Thursday, June 12, 2014

Another Stupid Millenial Story

Millennials have it hard, we are told, because their lifestyle isn't as great as their parents.  WTF?

Another day, another stupid story from CNN.  Millenials are "overwhelmed by debt" we are told:

Four in 10 millennials say they are "overwhelmed" by their debt -- nearly double the number of baby boomers who feel that way, according to a Wells Fargo survey of more than 1,600 millennials between 22 and 33 years old, and 1,500 baby boomers between 49 and 59 years old. 
Stop the presses!  Middle-aged people have more money and savings and less debt than someone right out of college!   This is amazing stuff!  (Note the pathetically small survey size, too!)

Oh, wait.  Maybe not.   But it does reflect a weird mindset among a lot of young people - that once you graduate from college, you should instantly be successful and have the lifestyle of your parents.

On average, respondents put the biggest chunk of their income toward paying credit card bills, followed by mortgage debt, student loan debt, auto debt and medical debt.  

Whoa, student loan debt is third on the list behind mortgage payments?  I thought they were all "priced out of homes!"   In other words, bullshit on all the previous stories about how student loans and bankrupting young people today.   The media cites extreme cases and then paints them as the norm.

More than half of respondents said they are currently saving for retirement. Of that group, 46% are saving between 1% and 5% of their income. Another 31% are saving between 6% and 10%, while 18% are saving more than 10%.

In other words, not only are the majority keeping their head above water, they have enough money to put aside for savings.

All of these statistics describe ME when I was that age.   And you know what?  Things turned out OK for me.

Yea, you'll have to live in some crummy apartment and drive a used car for a few years.   And no, you can't have all the new Abercrombie shirts you want or the latest video games.   You'll have to learn to budget and save and do without like anyone else your age has had to do for the last, well, millennia.

But it is not a bad time in life, and in fact, kind of fun.  At least your body hasn't turned on you, yet.

Hang in there, kids.  Stop feeling sorry for yourself and stop listening to the media who wants you to think you're a victim!