has his life savings stashed away, and just asks for spare change as recreation.

[–]tylerbray 7 points8 points ago

Actually you aren't far off from what causes problems in some areas with giving to the homeless. In my city a local news crew filmed the panhandlers in a high activity area and followed them getting back into nice cars after changing shifts with other "homeless" panhandlers. Apparently some of them were making more than the average person giving money to them and it was an organized thing. But yeah this is a tangent not related to your actual point, just remember to give directly to shelters/soup kitchens/etc. when not existing inside cartoons.

[–]sage101 5 points6 points ago

I've actually had some guy pretend to be deaf and homeless come up to me. He probably could have pulled it off, had it not been for the fact I know enough sign language to know he was making shit up.

[–]MestR 12 points13 points ago

Or, you know, he was just making a joke.

[–]superfluousnougat 46 points47 points ago

I'd like to give everyone some advice: Don't spend money you don't have. That's it. Want a new tv but don't have the money. Don't buy it. Want a $20,000 car but only have $1,000? Buy a beater until you can afford it. It's that simple. Be the exception to the rule that everyone is in debt.

[–]Barbaric_Emu 43 points44 points ago

Want to go to college but can't afford it? Don't go. This one doesn't work for me :( I definitely couldn't have worked a job until I had enough to afford going, it's worth the debt to go right away.

[–]noyurawk 33 points34 points ago

There is a difference between spending money you don't have in an investment that will allow you to pay it back in the future and more, hence coming out ahead (ex: studies, car for work, loan for business tools, money for a house), than simply spending money you don't have for pleasure on things that loses value overtime.

[–]Mr_Pie_Eater 6 points7 points ago

I think the important thing is going to a college you can afford. I could have gone to Princeton but it would have cost twice a much. Would I have been earning twice as much upon graduation? No way.

Being smart is about making wise decisions, not going to Harvard so you can brag while you pay off you 6 figure loan.

[–]superfluousnougat 14 points15 points ago

Or you could go to a cheaper college. Or work extra hard and get a scholarship. Or yes, you could get a loan but don't be an idiot and live it up during college on somebody else's money while getting a degree in Art History. All I'm saying is some debt is okay if you really need it. But just try not to need it.

[–]noirthesable 2 points3 points ago

I agree with you on the whole "don't be a moron with your money" thing -- I think what the guy was saying was that your original comment made it seem like any and all forms of debt is bad and you should avoid it like a zombie horse on fire.

[–]vinfx 1 point2 points ago

Just don't blame us when you rejected the offer to the $10,000/year state funded school and said yes to the $40,000/year private school.

Not everyone gets to be a doctor. Most of us really can't afford to pursue that career path but end up deluding ourselves by racking up $200k in loans to get it.

[–]LRGM 9 points10 points ago

The part about a tv I would agree with, but most people can't afford to buy a new car in cash. Same goes for a house. You will need loans regardless. If you're a student, you will need a student loan. But eventually you hope to make it back with a good paying job that your education got you.

[–]superfluousnougat 4 points5 points ago

So don't buy a new car. Buy a used one. And only buy a house if the mortgage is less than rent you would pay otherwise. I can't begin to describe the freedom of not owing anyone anything. Don't think of debt as an inevitability or else it will become inevitable.

[–]torbec 5 points6 points ago

Hmm. A reasonable idea, unless buying a new car would save you more in gas than the loan, or some combination. For example, i drive somewhere around 3000 miles+ a month, so if i could get a car that would double my milage (currently around 35ish depending on driving style, but call it 30 for calculation purposes because its an old car and needs lots of TLC). So if i doubled it to 60 mpg, and gas costs 4.50 a gallon (cali), then if i could buy a car with a payment of 225 a month or less, i'd actually save money. And it'd be a new car! With renting, its a bit more complex, due to property taxes, but at the end of buying a house, you own a house. If you rent your whole life, you still own nothing 10 years later, despite having paid tens to hundreds of thousands of dollars in rent. And you are limited in what you can do to a piece of property. That said, i agree with you overall (old car, rent, no debt other than (minimal) student loans), but I dont think it applys in every, or even most, situations.

[–]thisplaceisterrible 9 points10 points ago

Buying a used car (especially a beat-up $1000 car) will end up costing more in the long run, as you'll have to sink money into repairs, more fuel (older cars generally have lower fuel efficiency), etc.

And the idea that you should only buy a house if you would pay less for a mortgage than in rent is ridiculous. 30 years from now I will own my house outright, and my mortgage payments will not have changed (except for some variation in taxes through the years) much. Rents, on the other hand, will likely go up with real estate values, etc.

This isn't all as cut and dry as you seem to think it is.

[–]felix_dro 1 point2 points ago

Rent is just throwing money away, you will never see it again. When making mortgage payments you are building up equity.

[–]Stingerfreak 3 points4 points ago

I hate it when people argue this logic. Rent provides the most basic of human needs: shelter. It's not "throwing your money away" if it benefits you. Personally, renting works better for me as I'm not tied down to any city/location for longer than a year, and I just call someone when shit breaks and they fix it. Hell my current landlord even mows my lawn! Renting has its advantages.

[–]JackassPenguinass 2 points3 points ago

It depends on your situation and where you live. In some places it makes much more sense to rent.

Where I live it doesn't make a difference if you buy an apartment or rent it, except you have commitment towards the purchased one. By the time you pay it off, it is nearly worthless anyway.

[–]DrMonocle 7 points8 points ago

Want a $20,000 car but only have $1,000? Buy a beater until you can afford it.

The extra $1k you're spending on the beater plus any repairs it needs and the difference in gas (the beater probably gets worse MPG) could easily end up costing you more than the loan interest, depending on the length of the loan and the interest rate.

[–]return_null 8 points9 points ago

You're really stretching here. A decent re-certified used car will cost you half of what a new car would for the first 5+ years of your ownership. Buying a brand new car is one of the dumbest (most costly) investments you can make. A lot of used cars are crap (so are a lot of new cars). Be a wise and patient buyer and you will get a good deal that won't cost you any more in maintenance than a brand new car would.

[–]DrMonocle -1 points0 points ago

I wasn't saying a brand new car is a good investment. My point was that buying an extremely cheap car and then buying a brand new car when you have cash isn't a better idea than buying a new car with a loan.

[–]return_null 7 points8 points ago

Buying a $20k car with shit credit on a 6 year note is going to cost you a lot more than driving a $4k car that wasn't financed, putting $2k in repairs into it, and driving it for 6 years (paid off the whole time) and then saving for the gently used luxury car that you always wanted when you can afford it at the end of those 6 years. You could even sell your beater as a good part of the down payment on your gently used dream car, or have two cars. How is your scenario better?

[–]supergai 4 points5 points ago

my family rule was always "don't buy it if you can afford it." i don't remember anyone in my family in debt when i was growing up.

I used to get $5 every week when i was a freshman in high school, instead of wasting it on food, i'd usually save it and buy one thing a week. I never bought the food just because i had money.

[–]thisplaceisterrible 2 points3 points ago

This is good advice, in general, but only for things like TVs, etc. But not all debt is bad. Debt can be used as a springboard, as well. The recent housing crisit notwithstanding, going into debt to buy a house is a decent investment. Taking out a small business loan can be beneficial. You're not going to wait to save up a few hundred thousand to buy a house in cash, are you? Also, if you have good credit, you can get killer interest rates on things like mortgages and auto loans.

It's not about having no debt. It's about being smart with your debt.

[–]Antagonistic_Comment 3 points4 points ago

Good luck getting liberals to follow this!

[–]GabenOnCageAction 3 points4 points ago

But the TV is an investment in my mental well being! I need it to relax! And if I can't relax how do I do my job? I'll have to quit my job because of all the stress! Ergo I need to buy a giant TV. And the latest iPhone and an iPad. Those also help me do my work. I need the latest in voice calling and texting technology.

[–]432 13 points14 points ago

I'm sure most of these people are just in debt temporally though

[–]Rottendog 32 points33 points ago

Yeah..temporarily...

[–]reddit_user_654321 20 points21 points ago

yea ... I've been temporarily in debt for 20 years now and never had a net worth in the black.

[–]theoriginalaks 15 points16 points ago

Whose fault is that?

[–]pantheonwhaley 13 points14 points ago

Obama.

[–]PianoTrumpetMax 3 points4 points ago

Ah, the rare "no vote".

Where apparently, he wasn't even good enough for himself.

[–]laserbeanz 4 points5 points ago

temporally

[–]SG_Dave 15 points16 points ago

Ah, them feels when you realise that at 20 you're earning enough to stay in the black for the foreseeable future.

[–]titykaka 7 points8 points ago

That must be nice...

[–]darkneo86 3 points4 points ago

It's called a privileged life. Fuck the downvotes, but if you pay your own way through college/university and have no connections, then you are in the red. Period.

So I agree with you.

[–]Defiant47 10 points11 points ago

Or doing a less amazing degree and paying your way with part-time work. It takes a little bit of work and personal responsibility, but it's possible. I've had friends who have done that.

For the better degrees that net you amazing salaries, yes, you're going to be in the red. But if you're smart about it, it won't be for long.

[–]byronite 2 points3 points ago

I live in Canada. Here's a rough estimate of how I graduated debt-free:


EXPENSES

Undergrad tuition: $6,000 per year

Graduate school tuition: $7,500 for 16 months

Total tuition: $31,500 for 4-yr undergrad and 16-mo MA.

Living expenses were about $15,000 per year; total: $82,500.

Tuition plus living costs $114,000 over 5.5 years.

Let's say $115,000 in total to be safe.


REVENUE

Received $22,000 in scholarships and fellowships at grad level.

Received $12,000 in scholarships at undergrad level.

Earned about $12,000 each summer during college, for $72,000.

Saved another $10,000 by working full time every summer in high school.

Total: $116,000.


Result: I finished my MA at age 24 with net worth of about $300. I worked construction for a few months upon graduating to save some money, which lets me float comfortably between short term research contracts while I search for that coveted 'career launching' job. Worst comes to worst, I'll put my boots back on and go find a crew that needs an extra man. My stress level is at an all time low despite my being intermittently employed. But this didn't happen because I'm Superman. I was very lucky for a number of reasons. Here they are, in order of importance:

1) Canada has affordable tuition, at least relative to the United States.

2) I come from a family of carpenters, and thus had a full time job at age 12 and was a skilled tradesman by the time I finished high school. This probably kept me out of jail during that time as well, because I was too busy working to get into much trouble. I actually had to take a considerable pay cut by leaving construction and entering the white-collar workforce. I might ultimately decide 'fuck it' and go back to construction because it pays more. That said, working outdoors in the Canadian winter SUCKS.

3) My Mom forced me to save 90% of my income while I was in high school. "You'll thank me later," she said. I do. Immensely.

4) I was in the top percentile of my high school graduating class, got straight As in undergrad, and had good GRE scores. That produced scholarships. My net tuition payments over two degrees is actually a small profit on my part. That would have been much more difficult to do if I was working while studying like many of my friends were. I know some brilliant people who scored lower than me because they had to work to feed themselves and sometimes their families as well.

TL;DR: My sympathies go to those who have to try to pay $20,000 a year tuition with minimum wage jobs. I never did, but I was very, very lucky.

[–]SirHodownAssClownIII 2 points3 points ago

Or you got a nice scholarship...

[–]supergai 0 points1 point ago

My brother was always incredibly smart. He got his entire (state college) tuition paid for him. he earned his Ph.d

[–]gruntmeister 5 points6 points ago

Don't assume everyone lives in the usa.

[–]Defiant47 0 points1 point ago

It's called responsible spending.

[–]titykaka 9 points10 points ago

Well when you start at -£60,000 after uni it's not so easy.

[–]Defiant47 11 points12 points ago

If you're at -$90,000, then you better damn well have studied for a career that pays 6-figure income from the start. Otherwise, seek a co-op program or something.

If you are at that level, yes, it's not easy. But once you get out of that debt, it is easy to avoid overspending on credit cards and spending the "minimum amount".

[–]titykaka 10 points11 points ago

Student loans have incredibly low interest and you only have to pay back if you are earning over £21,000 per year. The debt also gets written off in 30 years so its more of a tax on graduates than debt.

[–]Defiant47 7 points8 points ago

That system is silly.

[–]titykaka 7 points8 points ago

Paying for university is silly.

[–]ZeroCoolthePhysicist 15 points16 points ago

You're paying for it either way. Taxes or tuition.

[–]Defiant47 1 point2 points ago

Well yes, but in this world, it's necessary to go about it one step at a time.

[–]freckledcupcake 2 points3 points ago

You call 7.5% low interest? I've been paying $115/month for 5 years now, and I'm finally down from the original bill by....$100! Tell me how that works again?

[–]Dagabenator 10 points11 points ago

So you're saying that a millionaire that earns $500,000 a year and spends $500,000 a year is as rich as a homeless guy who "earns" $20 a day and spends $20 a day?

[–]selfloathingredditor 7 points8 points ago

It's in the title. Net Worth. That is the object of discussion.

[–]noisymime 1 point2 points ago

It's a shame it's completely wrong. Net worth needs to take assets into account as well. It's not like these people have gained debt without anything to show for it.

[–]photoalyssa 25 points26 points ago

hmm.. funny, but a bit sexist. Men: bank loan, student loan, car loan. Women: credit cards.

[–]PianoTrumpetMax 28 points29 points ago

Well yeah, women be shoppin'.

[–]vervii 5 points6 points ago

For all those binders to stay in...

[–]Laruae 4 points5 points ago

Everything is -ist if you go hunting for it. Frankly from the picture, what I got was that it was depicting their largest personal debt.

The older man has a bank loan of 9,550 USD The man behind him has a school loan of 66,235 USD The woman has credit card debt of 2,345 USD (She may not have any school debts, or may not owe on a car.) Beggar has no social obligations, + 2.73 USD Mother has 10,873 from multiple credit cards. Guy in back has car loan of -8,450 USD.

Do understand that clearly the housing of these people is not taken into account. Otherwise many of them would have mortgage payments above their heads instead of what they do.

As for the sexism of the women having credit card debt, it is a common theme in US culture that women like to shop, and like to do it a lot. Obviously this doesn't apply to every woman. But credit cards can be used for pretty much anything, the ipod the woman jogging is using, or the clothes and school supplies for the mother's daughter.

Lets try to be more open minded and not worry so much about what group is being offended this second.

[–]animal422 2 points3 points ago

Keep in mind that this was probably reposted.

[–]hydrocarbon 2 points3 points ago

The little angry girl has $500.00 saved up from her birthdays. Checkmate, losers.

[–]Unicorn_killer 0 points1 point ago

sad but true

[–]brkello 0 points1 point ago

Ha...I have no debt and own a house and a car. What now homeless person, what now?

[–]God_Damn_Literacola 2 points3 points ago

Does it bother anyone else that the woman with the MP3 player is walking incorrectly? Her right hand and right leg are both forward. No? Just me? Alrighty.

[–]WW4O 3 points4 points ago

Go up to any of those people and ask if they'd like to give away everything they own and sleep un the highway in exchange for erasing their debt. Guess what they will all say.

[–]indigo0808 8 points9 points ago

eww poor people

[–]zerohere 3 points4 points ago

Beggars make about $20 an hour, with no real expenses.

[–]mindaika 27 points28 points ago

You mean expenses like "housing" or "food?"

[–]admanb 10 points11 points ago

Or "transportation."

[–]ralph122030 4 points5 points ago

They also usually don't have houses, family, and many other necessity's.

[–]happyseizure 4 points5 points ago

Where are you even getting this figure? I don't doubt there may be a few who may take advantage of the generosity of others, but I'd be willing to bet the overwhelming majority aren't running a profitable or enviable lifestyle.

[–]cocoria 1 point2 points ago

One of the click and clack guys tried begging in Harvard Square in cambridge once. Reportedly he was able to pull in almost $300 an hour during rush hour.

[–]almostasfunnyasyou 2 points3 points ago

Source?

[–]sickarick 1 point2 points ago

Of course the student has the highest debt...

[–]blacklblskate54 0 points1 point ago

This makes no sense really.

[–][deleted] ago

[deleted]

[–]ZeroCoolthePhysicist 0 points1 point ago

You explained something so simple and straightforward ridiculously badly.

[–]ufamizm 1 point2 points ago

ask him about all his assets too.

[–]knight8241 1 point2 points ago

Reminds me of Watch Dogs demo I saw at E3 this year

[–]doctormauer 1 point2 points ago

Why does the student have a purse?

[–]penalfarom 0 points1 point ago

I like this, regardless of how net worth works

[–]paintthisred 1 point2 points ago

Thought the car loan was above the little girl for a second.

[–]mynameisnotjonas 1 point2 points ago

Economics major here. The house and car are still collateral, so this is inaccurate.

[–]Dr_P3nda 1 point2 points ago

Wet North

[–]blazed91 1 point2 points ago

A man without debts is a rich man.

[–]iFartUnicorns 0 points1 point ago

I swear I have seen this here before... Only me?

[–]ChupeeJune -2 points-1 points ago

This is how I feel whenever someone asks me to donate to charity. I have a 50k student loan, am $1000 overdrawn and work one shift a week at a shitty minimum wage job. When I've got my shit sorted then maybe." Still feel bad though. Edit: Same goes for homeless people actually. I feel really bad walking on by but I just can't do it right now.

[–]basshead23 1 point2 points ago

Dave Ramsey

[–]UrgeToKill 1 point2 points ago

I would have upvoted this if it wasn't in Comic Sans MS.

[–]mashtun 0 points1 point ago

It's all about keeping people motivated. See, that bum just has no motivation.

[–]watchout5 1 point2 points ago

Cool I'm rich.

[–]radde 0 points1 point ago

I'm the dude texting on his cell.

[–]Asdayasman 1 point2 points ago

Lol students. I'm fairly glad I dodged that bullet, but that conflicts with the sadness I feel at never really being as clever as them.

[–]Sklanskers -1 points0 points ago

Sigh.. I'm that student...

[–]DrHasnoCash 1 point2 points ago

Sad how true this is

[–]frawgz 1 point2 points ago

Let's all stop using money and share things instead.

[–]6roybatty6 0 points1 point ago

The homeless guy probably has a half million dollars in medical debt outstanding, too.

[–]DoctorSteve 1 point2 points ago

This should prove that money isn't everything, as the people without it have a much higher quality of life.

Take that artist. I fucked up your agenda.

[–]JessicaMaple 0 points1 point ago

Even if I were homeless, I'd have more debt than half those pictured.

[–]sambojomo 1 point2 points ago

Wait, why is it assumed that the homeless man doesn't have any debt?

[–]mrkhan0127 0 points1 point ago

America runs on debt... In fact the whole world does. Wtf is wrong with humanity? It's funny really. America is here telling greece "hey man fuck you! Your debt sucks! Ours is so much better and cooler! Suck on my bigger debt testicles!" 16 trillion and counting... I honestly can't wait for the dollar to collapse so the world can get its shit in order and start with a clean slate.

[–]klexen 0 points1 point ago

I think about this very thing often. Especially while living in Santa Monica. Regardless of my negative net worth, I still tend to give. sigh

[–]compstomper 0 points1 point ago

net worth vs net liabilities

[–]phaed 1 point2 points ago

Rich people know how to leverage debt to their advantage. Just saying...

[–]nilum 0 points1 point ago

Why the hell is this on the frontpage... AGAIN??

[–]dershodan 1 point2 points ago

Every time I see this image it feels more relevant than last time.

[–]br00t 0 points1 point ago

3 semesters left, no debt, paid it all myself. It can be done.

[–]ophello 1 point2 points ago

I think you're all missing the point: many people have a negative net worth.

[–]isamee 0 points1 point ago

Doesn't matter; have food.

[–]Mongul 0 points1 point ago

The person who drew this probably majored in Literature.

[–]Melchoir 0 points1 point ago

Anyone seeking more info might also check here:

title comnts points age /r/
Net Worth 1133coms 1550pts 1yr funny
Yep, sounds about right. 3coms 36pts 7mos funny
Spare some change? 6coms 28pts 1yr funny
Net Worth 223coms 445pts 1yr pics
As more seniors graduate this seems relevant 11coms 127pts 5mos pics
Net Worth 4coms 32pts 2mos pics
Interesting view. 2coms 20pts 1mo pics

source: karmadecay

[–]conorv93 0 points1 point ago

Let's not forget that regardless of the loss suffered on a house, you still have a house. I'm sure the homeless guy would trade his $2 for a place to sleep

[–]la_guiri 0 points1 point ago

i am so happy to be living in a country where education doesn't cost so damn much. when i moved to spain to go to graduate school people were all up in arms about having to pay soooo much money, and when i enrolled, it was just a few thousand euros! awesome! also, not needing to own a car because public transportation is so damn good. i don't have much savings, but no debt.

[–]CarolynManson 0 points1 point ago

Nobody turns homeless because they are doing good and caught up on their bills

[–]SiMitchell 0 points1 point ago

The child probably has more money than the homeless guy in pocket money.

[–]TossTime 0 points1 point ago

I want to know how much the little girl has. $10,873 would be my best guess.

[–]jdrneto -1 points0 points ago

Fuck you, liberal