Daily Discussion with BQB – Is Avocado Toast Keeping Millenials from Becoming Homeowners?

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Hey 3.5 readers.

Your old pal BQB here.

Australian millionaire Tim Gurner, himself a millennial, has been quoted in the media (this Time Magazine article, for example) as, and I’m paraphrasing here, that millennials aren’t becoming homeowners to the extend that previous generations did because they essentially spend their money on crap.  They go out to eat too much, they take too many expensive vacations to Europe, they buy too many lattes and too many pieces of avocado toast.

Personally, I’m aghast that I’m behind the times because I never knew that avocado toast was even a thing.

Regardless, those wacky millennials took to the Twittosphere (where, shameless plug, you can follow me @bookshelfbattle) to mock Gurner, cracking jokes along the lines of who knew that all their problems could be solved by cutting back on avocado toast.

Typical snarky millenials.  Argh, I just want to channel Uncle Hardass and shake my fist at them in an impotent manner while shouting, “Get off my lawn, hippies!”

Or, hipsters, as is the modern parlance.

I do understand the point millennials are making.  The economy took a big hit in 2008 but honestly, it’s been pretty stagnant since 2000.

Meanwhile, a college education has never been more expensive, yet a college degree has never been less relevant as more and more people have degrees and yet they are pitting themselves against each other for fewer and fewer jobs.

So yeah.  Add to that mix the fact that property values are high and yup…you can’t really blame people who are pissed that they’re living in Mom and Dad’s house well into adulthood for being told all their problems result from that piece of avocado toast…or a latte…or insert your favorite comforting thing you buy that you know you spend too much money on here.

On the other hand, I’m going to side with Gurner.  Life sucks.  You’ve got to make choices.  Save your money.  I’ve always advocated for saving money on this fine blog.  I know it’s hard.  I know times are tough.  I know there will be times like it seems impossible but if you can even save just one dollar out of every paycheck, it’ll grow in time.

OK, you probably have to save more than one dollar.  Save a lot of dollars when you can and save just one when you can’t.

Ultimately, if you’re taking multiple vacations to Europe and throwing your money away on useless gadgets and stuff, then you’re choosing a certain lifestyle.  You have decided to live in the now, the present, to enjoy today.

You have decided to live while the living is good and see the world and do and see and experience awesome things when you are young.

You’re also selling your future old self out because your old self may not have a house to live in when you’re older but you know, your old self will also have nice memories of a fun youth so…it’s up to you.

I can’t really knock anyone for picking that lifestyle.  I’ve had old relatives who worked their entire lives and never went anywhere or did anything and never treated themselves to something extravagant.  They planned to do it in retirement then croaked before retirement came.

So there’s definitely an argument for living in the now and spending it all in the now.

But there’s also an argument for saving that moolah so you can own your own piece of land, a piece of property where you can hang your hat and not get nagged by Mom and Dad about what you’re doing well into adulthood.  And honestly, that’s good for the soul too.

I do agree that in many ways, our political and economic leaders have screwed the big time pooch for awhile now.  The “pay big money for college and college will get you a job that pays big money to you” pyramid scheme is bust.  Less jobs.  Less opportunity.  Less money.  People are less happy.

So it’s up to you what to do with your pennies.  Spend them now and enjoy it now.  Save them now and that will lead to something good later.

What say you, 3.5 readers?

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10 thoughts on “Daily Discussion with BQB – Is Avocado Toast Keeping Millenials from Becoming Homeowners?

  1. I was going to make big money by writing a best-selling book or two, so I could afford both a house AND avocado. I’m still working on the secret of how to make books best-selling – it’s so closely guarded even publishers don’t know it…

  2. Millennials see life differently than the generation prior to us. We want to live long, healthy lives full of experiences rather than things. Many of us will buy houses in the future, just not while we are in our twenties. Instead, we choose to invest in ourselves. By investing in our health and in our experiences, we have the potential to live longer, expand our thinking and cultural awareness, and offer more to the world than simply another house in a suburb. Don’t judge our choices because they aren’t the same as your generation. Why drink boring coffee when we can drink lattes? Why eat fattening buttery toast when we can use a nutritious avocado spread? Why tie ourselves down to a house when we might not stay in the same area long term?

    Personally, as a millennial, I have traveled to Europe on countless occasions, I drink Starbucks as least once a week, and I have toast every morning. However, I have a Bachelor’s degree, my husband has his master’s degree, and we have a pretty large nest egg in the bank and could pay for a house nearly in full if we wanted to, but we CHOOSE not to because we want to invest elsewhere for the time being. Don’t judge an entire generation based off of what appears to be useless spending.

    We know what we’re doing, so maybe take a tip or two from us “millennials” and you might find life to be a little more enjoyable.

  3. I never wanted to own a house. The hubs wanted it. And now, on our second house, our big fat keep it til you retire house, he finally gets it. The house OWNS US. gag.
    I am thrilled to get out.

  4. ctomorrow says:

    I honestly think that the best way is to meet somewhere in the middle. Like the taco commercial, why can’t you have both? This year I’ve finally bit the bullet and made my first financial investment, am halfway in my emergency fund and am going to Japan for two weeks next month. There is no reason why you can’t have both, you just have to work for it.

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