Love the convo. I'm also a millenial who just bought my first place this past fall (a condo,) and I love no longer renting. Mainly it's shocking how much cheaper it is. But ultimately currently I'm saving up another downpayment with the additional difference and I'm going to move to a stand alone or town home while renting out this place out in 2 years. Last summer buying hadn't crossed my mind, but by Fall it seemed crystal clear. What a difference a few months makes?
Mike, you mention making our own rules. Well yes, that's exactly it. We can't follow the precise rules of generations before us, because the landscape has changed. Doing the "right" thing is no longer the rule of thumb i.e. expensive college + whatever major you want = poof! job It's because of sites like this that I didn't say "screw it, I don't make a lot of money, why bother" when I was 22. I found this site and learned from you and the rest of the billfold community that I could in fact find a balance and build some momentum, and even when I inevitably slipped up, I saw that others have survived the same and worse. I'm in decent shape because I didn't look at the news about just how screwed we all are. I built some okay habits and I think we're better off letting Moody's and WSJ pontificate to themselves. So yes, what you said and +1.
27, don't use it because it would be yet another app that my friends and I would have to download, and really with GroupMe, whatsapp (one of us is abroad now ladies, must switch over,) and all the other stuff we all "have" to have to communicate, I think there would be resistance.
Very nice, and timely post too as I've grown tired of basically everything I cook lately. Also trying to do one meatless day and one carb-free day. We'll see how this goes...keep the cheap eats posts coming though!
Here's what I'm seeing: 1. Helen makes a great point that our system(s) are fundamental ass backwards; we need stronger safety nets. And yes investing is scary and may not always work, but you don't get to throw your hands up and not get into a saving/investing mentality regardless of how tiny the amounts you sock away. If you're homeless/ill/unemployed I get it, it's impossible. But if you can do anything at all, it actually feels good and "grown up" to do after a while. (Scouts honor) Too many good discount brokers with low or no minimums and cheap trading fees to not sock away as little as $25 in a total stock market ETF or mutual fund. Again, if you're struggling, that's not an option (which doesn't make you a lazy good-for-nothing) but if you can you give it a try. 2. She overstates the detriments of the personal finance industry. "Rich Dad" can get bent, as can any other "expert" trying to part you and your hard-earned money. She does though make a great point indirectly, because I believe that you don't have to PAY for that kind of fundamental advice because it's all over the internet on great sites, like...*cough cough the billfold* and many many others. 3. There's a lot of luck involved (especially if you're caught in the undertow of cyclical poverty.) I live in a tiny southern-ish city where the cost of living is pretty damn cheap, where I do my damndest to save/invest at regular intervals (auto withdrawal is a godsend) Honestly I've been so surprised how much it grows because I really don't make that much. 4. I feel like an optimist on this board! Despite agreeing with about half of the book and a good portion of these comments, I'm a believer in doing what I can and trying to make it easier for people to take care of themselves and families. Let's attack this thing at both ends then. Save, invest, repeat and keep forcing the issue on the increased costs of healthcare, childcare and housing. Also take down those predatory lending bastards. They suck. *steps off soap box mildly apologetically*
Totally with you, nonprofit work ftw - just not the financial win.
Millionaire Next Door, or I will Teach you to be Rich are my two votes.
I'm gonna go with if you're going to give something, think about the recipient and not yourself, you selfish brutes lol. I understand wanting to give something tangible, but isn't the point of supporting this new marriage to give them something they...you know want? And maybe it's just a cash gift without specifically saying "romantic dinner number 1" or something.
@NoReally Wow. This is insane to me, but you know what? Thanks for my daily dose of be-grateful-that-you-have-so-much-but-not-TOO-much.
How am I just now seeing this post? This is effing hilarious!