Quote:
Originally Posted by Tacopuck
I'd argue the younger generation just expects more. What kid doesn't have a a smart phone? This is not an argument of not having a smart phone as the value it provides is way higher than the cost of it, but with the amount of 'stuff' everyone has access to (ie $500 blender on a payment plan) its real easy for young people to say "fudge it! YOLO!" and buy one more item that they dont need and slowly incrementally diminish their investing potential and therefore diminish their wealth potential.
I dont buy the people in their 30's argument. If this is only becoming an issue in the last bit what's their excuse when they were in their 20's? Albeit I'm not in my 30's yet and didn't try and buy a house a decade ago, but i do recall prices being significantly lower.
Time value of money is real, the earlier you start the process of wealth growth the better your will be off later, this comes down to choices of the individual plain and simple.
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There have always been people who are good with money and people who are bad with it. Yes, you see more smart phones now, but a generation ago you had people buying corvettes they couldn't afford. Before that you had people with decade long leases on colour televisions.
The difference is that currently, property prices and living expenses are far higher than wages.