Reply to Wells Fargo ad about millennials eating out

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]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. [/quote]

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? [/quote]

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.[/quote]

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. [/quote]

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! [/quote]

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