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The Effects of Student Loan Debt on College Graduates

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It’s June and it seems like graduation season is in full swing. In the mean time, student loan debt is on the rise and is currently more than $1.16 trillion dollars, exceeding credit card debt in the United States by $305 billion. There seems to be a domino effect that this enormous debt has on college grads. Tuition continues to rise and jobs are scarce. It’s holding back our economy and here’s why.

Economic markets that have been impacted thus far are the mortgage market, small businesses, retirement security and consumer spending. When grads are having their entire paycheck evaporate from debt repayment, they can’t buy a home, start a business or save for retirement. We need to rethink how we pay for college, and how much we’re willing to pay for an education in America. In the meantime, the debt load on our future leaders is forcing them to live in abject poverty during repayment.

Living in poverty may be a long-term condition as these graduates pay off a student loan debt that looks more like a mortgage in the total amount due. While a present undue hardship is one step toward getting these loans discharged in bankruptcy, alone it is not enough for bankruptcy to help. Bankruptcy courts around the country differ in their approach to determining the dischargeability of student loans, but most will use a totality of the circumstances approach. Until Congress takes action to change the current rules in Bankruptcy, the economic will continue to drag along carrying an increasing pile of debt.

It’s a proverbial ‘ball and chain’ for the Millenials. They’re stuck at home with their parents, working part-time at minimum wage jobs; maybe several just to pay their loans. With no room left for discretionary spending, which is a true sign of economic recovery, the drag continues. We see a failure to launch having social implications for Millenials. Even students who have thoroughly prepared themselves for the repayment period are finding hard times. For a complete report on the student loan crisis, click here. Graduates should not be carrying the financial burdens for greedy for profit colleges and our federal government’s ability to collect on this debt indefinitely.

It looks like criminals have more rights than our college grads. There is little incentive to make changes in Congress because the government is making money off the backs of our children and our country’s future through default collections costs, servicer fees, and the ability to garnish wages and intercept income tax refunds without a court order. This student loan lawyer believes it’s time for revolution.

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Robert Kiyosaki Urges People To Invest in Crypto

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Robert Kiyosaki Urges People To Invest in Crypto
  • Kiyosaki emphasized the significance of Coinbase Inc. going public.
  • This is the first time Kiyosaki mentions Ethereum as a safe-haven asset.

Private equity firms are buying precious metals mining companies like American businessman and billionaire Warren E. Buffett. He allegedly sold JP Morgan Chase and other Wall Street stocks. And it wasn’t the first. A significant stakeholder at Goldman Sachs, he sold his shares in May.

After selling the stock, Berkshire Hathaway purchased almost $564 million worth of Barrick Gold stock, a mining company. So investors sense the catastrophe coming.

Robert Kiyosaki, author of “Rich Dad Poor Dad,” now buys cryptocurrency instead of gold and advises his email subscribers to do so.

Moreover, Kiyosaki, who owns BTC and ETH, has long backed Bitcoin. He regularly urges young people to invest in cryptocurrencies and precious metals, citing the US dollar’s demise. Furthermore, he thinks the dollar is a fraud.

He argues that Bitcoin makes individuals wealthier, wiser and allows Americans to combat corruption. Finally, cryptocurrencies teach millennials. Kiyosaki emphasized the significance of Coinbase Inc. going public earlier this year. He said he won’t purchase the company’s shares in the future, but the IPO indicates “cryptocurrency is entering the mainstream.”

Dire Prediction for Global Financial Markets

He also said that he thinks there is still time to learn about cryptocurrency. According to him, novices may still invest as educated investors rather than gamble with digital assets. This week, the multi-millionaire businessman and novelist warned on Twitter. Given the condition of US politics and Evergrande’s debt, he issued a dire prediction for global financial markets.

Kiyosaki is well-known for his dislike of fiat currencies and preference for equities, real estate, and metals as a store of wealth. He included Bitcoin on this list a while back and considered purchasing more during this year’s down market.

But this is the first time Kiyosaki mentions Ethereum as a safe-haven asset. In the near run, Ethereum’s price is more volatile than Bitcoin’s. But it has generally tracked the main cryptocurrency’s fluctuations.

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Integration of Bitcoin in Twitter Through Lightning Network Platform

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Integration of Bitcoin in Twitter Through Lightning Network Platform