I know why Millenials can't afford houses and pay off their student loans..

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Millennial here.
Bought a starter townhouse at the bottom of the market. Still had student loans. Just sold and bought our forever house. Still have student loans to pay off, but can now afford to pay them off more quickly.
Contrary to this board, many people have student loans and mortgages. It is possible.
Get off your high horse.

Forever house already? Now, you see, that is the difference between thinking wisely and prudently. You shouldn't have bought your dream house while still paying off student loans. You should have stayed in the starter home until you paid off your other loans. You are proving OP's point. Too much, too soon.

Go away, loser.

NP.

And this is exactly the problem with young people today. Somebody disagrees with you, you come up with a witty reply as this! Uneducated slobs. My point stands, your point is what? That having a big house you can barely afford and ton of debt is a way to success? I own two houses bought in cash, because I am a loser. Millenials are incapalbe of accepting any criticism as you just pointed out. One day I will meet you as you are checking out my purchases at the grocery store.

Jesus Christ you're awful.

-Gen Xer

[Anonymous]

Anonymous wrote:I tend to agree with much of this. The millennials I know almost all live with their parents because (supposedly) they're saving up money, but they lack for nothing (new iPhones, clothes, cars) and take ski trips to Aspen. I have a hard time imagining that their bank accounts are flush.

One is actively looking for an apartment -- with his mom, of course -- and has turned down every option for some reason: too small, too dark, the kitchen isn't updated, too loud, too close to public housing, too far from mommie and daddy. He wants to get a roommate, but he refuses to share a bathroom and his mother agrees that sharing a bathroom with "a stranger" is unacceptable for her snowflake.

Can't exactly weep for them.

Then her snowflake needs to just stay with his mother.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Millennial here.
Bought a starter townhouse at the bottom of the market. Still had student loans. Just sold and bought our forever house. Still have student loans to pay off, but can now afford to pay them off more quickly.
Contrary to this board, many people have student loans and mortgages. It is possible.
Get off your high horse.

Forever house already? Now, you see, that is the difference between thinking wisely and prudently. You shouldn't have bought your dream house while still paying off student loans. You should have stayed in the starter home until you paid off your other loans. You are proving OP's point. Too much, too soon.

Go away, loser.

NP.

And this is exactly the problem with young people today. Somebody disagrees with you, you come up with a witty reply as this! Uneducated slobs. My point stands, your point is what? That having a big house you can barely afford and ton of debt is a way to success? I own two houses bought in cash, because I am a loser. Millenials are incapalbe of accepting any criticism as you just pointed out. One day I will meet you as you are checking out my purchases at the grocery store.

Jesus Christ you're awful.

-Gen Xer

+1000

[Anonymous]

Anonymous wrote:Millenial here - why do you think I left DC?

I spent 3 years outside of DMV area. Saved a buttload of money now moving back with my own home. I dread the allure of pricey 'must-haves' in DC. A SoulCycle class is $34 per an hour! Eating out or food delivery is $10 per meal. Whole Foods (which is on my block) is 2x the cost of Giant which is about 7 blocks away.

It's not easy shopping or staying middle class in DC. It's not just keeping up with the joneses for me, its about investing in myself but also having limits. It's hard.

Just wait till you have kids...what you'll spend on them will make your eyes water. I used to think the $20 can of formula or box of diapers was crazy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Millenial here - why do you think I left DC?

I spent 3 years outside of DMV area. Saved a buttload of money now moving back with my own home. I dread the allure of pricey 'must-haves' in DC. A SoulCycle class is $34 per an hour! Eating out or food delivery is $10 per meal. Whole Foods (which is on my block) is 2x the cost of Giant which is about 7 blocks away.

It's not easy shopping or staying middle class in DC. It's not just keeping up with the joneses for me, its about investing in myself but also having limits. It's hard.

Just wait till you have kids...what you'll spend on them will make your eyes water. I used to think the $20 can of formula or box of diapers was crazy.

They also go through shoes...a lot of shoes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Millennial here.
Bought a starter townhouse at the bottom of the market. Still had student loans. Just sold and bought our forever house. Still have student loans to pay off, but can now afford to pay them off more quickly.
Contrary to this board, many people have student loans and mortgages. It is possible.
Get off your high horse.

Forever house already? Now, you see, that is the difference between thinking wisely and prudently. You shouldn't have bought your dream house while still paying off student loans. You should have stayed in the starter home until you paid off your other loans. You are proving OP's point. Too much, too soon.

Go away, loser.

NP.

And this is exactly the problem with young people today. Somebody disagrees with you, you come up with a witty reply as this! Uneducated slobs. My point stands, your point is what? That having a big house you can barely afford and ton of debt is a way to success? I own two houses bought in cash, because I am a loser. Millenials are incapalbe of accepting any criticism as you just pointed out. One day I will meet you as you are checking out my purchases at the grocery store.

Jesus Christ you're awful.

-Gen Xer

Agree -

Amy Dacyczyn, author of the Tightwad Gazette, my personal finance bible, talked about when she was young, she felt she wasted a ton of money eating out and just having a high consumption lifestyle. Then she learned that she wanted to be more deliberate about her finances and she started her newsletter and retired young. This was 25 years ago. Young people drinking coffee at Union Market on a weekend does not seem out of the ordinary.

The bigger issue is that popular urban areas are getting really expensive for all of us and we all have to decide if we need to make a different choice about where we live. Or due to our jobs, if we even have a choice. My husband and I purchased a house in DC 15 years ago and the city has just gotten really, really expensive.

College debt is another issue. It seems absurd to be 22 and have a net worth of negative 50K.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Millennial here.
Bought a starter townhouse at the bottom of the market. Still had student loans. Just sold and bought our forever house. Still have student loans to pay off, but can now afford to pay them off more quickly.
Contrary to this board, many people have student loans and mortgages. It is possible.
Get off your high horse.

Forever house already? Now, you see, that is the difference between thinking wisely and prudently. You shouldn't have bought your dream house while still paying off student loans. You should have stayed in the starter home until you paid off your other loans. You are proving OP's point. Too much, too soon.

Go away, loser.

NP.

And this is exactly the problem with young people today. Somebody disagrees with you, you come up with a witty reply as this! Uneducated slobs. My point stands, your point is what? That having a big house you can barely afford and ton of debt is a way to success? I own two houses bought in cash, because I am a loser. Millenials are incapalbe of accepting any criticism as you just pointed out. One day I will meet you as you are checking out my purchases at the grocery store.

You are likely financially illiterate. You would have been better off financing the homes, assuming you were able to get a good rate, and putting your money to work in the stock market. It also isn't necessarily foolish to buy a house when you still have student loans. I owe 51k in law school loans at 3.5%. No way am I paying those down quickly.

[Anonymous]

You know how you don't end up 22 with a negative net worth of $50k? DON'T GO INTO DEBT.

I am constantly stunned at the assumption that "of course I have to take out massive student loans, because XYZ fabu college costs that much and that's what I'm worth."

Just like PP "I want a house in a particular neighborhood in a specific pyramid and it costs $1M, but that's what I'm worth."

Except, apparently, you're not. Or else you'd actually have $1M.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Millennial here.
Bought a starter townhouse at the bottom of the market. Still had student loans. Just sold and bought our forever house. Still have student loans to pay off, but can now afford to pay them off more quickly.
Contrary to this board, many people have student loans and mortgages. It is possible.
Get off your high horse.

Forever house already? Now, you see, that is the difference between thinking wisely and prudently. You shouldn't have bought your dream house while still paying off student loans. You should have stayed in the starter home until you paid off your other loans. You are proving OP's point. Too much, too soon.

Go away, loser.

NP.

And this is exactly the problem with young people today. Somebody disagrees with you, you come up with a witty reply as this! Uneducated slobs. My point stands, your point is what? That having a big house you can barely afford and ton of debt is a way to success? I own two houses bought in cash, because I am a loser. Millenials are incapalbe of accepting any criticism as you just pointed out. One day I will meet you as you are checking out my purchases at the grocery store.

Jesus Christ you're awful.

-Gen Xer

Agree -

Amy Dacyczyn, author of the Tightwad Gazette, my personal finance bible, talked about when she was young, she felt she wasted a ton of money eating out and just having a high consumption lifestyle. Then she learned that she wanted to be more deliberate about her finances and she started her newsletter and retired young. This was 25 years ago. Young people drinking coffee at Union Market on a weekend does not seem out of the ordinary.

The bigger issue is that popular urban areas are getting really expensive for all of us and we all have to decide if we need to make a different choice about where we live. Or due to our jobs, if we even have a choice. My husband and I purchased a house in DC 15 years ago and the city has just gotten really, really expensive.

College debt is another issue. It seems absurd to be 22 and have a net worth of negative 50K.

For many (most?) Millennials drowning in student debt, there is a Boomer who did not save for their kids education.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Millennial here.
Bought a starter townhouse at the bottom of the market. Still had student loans. Just sold and bought our forever house. Still have student loans to pay off, but can now afford to pay them off more quickly.
Contrary to this board, many people have student loans and mortgages. It is possible.
Get off your high horse.

Forever house already? Now, you see, that is the difference between thinking wisely and prudently. You shouldn't have bought your dream house while still paying off student loans. You should have stayed in the starter home until you paid off your other loans. You are proving OP's point. Too much, too soon.

Go away, loser.

NP.

And this is exactly the problem with young people today. Somebody disagrees with you, you come up with a witty reply as this! Uneducated slobs. My point stands, your point is what? That having a big house you can barely afford and ton of debt is a way to success? I own two houses bought in cash, because I am a loser. Millenials are incapalbe of accepting any criticism as you just pointed out. One day I will meet you as you are checking out my purchases at the grocery store.

You are likely financially illiterate. You would have been better off financing the homes, assuming you were able to get a good rate, and putting your money to work in the stock market. It also isn't necessarily foolish to buy a house when you still have student loans. I owe 51k in law school loans at 3.5%. No way am I paying those down quickly.

Thing is, I also have plenty of money in the stock market. Why? Because what I don't have is debt. I won't pay a bank more money than something actually costs. That's just stupid.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Millennial here.
Bought a starter townhouse at the bottom of the market. Still had student loans. Just sold and bought our forever house. Still have student loans to pay off, but can now afford to pay them off more quickly.
Contrary to this board, many people have student loans and mortgages. It is possible.
Get off your high horse.

Forever house already? Now, you see, that is the difference between thinking wisely and prudently. You shouldn't have bought your dream house while still paying off student loans. You should have stayed in the starter home until you paid off your other loans. You are proving OP's point. Too much, too soon.

Go away, loser.

NP.

And this is exactly the problem with young people today. Somebody disagrees with you, you come up with a witty reply as this! Uneducated slobs. My point stands, your point is what? That having a big house you can barely afford and ton of debt is a way to success? I own two houses bought in cash, because I am a loser. Millenials are incapalbe of accepting any criticism as you just pointed out. One day I will meet you as you are checking out my purchases at the grocery store.

Jesus Christ you're awful.

-Gen Xer

Agree -

Amy Dacyczyn, author of the Tightwad Gazette, my personal finance bible, talked about when she was young, she felt she wasted a ton of money eating out and just having a high consumption lifestyle. Then she learned that she wanted to be more deliberate about her finances and she started her newsletter and retired young. This was 25 years ago. Young people drinking coffee at Union Market on a weekend does not seem out of the ordinary.

The bigger issue is that popular urban areas are getting really expensive for all of us and we all have to decide if we need to make a different choice about where we live. Or due to our jobs, if we even have a choice. My husband and I purchased a house in DC 15 years ago and the city has just gotten really, really expensive.

College debt is another issue. It seems absurd to be 22 and have a net worth of negative 50K.

For many (most?) Millennials drowning in student debt, there is a Boomer who did not save for their kids education.

That's because boomers were taught to work for what they have, not expect Mommy to pay for it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Millennial here.
Bought a starter townhouse at the bottom of the market. Still had student loans. Just sold and bought our forever house. Still have student loans to pay off, but can now afford to pay them off more quickly.
Contrary to this board, many people have student loans and mortgages. It is possible.
Get off your high horse.

Forever house already? Now, you see, that is the difference between thinking wisely and prudently. You shouldn't have bought your dream house while still paying off student loans. You should have stayed in the starter home until you paid off your other loans. You are proving OP's point. Too much, too soon.

Go away, loser.

NP.

And this is exactly the problem with young people today. Somebody disagrees with you, you come up with a witty reply as this! Uneducated slobs. My point stands, your point is what? That having a big house you can barely afford and ton of debt is a way to success? I own two houses bought in cash, because I am a loser. Millenials are incapalbe of accepting any criticism as you just pointed out. One day I will meet you as you are checking out my purchases at the grocery store.

Jesus Christ you're awful.

-Gen Xer

Agree -

Amy Dacyczyn, author of the Tightwad Gazette, my personal finance bible, talked about when she was young, she felt she wasted a ton of money eating out and just having a high consumption lifestyle. Then she learned that she wanted to be more deliberate about her finances and she started her newsletter and retired young. This was 25 years ago. Young people drinking coffee at Union Market on a weekend does not seem out of the ordinary.

The bigger issue is that popular urban areas are getting really expensive for all of us and we all have to decide if we need to make a different choice about where we live. Or due to our jobs, if we even have a choice. My husband and I purchased a house in DC 15 years ago and the city has just gotten really, really expensive.

College debt is another issue. It seems absurd to be 22 and have a net worth of negative 50K.

For many (most?) Millennials drowning in student debt, there is a Boomer who did not save for their kids education.

I don't agree - we have stopped funding secondary education - states and the feds. I know my parents went to Cal State schools for basically nothing.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I tend to agree with much of this. The millennials I know almost all live with their parents because (supposedly) they're saving up money, but they lack for nothing (new iPhones, clothes, cars) and take ski trips to Aspen. I have a hard time imagining that their bank accounts are flush.

One is actively looking for an apartment -- with his mom, of course -- and has turned down every option for some reason: too small, too dark, the kitchen isn't updated, too loud, too close to public housing, too far from mommie and daddy. He wants to get a roommate, but he refuses to share a bathroom and his mother agrees that sharing a bathroom with "a stranger" is unacceptable for her snowflake.

Can't exactly weep for them.

Then her snowflake needs to just stay with his mother.

That appears to be the plan. FYI, he turns 29 next month.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Millennial here.
Bought a starter townhouse at the bottom of the market. Still had student loans. Just sold and bought our forever house. Still have student loans to pay off, but can now afford to pay them off more quickly.
Contrary to this board, many people have student loans and mortgages. It is possible.
Get off your high horse.

Forever house already? Now, you see, that is the difference between thinking wisely and prudently. You shouldn't have bought your dream house while still paying off student loans. You should have stayed in the starter home until you paid off your other loans. You are proving OP's point. Too much, too soon.

Go away, loser.

NP.

And this is exactly the problem with young people today. Somebody disagrees with you, you come up with a witty reply as this! Uneducated slobs. My point stands, your point is what? That having a big house you can barely afford and ton of debt is a way to success? I own two houses bought in cash, because I am a loser. Millenials are incapalbe of accepting any criticism as you just pointed out. One day I will meet you as you are checking out my purchases at the grocery store.

You are likely financially illiterate. You would have been better off financing the homes, assuming you were able to get a good rate, and putting your money to work in the stock market. It also isn't necessarily foolish to buy a house when you still have student loans. I owe 51k in law school loans at 3.5%. No way am I paying those down quickly.

Thing is, I also have plenty of money in the stock market. Why? Because what I don't have is debt. I won't pay a bank more money than something actually costs. That's just stupid.

As I thought, you don't get it. I just took out a loan of 35k to do home improvements rather than liquidate any of my holdings. In your eyes, what I did was stupid. Yet in 5 years I will have paid $38k. Assuming a return of 6% per year, my 35k in the market will have grown to 47k. The all debt = bad mindset is simply wrong.

[Anonymous]

Assuming a return of 6% per year?

Let's talk in a year.