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re: The 'lost generation' of millennials born in the 1980s may never be as rich as their paren
Posted on 5/25/18 at 12:13 pm to cahoots
Posted on 5/25/18 at 12:13 pm to cahoots
quote:
So then why are millennial unable to acquire wealth if it’s not student loans, rent prices, and the bad years of the recession?
Could be things like $1500 fricking smart phones that we didn't waste our money on?
I mean that for real. Apple doesn't sell millions of IPhones to Americans who each make hundreds of thousands of dollars a year you know.
1
Posted on 5/25/18 at 12:15 pm to HeyHeyHogsAllTheWay
quote:
Could be things like $1500 fricking smart phones that we didn't waste our money on?
I mean that for real. Apple doesn't sell millions of IPhones to Americans who each make hundreds of thousands of dollars a year you know.
Now you're delving into another truth.
The fact that millennial have NO frickING IDEA how to compare shite. They want to cherry pick some measures yet here's reality.
If I could time machine ANY of them out of today and into ANY year between 1968-75 and let them be in an income percentile 10 points higher than the on they're in now.............left em 6 months...........then gave them the chance to come back.............I'd die in the stampede.
This post was edited on 5/25/18 at 12:18 pm
Posted on 5/25/18 at 12:20 pm to HeyHeyHogsAllTheWay
quote:
(No message)
Compelling!
Posted on 5/25/18 at 12:22 pm to Joshjrn
quote:
In state tuition and fees at a “cheap” public institution like LSU is almost $12k per year before you’ve bought a book, ate a bite of food, or paid a month of rent. LSU Law is $23k per year. The idea that a summer job can pay for a year’s with of education/living expenses at this point is the height of delusional
Because you snowflakes don’t want to work
Do you know how little we got paid per hour?
Posted on 5/25/18 at 12:25 pm to ShortyRob
quote:
Grow the frick up. Man up. Grab some balls and stop whining. The reason for the problem you've identified exists, but it damned sure ain't unique economic circumstances.
Chill out, Rob. Reading this, you seem pissed that anyone would dare engage in a discussion with you. Which is odd since you're on a forum meant for discussion.
Posted on 5/25/18 at 12:34 pm to GRTiger
quote:You are correct. I need to tone it town. I don't intend to send that message.
Chill out, Rob. Reading this, you seem pissed that anyone would dare engage in a discussion with you.
As I said in my 1st post in this thread. Boomers / my generation absolutely bear a good deal of the blame for the millennial situation today.
But, I always say that you can't fix a problem if you incorrectly identify the cause.
If you can go back and find my 1st post in here, I say THAT is the cause. And, if millenials want to fix it, they have to start there.
I don't want the problem to be permanent. It really doesn't even matter who is to blame. I simply submit that step 1 is knowing what the problem really is.
This post was edited on 5/25/18 at 12:36 pm
Posted on 5/25/18 at 12:37 pm to cahoots
quote:
But it’s certainly worse than the 70s and 80s that you allude to
Where do you get this from?
Do you have any idea how expensive credit was in the 70s and 80s?
Posted on 5/25/18 at 12:38 pm to bmy
quote:
but the last decade was rough
It was rough for everyone.
Posted on 5/25/18 at 12:39 pm to cahoots
quote:
So then why are millennial unable to acquire wealth if it’s not student loans, rent prices, and the bad years of the recession?
Entertainment, electronics.
The young frickers I work with budget for eating out and entertainment before paying anything.
Posted on 5/25/18 at 12:59 pm to RogerTheShrubber
quote:
Where do you get this from?
Do you have any idea how expensive credit was in the 70s and 80s?
Of all of the rhetoric I hear on this subject, painting the 70s as awesome is the most comical to me. It is just COMPLETELY at odds with actual experience.
Can you imagine if a President came on and said, "I know it kind of sucks, but, it would be cool if you turned your thermostats down to the point you need to wear sweaters inside".
Posted on 5/25/18 at 1:13 pm to RogerTheShrubber
quote:
Entertainment, electronics.
The young frickers I work with budget for eating out and entertainment before paying anything.
Yeah that’s bullshite. I got a refurbished iPhone for $200 and it lasted multiple years. Not to mention that it’s a requirement for checking my work email when I’m on the go.
My rent and student loan payments are several times that each and every month. It’s like 1% of my budget vs. 99%.
This post was edited on 5/25/18 at 1:16 pm
Posted on 5/25/18 at 1:16 pm to ShortyRob
quote:
painting the 70s as awesome is the most comical to me. It is just COMPLETELY at odds with actual experience.
Correct. The first new car I bought had a 21% interest rate in the early 80's. My note was $410 a month in 1982.
House prices were low because no one could afford the fricking interest to buy one.
Posted on 5/25/18 at 1:19 pm to RogerTheShrubber
quote:
Correct. The first new car I bought had a 21% interest rate in the early 80's. My note was $410 a month in 1982.
That’s why you should buy cars in cash. I’ve never had a car payment.
And you should never buy a house with an ARM.
But I’m just a dumb millenial that doesn’t understand economics 101!
This post was edited on 5/25/18 at 1:20 pm
Posted on 5/25/18 at 1:25 pm to cahoots
quote:Well that's just silly.
That’s why you should buy cars in cash. I’ve never had a car payment.
My rate is 1.9%! LOL
quote:
And you should never buy a house with an ARM.
Never say never.
I mean, I've never done the ARM. But, do I really need to spell out for you when an ARM might be the right call?
quote:Well. You were 0 for 2 there. So............
ut I’m just a dumb millenial that doesn’t understand economics 101!
Posted on 5/25/18 at 1:27 pm to cahoots
quote:
And you should never buy a house with an ARM.
But I’m just a dumb millenial that doesn’t understand economics 101!
So if you're in the housing market during that time period you would find a way to avoid high interest rates?
However if you did have an ARM in the 70's and 80's you would have benefitted when the rates dropped.
Unless you're paying cash for your house, that wasn't happening chief, regardless of how much you think you understand economics.
This post was edited on 5/25/18 at 1:30 pm
Posted on 5/25/18 at 1:27 pm to arp0925
quote:
The 'lost generation' of millennials born in the 1980s may never be as rich as their paren
I guess good thing I was born in 79.
Posted on 5/25/18 at 1:31 pm to ShortyRob
quote:
Well that's just silly.
My rate is 1.9%! LOL
Probably a new car purchase? I mean, that’s fine if you have the money, but roger was alluding to having a 21% interest car loan as if it were unavoidable. I should change what I said to “most people should buy cars in cash.” Especially if rates are high
quote:
Never say never. I mean, I've never done the ARM. But, do I really need to spell out for you when an ARM might be the right call?
I’m talking 98% of the time.
You’re trying to nab me on technicalities.
Most people should not finance car and have adjustable rate mortgages. There are always exceptions
Posted on 5/25/18 at 1:32 pm to RogerTheShrubber
I almost feel bad for pointing out to the fool the following.
1. If you are buying a house that you believe you will be trying to sell within 5 years, a 5/1 ARM is certainly worth considering. If buying and you believe you will sell within 7 years, you might find a 7/1 ARM interesting. As they say, "it depends".
As for cars.
If you have access to a 1.9% rate and you blow say, $30K cash on a car, you're a fricking tard.
1. If you are buying a house that you believe you will be trying to sell within 5 years, a 5/1 ARM is certainly worth considering. If buying and you believe you will sell within 7 years, you might find a 7/1 ARM interesting. As they say, "it depends".
As for cars.
If you have access to a 1.9% rate and you blow say, $30K cash on a car, you're a fricking tard.
Posted on 5/25/18 at 1:34 pm to cahoots
quote:Well shite. That isn't a car thing, it's a EVERY thing.
Probably a new car purchase? I mean, that’s fine if you have the money, but roger was alluding to having a 21% interest car loan as if it were unavoidable. I should change what I said to “most people should buy cars in cash.” Especially if rates are high
But of course, if you NEEDED a car back then and you couldn't pay cash............
quote:It's not exactly a technicality to say that there are people who know that it's possible they will move within the first several years of their mortgage and that a lower initial rate means they will pay more towards principle than otherwise(meaning selling will be a better deal for them too).
I’m talking 98% of the time.
You’re trying to nab me on technicalities.
Yeah. That's a real "technicality"!
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