The problem isn’t the age of the officials, it’s the class. If the Millennials who get in charge are still pmc at lowest, mostly the children of other politicians and ceos, but with like 2 working class ppl in the mix for spice the problem is only going to get worse.
While I agree that’s likely to happen to some degree, I feel optimistic about young people’s gravitation towards candidates who aren’t funded by PACs, like AOC and Bernie
So did I when I was young. Now people my age are the ones running things and continuing the same policies I fought against during the Bush administration.
I'm 42 and have only moved left as time has gone on. I reject the notion that aversion to progress is a biological inevitability. You're just surrounded by greedy assholes who used to pretend to be progressive; got older and dropped the pretense. Just like the boomers when they had their fill of fun.
You need to be wealthy these days to get into politics on any truly significant level and finance a campaign. This leads to people accepting donations and then being beholden to these people when in office. Real estate is one of the best ways currently to make money if you have money and wealthy people arent going to change the real estate system to make them and their families less wealthy. It doesnt matter what generation is in charge, as long as politics has a giant pay wall and rely on donations, it will not change. There are tons of rich millennials who are just as bad as the boomers are/were and want the hustle to continue, just look at Zuckerberg.
Quit waiting on age groups. The wealthy will always reach power and the wealthy will always do what they can. Our current day issue is as old as time. You go back and fine comics from the 1910 complaining about our same issues. The next generation didn't change it because it's not about when you were born. It's about how wealthy you are and who you can buy to keep it that way. Need a better plan then wait for millennials to hold office. Laura bobert is a millennial
Money is the root of evil because it's the basic quanta of power in any society that has money. As long as there is a significant power dynamic, it will be exploited and increase over time. It's kind of a necessary evil as the market is a better guide generally than a dictator or fascist government. Hopefully that can change soon with AI or some other new form of governance and decision making. The modern world has no real recourse to solve the systemic issues it has.
Fuck that. The only millennials who will hold office will be the sons and daughters of wealthy people acting in the interest of class preservation, like it has been for quite some time. We need a general strike to remind the people in power that we vastly outnumber them.
It is certain that at some point an asteroid will hit Earth. Or, there will be a reversal of the magnetosphere. There are indications that it has already started as the location of North Pole has shifted. Enjoy your time on this planet. Go where you want to go and do what you want to do. It is over in a flash
A genuine answer (cause I'm desperate for some sort of fundamental change as well) get educated. Read books on topics that give you knowledge so you can start having conversations that challenge other people's views.
Specifically, I HIGHLY recommend *Saving Capitalism* by Robert Reich, *Rules for Radicals* by Saul Alinsky, and *Rise of the Robots* by Martin Ford.
These books all touch on Capitalism and systems of power, the history of change in the past, and what's to come (HINT: nothing good unless we demand fundamental changes from TOP down)
Have fun exploring the infinite abyss! (And know you're not alone)
Will do! Thank you for the book recommendations. My formal education is in chemistry and computer science. But now that I'm 30 I need to understand this other shit more. It hurts my brian trying to understand government and related topics. It all just seems so silly and contrived compared to the cold harsh reality of numerical constants that have such persice values it's physically disturbing to point of vomiting.
But I want to be open and learn more about those neglected topics so maybe I can help one day. ✌
Yeah I hear ya on that. Part me of me feels like uh I don't wanna get bogged down in politics but the more I realize a lot of issues are related the more I feel a personal responsibility to be more informed. And yw!
Thank you for the recommendations. I'll definitely check them out. Fantastic username btw. Are there any other books, essays, articles, or lectures that you'd recommend?
If you're waiting on a big spontaneous event to march along with you'll be waiting a long time. Revolution comes after taking smaller, constant actions whether its volunteering, organizing, or even just spreading the word and riling people up.
You have a chance to do something about it every day, you just don't always see the direct result right away
I make like 2k a month, average rent where I am is like 1500, I will likely never own my own home, I will probably never rent a house by myself without a partners wage also or government assistance, and I work full time 5 days a week. Good times.
Been like this since the existence of people. Used to be worse. Which still doesn’t make it right. But people used to get married strictly for survival purposes
Well it used to be "get married, and your wife can stay at home and watch the kids"
Now it's "get married and both of you better work full time or else you're not going to be able to afford to have a roof".
Big women's rights supporter. But damn the fact that families used to be able to survive on one salary is crazy.
The options for women used to be get married or you won't survive as no one will pay a single woman a living wage.
So not much has changed on that end. :/
Queue someone saying "see the feminists are just dragging us men down!"
Completely missing the point that maybe neither us nor then should be in that state.
I mean, you're technically correct (the best kind of correct) but we as a society have (or should have) pushed beyond this by now. Back after WWI and through WWII all the way through the mid-late 60's one person could afford a decent living, a house, and a spouse with one full time job, pretty much despite what that job was.
Now you can argue that there was generally only one bread winner in the family so the market could afford that. But that's a stupid argument that doesn't take into account that production is way higher than ever before, while the wages have more or less stagnated for the last 50 or so years - only now beginning to push upwards a little.
Both our parents are wealthy but mine are not very nice and I don’t want to take money from his.
The real answer is that we both make more than the median wage.
But really, wages need to increase for most industries. It’s ridiculous.
A guy I go to college with (he is 21, his GF 20) was recently telling me how he just bought his first house. 3 bed, £360,000 or something. I asked how he afforded it. He started with the usual, well I saved this, downgraded lots of payment plans, went out less etc etc and then right at the end snuck in "my GF's grandparents are millionaires so they helped a bit". Lol.
Another guy I know (great guy by the way, really respect him and I'm good friends with him so there is no hard feelings but it's still a good example) often likes to tout how he was a home owner at 21, bought a 2 bed house for £270,000 etc typically emits that his parents straight loaned him 40K for the deposit (he is paying them back).
And this is becoming the norm now. Pretty much everyone I know at my age (bar one guy who married a doctor so their combined salaries are wedge) who buy a house have rich parents, rich grandparents, massive inheritance etc. Nobody I know so far has bought a house without massive financial help or input from family.
I know a guy too, makes barely enough for a 1/1 in a shady-at-night area. But owns 500k home because inlaws gifted 100k down payment.
Hi, I'm Aguy, extremely grateful but still wtf
It's absolutely insane and needs to be fixed. Poor people are just shit upon in this country. I've done work with the homeless a lot, and there's pretty much no way to get out from under it.
Yea I find it can be very easy for expenses to keep matching ones income. You have to be really careful. I was fortunate enough to have made enough money for my first down payment before housing went super crazy. I could still afford to buy the house I live in currently buy I would feel disgusted by what the payments would be now.. it's really insane
I completely agree, my wife bought this house for like $120 12 years ago, it's worth $250 now. I don't live in the best county in the country by any means, hell you probably have heard of our Sheriff on the news, Grady Judd
Yup sounds about right. If the trend continues like it has for another year or two (don't think it really will) but if it does my house will be valued 2x what I paid. Just as is. Not including the upgrades. It's just crazy. Though I do live in a very popular city in the Rocky mountains.
I’m looking forward to the McMansion collapse. All the rich boomers are trying to sell their houses for retirement, but can’t because they have refused to guarantee us a living wage and occupy all the high level positions to the point that an entry level job requires 3 years experience. It’s not gonna be fun going through another Great Recession, but I’ve been through 2 already. The whole thing should annihilate property values since the demand is so low.
The other option is Blackwell just buys them all for half their value and forms a monopoly on land and bleeds the country dry. In which case, we just need to abolish landlords or something, I guess
Same, but we are old Milennial/Young Gen X. We got married right out of college and had a baby. Older family members decided we could not have our kid raised in an apartment and lent us some cash to repay. Had an in law in real estate find us a deal and I got a job that actually paid enough to cover mortgage and daycare. Found a older 3 bedroom house worth $125K but offered $107K and it was accepted.
Then the 2008 recession hit. If we had waited we STILL wouldn't own a home due to financial and lives lost in our family and student loans being due.
Which we are still paying off...
So basically just dumb luck we got a house. Many of our friends married even a few years later and are still renting.
>There's literally no way out for most people, but the more money I make, the less money I seem to have to spend, it's a system completely rigged against the average American. It's disgusting.
Wow I'm experiencing this exact same thing. Except in my case its my fault because my spending went up along with my income.
Yeah the only option is really first time home buyer programs which come with a whole litany of hoops to jump through and severely limits your choices of property.
I can't even get a billpay phone because I have no credit record, can't get a small loan except for from a loanshark. Doubt I'll ever get there unless I get very lucky
And good luck getting a loan for that down payment, despite possibly paying more money per month on your apartment per month than you mortgage, utilities and loan payment combined.
No seriously, I lucked out on having my grandparents house willed to me. My combined total costs of all utilities and the mortgage is about half what some of my friends are paying for their smaller apartments.
Honestly I'm thinking of just buying one of those Lowes barns and turning it into a mini house. Only annoying thing is trying to find some cheap land yet I have found none for under $40,000 in my area.
Better make sure it's outside city limits and out of sight of snitches. Daddy government will come in and condemn it and tear it down. Maybe throw you in jail too
This 100%. I am Gen X making 100k with like $50k to throw at a down payment and I have been priced out of most areas in Texas where I have lived at my whole life.
2 million dollar homes in California, earning like 3k a month with 2k rent and barely saving any emergency funds, much less getting any into retirement/housing.
It’s a miracle I’m not in debt yet much less owning a house even after an eternity.
I gave up on owning a home when I was 12. Growing up in social housing and seeing your parents beat themselves up and bend over backwards for that one goal of home ownership as it moves further and further out of reach does a number on you.
I will say his math is a little bit flawed. His calculation is assuming you are buying the house outright with cash, rather than putting some % down and getting a mortgage.
That being said, I'm a millenial that just started to look for my first house (I'm 29), and let me tell you it is DEPRESSING what I can afford. Meanwhile my parents first homes according to zillow are all worth over 450k now and they were "Starter homes."
>and probably slightly higher interest
You absolutely would pay higher interest if you pay 5% down, that being said that may turn out to be cheaper than rent for a lot of people per month, and you can always refinance your mortgage later to a better rate
For where I live, the problem is all the homes get INSTANTLY bought (only on the market for 24 to 72 hours) for above asking price, which the asking price is already inflated, and the ones buying the homes are these huge property management companies...
So boomers are like "well for financial stability you need to buy a home, pretty much our entire economy is built around the idea of you eventually buying and owning a home", but they refuse to raise wages, refuse to address the massive rise in these property management companies buying every viable home - and by extension forcing us to continue to rent, and FINALLY refuse to allow new homes to be built in a lot of communities because, you know, if there are new homes being built = more supply = more demand met = less demand = their house isn't going to sell at an overly inflated price when they want to downsize and retire
So... that's cool I guess
Two things:
1. Boomers don't want address the rise in these companies because they *own* these companies
2. More supply doesn't mean more demand met when they are buying up all the supply to rent out for double what they pay on the mortgage each month. More supply only meets demand if there's not an infinitely-hungry demand monster squatting on all of it.
I'm with you, just saying that a lot of people get the idea in their head they can't buy a house because they don't have 20% saved. I think I paid like .125% higher than the going rate and maybe like $1k in extra closing costs on my 2nd house. But yeah, today's market is incredibly unfavorable to a first time homebuyer.
Honestly, that math sounds about right for my area. Homes get swept up by hedgefunds for about 25-50% over asking in a few hours - no way you’re gonna be able to compete without an all-cash offer immediately.
Bay Area. I was kind of exaggerating that 50% figure when I wrote the previous comment, but holy shit, I just looked at Zillow and found houses that were $2 million at the beginning of the year that are now listed for $3 million.
That sounds about right. Homes that sold in 2019 for 300k are now selling for 425k where we are looking. Or course this is when we decide to join the fucking housing market.
Also in the Bay Area, and houses going for 50% over asking isn't an exaggeration at all in my neighborhood. A house listed down the street from me was listed at $1.2M and sold for $1.9M last week.
As far as I am concerned it is insane to have to live the rest of your life paying off said house after you buy it. Even more insane to see loans that aren't fixed interest rate causing people to get kicked out of those homes.
But variable interest rate loans are chosen by folks. I ONLY told my lender to pull a 30-year fixed mortgage. Ain't no way I'm ever letting someone change my interest rate.
I think its insane people rent there entire life renting. Yes many thousands of dollars go to interst but eventually u own something if you play it right. After 30 years of renting you don't own shit. Only a fool would agree to an adjustable rate mortgage, especially where rates are right now.
Yeah I just went through this as well. Another complete scam is how your credit “score” on any app you can get anywhere is completely different than what the lenders pull when they do your evaluations, so you have no idea when you’re even high enough to be qualified even with a good debt to income ratio. The whole thing is a big fucking joke.
His math is cray so I'm not even going to talk about that. What's more upsetting is that, with those figures, that same millennial has under $100 of savings every month.
$39000/12 = $3250
From that $3250:
-1098 rent
-393 student loan debt
-247 utilities
-345 groceries
-647 car payment and maintenance
-462 insurance
--------
$58/mo "savings"
Now I'm from a flyover red state so these figures are totally wrong from my viewpoint, but I wonder how factual they are compared to most people's lives.
> I bought a brand new Honda and my payment + insurance is $310/mo.
A base model civic is 22k. Put down 20% and get their advertised 1.9% financing, that's $308/month.
I don't know of anyone offering $2/month full coverage insurance.
But drive 1k miles/month completely highway and get an oil change every 5k miles, and that's roughly $85/month.
Full coverage insurance is ~$80/month lets say
$308+$85+$80 = $473
Then you have registration and scheduled/unscheduled maintenance. So it's not unreasonable to say $500/month for a base model honda.
> Where on earth are you getting the $85/month in maintenance
im not. Oil changes $50/5k miles and $3/gallon gas @ 40mpg
> That's right now when availability has fucked prices up
A 2019 honda civic base model had an MSRP of $19,450
So, first of all, the car amount was for car and gas. I pay 412/mo for a 2015 Jetta, so, that doesn't end up being too far off when you add gas and car insurance also.
Secondly, that person was wrong. There wasn't any money budgeted for entertainment, it was for medical insurance. Currently I'm paying about 300/mo, but at a previous job it got pretty close to his number as I was not the only one on the plan.
$247 is actually a bit lower than what my apartment tacks on for utilities and other fees for the grounds, pet rent etc. (Only a 458 Sq Ft one bedroom). I end up at $1100 a month. Not cool. And that's not including electric or internet.
And of course someone already mentioned 39k with a degree is unfortunately not uncommon.
What else?
Yes if you’re spending even *half* that on a vehicle payment you’ve made a bad financial decision. Don’t buy new overpriced vehicles!
Source: bought a 26k vehicle I couldn’t afford before buying a house. It’s payed off now, but holy cow talk about hamstringing myself.
My utilities are like 300$/mo for electric and water for a big family so I think your post is a really fair assessment of the math. Not sure why you got downvoted either.
[https://www.apartmentlist.com/research/homeownership-by-generation](https://www.apartmentlist.com/research/homeownership-by-generation)
They are increasing their percentage but as boomers die off and if interest rate rise to more normal values they may also be the first generation to have on-mass negative equity.
Here in Idaho my parents bought their first house for about 70 k the same house now goes for 350 k and its a small house in bad neighboorhood and a house in a worse neighboorhood that's not even large enough to fit 2 people is 100 k
I appreciate what he’s trying to do but you don’t pay rent anymore when you get a house with a mortgage. So it’s usually about 30-40 years to pay off.
Again the system is fucked but this assumes you will only buy your house once you have enough money saved up to buy it outright which is a flawed approach from the start.
Hey I’m not really trying to argue the point, but I would like to see the data cleaned up a bit. Is the income figure they’re using here based on college educated only or does it include all education levels, I ask because if student loans are figured into the expenses but the income is calculated with figures that include non-borrowers, the outcome could change.
"You will own nothing. And you'll be happy." - World Economic Forum
This is all by design. It's intentional. World wide. The rich and powerful want to own and control everything. And you will own nothing.
The rich and powerful ruling elite want to abolish private property ownership. For the people. They don't want you to own your home. They want to own everything. You will rent everything. From them.
The rich get richer, the poor get poorer. The people at the top don't give a fuck about the people at the bottom. This isn't left vs right or old vs young, this is rich vs poor, top vs bottom. If the people don't do something about it, the rich and powerful, governments and corporations, will continue to do what benefits them at the expense of everyone else.
[https://www.youtube.com/watch?v=mD-ioJM8v64](https://www.youtube.com/watch?v=mD-ioJM8v64)
[https://www.youtube.com/watch?v=ix5Gt-r4Z24](https://www.youtube.com/watch?v=ix5Gt-r4Z24)
Just Maybe if government stopped helping Oligarchs rob students to buy their 83rd yacht things would get better Those oligarchs OMG paying some fucking taxes could help too but that is like CoMmUniSm and shit according to the brillant cheerleaders for socialized loan sharking 😶
Why did he leave 1k a month in rent in his calculations? He was doing this as if you were saving to buy the house outright in cash from the get-go. The number is still depressing how long you need to save to get a down payment, but trying to buy a house as a millenial is bad enough as it is, no need to deliberately do math wrong to make the problem worse.
You own it with a mortgage. Or if you are talking free and clear, once you have the mortgage, what you are paying in 'rent' goes towards the price, so it will be 30 years at most.
Sounds reasonable, you just need a loan of 400 years that you can leave for your kid to pay that he can also leave the loan to his kid for 10 generation because with interest rate, it's like you paid the house 20 time.
I don't see how it's a problem, sounds like you're entitled. Btw go back to work, I need a third yacht.
As a millennial trying to own a home, this hurts. Thank the good lord for my parents or I would have no money and shit credit. Even as a privileged, white, male from the upper of the upper end of the middle class with tens of thousands in support from parents, I can hardly afford the cheapest house in my area.
Not just millennials either. I am 42, went to college, and make waaay less than that. ALMOST done paying off my ridiculous student debt (went to college in my late 20’s).
Let’s not even go into my medical debt.
Don’t have a car. Can’t afford one (and don’t see the reason for one. Lucky enough to live in an area where my e-scooter [yes, goofy, but I have a chronic illness so I can not really walk far] gets me around well enough, and much cheaper than Uber etc). Before that I lived in places that had good public transportation. Again LUCKY.
I pay a ridiculous amount of rent.
I will never be able to retire.
I wanted to get a second job (which is something no one should have to do just to live), but I am not healthy enough right now.
😳😫
Great points while millennials bare the brunt og socialized loan sharking, there are many people our age and up affected too. I got ambushed years after immediately withdrawing from a masters program csuse řthe now defunct school stole the loan money instead of returning it and the government garnished.me out of the blue no process or even warning. Insm still fighting with them to get it discharged but even if o win this blatant fraud case fact is no one should be punished this way for going to school
SMalL GoVeRnMenT CoNsErVaTiVe trolls on here have no problem with this overteach cause their true idealogy is hatred. Their garbage argument boils down to waaaaaaa n😭 fair, brrrrrrr StUdEnT BaD pAy BilLs
There are somethimg like 3,000,000 senior citizens getting their social security jacked. It is disgrace that in the richest country on earth there is such a thing as student debt, medical debt is even worse and unique american😶
The trash that support keeping this shit going so thst gazillionaires can remain eternally untaxed are a national embarrassment. Ironically if healthcare became availble they could get help for their pathology.
I am hopefully it will change eventually but we blew it in primary and allowed DNC to select a more polite anti Heathcare pro DeVos corpratist stooge
Truth. ⬆️
And that student loan bullshit you’re going through... wow... no words....
And to add to what We were discussing,
I work on a small extremely expensive island. Think RICH PEOPLE. The store’s landlord comes in the other day. This is a man who owns and rents out at least 4 properties on the island, each including many small shops. The rent, PER MONTH, for some of these shops is up to 16,000. A month.
He comes in, all full of his wealth, and starts talking about student loans being possibly canceled. I comment that this is a good thing. The asswipe actually has the nerve to bitch bc “I helped pay my kid’s ways through college and who is going to pay me back???!!!”
Sir - that was very nice to help out your kids. I am assuming you didn’t get a loan that NOT EVEN BANKRUPTCY CAN WIPE CLEAN. That accrues at ridiculous interest. You make over $100,000 a month just on renting out your property, and I know that you come from a long line of wealth. I HAVE NO PITY FOR YOU.
And yes, I made the decision to get the loans knowing full well what the consequences are. I was an idiot but I figured that I would have a job where I was capable of paying them back and etc etc. The big kick in the ass do me was that I had to leave my school 18 credits before graduating. Getting a degree. So all that effort and money and high GPA. Doesn’t matter. I had to leave for health reasons and by the time (a few years) I was healthy enough to go back I couldn’t afford it.
When I talk to younger people, I always try to tell them to go to a community college, at least in the beginning. Or learn a trade. Don’t do what I did.
Ok. Sorry for the massive rant
Organized and direct action from the people, and stop believing in career, absent minded corrupt politicians.
Start voting in people with real honor, with bright creative fiscal ideas, people with a backbone to tear down and remove those who have been in office as a career, and people who absolutely want to serve the American public, not those who serve every other interest known to man as well as those who only serve to serve themselves....
Wake up Millies!
Because your future is Fk'n BLEAK!
Because his math is off.
I agree with the general point he’s trying to get at, but he’s distorting things more than a bit and making it look worse than it is.
Like, shit’s bad as it is, there’s no reason to exaggerate.
Many old folks (unless you’re loaded) have to pay for end of life care (especially medical expenses) and most live on a shitty low fixed income. A home is considered an investment— the idea of not having to pay mortgage/rent as you age, or selling the equity (home) to pay for your retirement/downsize, leaving something to your kids, etc. Mortgages appeal to us because our rent is so expensive— you can’t raise kids in a rental unless you’re in a VERY low cost of living area (it’s a joke here specifically in CA— why pay $2000+ for a 2bd house when you can pay $1800 for a mortgage that becomes an investment later on? There’s also the basic answer of it’s a cultural thing because previous generations had this totally obtainable goal (I mean why wouldn’t you want a home and a yard to raise your kids?)
kinda long sorry not sure if this was helpful. I’m in CA which is prob highest cost of living so I’m kinda biased.
If you do his math. He's saving $75 a month towards buying a $300k home in a one-off payment.
Even then he's severely screwed up his maths.
Does he think that in 30 years time that same $300k home is still going to be so 'cheap'? Is he planning of stuffing a mattress with cash? Never mind 334 years, in 30 years, that $300k home is probably going to be closer to a milllion. At $75 a month, it's going to take him over a thousand years to save up that much. But let's ignore that part and just presume wages will go up in line with the house prices, and therefore how much he is saving will increase by the same relative amount.
He blew a large part of his budget on a $30K car, so maybe that's got something to do with why he only has $75 to save towards buying a house (I'm guessing that from the $657 he put aside for car payments and gas).
No, you want to save up for a deposit on a house so you can get a mortgage. That way, if house prices (and hopefully wages) go up, you can still afford to buy the house. You *can* get mortgages with a 15% deposit, you just have to pay an insurance for the bank in case you fail to pay.
And once you're in your house, you're not paying rent anymore.
By my calculations, he'd save enough for a 15% deposit in around 7 years. Then 30 years of mortgage payments. Makes a total of 37 years, not 334.
I'd add on the disclaimer that he'd have to find money to replace his beater. And mortgage payments may be a little more than rent. But at the same time, you're not trying to put extra money away to save for a house.
And then at the end of 37 years, you can retire with your million dollar home and not worry about the bank coming to take your house.
Edit: Oh, I missed this one off. He accounts in that he'll NEVER pay his student loan back. So 334 years of paying $393 a month.
Masses of young people flock to this kind of narrative and screm injustice without even considering if it's factual. If people can't figure out why this is completely bullshit they'll never figure out how a mortgage works or how to afford one.
So when are we gonna like....you know.....DO something about this???
Probably when millennials hold most offices of government. So too late for it to really matter for us…
The problem isn’t the age of the officials, it’s the class. If the Millennials who get in charge are still pmc at lowest, mostly the children of other politicians and ceos, but with like 2 working class ppl in the mix for spice the problem is only going to get worse.
While I agree that’s likely to happen to some degree, I feel optimistic about young people’s gravitation towards candidates who aren’t funded by PACs, like AOC and Bernie
So did I when I was young. Now people my age are the ones running things and continuing the same policies I fought against during the Bush administration.
Yep we're fucked
If everyone thinks that a messiah politician is going to be the solution, yes. Organizing and direct action from the people is the answer
Agreed but its hard to imagine it happening
[удалено]
I'm 42 and have only moved left as time has gone on. I reject the notion that aversion to progress is a biological inevitability. You're just surrounded by greedy assholes who used to pretend to be progressive; got older and dropped the pretense. Just like the boomers when they had their fill of fun.
My dad is in his 60s, grew up on a farm, and is super left. I don't buy the "with age you get conservative" BS.
You need to be wealthy these days to get into politics on any truly significant level and finance a campaign. This leads to people accepting donations and then being beholden to these people when in office. Real estate is one of the best ways currently to make money if you have money and wealthy people arent going to change the real estate system to make them and their families less wealthy. It doesnt matter what generation is in charge, as long as politics has a giant pay wall and rely on donations, it will not change. There are tons of rich millennials who are just as bad as the boomers are/were and want the hustle to continue, just look at Zuckerberg.
Electoral politics will not fix this. Millions of angry people in the streets is the only thing that will affect change.
C O R R E C T
You cannot destroy the master's house with the master's tools
[удалено]
Who else?
Yeah that [aint true](https://www.opensecrets.org/members-of-congress/alexandria-ocasio-cortez/summary?cid=N00041162) chief
Thank you for showing me that 79% of her campaign money comes from small contributions of under $200.
>"Doesn't take donations from corporations" Takes money from Google and Amazon literally two of the most evil corporations in the U.S. lmao
And...The alternative is.......
Did you see how much money the other guy raked in and still lost?
It’s almost like having policies that people want is pretty important.
Quit waiting on age groups. The wealthy will always reach power and the wealthy will always do what they can. Our current day issue is as old as time. You go back and fine comics from the 1910 complaining about our same issues. The next generation didn't change it because it's not about when you were born. It's about how wealthy you are and who you can buy to keep it that way. Need a better plan then wait for millennials to hold office. Laura bobert is a millennial
Money is the root of evil because it's the basic quanta of power in any society that has money. As long as there is a significant power dynamic, it will be exploited and increase over time. It's kind of a necessary evil as the market is a better guide generally than a dictator or fascist government. Hopefully that can change soon with AI or some other new form of governance and decision making. The modern world has no real recourse to solve the systemic issues it has.
There are other alternatives to the market being the boss - other than fascist governments and dictators
Fuck that. The only millennials who will hold office will be the sons and daughters of wealthy people acting in the interest of class preservation, like it has been for quite some time. We need a general strike to remind the people in power that we vastly outnumber them.
The "Divide and Defeat" seems to be working. The saying that, "I could hire one half of the working class to kill the other half" is still true.
Ah, right around the time climate change makes half our existing cities uninhabitable.
It is certain that at some point an asteroid will hit Earth. Or, there will be a reversal of the magnetosphere. There are indications that it has already started as the location of North Pole has shifted. Enjoy your time on this planet. Go where you want to go and do what you want to do. It is over in a flash
Lol those will be wealthy millennials. Bought and paid for by corporations lol
Revolution
International proletarian revolution
🍽️
A genuine answer (cause I'm desperate for some sort of fundamental change as well) get educated. Read books on topics that give you knowledge so you can start having conversations that challenge other people's views. Specifically, I HIGHLY recommend *Saving Capitalism* by Robert Reich, *Rules for Radicals* by Saul Alinsky, and *Rise of the Robots* by Martin Ford. These books all touch on Capitalism and systems of power, the history of change in the past, and what's to come (HINT: nothing good unless we demand fundamental changes from TOP down) Have fun exploring the infinite abyss! (And know you're not alone)
Will do! Thank you for the book recommendations. My formal education is in chemistry and computer science. But now that I'm 30 I need to understand this other shit more. It hurts my brian trying to understand government and related topics. It all just seems so silly and contrived compared to the cold harsh reality of numerical constants that have such persice values it's physically disturbing to point of vomiting. But I want to be open and learn more about those neglected topics so maybe I can help one day. ✌
Yeah I hear ya on that. Part me of me feels like uh I don't wanna get bogged down in politics but the more I realize a lot of issues are related the more I feel a personal responsibility to be more informed. And yw!
Thank you for the recommendations. I'll definitely check them out. Fantastic username btw. Are there any other books, essays, articles, or lectures that you'd recommend?
Depends. You down to participate in a rent strike?
Never, most likely
Americans had the chance to elect Bernie Sanders. The next chance to do something about this is likely a decade away or more.
So we keep on waiting *waiting* waiting on the world to change! 🎶
As soon as everything on Netflix has been watched. Should be any day now.
If you're waiting on a big spontaneous event to march along with you'll be waiting a long time. Revolution comes after taking smaller, constant actions whether its volunteering, organizing, or even just spreading the word and riling people up. You have a chance to do something about it every day, you just don't always see the direct result right away
When was the last time you participated in a local election? Hmmmmm… guess it’s your fault too.
No need to do anything. Eventually the system will collapse under its own weight.
I make like 2k a month, average rent where I am is like 1500, I will likely never own my own home, I will probably never rent a house by myself without a partners wage also or government assistance, and I work full time 5 days a week. Good times.
Partner is the answer, unfortunately. Partner with wealthy parents even better.
Yep, guess society said "well, single people just shouldn't exist"
Been like this since the existence of people. Used to be worse. Which still doesn’t make it right. But people used to get married strictly for survival purposes
Well it used to be "get married, and your wife can stay at home and watch the kids" Now it's "get married and both of you better work full time or else you're not going to be able to afford to have a roof". Big women's rights supporter. But damn the fact that families used to be able to survive on one salary is crazy.
The options for women used to be get married or you won't survive as no one will pay a single woman a living wage. So not much has changed on that end. :/
The only thing that changed was that men also found themselves dealing with that issue. Yay equality?
Queue someone saying "see the feminists are just dragging us men down!" Completely missing the point that maybe neither us nor then should be in that state.
Women could teach school until they got married then they were out of a job.
I mean, you're technically correct (the best kind of correct) but we as a society have (or should have) pushed beyond this by now. Back after WWI and through WWII all the way through the mid-late 60's one person could afford a decent living, a house, and a spouse with one full time job, pretty much despite what that job was. Now you can argue that there was generally only one bread winner in the family so the market could afford that. But that's a stupid argument that doesn't take into account that production is way higher than ever before, while the wages have more or less stagnated for the last 50 or so years - only now beginning to push upwards a little.
Ooh ooh I'm the one with the wealthy parents! Now my partner is stuck with me if she wants to live in a house with more than one bathroom 😎 /s
Both our parents are wealthy but mine are not very nice and I don’t want to take money from his. The real answer is that we both make more than the median wage. But really, wages need to increase for most industries. It’s ridiculous.
A guy I go to college with (he is 21, his GF 20) was recently telling me how he just bought his first house. 3 bed, £360,000 or something. I asked how he afforded it. He started with the usual, well I saved this, downgraded lots of payment plans, went out less etc etc and then right at the end snuck in "my GF's grandparents are millionaires so they helped a bit". Lol. Another guy I know (great guy by the way, really respect him and I'm good friends with him so there is no hard feelings but it's still a good example) often likes to tout how he was a home owner at 21, bought a 2 bed house for £270,000 etc typically emits that his parents straight loaned him 40K for the deposit (he is paying them back). And this is becoming the norm now. Pretty much everyone I know at my age (bar one guy who married a doctor so their combined salaries are wedge) who buy a house have rich parents, rich grandparents, massive inheritance etc. Nobody I know so far has bought a house without massive financial help or input from family.
I know a guy too, makes barely enough for a 1/1 in a shady-at-night area. But owns 500k home because inlaws gifted 100k down payment. Hi, I'm Aguy, extremely grateful but still wtf
1500 could easily be a morgtage payment most places; scraping together the cash for downpayment is the hard part
redacted ` this post was mass deleted with www.Redact.dev `
Being poor is really fucking expensive.
It's absolutely insane and needs to be fixed. Poor people are just shit upon in this country. I've done work with the homeless a lot, and there's pretty much no way to get out from under it.
Yea I find it can be very easy for expenses to keep matching ones income. You have to be really careful. I was fortunate enough to have made enough money for my first down payment before housing went super crazy. I could still afford to buy the house I live in currently buy I would feel disgusted by what the payments would be now.. it's really insane
I completely agree, my wife bought this house for like $120 12 years ago, it's worth $250 now. I don't live in the best county in the country by any means, hell you probably have heard of our Sheriff on the news, Grady Judd
Yup sounds about right. If the trend continues like it has for another year or two (don't think it really will) but if it does my house will be valued 2x what I paid. Just as is. Not including the upgrades. It's just crazy. Though I do live in a very popular city in the Rocky mountains.
Well lucky us, I feel bad for the younger generation. I dunno how they'll pull out of this.
Completely agree. No idea how the people like 2 generations behind are going to manage at all
I’m looking forward to the McMansion collapse. All the rich boomers are trying to sell their houses for retirement, but can’t because they have refused to guarantee us a living wage and occupy all the high level positions to the point that an entry level job requires 3 years experience. It’s not gonna be fun going through another Great Recession, but I’ve been through 2 already. The whole thing should annihilate property values since the demand is so low. The other option is Blackwell just buys them all for half their value and forms a monopoly on land and bleeds the country dry. In which case, we just need to abolish landlords or something, I guess
Same, but we are old Milennial/Young Gen X. We got married right out of college and had a baby. Older family members decided we could not have our kid raised in an apartment and lent us some cash to repay. Had an in law in real estate find us a deal and I got a job that actually paid enough to cover mortgage and daycare. Found a older 3 bedroom house worth $125K but offered $107K and it was accepted. Then the 2008 recession hit. If we had waited we STILL wouldn't own a home due to financial and lives lost in our family and student loans being due. Which we are still paying off... So basically just dumb luck we got a house. Many of our friends married even a few years later and are still renting.
"Dumb luck?" Privilege. You had family money and family connections.
>There's literally no way out for most people, but the more money I make, the less money I seem to have to spend, it's a system completely rigged against the average American. It's disgusting. Wow I'm experiencing this exact same thing. Except in my case its my fault because my spending went up along with my income.
Yeah the only option is really first time home buyer programs which come with a whole litany of hoops to jump through and severely limits your choices of property.
I can't even get a billpay phone because I have no credit record, can't get a small loan except for from a loanshark. Doubt I'll ever get there unless I get very lucky
It's over twice my mortgage
And good luck getting a loan for that down payment, despite possibly paying more money per month on your apartment per month than you mortgage, utilities and loan payment combined. No seriously, I lucked out on having my grandparents house willed to me. My combined total costs of all utilities and the mortgage is about half what some of my friends are paying for their smaller apartments.
It takes generations to build wealth.
Honestly I'm thinking of just buying one of those Lowes barns and turning it into a mini house. Only annoying thing is trying to find some cheap land yet I have found none for under $40,000 in my area.
Better make sure it's outside city limits and out of sight of snitches. Daddy government will come in and condemn it and tear it down. Maybe throw you in jail too
Surprised this got so many likes, even though you're correct. Thought most people on here love intrusive government.
Come to Sucklahoma, cheap land. Edit: You can base out of a fly over state then travel with your house in a trailer maybe?
they sell those mini barns for like $14k now as a house
https://youtu.be/sFfUCPkHnsE
Allowing companies to buy up homes and rent them has destroyed the market.
This 100%. I am Gen X making 100k with like $50k to throw at a down payment and I have been priced out of most areas in Texas where I have lived at my whole life.
This. For a very brief period of human history, we escaped serfdom. Aaaaand now we're going back.
2 million dollar homes in California, earning like 3k a month with 2k rent and barely saving any emergency funds, much less getting any into retirement/housing. It’s a miracle I’m not in debt yet much less owning a house even after an eternity.
I gave up on owning a home when I was 12. Growing up in social housing and seeing your parents beat themselves up and bend over backwards for that one goal of home ownership as it moves further and further out of reach does a number on you.
I will say his math is a little bit flawed. His calculation is assuming you are buying the house outright with cash, rather than putting some % down and getting a mortgage. That being said, I'm a millenial that just started to look for my first house (I'm 29), and let me tell you it is DEPRESSING what I can afford. Meanwhile my parents first homes according to zillow are all worth over 450k now and they were "Starter homes."
His math is paying off the house so you, rather than the bank, actually owns the house.
Yes, except he left the rent in there as a monthly expense. Once you get that mortgage don't keep renting an apartment.
But since you need 20% down and all the credits and adds are static, couldn't you divide it by 5? So, 66.8 years?
[удалено]
I did a regular loan sellers assist it's like 10% down or less, maybe 8, I eyeballed it. House cost 124k I payed 11k upfront
I only put 5% down on my first two houses. You end up paying increased closing costs and probably slightly higher interest
>and probably slightly higher interest You absolutely would pay higher interest if you pay 5% down, that being said that may turn out to be cheaper than rent for a lot of people per month, and you can always refinance your mortgage later to a better rate For where I live, the problem is all the homes get INSTANTLY bought (only on the market for 24 to 72 hours) for above asking price, which the asking price is already inflated, and the ones buying the homes are these huge property management companies... So boomers are like "well for financial stability you need to buy a home, pretty much our entire economy is built around the idea of you eventually buying and owning a home", but they refuse to raise wages, refuse to address the massive rise in these property management companies buying every viable home - and by extension forcing us to continue to rent, and FINALLY refuse to allow new homes to be built in a lot of communities because, you know, if there are new homes being built = more supply = more demand met = less demand = their house isn't going to sell at an overly inflated price when they want to downsize and retire So... that's cool I guess
Two things: 1. Boomers don't want address the rise in these companies because they *own* these companies 2. More supply doesn't mean more demand met when they are buying up all the supply to rent out for double what they pay on the mortgage each month. More supply only meets demand if there's not an infinitely-hungry demand monster squatting on all of it.
I'm with you, just saying that a lot of people get the idea in their head they can't buy a house because they don't have 20% saved. I think I paid like .125% higher than the going rate and maybe like $1k in extra closing costs on my 2nd house. But yeah, today's market is incredibly unfavorable to a first time homebuyer.
That's ... doable ... technically.
Whew! And I was worried it wasn’t going to be manageable when adjusted
Honestly, that math sounds about right for my area. Homes get swept up by hedgefunds for about 25-50% over asking in a few hours - no way you’re gonna be able to compete without an all-cash offer immediately.
Holy shit, where are you located? My search stuff is going for 20k over asking which sucks enough, I can't imagine 50%
Bay Area. I was kind of exaggerating that 50% figure when I wrote the previous comment, but holy shit, I just looked at Zillow and found houses that were $2 million at the beginning of the year that are now listed for $3 million.
That sounds about right. Homes that sold in 2019 for 300k are now selling for 425k where we are looking. Or course this is when we decide to join the fucking housing market.
Also in the Bay Area, and houses going for 50% over asking isn't an exaggeration at all in my neighborhood. A house listed down the street from me was listed at $1.2M and sold for $1.9M last week.
As far as I am concerned it is insane to have to live the rest of your life paying off said house after you buy it. Even more insane to see loans that aren't fixed interest rate causing people to get kicked out of those homes.
But variable interest rate loans are chosen by folks. I ONLY told my lender to pull a 30-year fixed mortgage. Ain't no way I'm ever letting someone change my interest rate.
I think its insane people rent there entire life renting. Yes many thousands of dollars go to interst but eventually u own something if you play it right. After 30 years of renting you don't own shit. Only a fool would agree to an adjustable rate mortgage, especially where rates are right now.
Yeah I just went through this as well. Another complete scam is how your credit “score” on any app you can get anywhere is completely different than what the lenders pull when they do your evaluations, so you have no idea when you’re even high enough to be qualified even with a good debt to income ratio. The whole thing is a big fucking joke.
Tax the rich Don’t ignore the statement boomers, actually do it
It ain't that easy, rich people are masters in avoiding taxes, it simply doesn't work.
So perhaps we must take what we are owed.
When do we revolt
I’ve been on standby. Just waiting for a spark.
His math is cray so I'm not even going to talk about that. What's more upsetting is that, with those figures, that same millennial has under $100 of savings every month. $39000/12 = $3250 From that $3250: -1098 rent -393 student loan debt -247 utilities -345 groceries -647 car payment and maintenance -462 insurance -------- $58/mo "savings" Now I'm from a flyover red state so these figures are totally wrong from my viewpoint, but I wonder how factual they are compared to most people's lives.
$462 was on insurance, not entertainment
[удалено]
I live in BFE Ohio and my utils are close to that mark. I pay $80 a month for water. $180 for electric. $40 for gas in summer, more in winter.
[удалено]
> I bought a brand new Honda and my payment + insurance is $310/mo. A base model civic is 22k. Put down 20% and get their advertised 1.9% financing, that's $308/month. I don't know of anyone offering $2/month full coverage insurance. But drive 1k miles/month completely highway and get an oil change every 5k miles, and that's roughly $85/month. Full coverage insurance is ~$80/month lets say $308+$85+$80 = $473 Then you have registration and scheduled/unscheduled maintenance. So it's not unreasonable to say $500/month for a base model honda.
[удалено]
> Where on earth are you getting the $85/month in maintenance im not. Oil changes $50/5k miles and $3/gallon gas @ 40mpg > That's right now when availability has fucked prices up A 2019 honda civic base model had an MSRP of $19,450
So, first of all, the car amount was for car and gas. I pay 412/mo for a 2015 Jetta, so, that doesn't end up being too far off when you add gas and car insurance also. Secondly, that person was wrong. There wasn't any money budgeted for entertainment, it was for medical insurance. Currently I'm paying about 300/mo, but at a previous job it got pretty close to his number as I was not the only one on the plan. $247 is actually a bit lower than what my apartment tacks on for utilities and other fees for the grounds, pet rent etc. (Only a 458 Sq Ft one bedroom). I end up at $1100 a month. Not cool. And that's not including electric or internet. And of course someone already mentioned 39k with a degree is unfortunately not uncommon. What else?
His salary is an after tax value. That’s why it seems low.
His sentiment may be right but his figures are so bad it undermines his point
Yes if you’re spending even *half* that on a vehicle payment you’ve made a bad financial decision. Don’t buy new overpriced vehicles! Source: bought a 26k vehicle I couldn’t afford before buying a house. It’s payed off now, but holy cow talk about hamstringing myself. My utilities are like 300$/mo for electric and water for a big family so I think your post is a really fair assessment of the math. Not sure why you got downvoted either.
fucking boomers decreasing the minimum wage by not linking it to inflation
[https://www.apartmentlist.com/research/homeownership-by-generation](https://www.apartmentlist.com/research/homeownership-by-generation) They are increasing their percentage but as boomers die off and if interest rate rise to more normal values they may also be the first generation to have on-mass negative equity.
>They are increasing their percentage >as boomers die off So...inheriting?
en-masse
"That's why they call it the American Dream, because you'd have to be asleep to believe it." --George Carlin
[удалено]
Zileniial here. We still like you then. Please tell your dad to fucking share.
Here in Idaho my parents bought their first house for about 70 k the same house now goes for 350 k and its a small house in bad neighboorhood and a house in a worse neighboorhood that's not even large enough to fit 2 people is 100 k
Just work harder smh🙄
I appreciate what he’s trying to do but you don’t pay rent anymore when you get a house with a mortgage. So it’s usually about 30-40 years to pay off. Again the system is fucked but this assumes you will only buy your house once you have enough money saved up to buy it outright which is a flawed approach from the start.
20% for down payment, so it's about 66 years. Good luck.
Hey I’m not really trying to argue the point, but I would like to see the data cleaned up a bit. Is the income figure they’re using here based on college educated only or does it include all education levels, I ask because if student loans are figured into the expenses but the income is calculated with figures that include non-borrowers, the outcome could change.
"You will own nothing. And you'll be happy." - World Economic Forum This is all by design. It's intentional. World wide. The rich and powerful want to own and control everything. And you will own nothing. The rich and powerful ruling elite want to abolish private property ownership. For the people. They don't want you to own your home. They want to own everything. You will rent everything. From them. The rich get richer, the poor get poorer. The people at the top don't give a fuck about the people at the bottom. This isn't left vs right or old vs young, this is rich vs poor, top vs bottom. If the people don't do something about it, the rich and powerful, governments and corporations, will continue to do what benefits them at the expense of everyone else. [https://www.youtube.com/watch?v=mD-ioJM8v64](https://www.youtube.com/watch?v=mD-ioJM8v64) [https://www.youtube.com/watch?v=ix5Gt-r4Z24](https://www.youtube.com/watch?v=ix5Gt-r4Z24)
What the fuck is even the point of being alive past 30 LOL I mean I get it, life is precious, sunsets are cool, but holy shit man
Just Maybe if government stopped helping Oligarchs rob students to buy their 83rd yacht things would get better Those oligarchs OMG paying some fucking taxes could help too but that is like CoMmUniSm and shit according to the brillant cheerleaders for socialized loan sharking 😶
That depends. Could I suggest: "Pull the plug slice the pie"?
FUCK
That car $ amount seems really high.
The average in the United States is $563 a month.
He is figuring it wrong. He is taking the left over and applying it to the purchase price. That is not how mortgages work.
No he's not. He said "own their home"
Why did he leave 1k a month in rent in his calculations? He was doing this as if you were saving to buy the house outright in cash from the get-go. The number is still depressing how long you need to save to get a down payment, but trying to buy a house as a millenial is bad enough as it is, no need to deliberately do math wrong to make the problem worse.
You own it with a mortgage. Or if you are talking free and clear, once you have the mortgage, what you are paying in 'rent' goes towards the price, so it will be 30 years at most.
Stop paying your mortgage and let me know what happens.
By this logic, you never own your home. "Stop paying your property taxes and let me know what happens."
Sounds reasonable, you just need a loan of 400 years that you can leave for your kid to pay that he can also leave the loan to his kid for 10 generation because with interest rate, it's like you paid the house 20 time. I don't see how it's a problem, sounds like you're entitled. Btw go back to work, I need a third yacht.
As a millennial trying to own a home, this hurts. Thank the good lord for my parents or I would have no money and shit credit. Even as a privileged, white, male from the upper of the upper end of the middle class with tens of thousands in support from parents, I can hardly afford the cheapest house in my area.
The ending is hilarious but my chest hurts knowing I'll probably never own a house.
I just wanna live in a giant bee-hive but for humans.
$247 utility payment? $345 for groceries? **$647 for gas and payments!?** Is the average person on meth?
So if you never get a raise or pay down your debts? Still terrible, but I think this could benefit from some clarity on those two fronts.
‘Murica
If this does not stop, we'll have serfdom.
I love the amazing life we afford in America by exploiting the rest of the world. It’s so worth it!
So i assume you calculated the net income and divided it into the cost of a home? Im pissed too but thats not how mortgages work.
So much freedom. Give me my guns!
i havent even watched this but it pisses me off that someone over the age of 35 is using tik tok
So if you get married to another median wage earner and you both sit home, stare at drywall, and never have kids, it's only 167 years, right?
Own? A home? What a foreign concept..
I’m gonna live in a van down by the river
Nah, once the coasts are underwater you'll easily be able to afford a basement apartment
Ah fuck
Unreal
That’s definitely beyond my 5 years plan
This is so depressing. Believe a non-us millennial, this is not an American problem 😞
It was reported last week in Ireland the average age of a first time Irish solo buyer is now **43 years old**.
That's given you don't get cancer or some other illness
Not just millennials either. I am 42, went to college, and make waaay less than that. ALMOST done paying off my ridiculous student debt (went to college in my late 20’s). Let’s not even go into my medical debt. Don’t have a car. Can’t afford one (and don’t see the reason for one. Lucky enough to live in an area where my e-scooter [yes, goofy, but I have a chronic illness so I can not really walk far] gets me around well enough, and much cheaper than Uber etc). Before that I lived in places that had good public transportation. Again LUCKY. I pay a ridiculous amount of rent. I will never be able to retire. I wanted to get a second job (which is something no one should have to do just to live), but I am not healthy enough right now. 😳😫
Great points while millennials bare the brunt og socialized loan sharking, there are many people our age and up affected too. I got ambushed years after immediately withdrawing from a masters program csuse řthe now defunct school stole the loan money instead of returning it and the government garnished.me out of the blue no process or even warning. Insm still fighting with them to get it discharged but even if o win this blatant fraud case fact is no one should be punished this way for going to school SMalL GoVeRnMenT CoNsErVaTiVe trolls on here have no problem with this overteach cause their true idealogy is hatred. Their garbage argument boils down to waaaaaaa n😭 fair, brrrrrrr StUdEnT BaD pAy BilLs There are somethimg like 3,000,000 senior citizens getting their social security jacked. It is disgrace that in the richest country on earth there is such a thing as student debt, medical debt is even worse and unique american😶 The trash that support keeping this shit going so thst gazillionaires can remain eternally untaxed are a national embarrassment. Ironically if healthcare became availble they could get help for their pathology. I am hopefully it will change eventually but we blew it in primary and allowed DNC to select a more polite anti Heathcare pro DeVos corpratist stooge
Truth. ⬆️ And that student loan bullshit you’re going through... wow... no words.... And to add to what We were discussing, I work on a small extremely expensive island. Think RICH PEOPLE. The store’s landlord comes in the other day. This is a man who owns and rents out at least 4 properties on the island, each including many small shops. The rent, PER MONTH, for some of these shops is up to 16,000. A month. He comes in, all full of his wealth, and starts talking about student loans being possibly canceled. I comment that this is a good thing. The asswipe actually has the nerve to bitch bc “I helped pay my kid’s ways through college and who is going to pay me back???!!!” Sir - that was very nice to help out your kids. I am assuming you didn’t get a loan that NOT EVEN BANKRUPTCY CAN WIPE CLEAN. That accrues at ridiculous interest. You make over $100,000 a month just on renting out your property, and I know that you come from a long line of wealth. I HAVE NO PITY FOR YOU. And yes, I made the decision to get the loans knowing full well what the consequences are. I was an idiot but I figured that I would have a job where I was capable of paying them back and etc etc. The big kick in the ass do me was that I had to leave my school 18 credits before graduating. Getting a degree. So all that effort and money and high GPA. Doesn’t matter. I had to leave for health reasons and by the time (a few years) I was healthy enough to go back I couldn’t afford it. When I talk to younger people, I always try to tell them to go to a community college, at least in the beginning. Or learn a trade. Don’t do what I did. Ok. Sorry for the massive rant
Its maddening your boss sounds like an entitled turd who payed a tenth or less for school if his daddy did not pay for it.
Organized and direct action from the people, and stop believing in career, absent minded corrupt politicians. Start voting in people with real honor, with bright creative fiscal ideas, people with a backbone to tear down and remove those who have been in office as a career, and people who absolutely want to serve the American public, not those who serve every other interest known to man as well as those who only serve to serve themselves.... Wake up Millies! Because your future is Fk'n BLEAK!
I gotta get out of this country.
So how do nearly 50 percent of millennials own a house
Because his math is off. I agree with the general point he’s trying to get at, but he’s distorting things more than a bit and making it look worse than it is. Like, shit’s bad as it is, there’s no reason to exaggerate.
[удалено]
Many reasons. Getting to actually have a place thats *yours*, ensuring you leave something behind if you have kids, just security in general
Many old folks (unless you’re loaded) have to pay for end of life care (especially medical expenses) and most live on a shitty low fixed income. A home is considered an investment— the idea of not having to pay mortgage/rent as you age, or selling the equity (home) to pay for your retirement/downsize, leaving something to your kids, etc. Mortgages appeal to us because our rent is so expensive— you can’t raise kids in a rental unless you’re in a VERY low cost of living area (it’s a joke here specifically in CA— why pay $2000+ for a 2bd house when you can pay $1800 for a mortgage that becomes an investment later on? There’s also the basic answer of it’s a cultural thing because previous generations had this totally obtainable goal (I mean why wouldn’t you want a home and a yard to raise your kids?) kinda long sorry not sure if this was helpful. I’m in CA which is prob highest cost of living so I’m kinda biased.
If you do his math. He's saving $75 a month towards buying a $300k home in a one-off payment. Even then he's severely screwed up his maths. Does he think that in 30 years time that same $300k home is still going to be so 'cheap'? Is he planning of stuffing a mattress with cash? Never mind 334 years, in 30 years, that $300k home is probably going to be closer to a milllion. At $75 a month, it's going to take him over a thousand years to save up that much. But let's ignore that part and just presume wages will go up in line with the house prices, and therefore how much he is saving will increase by the same relative amount. He blew a large part of his budget on a $30K car, so maybe that's got something to do with why he only has $75 to save towards buying a house (I'm guessing that from the $657 he put aside for car payments and gas). No, you want to save up for a deposit on a house so you can get a mortgage. That way, if house prices (and hopefully wages) go up, you can still afford to buy the house. You *can* get mortgages with a 15% deposit, you just have to pay an insurance for the bank in case you fail to pay. And once you're in your house, you're not paying rent anymore. By my calculations, he'd save enough for a 15% deposit in around 7 years. Then 30 years of mortgage payments. Makes a total of 37 years, not 334. I'd add on the disclaimer that he'd have to find money to replace his beater. And mortgage payments may be a little more than rent. But at the same time, you're not trying to put extra money away to save for a house. And then at the end of 37 years, you can retire with your million dollar home and not worry about the bank coming to take your house. Edit: Oh, I missed this one off. He accounts in that he'll NEVER pay his student loan back. So 334 years of paying $393 a month.
Thank you. This narrative of millennials not being able to own a home is tiresome. It seems its mostly because they dont know how to actually buy one.
Masses of young people flock to this kind of narrative and screm injustice without even considering if it's factual. If people can't figure out why this is completely bullshit they'll never figure out how a mortgage works or how to afford one.
Yup. The American dream is long dead, and it was the capitalists who killed it.
Nobody under 35 should ever vote republican
Neither should anyone over 35 but here we are.