Wells Fargo ad about millennials eating out

[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.

Very similar, you and I. Born in 74, finished college in 1997 (I was a loser). My computer science degree was not a good fit for the tech crash of 2000. I remember being told by my manager in a team meeting that if we didn't like not getting a raise, we could try working somewhere else. I did not have a roommate but lived in a cheap apartment that required an hour and half commute each day, and drove a '92 beater Honda. Got married at 28 and bought our first house in 2003 with a 5% down 15/80 loan. I remember bending our fingers trying to figure out how many years it would take for us to pay off the 15%. Millennials like to rail against boomers, but it's the Gen X'ers like me that want to give them a stern talking to. Shape up, don't complain so much.

[Anonymous]

Anonymous wrote:

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.

I didn't mean to mislead. Done with this. My point was that the path to where I am today was not all flowers and roses. It wasn't total pain and suffering either. It was a normal life with challenges. You just need to embrace that your life will have some challenges. Just like every other generation before you has.

[Anonymous]

They think Beijing and Cooking are two cities in China

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

This sounds like a whole lot of suffering just to be a homeowner. Real estate isn’t always a great investment or value.

I didn't mean to mislead. Done with this. My point was that the path to where I am today was not all flowers and roses. It wasn't total pain and suffering either. It was a normal life with challenges. You just need to embrace that your life will have some challenges. Just like every other generation before you has.

[Anonymous]

"eating out" means something different to me.

[Anonymous]

I’m a millennial. My generation doesn’t understand hard work, frugal living, or delayed gratification. They can’t defend their worldview, and they cannot handle someone with a different opinion. They blame others, whine incessantly, and demand someone else be responsible for their problems.

This economy is booming, we are in the middle of the biggest stock market bull run in decades, and it’s never been easier to start a business.

You all need to get your act together.

[Anonymous]

Lol what hardships have boomers ever faced. Except not knowing how to use PDFs.

I'm a Boomer and when I graduated from college in the mid-70s unemployment was 9% and the inflation rate was 11% (google recession of 1973-1975 or stagflation). We also had wage and price controls. When we purchased our first home in 1983 the interest rate on our mortgage was 16.5%. Yes it took two incomes to buy that house with a long commute.

Each generation has its own challenges and the Boomers are/were no different. And I'm actually pretty good with PDFs.

[Anonymous]

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.

I totally get what you're saying. Sky high rents and student loans are a problem for so many. But I also feel like a lot of millennials just do not know how to save. They are a generation who has never had to endure hardship. I'm not talking personal (family divorce, low income). I'm talking generationally (war, really bad economy). I think people who have been comfortable their entire life just don't know how to prepare for the worst. Eating out three or four times a week can mean a difference between an ok place to live and a nice one.

This is not a factual statement. I am an “elder millennial” as I was born in 1982. We know all about economic downturn as the housing and economic crash of 2008 led to foreclosure and diminished retirement accounts for many of our parents. Since older generations love to point out how we rely on our parents to support us financially, please recognize the impact that had on us. We had to take out student loans, because now our parents could not pay. We had no family money toward our first home mortgage down payment because our parents had to recover from their own underwater mortgages and foreclosures. We are now sandwiched in paying childcare costs for our children and paying eldercare costs for our parents because both types of care cost a ton and are not adequately subsidized by our tax dollars when you are earning too much for subsidy yet earn too little to shoulder all of these costs. There is a structural link between Baby Boomers’ intensive government subsidies and millennials’ current economic stretch.

[Anonymous]

[Anonymous]

The rents are high, and housing is more expensive, but as a percentage of income, it is not that different.

I was born at the cusp of the Baby-boom and GenX (late '63).

When I graduated college, my field (not the overall economy) was dead. So, I went to Grad School, and entered the workforce at 30. (1994).

My first job, with a PhD paid 35K, and I was paying 1000/month in rent. That was very tight.

Today, someone in my field earns 2x that (or more), with rents around 2K in a comparable appartment. Houses are 2.5x more money, but interest rates are much lower, so the monthly payments are only about 50% higher (8% vs 4% interest rates).

So the town house I bought in 1994 for 107K, and had a $900/month payment (including taxes), is now 250K, with a payment of $1500/mo.

The biggest difference is my college tuition was about 2K/year (Va Tech in-state), grad school was funded by grants). So, I graduated debt free.

As I am getting ready to put my DD through school, Va Tech is 4x more per year (including housing) than when I went there.

This is the scandal. Oh, and taxes are "lower" on the Uber-rich.

[Anonymous]

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.

I totally get what you're saying. Sky high rents and student loans are a problem for so many. But I also feel like a lot of millennials just do not know how to save. They are a generation who has never had to endure hardship. I'm not talking personal (family divorce, low income). I'm talking generationally (war, really bad economy). I think people who have been comfortable their entire life just don't know how to prepare for the worst. Eating out three or four times a week can mean a difference between an ok place to live and a nice one.

Who was the last generation to actually endure hardship as you define it? The boomers maybe? Definitely not Gen X; if anything Millennials have had it much harder (try graduating college in 2008 and competing with 40 year olds for entry level jobs).

Lol you silly millennials, acting like the only economic downturn was in 2008. Gen Xer here graduating in 2001, one of the few lucky ones to have a job offer in the fall, with a start date of Sept. 12 2001 in NYC. How do you think that went?

Older Gen Xer here. Graduated into, at the time, the biggest economic downturn since the depression. Anyone remember Black Monday in 1987? I do. When I graduated from college 5 years later, I couldn’t find a job to save my life. I finally got a job at a law firm as a receptionist and then went on to law school like everyone else and then graduated into a glut of baby lawyers.

[Anonymous]

I was watching Patriot Act last night and Hasan was talking about how much student loan debt has skyrocketed just since 2006. It was pretty sobering. My DH and I finished our degrees in the early 2000s and only owed like $25 K total, not these crazy amounts I hear about.

Once again, the stupid insistence that the private market solves everything continues to bite our society in the arse.

As for Wells Fargo making a commercial like this, that's pretty rich. I guess we could all make lots of money if we just cheated, right WF?

[Anonymous]

I saw the commercial last night. IMOO, it's factual and rude all at the same time but coming from them, I'm not surprised.

[Anonymous]

Anonymous wrote:I’m a millennial. My generation doesn’t understand hard work, frugal living, or delayed gratification. They can’t defend their worldview, and they cannot handle someone with a different opinion. They blame others, whine incessantly, and demand someone else be responsible for their problems.

This economy is booming, we are in the middle of the biggest stock market bull run in decades, and it’s never been easier to start a business.

You all need to get your act together.

+10000

[Anonymous]

I keep seeing ads for WF financial advisors... who would trust them???