Confessions from a Millenial

[harmankardon1]

Money's not all it's cracked up to be.. You just need enough to do what you wanna do.

Fuck having some huge amount of debt "owning" a few homes or whatever "investment", you just become a slave to it.

[IroNat]

But the percentage of boomers who had shit degrees and had jobs was much higher.  Inflation was not as bad either... the dollar bought you more goods and services back then. 

Most kids today are fucked and they don't realize this until they graduate and the only jobs that are readily available is where they ask: "You want fries with that?"

Back in the 70s and 80s when I got into the workforce inflation was 15-18% and mortgage rates were 18%.

Inflation has been extremely low for many years in the past couple decades.  Housing prices are driven by demand and vary greatly by location.

My first job out of college in a white collar job I made the salary equivalent of $13/hr. today.

You can find many jobs paying that today with no degree.

I lived with 4 other guys in a beat up house for $215/mo. today's dollars.

Drove a beater used car I bought for $1,300.00 equivalent today.  Brown-bagged my lunch every day.

Saved all my money and bought my first house (2-family) three years later with a 17.5% mortgage (paid 5 points) and cash of $7,500.

Lived on one side and rented out the other.

[MAXX]

Money's not all it's cracked up to be.. You just need enough to do what you wanna do.

Fuck having some huge amount of debt "owning" a few homes or whatever "investment", you just become a slave to it.

Without money you can't do what you want to do. I would rather own a few rentals and live off that then having a 9-5 boring ass job

[LurkerNoMore]

Without money you can't do what you want to do. I would rather own a few rentals and live off that then having a 9-5 boring ass job

I have 3 rentals and while I have been lucky with my tenants being long term and overall great....  most aren't.  I know one friend that owns a rental in the same condo that I have one of mine in and he has been stuck with a tenant he can't get rid of for 16 months now.  16 months without being paid a penny.  That is 16 months he has had to pay the HOA fees there and infraction penalties and/or damage that his tenant incurs.  Once they become squatters, it is a big mess and they never take care of anything once they stop paying.  You can use the courts to evict them, but that is money out of your own pockets you will never get back and then the money you have to spend to fix whatever they fucked up out spite before they were escorted out by the sheriff so to speak.

Rentals are a great way to supplement your income, but unless you own dozens, you won't be able to make a living off of them most of the times.

[Humble Narcissist]

Within the next 5 years ... every major city within the USA will have over 30% of its population living in squander similar to the slums of India.

It is already a major problem of little concern within Los Angeles and San Francisco as well as other major US cities.

Anyone wise enough to offer a solution?

I think you will see Americans living more like Europeans with multi generations living under 1 roof.  This is already happening now and my guess is it will escalate greatly in the next year or 2 as many of the jobs gone from the shutdown are not coming back.

As for other options to housing, tiny homes, hobbit homes, boxcar houses, etc, are getting more popular by the day.  Those with no jobs can move to rural areas and live quite cheap in these.

[epic is back]

owning a house

bad

you pay the house it doesnT PAY YOU

then once you want it to pay you, you have to leave it and move out


lease a house through the business name. write it off

move freely and love life.

you listening funk?

your house is a piece of garbage

[IroNat]

owning a house

bad

you pay the house it doesnT PAY YOU

then once you want it to pay you, you have to leave it and move out


lease a house through the business name. write it off

move freely and love life.

you listening funk?

your house is a piece of garbage

Explain how that would work exactly.

[pamith]

Cry me a river, millenial

[Mr Anabolic]

Back in the 70s and 80s when I got into the workforce inflation was 15-18% and mortgage rates were 18%.

Inflation has been extremely low for many years in the past couple decades.  Housing prices are driven by demand and vary greatly by location.

My first job out of college in a white collar job I made the salary equivalent of $13/hr. today.

You can find many jobs paying that today with no degree.

I lived with 4 other guys in a beat up house for $215/mo. today's dollars.

Drove a beater used car I bought for $1,300.00 equivalent today.  Brown-bagged my lunch every day.

Saved all my money and bought my first house (2-family) three years later with a 17.5% mortgage (paid 5 points) and cash of $7,500.

Lived on one side and rented out the other.

Inflation did not get bad until the mid-late 70's, then the federal reserve hiked the interest rates. 

I remember getting 8% interest on my normal bank savings account.  Long term CDs were even more.  You could have a $1 mill in the bank and live off the interest very nicely... can't do that anymore.  TPTB are robbing ppl, slowly and stealthily. 

Low inflation?  I guess you can cherry pick by mentioning new computers and flat screen TVs.

The government fudges inflation numbers more than ever.  Food and energy prices are not counted anymore.  New auto prices are ridiculous.  Cost of tuition is a joke.  Rents keep going up and up. 

"Shrink-flation" is something they came up with during the last 20 years or so to trick ppl into believing food price inflation is in check.  You get much less food for your money these days... haven't you noticed?   

[Abelard Lindsey]

I am sympathetic with the Millennials on one level, but not another. Progressive credentialism, which requires you to get more and more schooling for any given level of work, is what has driven up the cost of education for the Millennials. I think progressive credentialism is the biggest problem for the Millennials. The problem is that the Milllennials have actually bought into all of the fraudulent BS they were sold on by the boomers. For one thing, they keep majoring in stupid shit.

When I was in HS and college in the early 80's, it was generally understood that you majored in whatever subject that related to whatever field or career you were planning on after college. Thus, we focused on real degrees in real fields (electrical engineering, accounting, etc.) Today, young people, especially women, major in "liberals arts" and social fields that do not relate to any industry or career. They rack up lots of student loan debt earning what are essentially worthless degrees.

https://www.amazon.com/dp/B006N0THIM/

https://www.amazon.com/How-Not-Become-Millennial-Sociological-ebook/dp/B084TRHS2D/

The latter book explains literally everything wrong with current society.

[Mr Anabolic]

I am sympathetic with the Millennials on one level, but not another. Progressive credentialism, which requires you to get more and more schooling for any given level of work, is what has driven up the cost of education for the Millennials. I think progressive credentialism is the biggest problem for the Millennials. The problem is that the Milllennials have actually bought into all of the fraudulent BS they were sold on by the boomers. For one thing, they keep majoring in stupid shit.

When I was in HS and college in the early 80's, it was generally understood that you majored in whatever subject that related to whatever field or career you were planning on after college. Thus, we focused on real degrees in real fields (electrical engineering, accounting, etc.) Today, young people, especially women, major in "liberals arts" and social fields that do not relate to any industry or career. They rack up lots of student loan debt earning what are essentially worthless degrees.

https://www.amazon.com/dp/B006N0THIM/

https://www.amazon.com/How-Not-Become-Millennial-Sociological-ebook/dp/B084TRHS2D/

The latter book explains literally everything wrong with current society.

Today's colleges are nothing but leftist/Marxist indoctrination camps.  These kids are being brain-washed.  Now they're doing this in Kindergarten and grade school.

[OAK]

I blame Obama. He told everyone that the “rich are getting richer and the poor are getting poorer!”....and he’s going to stop it!

Nothing has changed except that him and his wife now live in a $15,000,000 house.🤷‍♂️

[Abelard Lindsey]

Today's colleges are nothing but leftist/Marxist indoctrination camps.  These kids are being brain-washed.  Now they're doing this in Kindergarten and grade school.

This is certainty true and is a huge problem.

The thing is that both my high school and social science of my college were leftist even in the early 80's. Yet we never bought into the horseshit. Neither did the Gen X'ers. I think the key difference is that we were the "latch key" kids of the 80's. We grew up to be independent and self-reliant. The Millennials are "helicopter parenting" kids. They grow up to view government as surrogate parents.

[Humble Narcissist]

owning a house

bad

you pay the house it doesnT PAY YOU

then once you want it to pay you, you have to leave it and move out


lease a house through the business name. write it off

move freely and love life.

you listening funk?

your house is a piece of garbage

I have listened to Ray Reynolds for years about incorporating.  It sounds good but usually you can't write off more than 1/4 of your house even if it's used for business.  Reynolds also claimed to write off his sports car as well but according to the tax laws I've seen you can only write off gas mileage for business related activities and only a portion of the overall cost of the monthly payments.  Reynolds went to prison for tax fraud about 15 years ago but he's still preaching the same message.  If you can do as you claim can you explain how to do it?

[_bruce_]

Could be that soon most people will live from the government and a small part of the normies will dwell in high stress jobs that lend some status. The vanishing middle class provides the best servants... too rich to be poor and too poor to be rich.

On one side many niches where you could make a good living have vanished and on the other many folks do not like a "blue collar job".

[Humble Narcissist]

Inflation did not get bad until the mid-late 70's, then the federal reserve hiked the interest rates. 

I remember getting 8% interest on my normal bank savings account.  Long term CDs were even more.  You could have a $1 mill in the bank and live off the interest very nicely... can't do that anymore.  TPTB are robbing ppl, slowly and stealthily. 

Low inflation?  I guess you can cherry pick by mentioning new computers and flat screen TVs.

The government fudges inflation numbers more than ever.  Food and energy prices are not counted anymore.  New auto prices are ridiculous.  Cost of tuition is a joke.  Rents keep going up and up. 

"Shrink-flation" is something they came up with during the last 20 years or so to trick ppl into believing food price inflation is in check.  You get much less food for your money these days... haven't you noticed?

I remember getting that much interest with bank accounts.  Many old people are still telling young people to have a savings account.

[Mr Anabolic]

I remember getting that much interest with bank accounts.  Many old people are still telling young people to have a savings account.

Yes, saving a devaluing currency in an account that pays less than 1% interest is a very bad idea.

[Mayday]

I think you will see Americans living more like Europeans with multi generations living under 1 roof.

As for other options to housing, tiny homes, hobbit homes, boxcar houses, etc, are getting more popular by the day.  Those with no jobs can move to rural areas and live quite cheap in these.

We sold our penthouse and are building in a wealthy rural area.

The new house caters to intergenerational living where our daughter has a 3 bedroom self contained apartment, we have a very large master quarters with private outdoor living, a guest room with ensuite (for grandparents).

Property is simply too crazy expensive and has caused all these late marriages, late kids, less kids. All negative trends. We hope to shield our daughter from this so she can start a family young and have support under our wing.

[Humble Narcissist]

We sold our penthouse and are building in a wealthy rural area.

The new house caters to intergenerational living where our daughter has a 3 bedroom self contained apartment, we have a very large master quarters with private outdoor living, a guest room with ensuite (for grandparents).

Property is simply too crazy expensive and has caused all these late marriages, late kids, less kids. All negative trends. We hope to shield our daughter from this so she can start a family young and have support under our wing.

Adult children behave better when living around family.  It is easy to live a degenerate lifestyle when you are far away from family and friends.

[Kwon]

I am sympathetic with the Millennials on one level, but not another. Progressive credentialism, which requires you to get more and more schooling for any given level of work, is what has driven up the cost of education for the Millennials. I think progressive credentialism is the biggest problem for the Millennials. The problem is that the Milllennials have actually bought into all of the fraudulent BS they were sold on by the boomers. For one thing, they keep majoring in stupid shit.

When I was in HS and college in the early 80's, it was generally understood that you majored in whatever subject that related to whatever field or career you were planning on after college. Thus, we focused on real degrees in real fields (electrical engineering, accounting, etc.) Today, young people, especially women, major in "liberals arts" and social fields that do not relate to any industry or career. They rack up lots of student loan debt earning what are essentially worthless degrees.

https://www.amazon.com/dp/B006N0THIM/

https://www.amazon.com/How-Not-Become-Millennial-Sociological-ebook/dp/B084TRHS2D/

The latter book explains literally everything wrong with current society.

Abelard!

[Taffin]

owning a house

bad

you pay the house it doesnT PAY YOU

then once you want it to pay you, you have to leave it and move out


lease a house through the business name. write it off

move freely and love life.

you listening funk?

your house is a piece of garbage

/Dan Bilzerian has entered the chatroom

[Rascal full]

We sold our penthouse and are building in a wealthy rural area.

The new house caters to intergenerational living where our daughter has a 3 bedroom self contained apartment, we have a very large master quarters with private outdoor living, a guest room with ensuite (for grandparents).

Property is simply too crazy expensive and has caused all these late marriages, late kids, less kids. All negative trends. We hope to shield our daughter from this so she can start a family young and have support under our wing.

Very nice, that will help her out big time. Respect.

[Taffin]

This stinking cunts problem isn’t that he is a millennial it’s because he’s a fucking looser not willing to put in the graft and has the money management skills of a child a side effect of being a pampered piece of shit that had everything easy growing up. Useless twat

[Rascal full]

LOL Henda is fucking classic.

[ThisisOverload]

I have 3 rentals and while I have been lucky with my tenants being long term and overall great....  most aren't.  I know one friend that owns a rental in the same condo that I have one of mine in and he has been stuck with a tenant he can't get rid of for 16 months now.  16 months without being paid a penny.  That is 16 months he has had to pay the HOA fees there and infraction penalties and/or damage that his tenant incurs.  Once they become squatters, it is a big mess and they never take care of anything once they stop paying.  You can use the courts to evict them, but that is money out of your own pockets you will never get back and then the money you have to spend to fix whatever they fucked up out spite before they were escorted out by the sheriff so to speak.

Rentals are a great way to supplement your income, but unless you own dozens, you won't be able to make a living off of them most of the times.

Buy and rent out in a rural College town, it's stupid easy, but you have to be flexible.  My best housing returns are in College towns, find some houses near the campus.  I've sold a few of my properties in Houston just so i can invest more into my three rentals in College Station, Texas.  I'm renting houses out to rich college parents for $2800 a month that should fetch around $1500; within 10-15 years they will have paid themselves off.  You just have to be prepared for turnover, but each semester i have a "list" to pick from.  Just don't get mad when they break something. 

Back to the topic.  This is why you get a real degree.  Hell my first job straight out of college as a structural engineer made me 48k a year in 1998.  Within 10 years i was making around 75k i think and getting nice bonuses.  I pay engineers straight out of a "good" college program around 55k.  If they bust their ass for 4-5 years and get licensed, i'll bump them up to 70k no problem.

Kids today do not understand money, they will buy a 60k BMW, 200k house and 50k wedding within 5 years of getting out of college.  But they won't pay anything more than the minimum on their tuition debt because they are retarded.  I paid off over 50k in loans within 5 years of graduation.  Cry me a river.  I also worked 20-30 hours a week the entire time i was in College.

Like others said, be smart with money, don't buy stupid things you can't afford, pack your lunch, only buy clothes and other items on sale, buy the off brand items at the store.  If you live like this for 5-10 years and save money, you will be in a good place.  But most people believe in instant gratification, they have to have expensive clothes, cars, TV's, etc.  I understand, but there is a smart way to manage your money.