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

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[quote=Anonymous][quote=Anonymous]Millennials are always complaining that they will never have the wealth of their parents. Think about this:
M’s will spend $1000 on a cell phone plus $100/mos for service. We didn’t have cell phones when we were in our 30’s. 
M’s will spend $5+ a day at Starbucks. We didn’t spend the money because there wasn’t a Starbucks. 
M’s will spend hundred a month on all types of streaming services. We had CBS, NBC and ABC. They were free. 
M’s love Door Dash, Uber Eats and Instacart. We shopped at Safeway and cooked at home.
Boomers money went to cover 7-10% mortgage rates.

The one very big advantage that boomers had was much lower education debt. But our colleges didn’t have food courts, climbing walls, incredible athletic facilities etc etc. And most boomers were smart enough not to take out huge loans to major in something that employers don’t care about. [/quote]
I had a cell phone when I was in my 20s/30s, but it was never the latest or greatest. Still isn't.  I remember being teased about my old phone when the flip phone motorola was the thing.  I have an older android phone now.
I went out to eat, but certainly wasn't paying $5 for coffee.
I paid for cable tv, but it was just one service, not the multitude.
Amazon shopping wasn't a thing when I was 30, so I didn't go online shopping all that often.
The prevalence of the delivery and online services make it much more easier to spend.
My first mortgage was 6.75% interest rate. 
I went to a no name commuter state u, and worked my way through college.  That college certainly didn't have the great entertainment and dining halls that my kid has now. My college was bare bones.

Agree that housing is more expensive now because of the lower interest rates, but also because there are just more people who make more today, relatively speaking, than 30 years ago.  The middle class may have shrunk, but the UMC has grown. That means more people with more money.

-genxer
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