Quote:
Originally Posted by RichieRich
Totally agree however the entitlement has never been so prevalent as it is today. Far too many people think they DESERVE to have ownership of homes or vehicles. Sure, homes certainly did cost a lot less back in the 70’s and 80’s etc. but they also required 20% down and interest rates were higher then than now. Homes were also simpler and smaller, as were most materialistic wants and demands. Back then it was ok to spend years renting or living at home and not paying mortgage until you were 30+.
So now, after unusually low inflation and interest rates since ~2008, so many are shocked as we return to the mean. Many have lived beyond their means and spent too much for too long, perhaps using their home HELOC like a cash dispensing machine, and so didn’t even conceive this couldn’t continue indefinitely.
Here’s a off-the-cuff list of things we expect now that weren’t prevalent in spending habits in the 80’s (~20% interest rates) and 70’s:
Large complicated vehicles, or multiple large thirsty vehicles
Double car garages attached to large homes
Multiple tvs and internet subscriptions
Everyone has a cell, computer, technology, etc
Spending habits with AliExpress and or Amazon and other retailers
Instant gratification spending and credit cards, instead of saving
High waste levels with goods, materials, food
Eating out very often for lunches and dinners
So so many activities that kids seem to be signed up for
What have I missed?
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Spring break trips to Mexico during university. Big, expensive trips for people with giant student loans, carrying on into adulthood.
So many people during university would cry poverty on student loans but go on trips I couldn't wrap my head around as someone who was trying his best to stay out of debt.
"I need it for my mental health" - ummmm hmmmmm
Those trips continue after university and many people bring their whole family to the resort after having kids.