over9k
So I didn't tell my wife, but I...
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Millennials now hold less than a quarter of the wealth their parents did at their age.
Ouch.
Millennials now hold less than a quarter of the wealth their parents did at their age.
Ouch.
This has been debunked over and over and over and over. There's just cold hard data on things like unemployment rates, wages, loan debts, actual house costs etc etc. Housing is the most expensive it has ever been just as a simple example.A case of too much $20 smashed avo on toast at Hipster cafes, overseas trips and $1,000 iPhones. You can't have it all.
And yes, I did watch the video. While there are obviously other factors at play, vastly different attitudes towards saving and spending account for a large part of that disparity IMO.
Agreed that a phone, internet etc is a necessity in the modern world.Ignoring all of that the fact that you think you can actually function in the modern world without a phone/internet connection/computer etc really says everything. These are all NECESSITIES, not luxuries.
It does sound harsh in these PC days, but there is a lot of truth in your sentiment, these days it is just about compulsory to have a finishing up party at the end of primary school, leavers week of indulgence after high school, gap year is a must have to wedge in some travel.A case of too much $20 smashed avo on toast at Hipster cafes, overseas trips and $1,000 iPhones. You can't have it all.
And yes, I did watch the video. While there are obviously other factors at play, vastly different attitudes towards saving and spending account for a large part of that disparity IMO.
Agreed but the difference between someone who buys a phone and keeps it for a few years versus someone who's constantly buying a new one because they've smashed the screen yet again or there's a new model out will add up considerably over time assuming that overall approach applies across their life and isn't limited to phones.I agree completely, but the difference between a high end smartphone of say $1000 vs an adequate one of $500 is not exactly going to buy you a lot of house.
This has been debunked over and over and over and over. There's just cold hard data on things like unemployment rates, wages, loan debts, actual house costs etc etc. Housing is the most expensive it has ever been just as a simple example.
Ignoring all of that the fact that you think you can actually function in the modern world without a phone/internet connection/computer etc really says everything. These are all NECESSITIES, not luxuries. You are completely out of touch.
I am calling bull....t.Debunked by whom? I graduated from university during the last recession in the early 90s. Everyone except the children of the rich had crap cars, second hand clothes, and we all drank goon and cheap beer. The only time you went to a cafe when when the oldies were shouting you. At best you went to the pub when they had $5 steak specials if you bought a beer.
The consumerism among the 18-30 crowd in 2020 is simply out of control. $1,000 phones being turned over every year. People burying themselves in debt to buy new cars, label clothes and go on overseas trips just so they can post about it on social media and impress everyone.
My first job paid $300 a week in 1991. That's before tax. I have lived on two minute noodles, Savings brand Irish Stew, and pasta for months at a time. My first car was a bogged up orange Datsun 180B with a manual choke. The world was completely different back then. We expected to live like this in our 20s and were not surprised or embarrassed by it.
The only time unemployment has been worse in Australian than it was back in 1991 was this year because of the pandemic. The whinging from Millennials about doing it tough because they had to own the same $1,000 phone for two years has been going on a lot longer than that.
Yes, housing is expensive. So buy a smaller place, further out from the CBD. But most won't. $250,000 houses in some areas in capital cities. Anyone can pay that mortgage. It'll be $250 a week at most with interest rates where they are.
Enough that not too long ago Telstra based their marketing around exactly that.Of course. But how many millennials actually buy a new $1000 phone every 12 months or whatever?
The data in all probability compares housing affordability in Sydney/Melbourne, most data does these days, when in reality there are other cities in Australia that over the same period of time in real terms prices have fallen.Of course. But how many millennials actually buy a new $1000 phone every 12 months or whatever? There are those idiots out there who do that, same as you get those idiots that spend $500 on a pair of sneakers or something else equally ridiculous, but that certainly isn't most of us.
I'm not saying there isn't a kernel of truth to my generation's financial literacy, but to pretend that what's being asserted explains all or even most of the situation we find ourselves in is just so far from reality that I don't really know what to say other than to just look at the data on wages, unemployment, housing etc.
Your assertion is anecdotes, mine is data.
These are still just anecdotes. But if you want some data on cars, 2nd hand car sales are now at record highs whilst new car sales are in the toilet. The data does not support your assertion/anecdote.Enough that not too long ago Telstra based their marketing around exactly that.
"New phone feeling" as they called it. Get a new one every year. They must have thought there'd be demand for it otherwise they wouldn't have used it for marketing.
Phones are just an example but there's enough people willing to spend on fashion for a major company to have based its actual marketing around it not too long ago.
Sure it's not everyone but there are certainly quite a few people willing to spend for the sake of spending. To be clear I've no problem with that, it's their money, just so long as they don't then claim to be poor and hard done by.
Leased cars, new phones every 12 months, brand new houses, frequent travel, keeping up with fashion and so on. I've no problem with people choosing to do that so long as they don't then whinge that they're hard done by. It has never been the case that most ordinary people could afford to live like that.
I don't think anyone's arguing that others should live on noodles etc.If your argument boils down to "the problem is that you're not living on $5 of food a day", you've lost.
I am calling bull....t.
"I graduated from university during the last recession in the early 90s" What exactly did you graduate in?
$300pw in 1991, $15k pa, for a graduate, must have been a crap degree.
"The world was completely different back then." The world hasn't fundamentally change.
":The whinging from Millennials about doing it tough because they had to own the same $1,000 phone for two years has been going on a lot longer than that." It seems you are doing the whinging.
"Yes, housing is expensive. So buy a smaller place, further out from the CBD. But most won't. $250,000 houses in some areas in capital cities. Anyone can pay that mortgage. It'll be $250 a week at most with interest rates where they are."
Love to debate all these metrics with you, as you are wrong, actually you are right, housing/shelter and the fundamentals have change significantly but busy using my 1991, 1995 degrees to do something proactive.
"It'll be $250 a week at most with interest rates where they are." Find me a house where you can pay $12,500 on a 25 year mortgage in Melbourne at 0% interest rates.
Please.
If your argument boils down to "the problem is that you're not living on $5 of food a day", you've lost.
Please present something of value, Melton. Hardly MelbourneIt was a crap degree. My first job was editing cheap corporate videos for a bloke in the suburbs who operated a production house. I was paid $300 a week and did it for 18 months.
No internet, no social media.
I'm not whinging at all, just sharing my thoughts and experiences.
OK, you can't quite get into a house in Melbourne for $250,000 but you can get into a flat for less:
https://www.realestate.com.au/property-unit-vic-melton-129964422
In Adelaide and Brisbane you can get a house for $200,000.
https://www.realestate.com.au/property-house-qld-east+ipswich-134004174
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