Life Is Expensive And Only Getting More Expensive
Life is extraordinarily expensive. Let’s consider the life and financial times of the
Average Joe here in the U.S. It is important to hold at least a bachelor’s
degree in today’s world as the U.S. Bureau of Labor Statistics reported that
from 2002-2012 over 14 million jobs would be filled by first-time job holders
with at least such a degree. On average, a full four year public school
experience costs $33,000 while four years at a private school costs a whopping
$119,400. The average debt load of college seniors who graduated in 2010 was
over $25,000. You would imagine that these graduates would be able to find
high-paying jobs to pay off their debt. However, half of all new graduates are
unemployed or underemployed.
The U.S. government may create even more challenges for graduates. On July 1, 2012
the government will vote to double interest rates and if they do vote yes, it
will heap an extra $30 billion on college graduates. If Americans over the age
of 60 still owe $36 billion in student loans, you can imagine what type of
situation this measure would create. Graduates will eventually want to purchase
a home and a car, which can be a challenge given the current economic climate.
The average home mortgage is $240,000 and the average cost of a new car is
$30,748. The purchase of a new car will tack on an additional $795 car insurance
This well-designed infographic really paints a clear picture of just how expensive
life is. Are you saddled with student loan debt? How are you faring in this
challenging job market? Please share!