Quote:
Originally Posted by Tacopuck
No one ever got rich by saving, and very few get rich through a paycheque. Millennials do not get this.
I'm a millennial and I was able to purchase my first home at 26 and I attribute that directly to my parents teaching me the concepts of investing my money that I make through a paycheque when I was in high school. I have peers (ones with well paying jobs) that are still living paycheque to paycheque cause they insist on "pop'in bottles" every weekend, going on expensive vacations two-three-four times a year, and going out for every meal instead of putting money aside and investing to grow it.
Now I'm not one to tell someone how to spend their money and would even encourage to do some of the things i listed above so long as its done in moderation, because you only experience your 20's once. But to go out and complain that "its not fair" that they cannot afford to buy a house is BS. Expectations also need to be tempered, just cause you get to live big and wild on the weekends doesn't mean that you are entitled to the rest of it during the week. Young people need to own up to the decisions they made in their life.
Also we need to start more to teach more economic and financial concepts in school
|
The issue is that everyone in the younger generation is expected to take a huge step back.
If you are a hard worker, good saver, and find a big income, you should be able to do quite well with that 30 years ago, but will now find yourself at the bottom.
Once again, we aren't talking about people in their early 20s, who spend too much, not being able to afford basic housing. We're talking about people in their late 30s, who've spent a decade working. Do the simple math. If you're a teacher, a nurse, or fireman, making $65k/year. How much can you realistically save after taxes? Now compare that to the average home price in various neighbourhoods.
Even if you never had a coffee in your life...although the concept of a middle class person not getting a morning coffee is something new....I can assure you coffee shops, diners, etc... existed well before this generation and were always well populated.