Anonymous wrote:Old millennial here -- and OP I tend to agree with you. Of course it isn't one coffee or luxury knife (not that I know what that is) that'll push anyone over the edge, but there is a SERIOUS desire for luxury goods in my generation whether the salary is there or not and a desperation to "follow their passions."

I have a bunch of friends in their upper 20s living with their parents - fine, to each their own. But in my mind, I've always thought that would mean they'd be making double/triple payments on student debt + 18k into the 401k + additional cash savings that can be used for a down payment etc., bc they have no housing or food costs. And across the board each of them has told me -- oh nooo, that's really hard to do. They all work jobs in the 40-60k range -- often in start ups or non profits bc they want to follow their "passion" and can't imagine "selling out" to a Fortune 500 -- and spend a TON of money on coffee, eating out, technology, and constant travel.

My favorite though is a cousin and her DH who are ~32. Wife switches jobs every 18 months and is now in some entry level insurance claims paying job in a major city. Her DH is STILL in school -- studying to be a chiropractor and is taking on decent debt for an endeavor that may or may not lead to sizeable income. And yet they take an international trip EVERY 6 months -- once they went to Asia on the cheap; the rest of the time they are in western Europe and no they aren't backpacking or staying in hostels. I don't understand the constant need to "do what makes them happy." For course they don't understand my constant need to invest in decidedly non-passionate things like index funds and tell me I'm a "sell out."

Wait, seriously? Because it's kind of the point of existing. Sounds like they are pretty happy with their life, and if you are happy with yours too, what's the problem? Because if you aren't happy you are the one who got it all wrong, not them.

Anonymous wrote:I graduated from college in the early 90s and no one was buying houses right out of college.

Everyone either had roommates, or was married. Some people stillmlived with their parents.

The homes were not single family homes in hip expensive neighborhoods. They were suburban apartments or town houses for those who wanted a little nicer homes, or dives in the city.

I don't know why millenials aren't doing the same, ie getting roommates and living in less than ideal starter apartments just like everyone else. I think a lot of their housing issues are because they have a warped hgtv idea of what their first place should look like, and think they deserve more so they just decide to live with mom and dad instead so they have fun money and nice things.

I have no idea why they are too irresponsible topay off their college loans.

They might be educated, but they failed at basic consumer math when they chose to take out these exceptionally expensive loans for degrees that aren't marketable and from overpriced expensive universities.

They should not get their debt forgiven. That is unfair to everyon who met their debt obligation or who made better, more responsible choices.

For a GEn X, you seem pretty clueless. People weren't buying homes in the 90s because they can get financing, it was much stricter back then. Into the late 90s and tech boom, that's when money started flowing.

Nowadays, any reasonable starter home is still two or three times expensive as you saw in the 90s, and being in the suburbs won't have much much more than 20 years ago. It's about having a place that they can comfortably afford, maybe grow into if they have to (so safe and decent schools) and not soul crushing commute. Not HGTV finishes. And getting that basic starter home without 1 hr plus commute is $500k easy, and that's out of reach for a lot of Gen Y with their income and loan debt, no matter what corners they cut. Condos maybe could be affordable but all that are built have way too high structural condo fees which make them a very bad deal for starter homes.

It's not fscking candles or Japanese steel.

Anonymous wrote:I'm 35 almost 36 and am told that I am the oldest of the millenials. I didn't get a cell phone until law school, and even then it was a prepaid. To me, it's not generational differences. Everyone says the same things about whoever is young right now. It's socioeconomic differences. I grew up blue collar working class and am very financially conservative and boring as a result.

I have an ipad and an iphone, but not the latest of each. We have children, and childcare, and a house we bought 10 years ago when I worked in biglaw and we bought well under budget. Served me well when getting laid off from biglaw. The difference between the savers and the spenders was very apparent then!

Many younger millenials I see spend plenty of dining and bars, but they are all single and I can't say I wouldn't be doing the same thing. To me, the big, big difference is all the travel. Anything other than backpacking is, to me, a luxury--a life-altering, worldview-expanding luxury, but a luxury nonetheless, and to a t, all the younger millenials I know who do it are either subsidized by parents or have 10K+ in credit card debt to finance those trips.

Im an older millennial and I think it IS generational. I think it comes down to all of the "free money" our generation and younger have had access to. It starts when the government and private companies hand over tens of thousands for college. It seems free at the time. Interest rates have been low for a long time (relatively speaking) and borrowing is easy. Millennials simply have easy access to borrowed funds and the music hasn't stopped.

I'm 35 almost 36 and am told that I am the oldest of the millenials. I didn't get a cell phone until law school, and even then it was a prepaid. To me, it's not generational differences. Everyone says the same things about whoever is young right now. It's socioeconomic differences. I grew up blue collar working class and am very financially conservative and boring as a result.

I have an ipad and an iphone, but not the latest of each. We have children, and childcare, and a house we bought 10 years ago when I worked in biglaw and we bought well under budget. Served me well when getting laid off from biglaw. The difference between the savers and the spenders was very apparent then!

Many younger millenials I see spend plenty of dining and bars, but they are all single and I can't say I wouldn't be doing the same thing. To me, the big, big difference is all the travel. Anything other than backpacking is, to me, a luxury--a life-altering, worldview-expanding luxury, but a luxury nonetheless, and to a t, all the younger millenials I know who do it are either subsidized by parents or have 10K+ in credit card debt to finance those trips.

Anonymous wrote:

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.

That you're a douche.

And witticism never ends! How proud your parents must be, you can't even write a complex sentence.

At least I can spell incapable.

Can you? Or is it that you use spell check since you can't spell. Keep picking on some small issue while living at home with your parents. No doubt, you are the pp who keeps posting if it is OK to live with your parents after finishing college and then deleting your own threads, week after week.

Crusty old man insulting people on the internet. What a sad, sad life you lead. Yawn.

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.

That you're a douche.

And witticism never ends! How proud your parents must be, you can't even write a complex sentence.

At least I can spell incapable.

Can you? Or is it that you use spell check since you can't spell. Keep picking on some small issue while living at home with your parents. No doubt, you are the pp who keeps posting if it is OK to live with your parents after finishing college and then deleting your own threads, week after week.

Old millennial here -- and OP I tend to agree with you. Of course it isn't one coffee or luxury knife (not that I know what that is) that'll push anyone over the edge, but there is a SERIOUS desire for luxury goods in my generation whether the salary is there or not and a desperation to "follow their passions."

I have a bunch of friends in their upper 20s living with their parents - fine, to each their own. But in my mind, I've always thought that would mean they'd be making double/triple payments on student debt + 18k into the 401k + additional cash savings that can be used for a down payment etc., bc they have no housing or food costs. And across the board each of them has told me -- oh nooo, that's really hard to do. They all work jobs in the 40-60k range -- often in start ups or non profits bc they want to follow their "passion" and can't imagine "selling out" to a Fortune 500 -- and spend a TON of money on coffee, eating out, technology, and constant travel.

My favorite though is a cousin and her DH who are ~32. Wife switches jobs every 18 months and is now in some entry level insurance claims paying job in a major city. Her DH is STILL in school -- studying to be a chiropractor and is taking on decent debt for an endeavor that may or may not lead to sizeable income. And yet they take an international trip EVERY 6 months -- once they went to Asia on the cheap; the rest of the time they are in western Europe and no they aren't backpacking or staying in hostels. I don't understand the constant need to "do what makes them happy." For course they don't understand my constant need to invest in decidedly non-passionate things like index funds and tell me I'm a "sell out."

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.

That you're a douche.

And witticism never ends! How proud your parents must be, you can't even write a complex sentence.

At least I can spell incapable.

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.

That you're a douche.

And witticism never ends! How proud your parents must be, you can't even write a complex sentence.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Ivy League class of '01. Bought my starter home in 2010 with my mother as cosigner on the loan and she put up $20K towards the down payment. Just paid her off a few months ago (zero percent interest loan) and we're refinancing to take her off the title/mortgage. Plus she helps out with daycare payments every once in a while when we are short. Still have barely started contributing to the 529 plan yet.

Don't blame milennials.

You're 15 years out of college and your mother covers day care bills?! That Ivy League degree sure is paying off

Yes, that was exactly my point, but I guess you are too wrapped up in yourself to understand.

two people have now 'misinterpreted' your post, according to you. I guess the writing skills from an Ivy are not what most would expect.

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.

That you're a douche.

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.

Anonymous wrote:

Anonymous wrote:Ivy League class of '01. Bought my starter home in 2010 with my mother as cosigner on the loan and she put up $20K towards the down payment. Just paid her off a few months ago (zero percent interest loan) and we're refinancing to take her off the title/mortgage. Plus she helps out with daycare payments every once in a while when we are short. Still have barely started contributing to the 529 plan yet.

Don't blame milennials.

You're 15 years out of college and your mother covers day care bills?! That Ivy League degree sure is paying off

Yes, that was exactly my point, but I guess you are too wrapped up in yourself to understand.

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.

I bought my forever house at 35. It lasted 14 years. Don't be so sure of yourself.

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.