millennials/money/adulthood

[olds442jetaway]

Changed my mind just a bit..... the mouth, the smoke, the booze, the dress, the company, but that is all i better say. Proud to be an old dinosaur!!

[FloridaPhil]

It's easy to group people we don't know into the same category. All old men who play quarter VP are not on their last dime. All millennials are not lazy leaches living in their parent's basement. Everyone should live up to their greatest potential. Some people do and others wonder why the rich seem to have everything they don't. Most affluent people didn't start out that way. Some didn't have parents who cared for them. They got where they are by hard work, taking advantage of opportunities and making good decisions. Living with your parents into your 20s gambling is not one of them.

Life is short. Young people don't know this. January turns into April, 5 years turns into 20. One day, you are 50 or 60 years old and wonder what happened to your life. It's too late then.

[olds442jetaway]

Though many through no fault of their own fall into this category, I must say it bothers me greatly that 53 percent of the population will never pay a dime in Federal Income tax and for the most part what is left of the middle class , supports that 53 percent for life. I forgot to add.....maybe we need a 50 percent Federal Tattoo Excise Tax with a possible exception for our veterens.

[olds442jetaway]

Funny you mentioned buying a Ford Phil...In 1970 while working two jibs and starting my own part time business, I bought a 1965 Maroon Ford Galaxie 500 XL conv with the 390 police package 390 engine. Kept it many years even well after we were married.

[notes1]

i have made dozens of comments stating how baby boomers (my generation) has been irresponsible in regards to spending/borrowing/savings. i did so earlier in this thread. the difference is, i have never read any stats that stated that up to 70% of boomers became dependent upon their parents, like today's young people.

while every situation is different, i/m/o, any adult (young or old) living with a relative/friend, who has the money to risk on gambling (does not matter if they are a current winner), is not considering the effect they are on the people they are living with. might make financial sense for that person who can save money, but how about the lives of those they are crashing with. at the very least, they should be paying rent, paying for food, etc.

young people and their parents were sold on the idea that simply going to college would insure a bright future for them. and, the government provided the tool to fulfill that illusion, nearly unlimited loans. colleges who were happy to provide venues, where the costs grew faster than any other item. 40% of those who went to college ended up with no degree and others with degrees that have little value. but, they did get a big debt.

coming from a large family, and because of the business i was in for decades, i know plenty of millennial's. lots of very fine folks. but, when 70% of that group is dependent upon their parents, it is worth noting. i would like to see their spending budgets.

as far as rising prices and low income growth, overall inflation has been very low for the last ten years. complaints about low wage growth, look no farther than the results of 'open borders'. allowing 10-20, who knows how many millions of folks into the country, who will work for peanuts, will depress wages.

[olds442jetaway]

Our first mortgage in 1974 was 9 percent. It made me so crazy to pay out that much in interest that the Mrs and I worked non stop and paid it off in 1980. Not a good move tax wise, but a good piece of mind. Today, most young people dont know or care about the sometimes 22 percent they pay on credit card debt. They are content with making minimum payments. I wonder what they would do if all of the credit cards were collected and cut up.

[FloridaPhil]

Funny you mentioned buying a Ford Phil...In 1970 while working two jibs and starting my own part time business, I bought a 1965 Maroon Ford Galaxie 500 XL conv with the 390 police package 390 engine. Kept it many years even well after we were married.

My wife and I married when we were both 19 years old in 1966. We were both going to college and were surprised to discover we had a baby on the way. It didn't seem like it at the time, but it was the best thing that ever happened to me. It kept me out of Vietnam and gave me a huge head start in life. I worked two jobs to pay the hospital and doctor bills. I never felt bad or second guessed my decisions. Two years later, we bought a little house and a new Mustang. I never regretted starting out young and broke. Adversity builds character and makes you thankful for the things you have.

[notes1]

let's see, current unemployment rate of 3.8% (near historical low), GDP rate of 3.2%, inflation rate less than 2%, mortgage rates of about 4%, starting income for new college grads about $50k, volunteer military, historic low crime rates and no military conflicts between super powers.

compare that to the 70"s, Vietnam war that included military draft, spiraling inflation, mortgage rates between 7 1/2 -10%, gas lines, riots in the streets of usa, watergate, iran hostage crisis.

yeah, things are really tough now.

[FloridaPhil]

let's see, current unemployment rate of 3.8% (near historical low), GDP rate of 3.2%, inflation rate less than 2%, mortgage rates of about 4%, starting income for new college grads about $50k, volunteer military, historic low crime rates and no military conflicts between super powers.

compare that to the 70"s, Vietnam war that included military draft, spiraling inflation, mortgage rates between 7 1/2 -10%, gas lines, riots in the streets of usa, watergate, iran hostage crisis.

yeah, things are really tough now.

Hard to believe isn't it. My step father was thrilled that I didn't have to go off to war. He spent four years in the Pacific, suffered with health problems his whole life and died at 57. They were the greatest generation of Americans that ever lived.

In the eighties, I had an 18% reverse mortgage. Every day I owed more on my house than I paid for it. Today, you hear people say wages are not going up for the working class. If you don't like your pay, quit and go somewhere that pays you better. If you can't get a better job, learn to do something better. If that won't work for you, start a car wash on the street corner. The girls that groom my dog all seem to do OK. Today, everyone wants to start out as the boss. Life doesn't work that way.

I have been asked a few times to be a guest speaker on career day at a local high school. I tell the kids they don't need a job, they needed an opportunity. The kids don't understand what I am talking about. The teacher sure does.

[SlatRGatr]

Low mortgage rates don't help much when home prices have gone up so much. Buying a house is a fantasy for a lot of people these days.

In many markets, renting now beats home ownership according to experts. And that's saying something, because rent has skyrocketed too. Total cost of living is HIGH.

So whether renting or buying, you are talking a lot more money for us to have a place than in the 60s and 70s.

And yeah... cost of college.

You have to admit, those things combined make working it off a more difficult task when you are just getting started.

But most importantly... why do you even care? Do you have kids squatting in your basement you are trying to get rid of, or does venting your frustration at the world make you feel better somehow? Why not let parents and kids figure out what works best for them instead of being a grumpy old neighbor? I really don't care if it's harder now or harder then. All that matters is it's hard for some people. So you figure out how to make it work.