Quote:
Originally Posted by FireGilbert
Wages have stagnated, the cost of living is increasing, and interest rates are at historic lows. Can't say I'm surprised people are taking on debt.
Can we please stop with the generational stereotyping? Kids these days are not better or worse at saving than their parents were. The older generations spent more on optional things like music, smokes, and alcohol while the younger generations spend more on the necessities of life such as rent and education. Looking at what wages, house prices, and interest rates were 40 years ago it was easier to save enough to buy a house or have a nest egg.
Oh and you NEED a phone with a data plan to exist in today's society. It's not something you can budget out to save money.
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The truth lies in the middle. Did your parents go to Mexico or Cuba on spring break? I knew more people than I could count who did. How many used their line of credit? A whole lot.
It's only one example. Yes, wages are stagnant, school costs more etc, but lots of people feel they are entitled to a certain standard. When I was in university, lots of my friends had the option to live at home and drive to school to save money. How many got an apartment and a huge student loan because they wanted the student life (to go out all the time and pound as many chicks as possible) lots.
How many couples only have one car instead of two? Is it used or new? Do they live in an apartment instead of a house?
Still have students loans? Baby on the way? Better buy that $600,000 house! Everybody else is!