Wells Fargo ad about millennials eating out

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Also if you can't afford the rent, move somewhere cheaper! If you can't find a job in a cheaper place, keep your DC job and move just a little further out. No, you won't get an Uber pass to your new place, you may need to take the bus or get a car, but at you won't have "sky high!!!" rent. Or get a cheap house with multiple roommates. Honestly in your 20s with no family responsibilities you can live ANYWHERE - this isn't hard. But you might have to give up the game room and rooftop pool.

And if your job doesn't cover most of your insurance, you doing something wrong. Also you can stay on your parents medical until 26 - so... really you're doing something wrong if that is what is bankrupting you.

Try again with some personal responsibility.

Yup, move further out to a less-popular neighborhood and get roommates. I lived in seven corners when I was in my 20's making $35k/year. Had a roommate. Ate a lot of black beans and quesadillas for dinner. Canned tuna for lunch.

OP: "This system is broken and rigged against me and a large corporate keeps telling me that my situation would be different if I avoided spending $10/day on food out, which I don't do anyway"
All Other Posters: "BUT BOOTSTRAPS... TRY HARDER" ... "IT WAS EVEN HARDER FOR ME" ... "STOP WHINING" ... "GET FINANCIAL COUNSELING" ... "GET ON YOUR PARENTS' INSURANCE"

Lol. Y'all don't get it with your responses.

That's just typical DCUM responses for ya. When someone points out something bad, our out-of-touch DCUM residents who, mind you, typically boast about their $500k-$3M a year HHI, will immediately start singing the bootstrap song. It's their only way to reconcile the differences between what they have that others don't - after all, few people ever wanna admit they deserve criticism.

+100

This is true - but if this thread demonstrates anything, is that blindness exists on all sides of the argument. Not too many millennials are taking any responsibility at all here.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think all of us would concede that things are more expensive and that in most industries wages haven’t kept up. But you have to concede that you want to buy a $1 million dollars home and are complaining that your inability to do that is because life is so much harder today. I would say that if you wanted to buy. $300,000 home and couldn’t, I would agree. But your argument fails because your $1 m home is just out of reach for the majority of people regardless of age or generation. You are not unable to buy that because of your age or wage alone. That is an extremely expensive home.

Uh, we just bought a $1.1M shack which the prior owners bought for $250k in 1999.

It’s not an extremely expensive or fancy house. It’s just a house with ok schools and ok commute.

It isn’t like Millenials are saying ‘I want a $1M house’, they just want an ok house in an ok neighborhood.

I think OP said he needs a down payment of $200000. I am basing the million on that. If he says I am wrong, then fine but it was his number.

Well yeah, he is saying $1M — b/c that’s what ok houses with less than a 1 hr commute tend to cost.

This is what reveals your entitlement. If you want new and fancy for less than a million, you have to commute. If you are ok with older, you can have a shorter commute. This isn’t a challenge that only millennials face. The fact that you think so is more evidence that you have absolutely no perspective. The majority of people make that choice.

Look east of the river - lots of houses for less than $1m there. Not a lot of avocado toast, though.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think all of us would concede that things are more expensive and that in most industries wages haven’t kept up. But you have to concede that you want to buy a $1 million dollars home and are complaining that your inability to do that is because life is so much harder today. I would say that if you wanted to buy. $300,000 home and couldn’t, I would agree. But your argument fails because your $1 m home is just out of reach for the majority of people regardless of age or generation. You are not unable to buy that because of your age or wage alone. That is an extremely expensive home.

Uh, we just bought a $1.1M shack which the prior owners bought for $250k in 1999.

It’s not an extremely expensive or fancy house. It’s just a house with ok schools and ok commute.

It isn’t like Millenials are saying ‘I want a $1M house’, they just want an ok house in an ok neighborhood.

I think OP said he needs a down payment of $200000. I am basing the million on that. If he says I am wrong, then fine but it was his number.

Well yeah, he is saying $1M — b/c that’s what ok houses with less than a 1 hr commute tend to cost.

This is what reveals your entitlement. If you want new and fancy for less than a million, you have to commute. If you are ok with older, you can have a shorter commute. This isn’t a challenge that only millennials face. The fact that you think so is more evidence that you have absolutely no perspective. The majority of people make that choice.

WTF?? New and fancy? $1M is for lipstick-on-pig tear downs with modest commute.

https://www.redfin.com/VA/Falls-Church/5904-Boston-Dr-22041/home/9648234 what's wrong with this place?

If I don’t have kids and never have to have it appreciate (because it won’t with those schools) then nothing

So you are looking for an investment property, not a home?

Well if it is a starter home and I need to sell it to buy a home with accredited schools, then it needs to appreciate b/c the houses with good schools will be rising in price.

Also, are you the economist because you don't seem to have studied real estate trends in the DC area for the last five years. Compare the rate of real estate appreciation in areas like Trinidad, Ivy City, H Street Corridor (arguably not good schools) versus areas like Potomac (arguably good schools). =

You actually prove my point. The boom in DC real estate has a lot of roots in the charter school lottery.

And comparing inner city DC to almost-exurb Potomac is really a specious argument; I’m comparing suburban SFH to suburban SFH.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I hate those self serving ads by WF showcasing a millennial couple eating out several times a week (once at a food cart), and that being the prime reason they can’t afford downpayment on a house.

Such BS. It’s sky high rent, student loans, and medical insurance — not avacado today du jour

Maybe instead of offering sham financial counseling, they offer low fixed rate student consolidation loans.

Stop taking out expensive student loans, pick a field with good income potential, and go live somewhere cheap. I shared an apartment with roommates up until I got married at 28. Except for the times I traveled for work and stayed in a hotel, I've never actually lived anywhere alone by myself.

And what year did you graduate?

I'm not the PP here, but my story is the same. I graduated college in 2000.

+1, graduated 2001

Although I'll give you the student loans-- those are larger for recent grads than they were for me. But I did make tradeoffs and my first home was 500K in the suburbs so it's not like homes were affordable and close-in for Gen X either. And I was making much less than I am now while saving up for that downpayment.

So 2 years out of college you had $100k DP?

NP here. The summer DH graduated law school (with loans) we put 5% down on a $450k townhouse. This was 2008. We were 25.

5%. Ah, so you are advocating financially irresponsible borrowing. Gotcha.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think all of us would concede that things are more expensive and that in most industries wages haven’t kept up. But you have to concede that you want to buy a $1 million dollars home and are complaining that your inability to do that is because life is so much harder today. I would say that if you wanted to buy. $300,000 home and couldn’t, I would agree. But your argument fails because your $1 m home is just out of reach for the majority of people regardless of age or generation. You are not unable to buy that because of your age or wage alone. That is an extremely expensive home.

Uh, we just bought a $1.1M shack which the prior owners bought for $250k in 1999.

It’s not an extremely expensive or fancy house. It’s just a house with ok schools and ok commute.

It isn’t like Millenials are saying ‘I want a $1M house’, they just want an ok house in an ok neighborhood.

I think OP said he needs a down payment of $200000. I am basing the million on that. If he says I am wrong, then fine but it was his number.

Well yeah, he is saying $1M — b/c that’s what ok houses with less than a 1 hr commute tend to cost.

This is what reveals your entitlement. If you want new and fancy for less than a million, you have to commute. If you are ok with older, you can have a shorter commute. This isn’t a challenge that only millennials face. The fact that you think so is more evidence that you have absolutely no perspective. The majority of people make that choice.

WTF?? New and fancy? $1M is for lipstick-on-pig tear downs with modest commute.

https://www.redfin.com/VA/Falls-Church/5904-Boston-Dr-22041/home/9648234 what's wrong with this place?

If I don’t have kids and never have to have it appreciate (because it won’t with those schools) then nothing

Ah okay, you don't want your kids to go to school with brown people. got it

Yes, I guess they can’t go to school with themselves. Where do you kids go to school?

My kids go to a public school that is over 80% minority (mostly AA) and over 70% low income. We don’t make decisions based off bogus Greatschools rankings

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I hate those self serving ads by WF showcasing a millennial couple eating out several times a week (once at a food cart), and that being the prime reason they can’t afford downpayment on a house.

Such BS. It’s sky high rent, student loans, and medical insurance — not avacado today du jour

Maybe instead of offering sham financial counseling, they offer low fixed rate student consolidation loans.

Stop taking out expensive student loans, pick a field with good income potential, and go live somewhere cheap. I shared an apartment with roommates up until I got married at 28. Except for the times I traveled for work and stayed in a hotel, I've never actually lived anywhere alone by myself.

And what year did you graduate?

I'm not the PP here, but my story is the same. I graduated college in 2000.

+1, graduated 2001

Although I'll give you the student loans-- those are larger for recent grads than they were for me. But I did make tradeoffs and my first home was 500K in the suburbs so it's not like homes were affordable and close-in for Gen X either. And I was making much less than I am now while saving up for that downpayment.

So 2 years out of college you had $100k DP?

NP here. The summer DH graduated law school (with loans) we put 5% down on a $450k townhouse. This was 2008. We were 25.

5%. Ah, so you are advocating financially irresponsible borrowing. Gotcha.

FHA programs. Not irresponsible

[Anonymous]

They eat out because corporate America expects us to work 12 hour days. Prove me wrong.

[Anonymous]

Anonymous wrote:
NP here. Maybe the 4000K won't get you into the house of your dreams but it could get you into a home. Early 40s here so not a boomer. Bought first house (single family home in FFX county at 28 years old). First house was definitely not in a super desirable location but was cute and spacious. It was a fixer upper. When I got laid off after the 2001 tech bust, I had to take a roommate to make the mortgage. I painted it and spruced it up on a real budget and slowly over time. I owned it--not wasting money on rent. I never ate out and I had to cancel several "essentials" like cable in order to make the bills after the lay off. Very little vacation. I mowed my own lawn (gasp). I raked my own leaves. No garage. BUT.... about 10 years later, I sold it for a tidy profit and then moved into a much larger home in a more desirable neighborhood. By then, my salary had increased, I had married. I was older.

I think a big knock on millennial is that they want the life of a 40 or 50 year old at 20 or 30. I don't think anyone begrudges other people from wanting nice vacations or nice homes or nice cars and nice food etc. But many of us have that at 40 plus after not having it at 20/30. So, I guess I am saying, people don't judge the avocado sandwich. It is that when I was buying my house at 28 years old, I was eating pasta and sauce a lot.

Wait-wait-wait.

You bought your first house at 28 and later were laid off in 2001...
It's 2019. How are you in your early forties?

[Anonymous]

Anonymous wrote:

Anonymous wrote:How shocking. People who face decades of usurious student loan debt and no hope of ever saving a 20% house down payment tend to spend their money on the smallest luxuries their monthly cash flow can accommodate. Who would have thought?

I feel like you don't have a good grasp on the meaning of usurious.

And still doesn’t understand that you don’t need 20% for a down payment.

[Anonymous]

Anonymous wrote:They eat out because corporate America expects us to work 12 hour days. Prove me wrong.

Not everyone, but yeah this is me. I travel 250+ nights a year and routinely work 16 hours a day, sometimes 6 days a week, so rice and beans are not in the picture and $9 avocado toast is the last of my worries. I know someone here suggested that if I travel, instead of living within 20 minutes of the airport I could get roommates and live in some godforsaken middle of nowhere place and drive 2 hrs twice a week at 3am to make my flights, in my 30s, but honestly that sounds like a life not worth living. So, bring on the Door Dash and convenience.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I hate those self serving ads by WF showcasing a millennial couple eating out several times a week (once at a food cart), and that being the prime reason they can’t afford downpayment on a house.

Such BS. It’s sky high rent, student loans, and medical insurance — not avacado today du jour

Maybe instead of offering sham financial counseling, they offer low fixed rate student consolidation loans.

Stop taking out expensive student loans, pick a field with good income potential, and go live somewhere cheap. I shared an apartment with roommates up until I got married at 28. Except for the times I traveled for work and stayed in a hotel, I've never actually lived anywhere alone by myself.

And what year did you graduate?

I'm not the PP here, but my story is the same. I graduated college in 2000.

+1, graduated 2001

Although I'll give you the student loans-- those are larger for recent grads than they were for me. But I did make tradeoffs and my first home was 500K in the suburbs so it's not like homes were affordable and close-in for Gen X either. And I was making much less than I am now while saving up for that downpayment.

So 2 years out of college you had $100k DP?

NP here. The summer DH graduated law school (with loans) we put 5% down on a $450k townhouse. This was 2008. We were 25.

5%. Ah, so you are advocating financially irresponsible borrowing. Gotcha.

FHA programs. Not irresponsible

Yep, remove your equity margin, and throw away thousands on FHA fees and insurance. And you know now that insurance can’t be cancelled at 20%.

[Anonymous]

Anonymous wrote:

Anonymous wrote:
NP here. Maybe the 4000K won't get you into the house of your dreams but it could get you into a home. Early 40s here so not a boomer. Bought first house (single family home in FFX county at 28 years old). First house was definitely not in a super desirable location but was cute and spacious. It was a fixer upper. When I got laid off after the 2001 tech bust, I had to take a roommate to make the mortgage. I painted it and spruced it up on a real budget and slowly over time. I owned it--not wasting money on rent. I never ate out and I had to cancel several "essentials" like cable in order to make the bills after the lay off. Very little vacation. I mowed my own lawn (gasp). I raked my own leaves. No garage. BUT.... about 10 years later, I sold it for a tidy profit and then moved into a much larger home in a more desirable neighborhood. By then, my salary had increased, I had married. I was older.

I think a big knock on millennial is that they want the life of a 40 or 50 year old at 20 or 30. I don't think anyone begrudges other people from wanting nice vacations or nice homes or nice cars and nice food etc. But many of us have that at 40 plus after not having it at 20/30. So, I guess I am saying, people don't judge the avocado sandwich. It is that when I was buying my house at 28 years old, I was eating pasta and sauce a lot.

Wait-wait-wait.

You bought your first house at 28 and later were laid off in 2001...
It's 2019. How are you in your early forties?

I was born in 1975. Finished college in 96. Finished law school 2000. Lay offs were common in law firms in the early half of the 2000s after the tech bubble burst, 9/11 and lots of law firm merging. Bought house in 2003.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How shocking. People who face decades of usurious student loan debt and no hope of ever saving a 20% house down payment tend to spend their money on the smallest luxuries their monthly cash flow can accommodate. Who would have thought?

I feel like you don't have a good grasp on the meaning of usurious.

And still doesn’t understand that you don’t need 20% for a down payment.

Not sure how student loan interest rates of less than 5% are usurious. I was paying 9% in the late 1990s and early 2000s. It's not the interest rate that's the issue - rather the cost of college and grad school. Schools have raised tuition commensurate with the amount of money the government has been willing to lend students. No one can argue with a straight face that the value of the education provided by most university has increased 200%, 300% or 1,000% in the past 20 years. If anything, it's gotten worse as students are required to take more classes that do not translate into employable skills (don't get me started on colleges graduating "well rounded students").

That said, students do bear some of the blame. No one is making them attend private universities, nor to major in something that does not translate into employable skills (or only into low-paying skills). A college degree is a tool for future use, not an excuse solely to pursue one's passions.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
NP here. Maybe the 4000K won't get you into the house of your dreams but it could get you into a home. Early 40s here so not a boomer. Bought first house (single family home in FFX county at 28 years old). First house was definitely not in a super desirable location but was cute and spacious. It was a fixer upper. When I got laid off after the 2001 tech bust, I had to take a roommate to make the mortgage. I painted it and spruced it up on a real budget and slowly over time. I owned it--not wasting money on rent. I never ate out and I had to cancel several "essentials" like cable in order to make the bills after the lay off. Very little vacation. I mowed my own lawn (gasp). I raked my own leaves. No garage. BUT.... about 10 years later, I sold it for a tidy profit and then moved into a much larger home in a more desirable neighborhood. By then, my salary had increased, I had married. I was older.

I think a big knock on millennial is that they want the life of a 40 or 50 year old at 20 or 30. I don't think anyone begrudges other people from wanting nice vacations or nice homes or nice cars and nice food etc. But many of us have that at 40 plus after not having it at 20/30. So, I guess I am saying, people don't judge the avocado sandwich. It is that when I was buying my house at 28 years old, I was eating pasta and sauce a lot.

Wait-wait-wait.

You bought your first house at 28 and later were laid off in 2001...
It's 2019. How are you in your early forties?

I was born in 1975. Finished college in 96. Finished law school 2000. Lay offs were common in law firms in the early half of the 2000s after the tech bubble burst, 9/11 and lots of law firm merging. Bought house in 2003.

Following up— I got laid off in early 2004. 2 months after closing in my house. The firm completely folded 6 months later.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
NP here. Maybe the 4000K won't get you into the house of your dreams but it could get you into a home. Early 40s here so not a boomer. Bought first house (single family home in FFX county at 28 years old). First house was definitely not in a super desirable location but was cute and spacious. It was a fixer upper. When I got laid off after the 2001 tech bust, I had to take a roommate to make the mortgage. I painted it and spruced it up on a real budget and slowly over time. I owned it--not wasting money on rent. I never ate out and I had to cancel several "essentials" like cable in order to make the bills after the lay off. Very little vacation. I mowed my own lawn (gasp). I raked my own leaves. No garage. BUT.... about 10 years later, I sold it for a tidy profit and then moved into a much larger home in a more desirable neighborhood. By then, my salary had increased, I had married. I was older.

I think a big knock on millennial is that they want the life of a 40 or 50 year old at 20 or 30. I don't think anyone begrudges other people from wanting nice vacations or nice homes or nice cars and nice food etc. But many of us have that at 40 plus after not having it at 20/30. So, I guess I am saying, people don't judge the avocado sandwich. It is that when I was buying my house at 28 years old, I was eating pasta and sauce a lot.

Wait-wait-wait.

You bought your first house at 28 and later were laid off in 2001...
It's 2019. How are you in your early forties?

I was born in 1975. Finished college in 96. Finished law school 2000. Lay offs were common in law firms in the early half of the 2000s after the tech bubble burst, 9/11 and lots of law firm merging. Bought house in 2003.

In your PP you said you had to take in roommates after laid off in 2001 to cover mortgage. Which implies you bought the house IMMEDIATELY out of law schoool.