The latest on extreme student loans, community-based lending circles, and learning on the job
Here are some favorite personal finance reads from around the web this week.
—The Wall Street Journal
Who is Mike Meru? Just your average American orthodontist—except he is saddled with massive student loan debt. And he is not alone. Almost 6% of student borrowers owe more than $100,000. As for Mike? He owes $1 million. Here’s how it happened.
—The New York Times
It’s not news that millennials are putting off home buying until much later compared to earlier generations. There are many reasons: economic instability, delayed marriage, and, of course, historic amounts of student debt.
While I always advise against lending money to family or friends if you need it back, the group model of a community-based “kye” lending circle might help to hold everyone accountable. It would also be useful for those unable to participate in the formal banking system because of financial constraints, such as maintaining a minimum balance in their checking account.
Personal finance writer James Dennin of Mic talks about his triumphs and challenges when it comes to managing his own money and learning financial skills on the job. (Quite a fringe benefit, I’d say!)
Craving more financial finds? Here is my latest blog post!
Eldercare is tricky to navigate within a family, especially when siblings aren’t all on the same page. Here’s how to have a conversation about everyone pitching in, financially and otherwise.
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