Millennials = Mustachians?

[FIRE_HELP!]

lots of similarities (not everything though)

http://time.com/money/2820241/10-things-millennials-wont-shell-out-for/

it's interesting to see the knock-on effects the financial crisis has and will continue to have on trends going forward

[SondraRose]

Thanks for sharing this!

Found another interesting one: http://time.com/money/2983272/millennials-with-jobs-are-super-saving-their-way-to-retirement/

[slugline]

Take care when making comparison in the ages when each generation began retirement savings. Earlier generations grew up when defined-benefit pensions were more popular so there wasn't an expectation that the worker would be directing his/her retirement planning as people do today.

[Lis]

I've read a ton of articles about Millennials and our financial habits. To sum up from most of what I read, we're good at saving money and not buying frivolous things since we saw our parents' retirement crash and burn and watched them blow through their savings to survive, but we also don't trust the stock market to invest in, so we don't save for retirement (for the same reason above). Except craft beer. Apparently we like good, expensive beer.

I have plenty of issues with these types of articles, mostly because you can't say that all millennials are "fill in the blank." I 'borrowed' money from my grandmother to buy a new car when I graduated college, most of which she has forgiven (facepunches all around, I know). I receive a lot of flak for not being 'crippled' by my student loan... it's an inconvenient debt that, for me, will pay off in the long run. I also contribute to my 401k and am saving up to open a Roth IRA, both of which will by at a 90/10 split (the 401k is currently).

The point is, a lot of these articles derive from what I call "the squeakiest wheel" syndrome. Everything is terrible for all millennials because all millennails made terrible decisions about their finances already and now everyone else is screwed because of it. No it's not, no we're didn't, and again, no it's not. You get a few people who like to complain loudly (the squeaky wheels) and they of course get the most attention (the oil).

Sorry, that deviated a lot from the original post. But you'll get some responses saying "Yes! Millennials embrace Mustachianism!" and others who say "Millennials could not be farther from Mustachians."

[BlueMR2]

I have plenty of issues with these types of articles, mostly because you can't say that all millennials are "fill in the blank."

Indeed.  My personal experience with those of so called "millennial" age, if applied to the entire group, would lead to me pegging them all as the most anti-mustachian generation yet.  Tens to hundreds of thousands in college debt for useless degrees, driving brand new cars, etc.  While financing it all with credit cards...  :-(  I doubt that's true of everyone in the whole generation though.  I only have access to a small sample size.  :-)

[marty998]

I have plenty of issues with these types of articles, mostly because you can't say that all millennials are "fill in the blank."

Indeed.  My personal experience with those of so called "millennial" age, if applied to the entire group, would lead to me pegging them all as the most anti-mustachian generation yet.  Tens to hundreds of thousands in college debt for useless degrees, driving brand new cars, etc.  While financing it all with credit cards...  :-(  I doubt that's true of everyone in the whole generation though.  I only have access to a small sample size.  :-)

Err...student loans and credit cards didn't really exist in the prehistoric (hehe) generations of 30-50 years ago. If those were available to those generations I think you'll find they would have taken full (dis)advantage of it

[BlueMR2]

Err...student loans and credit cards didn't really exist in the prehistoric (hehe) generations of 30-50 years ago. If those were available to those generations I think you'll find they would have taken full (dis)advantage of it

I think more has changed than that.  It's currently fashionable to believe that everyone should go to college, even if it's for a useless degree.  Whereas before people would consider the trades for good income if there wasn't a good college option that fit them.  Going further back there were memories of another big crash that kept a generation pretty frugal.

[FIRE_HELP!]

Err...student loans and credit cards didn't really exist in the prehistoric (hehe) generations of 30-50 years ago. If those were available to those generations I think you'll find they would have taken full (dis)advantage of it

I think more has changed than that.  It's currently fashionable to believe that everyone should go to college, even if it's for a useless degree.  Whereas before people would consider the trades for good income if there wasn't a good college option that fit them.  Going further back there were memories of another big crash that kept a generation pretty frugal.

It shouldn't be a surprise that society has drifted this direction, considering the mass subsidies the federal gov't has made available for people who normally wouldn't apply to attend a 4-year university.

When the POTUS encourages such actions with rhetoric as well as bad policy that loans huge amounts of money to very young adults (with little or no regard for ability to repay) you end up having a huge societal problem that will stick with us for a while.

[Zikoris]

I'm a Millennial and most of the people in my age category range from "complete financial trainwreck" to "mostly clueless but managed to avoid making critical mistakes". Predominately either struggling to get by or not even attempting to(living with parents, but not saving money). Lots of negative net worths. Very uneducated about financial products.

I do have a small handful of friends in their 30s who have this stuff more figured out and can actually discuss money related topics, but I can count them on one hand.

[gimp]

As a 23-year-old, I don't know a single person who has gotten kicked out at 16 or even 18 and had to make it on their own. I know a couple who have had to make it on their own (including myself, since 20) but we weren't "kicked out," we still had people to rely on in an emergency or for a short-term loan (eg, I borrowed a few grand to buy a car, paid it back in a few months with interest, much easier than trying to get a bank loan for an old car...).

I bring this up because it used to be normal, and at least relatively common, for an 18-year-old to have to fend for themselves entirely. Now kids are on the dole until 22 when they graduate, 24 when they find a job, or 24 when they finish that MS, or 25 when they finish that MS, or 29 when they finish that PhD, or 31 when they finish that PhD, or 33 when they finish ... or ...

How the fuck can you blame kids for not knowing money, when you shield them from it all their lives, buy them a car, buy them everything, get them through college, let them live at home, get them through college again, let them live at home, subsidize their rent, help them with their school loans, cosign for a car and an apartment, pay for their wedding, help them with their downpayment, ...

How the fuck can you blame an 8-year-old for not knowing how to take care of themselves if they've never been home alone or walked anywhere alone? "Kids these days are such pussies, we used to ride bikes all day and come home for dinner." Do you let your kids do it? "No, because it's dangerous and nobody else does it." Of course.

[Lis]

How the fuck can you blame an 8-year-old for not knowing how to take care of themselves if they've never been home alone or walked anywhere alone? "Kids these days are such pussies, we used to ride bikes all day and come home for dinner." Do you let your kids do it? "No, because it's dangerous and nobody else does it." Of course.

This. This is exactly it.

Most of my friends are like-minded. Most of us moved back home for a year while we got our shit figured out, and as soon as we we did (i.e., got a job), we moved out. I'm not saying every decision I make or my friends make is the right one, but compared to the typical stereotype of my generation, we're pretty damn good.

Just to add fuel to the fire, I do have one friend who comes from quite a lot of money, and even at the age of 24 they're fully supporting her. Just bought her and her fiance a house, pay for most of her expenses... yes she does work, but she's trying to make it as an artist so this job is just "temporary." Anyway, I remember her parents buying her a new car for graduation (to replace the new car they bought her for high school graduation) and them proudly boasting that they "only" spent $45k on it. She saw my jaw drop, and she asked me, very seriously, "is that a lot of money?"

I also know people who were kicked out or moved out immediately after. They didn't come from the most financially stable places, so they had to figure their own shit out early in life.

Yes, at some point children need to grow up and figure things out for themselves. But if mommy and daddy have always done it and will continue to do it, how will they learn those lessons.

/rant done.

[dude]

"the Recession generation" is how some some are referring to them.  here's an article from Forbes talking about how the financial sector is trying to get their hands on the Millennials' liquid assets, valued at $2 Trillion, and expected to rise to $7 Trillion by the end of the decade:

http://www.forbes.com/sites/samanthasharf/2014/07/30/the-recession-generation-how-millennials-are-changing-money-management-forever/

[Middlesbrough]

As a I grow older I liked my friends in high school because they had it rough and didn't need to spend a lot of money to have fun. In college, I had trouble finding close nit friends, but had a lot of acquaintances. I get to see them about twice a year as a whole and a couple about once a month. One never had parents, lived with my other friend, and worked his butt off to provide for himself. He now is a manager at a food establishment providing just fine for his family of four. Another friend went to college, tested his hands at state politics while still in classes, and now has a bank job waiting for the next round of elections. Two others have to live with their parents as one finishes college and the other looks for more permanent work under his degree while supporting his mother.

Only one of these friends was book smart and the others were lazy students. They have all gone on to be productive members of society, as I have only just began my career. I am amazed how well they have worked out their lives and our on the road to success.

One friend set up a weekend vacation including camping, fire cooked meals, and a couple big events that weren't to expensive.

Painting generations with one stroke seems to leave just as much surface exposed as painted. No different than any other generation before us.

[Ralphus27]

I am a millenneal that racked up a pretty large (~$66k-ish) student loan bill on a professional degree I ended up wanting nothing to do with.  I am curious to know how my generation compares with others regarding having a clear vision of what they want their profession to be.  I went to law school and it seemed like a large percentage (maybe even a majority?) of my classmates wound up in law school because they were fairly smart, done with their bachelor's, but not sure what to do with the rest of their lives.

Unfortunately, law school is very expensive, and being an attorney is not nearly as lucrative as many people think.  I remember one girl, on the first day of class, proclaiming that she was there because she wanted to become "rich and famous!"  The professor laughed and encouraged her to quit school before it really started. 

This is all from purely annecdotal evidence, but I think people my age have been told "you can do anything you want," so much that we have a hard time deciding on long term goals for a career.

I consider myself very lucky.  I was able to find a decently we paying job outside of the legal profession that offers excellent benefits and time off.  I have always been able to pay more than the monthly minimum on my debt (student loans and car payment only), contribute enough to 401k to receive full match, and am becoming more serious about cutting excess spending.  Having said that, I'm still not sure what I want to do with the rest of my career.  I feel like i am just treading water until I figure out what I really want from life.

[arebelspy]

lots of similarities (not everything though)

http://time.com/money/2820241/10-things-millennials-wont-shell-out-for/

it's interesting to see the knock-on effects the financial crisis has and will continue to have on trends going forward

Great article.  Nice to see we aren't completely doomed, as articles often make it seem.  ;)

Thanks for sharing!  :)