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Old 05-16-2017, 03:49 PM   #81
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Nm

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Old 05-16-2017, 03:51 PM   #82
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Needs more info for proper judgement:

- where was house purchased
- price of house
- degree taken
- salary of job after university.
- how many room mates
Well in the name of not giving up too much personal information to strangers on the internet.

Calgary
~$400K
Engineering
~$50k
Myself
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Old 05-16-2017, 03:53 PM   #83
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Sorry my post was in jest.
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Old 05-16-2017, 03:54 PM   #84
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Sorry my post was in jest.
Plz dont identity tehft me
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Old 05-16-2017, 03:54 PM   #85
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I have no doubt that a coffee in a cafe was more, in real dollars, then than it is now.

The point though, is that no one was doing it - no one got their coffee that way. The idea of 'buying' a coffee everyday was a completely new trend that started in the nineties (or at least really caught on then).

People didn't go to coffee shops every morning. Nor did they have personal phones, personal computers, subscriptions for music, movies, etc. Nothing like that existed.
Nobody did anything. No one had fun in the 1970's. They just worked like dogs, and did mountains of blow to keep going and going. Just so they had a little piece to give to their millennial children to blow on coffee and special toasts.

Jeezus, do you listen to yourself?
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Old 05-16-2017, 03:57 PM   #86
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I'm a 29 year old millennial and could afford to buy a home right now but choose not to and continue to rent. I've negotiated my rent down twice in the past year and who knows if I'm going to live in Calgary forever.

I have a decent job (not O&G) but also know that many in Calgary make more than I do (but hey, lots make less too). I had and paid off student loans and have no other debts. I save about 30% of my paycheque (pre-tax), have funds in a DC pension, RRSP, and will have my TFSA maxed in a month. I invest in index funds because I know that long term the market has always gone up and I have flexibility over a house.

Given that I am comfortable with my savings rate I do spend (some, not an exorbitant) money on restaurants and travel. I don't buy "things" very often (I do not have the latest iGadget or Samsung Galaxy) and when I do buy something I hum and hah over it for way too long.

I have never bought avocados and toast. Just one millennial's story so far..

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Old 05-16-2017, 03:59 PM   #87
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I think a lot of people in their 20s especially have basically just said F-it, and given up on savings/careers in order to leach of their parents and spend time at restaurants. I don't blame them, honestly. The alternative is staggering.
It's funny that the criticism of Millennial profligacy so often comes from Boomers, when it's Boomers who have enabled the behaviour by letting their adult children leech off them.
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Old 05-16-2017, 04:00 PM   #88
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It's funny that the criticism of Millennial profligacy so often comes from Boomers, when it's Boomers who have enabled the behaviour by letting their adult children leech off them.
Also, by borrowing against their future for the second half of the 20th century.
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Old 05-16-2017, 04:02 PM   #89
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It's funny that the criticism of Millennial profligacy so often comes from Boomers, when it's Boomers who have enabled the behaviour by letting their adult children leech off them.
This isn't just a boomer/millennial thing
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Old 05-16-2017, 04:06 PM   #90
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Nobody did anything. No one had fun in the 1970's. They just worked like dogs, and did mountains of blow to keep going and going. Just so they had a little piece to give to their millennial children to blow on coffee and special toasts.

Jeezus, do you listen to yourself?
Do you listen to yourself? Your posts are ridiculous hyperbole. You have a hate on for boomers. Don't know why, don't care.

But I won't listen to people spew garbage that isn't true.
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Old 05-16-2017, 04:07 PM   #91
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affordability is a challenge nowadays.

I can't recall the exact percentage, but mortgages used to be about 20-25% of one's income... now i think the average is 40-45%.

that's a major jump... as a result of this, people are living with their parents longer in order to save for that initial downpayment... i mean its tough for a recent university grad, with student loans, to even save that 10% downpayment with cost of houses so high. One needs to be extremely disciplined today to same that money

condos have filled the gap a little but takes a TON of discipline to hit that initial down payment if you aren't lucky enough to have some wealth in the family....

but i work with some 20 somethings, and its amazing to me that they buy lunch every day! every single day they spend that money without considering how much that adds up...

I mean, i have to buy a timmy's everyday too, which is also a bit dumb since it does add up... but at least its not lunch!

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Old 05-16-2017, 04:12 PM   #92
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I mean, i have to buy a timmy's everyday too, which is also a bit dumb since it does add up... but at least its not lunch!
We have 3 free sources of coffee at work, one is borderline gourmet. We also have a Starbucks across the street. I blows my mind how many people in this building, rich and poor, will blow a minimum of $5 a day at the Starbucks, when they could save $13-1500 a year, by just using the robo-barista, for free. That pays your car insurance for the year.
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Old 05-16-2017, 04:14 PM   #93
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So is renting not considered an option anymore? I rented for more than 10 years before I bought a place. So did all my friends.
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Old 05-16-2017, 04:15 PM   #94
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I genuinely wonder how many people when using the term "Millennials" are actually thinking of people between 25-40.
Huh, I wouldn't go that old. I thought Millenial stopped at 35 and GenX went to 45. I'm 38 and I sure don't identify with Millenials.

These arguments are so silly. On average, everyone everywhere is bad with money. No matter the generation.
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Old 05-16-2017, 04:16 PM   #95
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We have 3 free sources of coffee at work, one is borderline gourmet. We also have a Starbucks across the street. I blows my mind how many people in this building, rich and poor, will blow a minimum of $5 a day at the Starbucks, when they could save $13-1500 a year, by just using the robo-barista, for free. That pays your car insurance for the year.
I agree with you that $5 at Starbucks 5 days a week adds up (or eating out every day or whatever your vice is) but I could say the same thing about other generations at my work. I don't think it's only millennials that are bad with money.
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Old 05-16-2017, 04:17 PM   #96
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So is renting not considered an option anymore? I rented for more than 10 years before I bought a place. So did all my friends.
Do millenials not rent?
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Old 05-16-2017, 04:18 PM   #97
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Enough out of you; we all know you're one of the "avocado" people.

Seriously though Cliff's pretty much got it. I spent, in retrospect, stupid amounts of money in my 20's on things that I didn't really need to spend money on and rented until this year. Had I not done so, I still wouldn't have been able to buy anything I'd have wanted to live in even in the Calgary market, and if I was buying somewhere like Vancouver? Lololol. Not a chance.
Oh, I fully admit to being an idiot with my money, throughout my 20s, but I don't have any kids, my rent is $600/month, and I'll have a full pension by the time I'm 55, so it's all kind of working out.

That said, I grew up in a broken home where my dad was played the classic rob Peter to pay Paul game with his creditors, and my mom was bankrupted by legal fees during their divorce proceedings. Not exactly two great sources for financial literacy.

I'm just saying I doubt Zarley and Tacopuck were just naturally inclined to invest. They probably had at least a guiding hand from their parents if not some actual instruction.

I think you can probably look at some of the spending habits of millennials, such as eating out, and trace that back to upbringing, too. Both of my parents taught me how to cook from a young age and also made me go grocery shopping with them and would explain to me which foods were overpriced/underpriced and why.

Ususally good habits are a product of good upbringing and it's very hard to ingrain new ones past a certain age without some sort of foundation.
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Old 05-16-2017, 04:18 PM   #98
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My parents bought a house in 2003 and the value has doubled since then. Has their total income doubled in that time? Hell no. They would be very hard pressed to buy the same house in 2017 with the same (inflation adjusted) income.

Housing affordability issues among millennial's cannot solely be blamed on millennial's and their spending/lifestyle habits. There a many different issues at play.
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Old 05-16-2017, 04:18 PM   #99
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So is renting not considered an option anymore? I rented for more than 10 years before I bought a place. So did all my friends.
Agreed, house lust and "YOU HAVE TO OWN SO THAT YOU BUILD EQUITY!!!11" is a problem and leads to poor decisions. Rushing to get into home ownership, over-leveraging, etc.
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Old 05-16-2017, 04:19 PM   #100
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Also, by borrowing against their future for the second half of the 20th century.
Are your posts in this thread satire?

I ask this because you typically are a well-informed poster, yet your contributions to this topic are unsubstantiated rubbish rooted moreso in the sociology of generations than in financial and statistical realities.
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