Millenials spend too much money on avacados and that's why they can't afford to buy houses.
Source:
Millenials spend too much money on avacados and that's why they can't afford to buy houses.
Source:
Thanks for the PSA. However, I'm worried. Since I've now acquired a taste for spicy avocado toast, does that mean I'll default on my mortgage? I only make avocado breakfast spread it at home, though, and I can stop anytime I want .
This guy is 35. He's at most 1 year away from being a millenial.
Abdoujaparov wrote:
This guy is 35. He's at most 1 year away from being a millenial.
He's also at most one year from bankruptcy with the Australian real estate bubble set to pop.
Abdoujaparov wrote:
This guy is 35. He's at most 1 year away from being a millenial.
He's also a wealthy successful individual who doesn't sit around whining about how unfair it is that he must pay back student loans that no one forced him to take out in the first place.
I'm glad he has the stones to say this, regardless of what the loony tunes at places like Huff Post will probably fabricate about the "problematic" way their generation has been systematically victimized, or some garbage like that.
It is just wonderful to see that absurd generalizations know no borders.
Public Service Announcement wrote:
Millenials spend too much money on avacados and that's why they can't afford to buy houses.
Exactly what I've been saying! Also, if poor people would buy one fewer latte at Starbucks every week, they would all grow solid retirement funds.
He is a tool who describes himself as a middle aged mogul despite being a borderline millenial who hasn't learned to shave. HIs entire theory is easily disproved:
https://www.nytimes.com/2017/05/15/business/avocado-toast-millennials.html
As for his origin story, how many avocado lunches does the average 19 year old have to skip before an uncle gives them $34k to go play with?
His grandfather gave him $34,000 to kickstart the project and Mr Gurner spent four weeks renovating the space while getting his gym license by correspondence. Within six months, the place was pumping.
it's so tasty tho
That and the daily $5 Starbucks Unicorn and monthly necessities like cable TV (with HBO) AND the phone charges on the latest iPhone and a car payment, and a millennial starts each day $400 in the hole, and this assumes they still live at home and are still riding on the agents health insurance.
This sounds like a job for ............ Dead Serious.
I can attest to this. We just bought our first home and I've never eaten avocado on toast. That is why my wife and I were able to save a 20% down payment.
Abdoujaparov wrote:
He is a tool who describes himself as a middle aged mogul despite being a borderline millenial who hasn't learned to shave. HIs entire theory is easily disproved:
https://www.nytimes.com/2017/05/15/business/avocado-toast-millennials.htmlAs for his origin story, how many avocado lunches does the average 19 year old have to skip before an uncle gives them $34k to go play with?
His grandfather gave him $34,000 to kickstart the project and Mr Gurner spent four weeks renovating the space while getting his gym license by correspondence. Within six months, the place was pumping.
Assuming he paid his uncle back, how is that any different from getting a small business loan start up cash from a venture capitalist who sees promise in your business idea?
So he had a connection to someone with available funds who saw promise in his ideas? So what? What does that have to do with the majority of that generation not saving enough?
And what does his age matter? If anything the fact that he's essentially a millennial and is crushing everyone else in that generation gives his argument more credence.
If you ever need quac, Jeb Bush is your guy.
I always find these "get off my lawn" type articles about "Millennials" humorously out of touch.
A big part of my job is understanding the spending habits of various demographic groups. Here are the highlights on the spending habits of those born between 1982 and 1997 (the most generally accepted delineation of the Millennial generation):
- They spend a significantly smaller fraction of their incomes on consumption of non-durable goods (cloths, electronics, etc.) than either baby boomers or Gen X
- They spend significantly larger portions of their income on vacations, travel, and other "experiences", but less on an absolute basis, than previous generations.
- They spend slightly more on food
- They save at significantly higher rates, but due to generally lower incomes save less on an absolute basis
- They spend much, much more than previous generations on housing, education, and healthcare.
Not particularly hard to understand the drivers behind all of the above:
- Non-durable goods are considerably cheaper than they were a generation ago hence the lower spending.
- Food is also considerably cheaper, but Millennials tend to dis-proportionally chose higher quality foods and prepared foods when compared to previous generations. This is mainly because these foods are available to them, and they largely weren't available to previous generations.
- They spend a larger fraction of their incomes on vacations because they can't afford big ticket items like cars (which frees up the cash that would otherwise be devoted to such things), and among the things they can afford experiences are where they get the biggest bang for the buck in terms of happiness (this is backed up by extensive academic research).
- They save more because they grew up during the Dot Com bust and Great Recession. People who mature during recessions tend to be more conservative financially for their entire lives (see the impact of the Great Depression on the Greatest Generation).
- They spend much, much more on education, housing, and healthcare, because those things are much, much more expensive than they once were.
Anyone who argues that one generation has meaningfully different work ethic, morality, or underlying intelligence than another generation is full of s*&t. People are people. All that changes are the economic and social circumstances in which they find themselves.
The original article came from an Aussie - speaking of Aussies. I would imagine that demographic habits might well differ from region to region - not to mention country or continents.
The original article came from an Aussie - speaking of Aussies. I would imagine that demographic habits might well differ from region to region - not to mention country or continents.
You'd think wouldn't you? However, these trends are surprisingly consistent across the developed world. There is some variation to be sure, but as long as were talking in gross generalizations, then close enough. "Get of my lawn" type articles about Millennials also seem to be relatively universal across developed countries :)
I don't know, I eat avocados on bread and I still have a home.
This theory kinda sucks.
What if you eat avocados but DON'T east them on toast? Is that okay?
Some People Must wrote:
What if you eat avocados but DON'T east them on toast? Is that okay?
What about JUST the toast? Maybe with some peanut butter.