Wells Fargo ad about millennials eating out

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Nah. I am a millenial. A lot of my friends blow $400+ a month on eating out (8-10x of eating out). It's a huge budget buster.

Okay, let's say that people can save $400/month not eating out. $400 x 12 months = $4,800. That's going to help someone buy a $500k-1m house... how, exactly?

x10 years - 48000... 10% down get a 80/10/10 loan.

Also, get a job on the weekends like waiting tables or catering or tutor kids for $50/hr.

Also, hon... you don't start in a $1M home..... you buy a starter home which is a piece of crap and you move when your kids start K.

Jeez, you guys are like... stupid AF.

10 years? And how much does the cost of that house increase in 10 years? My god, you are really stupid if you missed the point here. And we aren't talking about starter homes... we're talking about dual income families with kids already who are struggling to afford a home and daycare and find time to go to work and see their children at some point.

This is why these discussions go nowhere. Because all the boomers see is avocado toast, instead of the reality. It's not JUST about toast or Starbucks or expensive homes. It's about job demands, student debt, health care costs, etc.

Well you need to budget for the housing market in 10 years. This is normal - it takes 10 years to save for a down payment. The fact that you are shocked and need it NOW is evidence of your inability to understand basic economics. No one, besides those with family money, got anything in less than 10 years. We graduated college, slowly but steadily paid off loans, made a cost/benefit analysis on if we wanted to take out more loans for more school, lived with roommates, saved any extra money, hustled for an extra $100 on the weekends, didn't buy a new car, took cheap vacations, got married and combined forces, and then had enough money for a down payment, usually early 30s. And yes, we had young kids and daycare payments at this point.

Blame your parents, blame your schools, blame society, whatever you want, but the bottom line is you are spending more than you are taking in. And only you can change that. Maybe it's by eating out less, maybe it's by moving, maybe it's by getting a new job, whatever, if you don't like being in debt, you have to change your behavior!

You seriously don't get it. If you can't acknowledge that all of these things you reference - loans, home prices, living, etc. - are higher than they were when you were in your 20s/30s, than you shouldn't be a part of this discussion. Wage growth has not kept up with inflation, and things like college tuition have increased at much higher rates than that. It's amazing to me that baby boomers think they're SO MUCH SMARTER than millenials were at this age, because they figured out how to make their expenses less than their income, as if that's some novel idea that they came up with. But in terms of inflation-adjusted money, you made what millenials make today, and everything cost a hell of a lot less.

[Anonymous]

Anonymous wrote:

Anonymous wrote:$500-1k house for a millennial. . . no wonder you all are drowning in debt. Move somewhere you can afford. Period.

So which metro has good jobs and cheap housing?

atlanta, georgia

[Anonymous]

Buying a house is partly and investment and partly a decision to stop renting. Renting is the worst investment possible because you pay the same and get nothing for it. So, if you are ok renting and getting nothin for it, then stay where you are. But maybe 350k townhouse is actually what you can afford to buy (or a condo). The bubble comments are more to point out that I bought 5 years (quite a long time) before the bubble burst. So yes prices were rising but they were not at all time highs. And they aren’t now either. And many of the gimmicky loans are back in fashion (a worrisome fact) and in the right hands they can enable homeownership with a lower down payment. As a pre-bubble buyer, I got to enjoy watching my home value nearly double. Then in 2008 it was decimated. You know what didn’t go down? The corresponding mortgage I had because of refinancing. I don’t need sympathy. But please let the whole whoa is me drama go. You want more than you can afford and are rationalizing why buying what you can afford is a bad decision. For you, it probably is because you seem to like your lifestyle and that is fine but don’t attack Wells Fargo for accurately portraying your priorities.

[Anonymous]

Anonymous wrote:

Anonymous wrote:$500-1k house for a millennial. . . no wonder you all are drowning in debt. Move somewhere you can afford. Period.

So which metro has good jobs and cheap housing?

https://www.usatoday.com/story/money/economy/2018/02/28/10-u-s-cities-high-paying-jobs-and-low-cost-living/378150002/

Google is your friend.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Nah. I am a millenial. A lot of my friends blow $400+ a month on eating out (8-10x of eating out). It's a huge budget buster.

Okay, let's say that people can save $400/month not eating out. $400 x 12 months = $4,800. That's going to help someone buy a $500k-1m house... how, exactly?

x10 years - 48000... 10% down get a 80/10/10 loan.

Also, get a job on the weekends like waiting tables or catering or tutor kids for $50/hr.

Also, hon... you don't start in a $1M home..... you buy a starter home which is a piece of crap and you move when your kids start K.

Jeez, you guys are like... stupid AF.

10 years? And how much does the cost of that house increase in 10 years? My god, you are really stupid if you missed the point here. And we aren't talking about starter homes... we're talking about dual income families with kids already who are struggling to afford a home and daycare and find time to go to work and see their children at some point.

This is why these discussions go nowhere. Because all the boomers see is avocado toast, instead of the reality. It's not JUST about toast or Starbucks or expensive homes. It's about job demands, student debt, health care costs, etc.

So you had kids before you could afford them and want somebody to fix that for you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:And you can still get a townhouse in FFX for 350 easy. And that is all you can handle. You’ve never seen a lawnmower. You probably had brown people do that for you, you spoiled revolting emblem of America affluence.

OMFG. A townhouse in the middle of FFX is a TERRIBLE investment — that’s why it’s still pretty cheap.

But figures, b/c you are a homeowner who was lucky but thinks he is skilled

Not sure why you are bringing in race into this, and I mowed plenty of lawns with a reel mower at that.

News flash: Buying a house is not an investment. It hasn't been since 1990.

Dollar for dollar, it is not cheaper to buy than it is to rent. What it does is provide stability, and the psychological benefit of ownership. If you want an investment, go talk to some brokers.

[Anonymous]

Anonymous wrote:Buying a house is partly and investment and partly a decision to stop renting. Renting is the worst investment possible because you pay the same and get nothing for it. So, if you are ok renting and getting nothin for it, then stay where you are. But maybe 350k townhouse is actually what you can afford to buy (or a condo). The bubble comments are more to point out that I bought 5 years (quite a long time) before the bubble burst. So yes prices were rising but they were not at all time highs. And they aren’t now either. And many of the gimmicky loans are back in fashion (a worrisome fact) and in the right hands they can enable homeownership with a lower down payment. As a pre-bubble buyer, I got to enjoy watching my home value nearly double. Then in 2008 it was decimated. You know what didn’t go down? The corresponding mortgage I had because of refinancing. I don’t need sympathy. But please let the whole whoa is me drama go. You want more than you can afford and are rationalizing why buying what you can afford is a bad decision. For you, it probably is because you seem to like your lifestyle and that is fine but don’t attack Wells Fargo for accurately portraying your priorities.

My god you are lucky you weren’t born later. I hope your spouse is way better with money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:$500-1k house for a millennial. . . no wonder you all are drowning in debt. Move somewhere you can afford. Period.

So which metro has good jobs and cheap housing?

atlanta, georgia

Indianapolis
Chicago (is more reasonable than here)
Nashville (is more reasonable than here)

I mean...name a city that isn't New York, L.A., D.C. or San Francisco. Basically. You might scoff at the idea of living in Louisville, KY or Topeka, but guess what? These are cities with job markets and more affordable living.

Bloomington, Indiana. Major university community with lots of good jobs. Beautiful houses. But you're probably turning up your nose right now.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Nah. I am a millenial. A lot of my friends blow $400+ a month on eating out (8-10x of eating out). It's a huge budget buster.

Okay, let's say that people can save $400/month not eating out. $400 x 12 months = $4,800. That's going to help someone buy a $500k-1m house... how, exactly?

x10 years - 48000... 10% down get a 80/10/10 loan.

Also, get a job on the weekends like waiting tables or catering or tutor kids for $50/hr.

Also, hon... you don't start in a $1M home..... you buy a starter home which is a piece of crap and you move when your kids start K.

Jeez, you guys are like... stupid AF.

10 years? And how much does the cost of that house increase in 10 years? My god, you are really stupid if you missed the point here. And we aren't talking about starter homes... we're talking about dual income families with kids already who are struggling to afford a home and daycare and find time to go to work and see their children at some point.

This is why these discussions go nowhere. Because all the boomers see is avocado toast, instead of the reality. It's not JUST about toast or Starbucks or expensive homes. It's about job demands, student debt, health care costs, etc.

Well you need to budget for the housing market in 10 years. This is normal - it takes 10 years to save for a down payment. The fact that you are shocked and need it NOW is evidence of your inability to understand basic economics. No one, besides those with family money, got anything in less than 10 years. We graduated college, slowly but steadily paid off loans, made a cost/benefit analysis on if we wanted to take out more loans for more school, lived with roommates, saved any extra money, hustled for an extra $100 on the weekends, didn't buy a new car, took cheap vacations, got married and combined forces, and then had enough money for a down payment, usually early 30s. And yes, we had young kids and daycare payments at this point.

Blame your parents, blame your schools, blame society, whatever you want, but the bottom line is you are spending more than you are taking in. And only you can change that. Maybe it's by eating out less, maybe it's by moving, maybe it's by getting a new job, whatever, if you don't like being in debt, you have to change your behavior!

You seriously don't get it. If you can't acknowledge that all of these things you reference - loans, home prices, living, etc. - are higher than they were when you were in your 20s/30s, than you shouldn't be a part of this discussion. Wage growth has not kept up with inflation, and things like college tuition have increased at much higher rates than that. It's amazing to me that baby boomers think they're SO MUCH SMARTER than millenials were at this age, because they figured out how to make their expenses less than their income, as if that's some novel idea that they came up with. But in terms of inflation-adjusted money, you made what millenials make today, and everything cost a hell of a lot less.

No. You don't get it. When the generation above us graduated, things were cheaper too. You don't just start your life on 3rd base. You live like a pauper and work your way up. The only expense you have that I didn't have is a phone. Everything else is overspending.

Sorry you can't live where you want to live and buy the house you want and vacation where you want but that is life.

You are simply living above your means.

[Anonymous]

Anonymous wrote:DH and I are core age millennials (28 and 26) and make $400k + between us and are still struggling to save a down payment in NYC/SF. Yes we eat out a lot because guess what WE WORK 7 DAYS A WEEK. Doesn’t leave a lot of time for cooking. And eating pasta every day... let’s see the results from your last physical and see how that works out for your health.

I guarantee you we are smarter/more prestigiously credentialed etc. than the smug boomers on this thread. And yet simply by virtue of having led an easier life, y’all seem so superior.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:And you can still get a townhouse in FFX for 350 easy. And that is all you can handle. You’ve never seen a lawnmower. You probably had brown people do that for you, you spoiled revolting emblem of America affluence.

OMFG. A townhouse in the middle of FFX is a TERRIBLE investment — that’s why it’s still pretty cheap.

But figures, b/c you are a homeowner who was lucky but thinks he is skilled

Not sure why you are bringing in race into this, and I mowed plenty of lawns with a reel mower at that.

News flash: Buying a house is not an investment. It hasn't been since 1990.

Dollar for dollar, it is not cheaper to buy than it is to rent. What it does is provide stability, and the psychological benefit of ownership. If you want an investment, go talk to some brokers.

It's not an investment but renting is just throwing money away.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Nah. I am a millenial. A lot of my friends blow $400+ a month on eating out (8-10x of eating out). It's a huge budget buster.

Okay, let's say that people can save $400/month not eating out. $400 x 12 months = $4,800. That's going to help someone buy a $500k-1m house... how, exactly?

x10 years - 48000... 10% down get a 80/10/10 loan.

Also, get a job on the weekends like waiting tables or catering or tutor kids for $50/hr.

Also, hon... you don't start in a $1M home..... you buy a starter home which is a piece of crap and you move when your kids start K.

Jeez, you guys are like... stupid AF.

10 years? And how much does the cost of that house increase in 10 years? My god, you are really stupid if you missed the point here. And we aren't talking about starter homes... we're talking about dual income families with kids already who are struggling to afford a home and daycare and find time to go to work and see their children at some point.

This is why these discussions go nowhere. Because all the boomers see is avocado toast, instead of the reality. It's not JUST about toast or Starbucks or expensive homes. It's about job demands, student debt, health care costs, etc.

Well you need to budget for the housing market in 10 years. This is normal - it takes 10 years to save for a down payment. The fact that you are shocked and need it NOW is evidence of your inability to understand basic economics. No one, besides those with family money, got anything in less than 10 years. We graduated college, slowly but steadily paid off loans, made a cost/benefit analysis on if we wanted to take out more loans for more school, lived with roommates, saved any extra money, hustled for an extra $100 on the weekends, didn't buy a new car, took cheap vacations, got married and combined forces, and then had enough money for a down payment, usually early 30s. And yes, we had young kids and daycare payments at this point.

Blame your parents, blame your schools, blame society, whatever you want, but the bottom line is you are spending more than you are taking in. And only you can change that. Maybe it's by eating out less, maybe it's by moving, maybe it's by getting a new job, whatever, if you don't like being in debt, you have to change your behavior!

You seriously don't get it. If you can't acknowledge that all of these things you reference - loans, home prices, living, etc. - are higher than they were when you were in your 20s/30s, than you shouldn't be a part of this discussion. Wage growth has not kept up with inflation, and things like college tuition have increased at much higher rates than that. It's amazing to me that baby boomers think they're SO MUCH SMARTER than millenials were at this age, because they figured out how to make their expenses less than their income, as if that's some novel idea that they came up with. But in terms of inflation-adjusted money, you made what millenials make today, and everything cost a hell of a lot less.

I'm PP here and I'm an older millennial/border Gen X. I can guarantee you that what I made upon graduation in the 2000s was not "in terms of inflation-adjusted money" the same and my costs were not "a hell of a lot less". I just wasn't entitled. And I understood how to budget. And I made sacrifices. And now I'm 35 and debt free and own a modest home in the suburbs and am still making sacrifices and keeping a budget - but at least I'm not complaining in to my overpriced coffee about how difficult life is.

[Anonymous]

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.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:And you can still get a townhouse in FFX for 350 easy. And that is all you can handle. You’ve never seen a lawnmower. You probably had brown people do that for you, you spoiled revolting emblem of America affluence.

OMFG. A townhouse in the middle of FFX is a TERRIBLE investment — that’s why it’s still pretty cheap.

But figures, b/c you are a homeowner who was lucky but thinks he is skilled

Not sure why you are bringing in race into this, and I mowed plenty of lawns with a reel mower at that.

News flash: Buying a house is not an investment. It hasn't been since 1990.

Dollar for dollar, it is not cheaper to buy than it is to rent. What it does is provide stability, and the psychological benefit of ownership. If you want an investment, go talk to some brokers.

It's not an investment but renting is just throwing money away.

No. In many markets it is cheaper to rent a home than to rent the money for a mortgage. As rates rise that will become even more true.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:And you can still get a townhouse in FFX for 350 easy. And that is all you can handle. You’ve never seen a lawnmower. You probably had brown people do that for you, you spoiled revolting emblem of America affluence.

OMFG. A townhouse in the middle of FFX is a TERRIBLE investment — that’s why it’s still pretty cheap.

But figures, b/c you are a homeowner who was lucky but thinks he is skilled

Not sure why you are bringing in race into this, and I mowed plenty of lawns with a reel mower at that.

News flash: Buying a house is not an investment. It hasn't been since 1990.

Dollar for dollar, it is not cheaper to buy than it is to rent. What it does is provide stability, and the psychological benefit of ownership. If you want an investment, go talk to some brokers.

It's not an investment but renting is just throwing money away.

Not true. It's paying for the place where you wish to live with the amenities that you wish to have in that given month. It's also paying for flexibility. And it's paying, generally, for a spot closer to the action.