millennials/money/adulthood

[notes1]

low interest rates do not matter?

do your homework, a $200k mortgage, over 30 years;
-4%= $954/monthly
-8%= $1467/monthly

why does it matter, because numerous proposals are being floated (to buy the votes of young people), such as free college, loan forgiveness, guaranteed income, medicare for all, etc. these all cost money and who is going to pay for it.

as far as things being tough when you are young, absolutely. it may be for you and it was for most everyone else. it means to have cut back, make choices, go without. in the end, it will make you a better, stronger person.

live below your means, delayed gratification.

[SlatRGatr]

Living at home IS living below my means. There is no better way to save money. Living at home has nothing to do with free college, loan forgiveness, guaranteed income, medicare for all, or any of those things. It is a way to afford to actually PAY for things myself instead of NEEDING assistance! So why complain about people living at home when it's part of the solution? How will taking out a mortgage I can't afford or rent I can't afford help with any of those problems? It would make them worse!

Yes, you're right. Interest rates matter a lot. So do prices. Either way, point is it would be a worse financial decision to have a mortgage or high rent than none at all for a few years right now.

You want me to live within my means don't tell me to spend $2,000 a month just to make YOU feel better about me not living with my parents.

[notes1]

nobody is telling YOU where to live or telling YOU what to do. YOU do sound angry or maybe feeling guilty. and, if the only place that you can rent costs $2k per month, either you may be living in an area that has too high a cost of living or your tastes are too expensive. that would be YOUR choice.

this thread was not specifically about you. this thread was started as a result of survey results revealed about and by millennial's. they did not ask older folks their opinion, only your age group. your age group stated that part of being an adult meant being financially independent. yet, of those surveyed, including those aged over age thirty, 70% were still relying on their parents for financial assistance. ergo, using the criteria that millennials have set themselves, many have not yet reached adulthood.

[olds442jetaway]

OK Phil, I’m going to get off track here for just a moment . That new Mustang you bought must’ve been a 68 or 69. Did you leave it stock or hop it up over time. Just curious based on our history of posting about cars . By the way are there any millennials out there that like 50s and 60s cars and hot rods?

[Bobbi]

Hang on a minute - Did our resident millennial just say that he is living at home so he can pay for things for himself instead of needing assistance? Ummm, Living at home is assistance.
Baby boomer here who married young but along with my husband attended state college and paid as we went - no loan, no college debt - Fast forward to my now 50 year old son whom we put through state college paying as he went and he would kick in with summer jobs. No college loan or debt. Once he graduated, he came home for a while until he landed a decent job and off he went. Could he have lived with us and used our "assistance"? Sure - but he chose not to - That's the difference in generations. I knew it was my job to put him through school and he knew it was his job go from there.

[SlatRGatr]

Government assistance. Notes was complaining about proposed government handouts. I was saying if you don't want that, let them have assistance from their parents. Otherwise they are going to need it even more.

How much did college cost for your 50 year old son? Have you looked at prices today? It sounds like today's "kids" are following the same path of your son. It's just a longer stay at home after because it takes longer to fill the gap with higher rent and college costs. I don't know why people enjoy making fun of them for that.

It's like not all these millennials WANT to be home still. Yeah, it makes you feel like not "an adult" sometimes. So I guess that survey makes sense. But financial independence doesn't come from simply moving out.

[tech58]

Government assistance. Notes was complaining about proposed government handouts. I was saying if you don't want that, let them have assistance from their parents. Otherwise they are going to need it even more.

How much did college cost for your 50 year old son? Have you looked at prices today? It sounds like today's "kids" are following the same path of your son. It's just a longer stay at home after because it takes longer to fill the gap with higher rent and college costs. I don't know why people enjoy making fun of them for that.

It's like not all these millennials WANT to be home still. Yeah, it makes you feel like not "an adult" sometimes. So I guess that survey makes sense. But financial independence doesn't come from simply moving out.

ASSISTANCE!!, ASSISTANCE!! ASSISTANCE!! What happened to the characteristics that created this country, INDEPENDENCE!! , HARD WORK!!, SELF RELIANCE!!, RISK TAKING!! ETC!!
Too bad that there are many people like SRG in the gene pool.

BTW on the subject of taxes. I have no problem with lower income people not paying income tax.
But the absolute sickness of the earned income tax credit is an affront to everything my country used to stand for! It is pure and simply a transfer of wealth,instituted by liberal politicians to buy votes,and should be unconstitutional!

One other thing on the Constitution. Many of the elements of it were based on likes or dis-likes for the then current English system, where most of the founders came from. However i believe the "old dead white guys" missed one. At that time in England they had a public "dole" designed to give temporary assistance to people to keep them from starving to death the stigma of being on the dole was huge. And also they gave up their right to vote while on the dole, "lest they seek to vote themselves even more largesse" !!
In our welfare state of today,this is exactly what is happening.
It gets worse! Not only do the hardworking tax payers get to pay for this abomination, we are not even supposed to call the dole/welfare what it is. All the elements of this transfer of wealth are given warm and fuzzy names to avoid offending or demeaning the recipients.
The resulting welfare culture has not only created a permanent under-class,it has created a huge bureaucracy at both the federal and state level that consists of literally millions of high paying jobs that depend on maintaining that under-class,not on helping them off the dole!!

[billryan]

Living at home IS living below my means. There is no better way to save money. Living at home has nothing to do with free college, loan forgiveness, guaranteed income, medicare for all, or any of those things. It is a way to afford to actually PAY for things myself instead of NEEDING assistance! So why complain about people living at home when it's part of the solution? How will taking out a mortgage I can't afford or rent I can't afford help with any of those problems? It would make them worse!

Yes, you're right. Interest rates matter a lot. So do prices. Either way, point is it would be a worse financial decision to have a mortgage or high rent than none at all for a few years right now.

You want me to live within my means don't tell me to spend $2,000 a month just to make YOU feel better about me not living with my parents.

The problem with the perpetually angry folks on here is they have no clue why they are so angry.
The nonsense you are getting is a perfect example. They tell you to live below your means and then rag on you for not wasting two grand a month on an apartment. They complain about lousy games but play them anyway. As Kris Kristofferson so eloquently put it- Don't let the basterds gets you down.

[notes1]

there is no group that has more expertise on being 'perpetually angry', than liberal trump haters.

[tech58]

there is no group that has more expertise on being 'perpetually angry', than liberal trump haters.

You nailed it ! The chief perp. has the gall to call OTHER people angry.
Ann Coulter also nailed it when she called liberalism truly a "mental illness".
They shift the subject when called on their failed socialist programs, and then double-down on their failures. They in fact never admit their failures, they just blame them on conservatives not being willing to p..s more money down the rat hole.
Tax&spend is all they know. As long as they consider their intentions to be good, results do not matter.