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Old 05-17-2017, 09:41 AM   #181
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I'm 26 and I own a condo in Calgary that I have 30% equity in. I'm very lucky in that I found an Oil and Gas job that I went to university for just before the downturn, but there was also some sacrifice involved there.

The biggest thing millenials can do to save money is stay home for school. I know that's not an option for everyone but if you live in Vancouver Edmonton Calgary or Winnipeg you have TWO choices for schools to go to in your city. A lot of people I know went away for school for the experience, which is fine, but there's a financial cost to doing so. I went to U of C, lived with my grandparents in brentwood, had less fun than I would have at U of A or UBC, but banked all my summer money. Upon graduating and getting a full time job I lived with my parents for two years to save more. I currently drive a 1998 Honda Accord that I've had since high school.

All this is to say, it's true that there's less opportunity and housing is more expensive now, but whining about it won't do anything. Save save save and invest any chance you get, so many people my age spent 7 years away at school with no direction, or bought a 60k car and are crying poor now. You can spend money on months long euopean escapades or a big fancy wedding but it'll hurt you down the line. There's a really disturbing trend among my friends to blame all their problems on generational disadvantages and they're overlooking their own poor financial decisions.
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Old 05-17-2017, 09:43 AM   #182
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I really can't stand the stereotypical millennial. How common is it to hate your generational peers?
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Old 05-17-2017, 09:48 AM   #183
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I'm 26 and I own a condo in Calgary that I have 30% equity in. I'm very lucky in that I found an Oil and Gas job that I went to university for just before the downturn, but there was also some sacrifice involved there.

The biggest thing millenials can do to save money is stay home for school. I know that's not an option for everyone but if you live in Vancouver Edmonton Calgary or Winnipeg you have TWO choices for schools to go to in your city. A lot of people I know went away for school for the experience, which is fine, but there's a financial cost to doing so. I went to U of C, lived with my grandparents in brentwood, had less fun than I would have at U of A or UBC, but banked all my summer money. Upon graduating and getting a full time job I lived with my parents for two years to save more. I currently drive a 1998 Honda Accord that I've had since high school.

All this is to say, it's true that there's less opportunity and housing is more expensive now, but whining about it won't do anything. Save save save and invest any chance you get, so many people my age spent 7 years away at school with no direction, or bought a 60k car and are crying poor now. You can spend money on months long euopean escapades or a big fancy wedding but it'll hurt you down the line. There's a really disturbing trend among my friends to blame all their problems on generational disadvantages and they're overlooking their own poor financial decisions.

Did you pay your folks rent of any kind while you lived there once you graduated and had a job?
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Old 05-17-2017, 09:54 AM   #184
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It occurred to me that tuition and University factor in this as well, but perhaps not in the way some might think, when I left school almost no one went to Uni' around 5% if I remember for the mid seventies, you left school at 16 or 17 and went straight to work, by 22 you were expected to be into a career path.

If you are part of the 35% that go to University now at 19 you not only burden yourself with debt but also lose 4 years of earning, and most people then at 23 or 24 still need a couple of years to work out what they are going to do for a living, that has to impact your ability to save for a house assuming you aren't taking a fairly specialised degree that will pay itself off within a couple of years.


plus how many jobs are really available for the thousands of debt-ridden graduates every year?
the undergraduate degree is becoming the new HS diploma, expect it costs 40K to get one.
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Old 05-17-2017, 09:55 AM   #185
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Did you pay your folks rent of any kind while you lived there once you graduated and had a job?
Honestly, no I did not. I realize that's not a situation everyone can enjoy, I'm thankful to my parents that they allowed me to live there and save a down payment.
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Old 05-17-2017, 09:56 AM   #186
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If anyone thinks life sucks in their 20's...hang tough, it gets worse LOL.
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Old 05-17-2017, 10:09 AM   #187
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Let Millenials eat all the avocado toast they want. In fact, Gen X? Get on that toast! It's delicious, healthier than an Egg McMuffin, and the perfect distraction while Gen Z quietly puts you all out of work to fix the disaster baby boomers created.

True, it'll likely be AI that eventually turns on us and kills us all, but you'll be first.
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Old 05-17-2017, 10:11 AM   #188
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Let Millenials eat all the avocado toast they want. In fact, Gen X? Get on that toast! It's delicious, healthier than an Egg McMuffin, .
Shut Yer Filthy Mouth!
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Old 05-17-2017, 10:13 AM   #189
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Avocados are like natures butter. I had avocado toast for breakfast this morning because of this thread!
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Old 05-17-2017, 10:16 AM   #190
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The real problem is the amount of power and influence is being ceded to Foreign Avocado Farming Cartels over our society's upcoming decision makers...

I shudder at the prospect of some decisions hastily made in the fog of a nasty Avocado withdrawal after a particularly vicious weekend 'toast and hacky-sack' bender out in Kelowna.

Especially given that Generation's obscene infatuation with hair, just look at Trudeau! That hair got him elected! Whats next? The first Prime Minister with Dreadlocks and hemp shorts?

Madness....
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Old 05-17-2017, 10:30 AM   #191
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The real problem is the amount of power and influence is being ceded to Foreign Avocado Farming Cartels over our society's upcoming decision makers...

I shudder at the prospect of some decisions hastily made in the fog of a nasty Avocado withdrawal after a particularly vicious weekend 'toast and hacky-sack' bender out in Kelowna.

Especially given that Generation's obscene infatuation with hair, just look at Trudeau! That hair got him elected! Whats next? The first Prime Minister with Dreadlocks and hemp shorts?

Madness....
Big Avocado at it again...
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Old 05-17-2017, 10:31 AM   #192
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Big Avocado at it again...
No one ever suspects Big Avocado.
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Old 05-17-2017, 10:31 AM   #193
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Some amusing tweets in this compilation: https://www.buzzfeed.com/jasminnahar...vid#.rmYA5JLeA

(Maybe some NSFW, but you're reading the internet at work...)
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Old 05-17-2017, 10:50 AM   #194
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You are completely missing the forest for the trees. The point is that standards of living are higher now - quite a bit higher than the 70s.

Arguing that a higher percentage of incomes was spent on consumer goods is completely irrelevant. That is simple choice.

The relevant fact for this conversation is that standards of living are higher now. Say that out loud. Listening to millenials whine about how much tougher it is is a joke.

It's tough now. It was tough then. It's always been tough for young people.

Stop blaming others and get on with it.
The bolded is exactly my point. Talking about $4 coffees, or Netflix, mobile phones, or avocados is completely pointless when people today are spending less on non-essential goods than they did in the past. Just because people now spend money on mobile phones or coffee instead of cigarettes and alcohol doesn't mean they're more wasteful. Some people blow their money on junk but there were lots of people in the '70s that did the same.

And no, you can't just write off the current cost of housing or the lack of good job prospects for young people in Canada as "things have always been tough". There's a reason that my relatives who were in their mid 20s could buy houses in Vancouver in the '70s with working class jobs. Meanwhile it took my friend who's a partner in a law firm and who is now probably in the top 1-2% of income in Canada until he was 35 years old to be able to afford to buy what is essentially the same house as what my relatives owned, but now it's a 50 year old fixer upper in need of a ton of work.

Vancouver is obviously an extreme example, but the same pattern exists almost everywhere in Canada. Jobs in rural areas have largely dried up and cities are becoming increasingly unaffordable. To ignore the difficulty in entering the workforce during a prolonged low interest period where saving is essentially punished and housing costs are rising dramatically is to ignore reality.
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Old 05-17-2017, 10:59 AM   #195
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Housing, as it relates to the economy and government policy, is a curious thing:

The vast majority of the citizenry want housing to be affordable.

Simultaneously, the vast majority of the citizenry want housing to be a good investment.

Without sustained wage and population growth, it is very difficult for both desires to become reality over any specific period of time. And even then, it may not happen...
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Old 05-17-2017, 11:07 AM   #196
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Housing, as it relates to the economy and government policy, is a curious thing:

The vast majority of the citizenry want housing to be affordable.

Simultaneously, the vast majority of the citizenry want housing to be a good investment.

Without sustained wage and population growth, it is very difficult for both desires to become reality over any specific period of time. And even then, it may not happen...
It's the generational divide at play again. Baby boomers, who already own property, sucking from the economy via risky and potential disastrous fiscal policy at the expense of younger generations.

I know a lot of people are joking about it, but it's a serious issue. Young people foregoing careers, parenthood, home ownership, entrepreneurship, etc... Baby boomers telling them to work harder while they reap the benefits.

This is Canada's major societal issue right now. And it's unlikely anything will be done to address it. As you've mentioned, people who already have houses like the "investment".
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Old 05-17-2017, 11:32 AM   #197
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Vancouver is obviously an extreme example, but the same pattern exists almost everywhere in Canada. Jobs in rural areas have largely dried up and cities are becoming increasingly unaffordable. To ignore the difficulty in entering the workforce during a prolonged low interest period where saving is essentially punished and housing costs are rising dramatically is to ignore reality.
This is just my theory, but Vancouver and Toronto are undergoing a transformation to alpa+ world cities. Places that not just people in Western Canada, or Canada want to move to, but people from all over the world. Wealthy people. It's happened before with cities like London and Sydney, most normal people there move far afield to the surronding suburbs and the real estate in the city core becomes prohibitvely expensive.

The government should be doing a better job by enacting a foreign buyer tax but I honestly don't think it'll ever be in the reach of 90% of people to own property in the core of either Toronto or Vancouver, its just too far gone reaching critical mass as a world destination. Real estate in the next tier of cities, the Calgary's, Edmonton's, and Ottawa's of the world, is within reach for most.
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Old 05-17-2017, 11:34 AM   #198
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This is just my theory, but Vancouver and Toronto are undergoing a transformation to alpa+ world cities. Places that not just people in Western Canada, or Canada want to move to, but people from all over the world. Wealthy people. It's happened before with cities like London and Sydney, most normal people there move far afield to the surronding suburbs and the real estate in the city core becomes prohibitvely expensive.

The government should be doing a better job by enacting a foreign buyer tax but I honestly don't think it'll ever be in the reach of 90% of people to own property in the core of either Toronto or Vancouver, its just too far gone reaching critical mass as a world destination. Real estate in the next tier of cities, the Calgary's, Edmonton's, and Ottawa's of the world, is within reach for most.
Have you been to Minneaopolis? That kind of mid-tier mid-Western city has more culture than Vancouver. Now, Toronto, yes, you are probably right, but it also has a very large finance and legal sector that can actually support a pretty high-earning population.
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Old 05-17-2017, 11:35 AM   #199
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All these posts about giving up coffee and taking X years to buy a home don't take into account compound interest. And right there is the biggest issue.

It isn't what you saved in 1 week or 1 month. It is what the amounts to over 35 years.

It's hard to get rich fast, but it's easy to get wealthy slowly.
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Old 05-17-2017, 11:38 AM   #200
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I'd love to see a poll of how many people are worse off than their parents at the same age?

Out of my family and group of friends, there are extremely few examples of this. Almost everyone is living in a nicer house, taking more vacations, driving nicer cars and going out more than their parents at the same age.
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