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Old 10-27-2015, 10:00 AM
 
Location: Mexico City, formerly Columbus, Ohio
12,785 posts, read 12,759,016 times
Reputation: 5443

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Quote:
Originally Posted by I_am_Father_McKenzie View Post
And then complain when Social Security can't pay for a decent lifestyle for their final 30 years. This guy has car payments, I assume he means school loans, and makes only 55k, but wants to spend almost half of his take home pay on rent, not including utilities? Just because you can pay for things doesn't mean you can afford them.
SS is largely screwed anyway, and not because of young people. Besides, you have no idea what his true and total financial picture is.
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Old 10-27-2015, 10:02 AM
 
Location: Mexico City, formerly Columbus, Ohio
12,785 posts, read 12,759,016 times
Reputation: 5443
Quote:
Originally Posted by maxmodder View Post
It's the millennial mindset. Why pay $800 and save when you can pay $1500
Who destroyed the economy, again? Pretty sure it wasn't Millennials. It seems to me that if we're talking about issues of financial irresponsibility combined with a sense of entitlement, there are a few other generations that have a lot more to answer for.
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Old 10-27-2015, 10:05 AM
 
Location: Mexico City, formerly Columbus, Ohio
12,785 posts, read 12,759,016 times
Reputation: 5443
Quote:
Originally Posted by I_am_Father_McKenzie View Post
Life is not short. Most young people will never be able to retire. Much like many folks who should be at an age they can retire now. Retirement is the "golden age". Your 20s and 30s aren't your best years.
Millennials and future generations will have to be a lot more creative and buck traditional expectations if they're going to be financially successful at retirement. The days of staying at the same job for 30+ years and making a real career with tons of retirement benefits in most cases is pretty much dead. It's ironic to me that younger generations are being blamed for conditions they had no real hand in. Thanks Boomers!
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Old 11-03-2015, 07:06 PM
 
35 posts, read 28,452 times
Reputation: 12
I'm generation X and I'm kind of middle of those 2 sides of the spectrum. I want a bigger house to enjoy and I have under 10k left in my current home, decided to buy a 200k for long term locked up 3% interest rate which is nothing compared to my parents' years (18% in 1980's). By renting it out and minus the property tax and maintenance cost, after 2017 when it's paid off I will generate 7-9% yield which is more than selling it and putting in savings for 0.3% in my bank. I paid 80k total so basically I will break even in less than 15 years which is what I hope to retire by.

You can do both having things you enjoy and be responsible on your long term goals, it just need balance.
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Old 11-03-2015, 10:24 PM
 
Location: Mexico City, formerly Columbus, Ohio
12,785 posts, read 12,759,016 times
Reputation: 5443
Quote:
Originally Posted by candle16 View Post
I'm generation X and I'm kind of middle of those 2 sides of the spectrum. I want a bigger house to enjoy and I have under 10k left in my current home, decided to buy a 200k for long term locked up 3% interest rate which is nothing compared to my parents' years (18% in 1980's). By renting it out and minus the property tax and maintenance cost, after 2017 when it's paid off I will generate 7-9% yield which is more than selling it and putting in savings for 0.3% in my bank. I paid 80k total so basically I will break even in less than 15 years which is what I hope to retire by.

You can do both having things you enjoy and be responsible on your long term goals, it just need balance.
Sure, if the housing market doesn't crash again. I think Millennials have grown up in a time where nothing is certain. Not housing, not employment, not finances, not even safety (age of terrorism)... and their choices are reflective of that.
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Old 11-04-2015, 12:16 AM
 
Location: Atlanta (Finally on 4-1-17)
1,850 posts, read 2,349,226 times
Reputation: 2572
Quote:
Originally Posted by I_am_Father_McKenzie View Post
This is why young people have no savings. You should be aiming for $800 a month in living expenses. That's rent, utilities, insurance, everything.
I agree 100%. Looking for a $1500 apartment on $55K a year is very irresponsible. $800 is more than reasnoable.

I remember when I was making $63K and I worked for OSU-Med Center, I still lived in a studio(all utilities included) for $500/month.

I lived off of King Ave. I walked to work and everywhere else in the area.

I was able to save 50% of my monthly income,easily. Even after my $250 car payment with full coverage.

CASH IS KING! People are BIG on lifestyle and short on saving. The feeling I have when I go to work and KNOW I can tell my boss to "kiss my behind" and not lose sleep from a financial perspective is awesome!
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Old 11-07-2015, 06:38 PM
 
35 posts, read 28,452 times
Reputation: 12
Quote:
Originally Posted by jbcmh81 View Post
Sure, if the housing market doesn't crash again. I think Millennials have grown up in a time where nothing is certain. Not housing, not employment, not finances, not even safety (age of terrorism)... and their choices are reflective of that.
A pretty accurate article on the US economy and obviously Boomers generation has been the best recipient
https://www.washingtonpost.com/poste...omy/?tid=sm_fb
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Old 11-11-2015, 04:58 AM
 
83 posts, read 155,267 times
Reputation: 43
Quote:
Originally Posted by I_am_Father_McKenzie View Post
This is why young people have no savings. You should be aiming for $800 a month in living expenses. That's rent, utilities, insurance, everything.
$800/month? Can you break that down by component? I'm not seeing how that's plausible.
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Old 11-11-2015, 06:08 AM
 
1,046 posts, read 1,142,480 times
Reputation: 481
Quote:
Originally Posted by JonTheGreat View Post
$800/month? Can you break that down by component? I'm not seeing how that's plausible.
Pretty sure he was talking about RENT being $800 a month, and not $1500.
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Old 11-11-2015, 07:59 AM
 
83 posts, read 155,267 times
Reputation: 43
Quote:
Originally Posted by I_am_Father_McKenzie View Post
This is why young people have no savings. You should be aiming for $800 a month in living expenses. That's rent, utilities, insurance, everything.
Quote:
Originally Posted by maxmodder View Post
Pretty sure he was talking about RENT being $800 a month, and not $1500.
I interpreted the post I quoted above as $800/month for EVERYTHING (rent, food, gas, other car-related expenses, student loan payments, health care, etc.)

That being said, making around $55000 and wanting to rent a 2BR place for $1500/month? I'd very strongly recommend finding someone for that other bedroom.
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