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Annoyance comes from these stories not being noteworthy in the least.
Imagine applying that toward early retirement. A group of 50 year olds who retired early and then a smaller group is featured on the news for how they were able to retire early:
"I won the lottery at 49."
"My Great Aunt Sylvia died and I was always her favorite niece and so, she made me the beneficiary of massive trusts."
"Dad handed the business over to me and I've hired someone else to do my job, at far less pay than I would have been. I just get sent checks and attend the occasional board meeting as a figurehead."
Good for them... but why the eff are they on the news? "Step 1 - have someone else pay for it." Wow- thanks. Super-helpful advice. You should give seminars.
It's the same with paying off debt. What's more impressive... paying off $8K in a year on a single, $35K income or paying off $50K on a household income of $180K? The former requires real strategy and dedication while the latter just needs to stop bleeding money on vacations, shopping, luxury-car payments, and meals out. I swear, those people who write all of these "make coffee at home/limit dinners out to once a week/rent a beach cottage in Cape Cod for a week instead of going to the Amalfi Coast" were born and bred into the latter group.
If you're going to write articles and "do research" for it, maybe look beyond your Saturday-night Sangria & Sonnets friends-group. #friendspiration Their stories aren't relatable to us common folk. We're on our roofs on Saturday evening... still with our friends but pulling off siding and flashing to figure out where water that's leaking down into the utility room is getting in, fixing it, and finishing off the day with drinks and food and stories on the patio. My roof this week. Next week, putting a second coat of stain on the neighbor's deck... it'll go much faster this time, since we figured out that someone has a good sprayer. The week after that, brake pads. Our friend with the lift will be home and we're just going to line them up and get it all done, before all the summer road trips to amusement parks, campgrounds, long weekends to the beach, visiting family, etc. start.
I don’t think we’re talking about the same article. These kids weren’t “bragging” .. they were admitting that they needed some financial help in order to secure a mortgage, and without that help they’d not have been able to purchase a home. They’re not 50 somethings on the verge of retiring early and telling people that they can do it too.
To be fair, I didn't see much/any bragging in this article. Just truth, which is what I suppose was asked for. I even see "guilt" and admission of privilege. Perhaps even an annoying amount of apologies, actually.
As has been mentioned elsewhere in this thread, people getting help from semi-affluent parents is NOT anything new.
As you can tell from my screen name, I didn't come from a family like that. I grew up in trailers with poverty and domestic violence and lack of things like dental care. Still, I'm not mad at the people in this article. It's surprising to see how many people are.
I do still stand by my earlier comment in this thread, though, about some of them being clueless. The chick saying she had to take multiple days off of work and spend $3,000 to replace a washer and dryer still has me dumbfounded a little, but maybe she didn't do it the trailer way of buying a cheap set (used for $400 or new for $900) and having it brought in on a family member's friend's truck for $50...
I do still stand by my earlier comment in this thread, though, about some of them being clueless. The chick saying she had to take multiple days off of work and spend $3,000 to replace a washer and dryer still has me dumbfounded a little, but maybe she didn't do it the trailer way of buying a cheap set (used for $400 or new for $900) and having it brought in on a family member's friend's truck for $50...
Her he defense, she lives in NYC. There's no way that it was $50 for delivery, and she might have needed special sized units to fit into her condo, or at least a stackable set.
$3,000 still seems a little crazy, but so does $450.
The turn-off in this article is not necessarily the stories - they are, by any math, successes. They got it done - somehow.
No, the irritation for me is in the Author's framing of things (in the intro) such that these young people have it worse than ever before.
The surveys were edited - so I have to believe whatever remains is in agreement with the Author's own mentality.
"I picked a major based on practicality (for better or worse)." (Amanda)
HOLY $HeeeeT Amanda, what the heck else would you pick a major for?
I interview people every day, young people, some will be great successes, some will be lucky to find their way home. This has not changed in 25 years.
The change I see is that the internet has given a voice to people who want to do everything BUT work hard and succeed.
Homeownership is hard, yep. Always was. Ain't cheap either. Never was.
But in this "day and age" of instant-information at your fingertips - ALL young people should be significantly better versed on the ins and outs of
financial decisions far better than I ever was...but this is not what I see. I see people who choose to NOT educate themselves.
This is not caused by "income inequality." It's caused by laziness. This has not changed in 2500 years.
The turn-off in this article is not necessarily the stories - they are, by any math, successes. They got it done - somehow.
No, the irritation for me is in the Author's framing of things (in the intro) such that these young people have it worse than ever before.
The surveys were edited - so I have to believe whatever remains is in agreement with the Author's own mentality.
"I picked a major based on practicality (for better or worse)." (Amanda)
HOLY $HeeeeT Amanda, what the heck else would you pick a major for?
I interview people every day, young people, some will be great successes, some will be lucky to find their way home. This has not changed in 25 years.
The change I see is that the internet has given a voice to people who want to do everything BUT work hard and succeed.
Homeownership is hard, yep. Always was. Ain't cheap either. Never was.
But in this "day and age" of instant-information at your fingertips - ALL young people should be significantly better versed on the ins and outs of
financial decisions far better than I ever was...but this is not what I see. I see people who choose to NOT educate themselves.
This is not caused by "income inequality." It's caused by laziness. This has not changed in 2500 years.
Oooo you had me until here.... dismissing income inequality as being directly correlated to "laziness" and nothing else, especially throughout history....we all know better than that even if we don't want to admit it.
Anyways; I definitely think the author had a perspective they wanted to highlight; but I don't think it is "homeownership makes you worse off".... I think it's "quite a few young homebuyers had extra help/privileges"....which as others have said here; has ALWAYS been the case.
Oooo you had me until here.... dismissing income inequality as being directly correlated to "laziness" and nothing else, especially throughout history....we all know better than that even if we don't want to admit it.
.
But they did not equate income inequality to laziness. that is your mis-readong or misplaced assumption. They actually said income inequality is different from laziness. You just assumed they said the opposite based on your prejudices and stereotyping.
What they said is it is not income inequality, it is laziness. In other words, they are saying income inequality is not laziness. they are not in fact the same thing they are two different causes for a potential problem and the article identified the wrong cause. Just because someone uses two words in the same sentence, do nto assume they are equating them. No even if you expect them to be equating them due to your personal generalizations bout people.
If you make this choice, you also chose the associated difficulties. Not saying you can't make it work - but please don't blame "the system."
Her self-stated purpose is:
...it will...help make clear that millennials who don’t own homes aren’t failures. They’re just young people who have faced a dramatically different financial and real estate reality than the generations that came before.
She feels "the generations that came before" had it easier. She's gathered data to support her argument -but all she managed to do was show what everyone who's ever bought a home already knows - it ain't easy, it's never been easy, and if you want something bad enough, you'll find a way.
...it will...help make clear that millennials who don’t own homes aren’t failures. They’re just young people who have faced a dramatically different financial and real estate reality than the generations that came before.
She feels "the generations that came before" had it easier. She's gathered data to support her argument -but all she managed to do was show what everyone who's ever bought a home already knows - it ain't easy, it's never been easy, and if you want something bad enough, you'll find a way.
She does have a point though. Generations prior in major metro areas did absolutely have it easier. It wasn't easy, but it was much easier than it was now due to a number of factors. Housing in California coastal cities is many multiples higher than the median income to home price ratio when compared to 30 years ago.
Indeed. When my parents bought their first house in the early 1980s......their 13% interest rate was considered a "really good deal".... now people freak out if rates creep above 5%
The one caveat that I think is a fair point in the "it's harder for us now" line is the part about student loans. The demand for bachelors or higher degree from employers has increased exponentially as has the cost to obtain such degree (even at public universities).....student loan debt is a HUGE factor that keeps even otherwise-well-qualified buyers from home-ownership. Student loan debt is definitely much more ubiquitous now that it was for previous generations.
Indeed. When my parents bought their first house in the early 1980s......their 13% interest rate was considered a "really good deal".... now people freak out if rates creep above 5%
Quote:
Originally Posted by Pyramidsurf
It wasn't easy, but it was much easier than it was now due to a number of factors.
That is what I said. It wasn't easy. But saying it wasn't easier 30 years ago is ridiculous. The markets in major metro areas are significantly different when compared to today. A drop in interest rates is not going to compensate for homes prices that have skyrocketed 500%.
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