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.

Most millenials ARE living with roommates, or living at home with their parents to save money.

My loans will be forgiven in 5 years. No I did not go to an overpriced university. I went to an inexpensive law school and graduated with $70k in loans that I couldn't pay off because the job was shit (thanks to those who crashed the economy while I was in college buying homes they couldn't afford or didn't have the income to purchase thanks to no accountability!), and the interest rates were high so my debt has doubled while I've been working a low paying job. Yes I will use the public program that is available so that my loans go away as soon as I qualify. The government is what caused the problem, and the government is going to fix it.

BTW, I'm a single mom (and DV survivor), and I live in a neighborhood of DC that has not gentrified, in my own modest home that I purchased using the low income tax abatement and a down payment assistance program. I'm going to use the funds available to me to make my life better and more stable. Not only that, I'm going to artificially depress my AGI until my loans are discharged (by contributing a higher than average amount to my 401k) so that my loans payments stay low. I figure my 70 year old self will thank me in about 35 years.

I figure if this country elected a person who is "smart" enough to figure out the loopholes so they don't have to pay any taxes, I can play games with my money too.

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.

Most of my friends who are now 40ish still do not own homes. most are contemplating leaving DC to get enough space for their small families. Most do not want to leave.

I lived in a group house for 7 years, with boyfriend for 4 before getting married. I have never owned a car and I spent months eating $0.75 mac n cheese for lunch and going out with friends only 1x/wk. I STILL cannot afford a home in a relatively safe neighborhood. I have zero student loans. I have worked my tail off for 15 years at my job. A 3br, 1200 sq ft home zoned for Wilson simply isn't available for under $1M. And if I move out of the city, that likely means 2 car payments. This place is insane.

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]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. [b]I don't understand the constant need to "do what makes them happy."[/b] 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."[/quote]
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.[/quote]

They are happy bc they are doing exactly what they want -- a start up or non profit job, non stop travel, etc. BUT then they bitch and moan about how they can't afford any house they want to buy or how student debt is taking forever to pay off or whatever. All I'm saying is -- there isn't anything wrong with "selling out" for the money esp when you're young bc it sets you up nicely financially. But these people who take the -- I ONLY want to work someplace fun with all my friends -- then end up being unhappy and even a bit jealous when one of their boring, saver peers buys a house in a neighborhood they want to be in.[/quote]
I take your point. All of the complaining and not understanding their trade offs is not good. [/quote]

But you see, it's a trade off that others pay for in the end. If they make little enough, they consume ACA subsidies, food stamps, Medicaid, etc. They are likely unemployment insurance frequent flyers. If they have kids, they will need financial aid for college. When they make it to retirement, they will need to rely on their children or the government. These are not independent decisions without consequences - we will all eventually pay for people who decide to not work to their full potential. [/quote]
Yeah, very doubtful that the poster's cousin is going to be on food stamps

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

They are happy bc they are doing exactly what they want -- a start up or non profit job, non stop travel, etc. BUT then they bitch and moan about how they can't afford any house they want to buy or how student debt is taking forever to pay off or whatever. All I'm saying is -- there isn't anything wrong with "selling out" for the money esp when you're young bc it sets you up nicely financially. But these people who take the -- I ONLY want to work someplace fun with all my friends -- then end up being unhappy and even a bit jealous when one of their boring, saver peers buys a house in a neighborhood they want to be in.

I take your point. All of the complaining and not understanding their trade offs is not good.

They don't seem to understand that the lunches out, takeout food, cleaning lady, travel, manicures etc DO add up!! You have to make sacrifices to save up for a downpayment and pay down student loans early.

Of the late 20/early 30-somethings I know -- which is a fair number though not tons since I'm an older millennial -- there seems to be a view that they shouldn't HAVE TO sacrifice bc they have worked so hard to get to where they are at -- i.e. had to be high school valedictorian to get to some top ranked obscure college; went to said LAC; got a 4.0 in some useless subject; had to do unpaid internships etc; and now that I have my job I DESERVE international vacations, no roommates, daily takeout, a cleaning lady etc. -- I don't care if I'm earning 52k, I have worked just as hard as my biglaw friends earning 180k so I will spend that way . . . .

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

They are happy bc they are doing exactly what they want -- a start up or non profit job, non stop travel, etc. BUT then they bitch and moan about how they can't afford any house they want to buy or how student debt is taking forever to pay off or whatever. All I'm saying is -- there isn't anything wrong with "selling out" for the money esp when you're young bc it sets you up nicely financially. But these people who take the -- I ONLY want to work someplace fun with all my friends -- then end up being unhappy and even a bit jealous when one of their boring, saver peers buys a house in a neighborhood they want to be in.

I take your point. All of the complaining and not understanding their trade offs is not good.

But you see, it's a trade off that others pay for in the end. If they make little enough, they consume ACA subsidies, food stamps, Medicaid, etc. They are likely unemployment insurance frequent flyers. If they have kids, they will need financial aid for college. When they make it to retirement, they will need to rely on their children or the government. These are not independent decisions without consequences - we will all eventually pay for people who decide to not work to their full potential.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

They are happy bc they are doing exactly what they want -- a start up or non profit job, non stop travel, etc. BUT then they bitch and moan about how they can't afford any house they want to buy or how student debt is taking forever to pay off or whatever. All I'm saying is -- there isn't anything wrong with "selling out" for the money esp when you're young bc it sets you up nicely financially. But these people who take the -- I ONLY want to work someplace fun with all my friends -- then end up being unhappy and even a bit jealous when one of their boring, saver peers buys a house in a neighborhood they want to be in.

I take your point. All of the complaining and not understanding their trade offs is not good.

They don't seem to understand that the lunches out, takeout food, cleaning lady, travel, manicures etc DO add up!! You have to make sacrifices to save up for a downpayment and pay down student loans early.

Anonymous wrote:

Anonymous wrote:

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.

They are happy bc they are doing exactly what they want -- a start up or non profit job, non stop travel, etc. BUT then they bitch and moan about how they can't afford any house they want to buy or how student debt is taking forever to pay off or whatever. All I'm saying is -- there isn't anything wrong with "selling out" for the money esp when you're young bc it sets you up nicely financially. But these people who take the -- I ONLY want to work someplace fun with all my friends -- then end up being unhappy and even a bit jealous when one of their boring, saver peers buys a house in a neighborhood they want to be in.

I take your point. All of the complaining and not understanding their trade offs is not good.

Anonymous wrote:

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.

They are happy bc they are doing exactly what they want -- a start up or non profit job, non stop travel, etc. BUT then they bitch and moan about how they can't afford any house they want to buy or how student debt is taking forever to pay off or whatever. All I'm saying is -- there isn't anything wrong with "selling out" for the money esp when you're young bc it sets you up nicely financially. But these people who take the -- I ONLY want to work someplace fun with all my friends -- then end up being unhappy and even a bit jealous when one of their boring, saver peers buys a house in a neighborhood they want to be in.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Relentless pursuit of pleasure feels great, but doesn't do much for society or, more immediately, being able to take care of yourself, now or in the future.

Happiness, or eudaemonia as the ancients called it, is not the same thing as relentless pursuit of please (or hedonism, as the ancients called it)

Two totally different things. Did you not learnt his in college 101 classes?

I agree with PP. if you scoff at someone for wanting, and successfully finding, happiness, that's a pretty messed up attitude to have.

Anonymous wrote:

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.

Some much of life is soul crushing - you should learn to embrace it.

Anonymous wrote:

Anonymous wrote:

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.

Relentless pursuit of pleasure feels great, but doesn't do much for society or, more immediately, being able to take care of yourself, now or in the future.

Happiness, or eudaemonia as the ancients called it, is not the same thing as relentless pursuit of please (or hedonism, as the ancients called it)

Two totally different things. Did you not learnt his in college 101 classes?

Anonymous wrote:

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.

It's not, but it's easy to figure out that younger millennials have a spending problem. Older ones too. I guarantee that have of those with student loans employ a cleaning lady. They purchase their lunches out. Expensive travel. Dining out frequently. These are all things that 20 and 30 something would have never done in generations past. You can't create wealth if you're constantly spending money on services (dog walker, manicures, grocery delivery) and entertainment.

Anonymous wrote:

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.

Relentless pursuit of pleasure feels great, but doesn't do much for society or, more immediately, being able to take care of yourself, now or in the future.

The problem started when people mistake the "need" for "want." All you hear from younger people today is how they need something. But, in truth and to address above pp, things don't make you happy, they just give you the illusion of being happy. Until the next "needed item" for happiness is seen, often within a day or two. This was an issue for some people long before Millenials, it is just so much more common today.

Most of the people I know who spend their weekends hanging out at Union Market buying expensive stuff make good money and own condos on H street or in Shaw.