Anonymous wrote:Where I live I need 200k for a down payment on a two bedroom apartment. Let’s see the oldies save that by eating pasta every day.

If you want to save up $200,000 in 10 years you will need to save about $200-$250 a week and invest that. Count up how much money you spend eating out every week (lunch, dinner, drinks, Starbucks). It all adds up and would be a pretty good start towards that $250 a week.

Anonymous wrote:

Anonymous wrote:Where I live I need 200k for a down payment on a two bedroom apartment. Let’s see the oldies save that by eating pasta every day.

LOL... but guys, this is where he/she lives! Of course he/she can't possibly be expected to MOVE??? Their friends are there! And the place on the corner sells ah-mazing avocado toast!

Exactly. I bet the so offensive Wells Fargo people would tell snowflake that they can keep their stupid sandwich but need to move to the suburbs. "OMG that is soo offensive. I need a safe space. I have been triggered."

Anonymous wrote:Where I live I need 200k for a down payment on a two bedroom apartment. Let’s see the oldies save that by eating pasta every day.

LOL... but guys, this is where he/she lives! Of course he/she can't possibly be expected to MOVE??? Their friends are there! And the place on the corner sells ah-mazing avocado toast!

Anonymous wrote:Where I live I need 200k for a down payment on a two bedroom apartment. Let’s see the oldies save that by eating pasta every day.

Where do you live? Honest question because maybe it is the crux of the matter. I am the oldie you are mocking. I suspect you live in some pretty fabulous place because assuming 20 percent down, you are talking about a million dollar 2 bedroom. Newsflash. You can't afford that neighborhood and need to adjust your expectations. THAT IS EXACTLY THE ISSUE WITH YOUR GENERATION! And yes, that is yelling. I don't live in a million dollar property right now and I mid 40s. We are dual income, dual advance degrees, no remainining student loan debt, two kids. You cannot afford your taste and it isn't the eating out that is the problem. It is that you don't make enough money for your taste. I assume you have heard champagne taste, beer budget. That is you. So save up some money and go get a little condo in reston or rockville or someplace you can afford. Hello! reality check!

Anonymous wrote:Where I live I need 200k for a down payment on a two bedroom apartment. Let’s see the oldies save that by eating pasta every day.

No you don't Reassess what you need and can afford. Look to live there instead. Maybe not a trendy or walkable for your liking. Oh well.

Anonymous wrote:I hate those self serving ads by WF showcasing a millennial couple eating out several times a week (once at a food cart), and that being the prime reason they can’t afford downpayment on a house.

Such BS. It’s sky high rent, student loans, and medical insurance — not avacado today du jour

Maybe instead of offering sham financial counseling, they offer low fixed rate student consolidation loans.

Or stop getting credit cards until you are out of college and employed.

Where I live I need 200k for a down payment on a two bedroom apartment. Let’s see the oldies save that by eating pasta every day.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: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.

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?

You forgot to substract that 4,800 by the cheaper alternative cost of cooking or beans and rice.

OP here. This was my point of posting, you need an order of magnitude difference to afford housing without hellish commute.

The other WF commercial about forgotten subscriptions is at least less condescending

NP here. Maybe the 4000K won't get you into the house of your dreams but it could get you into a home. Early 40s here so not a boomer. Bought first house (single family home in FFX county at 28 years old). First house was definitely not in a super desirable location but was cute and spacious. It was a fixer upper. When I got laid off after the 2001 tech bust, I had to take a roommate to make the mortgage. I painted it and spruced it up on a real budget and slowly over time. I owned it--not wasting money on rent. I never ate out and I had to cancel several "essentials" like cable in order to make the bills after the lay off. Very little vacation. I mowed my own lawn (gasp). I raked my own leaves. No garage. BUT.... about 10 years later, I sold it for a tidy profit and then moved into a much larger home in a more desirable neighborhood. By then, my salary had increased, I had married. I was older.

I think a big knock on millennial is that they want the life of a 40 or 50 year old at 20 or 30. I don't think anyone begrudges other people from wanting nice vacations or nice homes or nice cars and nice food etc. But many of us have that at 40 plus after not having it at 20/30. So, I guess I am saying, people don't judge the avocado sandwich. It is that when I was buying my house at 28 years old, I was eating pasta and sauce a lot.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: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.

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?

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.

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.

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!

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I hate those self serving ads by WF showcasing a millennial couple eating out several times a week (once at a food cart), and that being the prime reason they can’t afford downpayment on a house.

Such BS. It’s sky high rent, student loans, and medical insurance — not avacado today du jour

Maybe instead of offering sham financial counseling, they offer low fixed rate student consolidation loans.

Stop taking out expensive student loans, pick a field with good income potential, and go live somewhere cheap. I shared an apartment with roommates up until I got married at 28. Except for the times I traveled for work and stayed in a hotel, I've never actually lived anywhere alone by myself.

And what year did you graduate?

I'm not the PP here, but my story is the same. I graduated college in 2000.

Anonymous wrote:

Anonymous wrote:I hate those self serving ads by WF showcasing a millennial couple eating out several times a week (once at a food cart), and that being the prime reason they can’t afford downpayment on a house.

Such BS. It’s sky high rent, student loans, and medical insurance — not avacado today du jour

Maybe instead of offering sham financial counseling, they offer low fixed rate student consolidation loans.

Stop taking out expensive student loans, pick a field with good income potential, and go live somewhere cheap. I shared an apartment with roommates up until I got married at 28. Except for the times I traveled for work and stayed in a hotel, I've never actually lived anywhere alone by myself.

And what year did you graduate?

Anonymous wrote:I hate those self serving ads by WF showcasing a millennial couple eating out several times a week (once at a food cart), and that being the prime reason they can’t afford downpayment on a house.

Such BS. It’s sky high rent, student loans, and medical insurance — not avacado today du jour

Maybe instead of offering sham financial counseling, they offer low fixed rate student consolidation loans.

Stop taking out expensive student loans, pick a field with good income potential, and go live somewhere cheap. I shared an apartment with roommates up until I got married at 28. Except for the times I traveled for work and stayed in a hotel, I've never actually lived anywhere alone by myself.

Anonymous wrote:Also, by age 30 most older generations were parents. Thus they had to think about real life stuff, their problems didn't center around netflix and uber eats. Current generation has no desire for family responsibility (for better or worse), but is finding that living the constant single life, is just not sustainable. Something to consider.

That lifestyle of eating out, going out, living in tiny place in the city, was meant to be like 2 years of your life, not 15.

nah I know plenty of people that like this lifestyle

The problem is too many people are trying to do it in careers that make it unsustainable

if you aren't on track to make 100k by 30 you really shouldn't be living in a top 5 expensive metro area

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: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.

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?

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.

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.

Also, by age 30 most older generations were parents. Thus they had to think about real life stuff, their problems didn't center around netflix and uber eats. Current generation has no desire for family responsibility (for better or worse), but is finding that living the constant single life, is just not sustainable. Something to consider.

That lifestyle of eating out, going out, living in tiny place in the city, was meant to be like 2 years of your life, not 15.