Reply to Boomers' Billion-Dollar Bonanza: The Unseen Hoarding Behind Millennial Struggles

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Reply to "Boomers' Billion-Dollar Bonanza: The Unseen Hoarding Behind Millennial Struggles"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I just don't see millennials + Gen Z being as frugal and focused on saving as previous generations. My parents were just visiting and I got so much criticism for things they perceived as food waste, overconsumption, etc.  My and DH's parents are both in the late 40s/early 50s and all grew up pretty poor and have always been very frugal, and both sets of them have managed to build up a lot of wealth over the past 20 years in particular.

DH and I rented until our late 30s because we could not afford to buy a home. When we did, we bought a small townhouse, knowing it would be our "starter home" and hoping that we could build up some equity and buy a larger home later - which we did just this year at ages 46 and 47. So, nope, not buying into millennial whining. You have to start small.[/quote]
+1000[/quote]

+1000

Many grew up with much more money and "stuff" than previous generations.  They get out of college and expect to live in a 2500 sq ft+ home that is less than 5 years old, drive new cars, etc.  They forget/don't understand that their parents lived when a 1200-1500 sq ft home was considered large, and if you had a full 2nd bathroom you were royalty.  They grew up eating majority of meals at home, packing lunches for school and the office/job and if they got coffee outside the house, it was from the brewed pot in the office that they chipped in a quarter for each week.  Going out to eat was a real treat and only happened once ever 2-3 weeks.  Cable tv was a luxury and to change the channel on the tv someone (ie the kids) had to get up and walk to the tv to physically do it.  That said TV was so big and bulky, once you got it into your house you were keeping it until it died (10+ years) and it was the only tv in the house---because remember there were not 3 families rooms/rec rooms, no space for that in a 1400 sq ft home.

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This sounds familiar.  My parents were teen parents right out of high school.   My father went to night school to get a bachelor’s degree which took all of his 20s.   He worked and my mother stayed home.   Five children and my mother lived for us.   He bought our first tiny house at around 32 years old.  A few years after that he had a bigger house built for us.  Very basic.  Everything was pretty basic.  I admired my father for supporting such a large family on his own.  No two income family for us.    [/quote]

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