Quote:
Originally Posted by Zarley
Nonsense. Spending $200 on coffee isn't an issue in an of itself, but it's exemplary of bad financial habits that are all too common amongst younger generations. Subscription services, buying new vehicles financed over long terms, constantly eating at restaurants, spending on frivolous crap etc. are all common examples of wealth destroying habits. Cutting back on these makes it easy to build investment. Furthermore, housing in Calgary is quite affordable right now, to the point that monthly carrying costs of owned property are near parity with rental rates. It's really not that difficult for a middle class earner to own a home right now.
I think this generational economic struggle myth is something created by younger folks to rationalize their poor financial habits as something beyond their control, when that truly is not the case.
|
Once again, I think Calgary is a bad example, as it's in a recession and there recently was a crazy boom. It's easy for those who can actually get a job to afford a property, yes. However, if you look at other post-recession housing climates, things are relatively unaffordable.
Once again, the spending habits of baby boomers are far worse than any other generation. The amount of personal debt they carry is staggering. Many, despite having the most affluent atmosphere in history, simply don't have enough saved for retirement. They will be turning to CPP, and other social services, which simply won't be able to cope.
Part of me wants a housing crash, but if that happened you'd have an entire generation of destitute baby boomers without anything to support themselves.
For the record, I own a property in downtown Vancouver. So, I've gained immensely from this madness. However, the toll of this mounting personal debt on society is what I want to end. And it is 100% the baby boomers driving it.