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What financial struggles do millennials face that previous generations didn't?

Reading through this thread would be hilarious if it weren’t so sad. Boomers left and right complaining about smart phones and how Millennials have it so easy, despite the fact that they’re horribly, terribly wrong.EDIT: Wow, over a thousand upvotes! Thanks folks! I try to respond to all comments, even the rude ones, but Quora’s notification system is terrible and I don’t see half of them. My apologies if I miss your comment!EDIT PART TWO: *removed for moderation*EDIT THE THIRD: Well, people decided to report this answer as a BN;BR violation. I have removed the sections blaming Boomers in order to comply, even though I have no doubt that they are at fault. I have also disabled comments to prevent further BN;BR violations by anyone.Let’s start with facts:College tuition costs have risen inordinately compared to wages (which have been effectively static for decades). We’ve all heard some Boomer tell us how they worked their way through college. Gosh, that must have been nice to do, back when government subsidized education costs enough to make them affordable (but you killed that, didn’t you Boomers)! Today, at minimum wage, you’d have to work more hours than the average American is awake in a year to pay for one year of tuition, which means realistically, you’d need to work full-time for at least two years to afford one year of tuition.In 1979, it took a student working at minimum wage ($2.90 per hour) 385.5 hours to pay off one year of the average college tuition. If a student worked a full-time job (40 hours a week) for an entire summer, he or she would have worked 480 hours.Each year, the average student spends 1,020 hours studying and in class. The average full-time American employee works 2,000 hours a year.Today, it takes 2,229 hours working at the federal minimum wage ($7.25 per hour) to pay off one year of the average college tuition. To be both enrolled in school full-time and work enough at $7.25 per hour to pay off one year of the average college tuition would take a student 3,249 hours.The average American is awake for 6,278 hours each year. It would take 7,049 hours to work off one-year’s tuition at Columbia at $7.25 per hour. There are 8,760 hours in a year.(Source: How Many Hours Would It Take You to Work Off Today's College Tuition?)From the late 1980s to the 2017-18 school year, the cost of an undergraduate degree rose by 213% at public schools, adjusting for inflation.Back then, average annual tuition for public college was just $1,490, or $3,190 in today's dollars, compared with today's price tag of $9,970.Private college tuitions fared a little better, with a cost increase in the period of 129% when adjusted for inflation. In the late 1980s, it cost $7,050, or $15,160 in today's dollars, for a private undergraduate degree. Today, the average cost is $34,740.Between 1993 and 2015, average tuition increased by 234% — when the inflation rate was just 63%. According to data from the Bureau of Labor Statistics, 46% of grads left college with debt in 1995, compared with 71% in 2015.They should buy homes!Millennials buying their first home today will pay 39% more than baby boomers who bought their first home in the 1980s, according to Student Loan Hero.The value of homes has increased by 73% since the 1960s, when adjusted for inflation. The median price of a home then was $11,900, which is equivalent to $98,681 in today's dollars. In 2000, the median price of a home rose to $119,600, more than $170,000 in today's dollars. And those numbers only continue to climb. As of April, the median US home value was $210,200, CNBC reported, citing the real-estate company Zillow.But can’t they rent while they save up? Nope, sure can’t!Rents increased by 46% from the 1960s to 2000 when adjusted for inflation. In 1960, the median gross rent was $71, or $588 in today's dollars. In 2000, that number rose to $602, or $866 in today's dollars. The current median US rent, according to Zillow, is $1,600.Millennials can’t afford to do entertaining things, either!In 1976, it cost just $5.50 for a top box seat to watch the New York Yankees play — $24.27 in today's dollars. The same seat at a Yankees game in 2016 set fans back $245.In 1970, the average price of a ticket to the Super Bowl was $91.52, adjusted for inflation. As of 2014, it was $1,250.Concert tickets are also becoming a luxury form of entertainment. In 1969, a ticket to a Rolling Stones concert cost about $8. It was as much as $350 in 2003, and 10 years later, the average price was $624.Why do you think they stay home and watch Netflix and Disney+? Between rent and student loan debt, that’s all they can afford.What about cars? Why aren’t they buying them? Because they’ve increased in cost by twenty nine percent in the last ten years alone!Edmunds says that, on average, new cars sold for more than $36,000 in February, up 29 percent from the same month in 2009. Meanwhile, median household income in the US has only risen to around $62,000, an increase of about six percent over the past decade.A Porsche 911 in 1965 was $6,370, or $46,795, adjusted for inflation. In 2012, it cost $82,100.Even some mass-market cars have gone up in price. In 1950, a Volkswagen Beetle was $1,280, or $12,290 adjusted for inflation. As of 2012, the price was $19,795.Even more cringeworthy? Interest rates have also risen in that time period, from an average of five percent to around 6.26 percent. Not only are cars more expensive, but your auto loan will now cost you more money.Costs for motor vehicle insurance have increased by 50%, and those for maintenance and repair have increased by 27% in the same decade.[1]But can’t they buy used instead? New cars are a luxury!Nope. Used car prices have crept up right alongside their new-vehicle counterparts, increasing by a staggering 36 percent to $24,499 from $17,980 in 2009.[2]What about health care costs?To put that into even more perspective, the average annual health insurance cost per person in 1960 was $146, CNBC reports. In 2016, it hit $10,345, nine times as high when adjusted for inflation. Costs are expected to increase to $14,944 in 2023.Well they should just work harder!Among white Americans aged 25 to 34, median income decreased by 21% between 1989 and 2013 — though it increased among Latinos, who started at a disadvantage.[3]In fact, Millennials’ starting salaries are approximately 20 percent less than Baby Boomers made at that age (adjusted). From 1950 to 2000, the average household income of American families steadily rose. From 2000 to 2010, when many millennials entered the workforce, median household incomes fell for the first time since World War II [source: Leonhardt].Adding insult to injury, worker productivity is up 37.6 percent since 1995, but median real wages only rose 9.6 percent [source: Reeve].About four in 10 Americans hold some kind of second job, according to a July Bankrate survey. That rate is higher among millennials: 51 percent.[4]Economic mobility has also decreased significantly since the 1940s. Specifically, about 90% of Americans born in the 1940s outearned their parents by the time they hit 30. That figure dropped to 50% among Americans born in the 1980s.[5]Median wages grew by an average of 0.3% per year between 2007 and 2017, according to the report, compared to more than three times that between the mid-1980s and mid-1990s.[6]While Americans born in the 1940s had a 92 percent chance at making more money than their parents, millennials born in the 1980s only have about a 50 percent chance of doing the same.[7]After adjusting for inflation, today’s average hourly wage has just about the same purchasing power it did in 1978, following a long slide in the 1980s and early 1990s and bumpy, inconsistent growth since then. In fact, in real terms average hourly earnings peaked more than 45 years ago: The $4.03-an-hour rate recorded in January 1973 had the same purchasing power that $23.68 would today.A similar measure – the “usual weekly earnings” of employed, full-time wage and salary workers – tells much the same story, albeit over a shorter time period. In seasonally adjusted current dollars, median usual weekly earnings rose from $232 in the first quarter of 1979 (when the data series began) to $879 in the second quarter of this year, which might sound like a lot. But in real, inflation-adjusted terms, the median has barely budged over that period: That $232 in 1979 had the same purchasing power as $840 in today’s dollars.[8]And forget having kids.The Washington Post's Jonnelle Marte reports that in 2013, childcare and pre-college education made up 18% of the total cost of raising a kid, compared with just 2% in 1960.[9]Even CBS agrees: Millennials are much poorer than their parentsIn conclusion:*removed for Quora moderation*PS - I’m Gen X, not a Millennial. :)Footnotes[1] 7 ways life is more expensive today for American millennials than previous generations[2] It's Not Just You: Cars are Crazy Expensive[3] 7 ways life is harder for millennials than it was for their parents[4] Millennial households are earning more money than ever before—here's why it may not be enough[5] 7 ways life is harder for millennials than it was for their parents[6] Here's why millennials have to fight harder than their parents did to stay in the middle class[7] Millennial households are earning more money than ever before—here's why it may not be enough[8] For most Americans, real wages have barely budged for decades[9] https://www.washingtonpost.com/news/get-there/wp/2015/04/29/the-catch-22-many-millennial-parents-face/?utm_term=.16348e29bc23

How will Trump's proposed changes for eligibility for the H1B visa affect businesses and the people applying for them?

The Department of Homeland Security's (DHS) fall agenda proposes major changes to the H-1B visa program and seeks to redefine both ‘specialty occupation' and the 'employee-employer relationship,’ which currently requires a theoretical and practical application of a body of specialized knowledge and together with at least a bachelor's degree or its equivalent.The issue with a revision to ‘specialty occupation,’ specifically the singular degree requirement is that often the coursework of a related degree provides the specialized knowledge needed to perform job duties.Currently, if an employer determines that an applicant with a mathematics degree is most qualified for a computer programmer position, a technical evaluation must then be submitted with solid documentation demonstrating how the applicant’s coursework is directly connected to the job description, adding time and money to an already complex process.The employer-employee relationship is already intensely scrutinized by USCIS and is evaluated by weighing multiple factors such as who directly supervises the H-1B worker and whether supervision is performed on or off-site. These days, even the use of proprietary information and whether the end work product is directly linked to the H-1B employer's (petitioner's) business is closely examined.Additionally, the DHS is seeking to add requirements for wage levels. USCIS has argued that the job duties paying level 1 wages are not complex enough to qualify as specialized but too complex to be considered entry-level because they involve the exercise of judgment and thus require oversight from a wage level 3 supervisor. Quite the predicament.Also in the works is an update of the Adjustment of Status Procedures for “more efficient processing” by eliminating the concurrent filing of visa petitions and Form I-485 for all applicants seeking an immigrant visa in a preference category and changing the dates when applicants can file Form I-485.Another item on the DHS agenda is to establish a period of authorized stay for F-1 and other non-immigrants. Currently, F-1 students are admitted for a “duration of status” and allowed to remain in the country for the duration of their full course of study, including any period designated for practical training. DHS proposes to replace the “duration of status” system with “date certain” admissions as it apparently causes confusion and contributes to student visa overstay.Lastly, the DHS wants to rescind the February 2015 rule extending eligibility for employment authorization to certain H-4 dependent spouses of H-1B visa workers seeking employment based lawful permanent resident status (green card). The effect will be felt by companies as their labor turnover costs are expected to increase.Restricting H-1B visa issuance and increasing the difficulty for students and other high-skill foreign-nationals has a number of negative effects on our economy.Statistically, every H-1B visa creates almost two jobs for Americans on average. In smaller companies, it can create almost 7 jobs per each H-1B. Reducing H-1Bs reduces jobs for Americans at almost double a rate. Making these high skilled visas tougher to obtain for American companies forces jobs and businesses to leave America.Foreign students, who contribute enormously to higher-education institutions and more often than not enter in-demand STEM fields, have already begun to lose interest in attending US Universities.Indian students have decreased admissions by 28% while Chinese students have decreased by 24%. This translates to a loss of approximately $2 Billion in tuition to US universities annually.Other countries, like Canada and India, are already enjoying increased migration of American companies and foreign nationals to bolster their economy, especially in the tech industry.The US has lead the world in technology by importing people with the highest skills to our inviting and innovative environment. Visa regulations are chilling this environment and could cause us to lose our leadership position and adversely impact our economy.

What is the difference between OPT, EAD and H1B work permits?

Here are the differences:An OPT is available to eligible F-1 visa students who are allowed - if they meet the qualifications - to apply their specialized knowledge to a directly related job. After completing the first academic year, F-1 students are eligible to work in three different types of off-campus employment:Curricular Practical Training (CPT)Optional Practical Training (OPT) (pre- or post-completion)Science, Technology, Engineering and Mathematics (STEM) Optional Practical Training Extension (OPT)Any off-campus employment after the first academic year must be directly related to the area of study and be authorized by the designated school official and US Citizenship and Immigration Services (USCIS) prior to starting any work.An EAD is an Employment Authorization Document issued to foreign workers who fall into certain immigrant and non-immigrant categories - for instance, for those who have filed a Form I-485 Application to Register for Permanent Residence or Adjust Status.Since US employers are required to verify the eligibility of all employees who seek to work inside the US, the EAD is the document you submit to your employer proving that permission. Most EADs are valid for one year.An H-1B is program is available to F1 students who want to gain practical work experience - inside the US - in a job that’s related to their field of study. F1 students can change their status from F1 to H-1B by securing a qualified H-1B position with an H-1B sponsor company.However, H-1Bs are also available to foreign nationals who are not students. US companies use the H-1B visa to hire foreign professionals for specialty occupations. This requires that the worker have at least a four-year degree or the equivalent in experience. When the H-1B is approved, the professional can work only for the position stated on the H-1B petition. If the person wishes to change employers, the new employer must file a new petition.Our legal marketplace LawTrades has helped numerous immigration clients. Feel free to visit our site to be connected with a vetted, quality attorney! Hope this helps - good luck!

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