Another over entitled mentality Gen Y

[TMNT]

http://www.theage.com.au/business/meet-the-rich-and-poor-of-generation-y-20150505-gguoxi.html

Dont really want to turn it into a gen Y bashing article, but its interesting to note the following for me.

- She expects to be married and debt free at 26
- she bought a IP at 21 in bris and hasnt gone up at all (thats quite a bad investment, or maybe it hasnt doulbed in 5 years so its a financial disaster in her eyes)
- not sure how you can live overseas and live it up while increase your wealth for the average person
- shes 27 and has been slaving away her 20s....... (i didnt know the 20s ended at 27)

obviously sensationalised journalism, but it does reflect the mentality

 

[neK]

If it was "bought in Sydney", the story would be very different.
Journalism died a long time ago, its now about sensationalism.

 

[EN710]

You can be debt free at 26, just mean that you don't buy anything like houses and go travel beyond means.

Don't bad mount gen Y, one person don't make all of them bad.
Disclaimer: I'm gen Y with lots of property debt

 

[cimbom]

I don't know why "married" was included as a goal but anyway. I think she's done pretty well for her age, despite what she's saying. Buying a property at the age of 21 is an amazing achievement and certainly way before the norm at present. I don't think she'll regret it in the long-term. She could rent it out and go overseas though, if she really wanted to (from the way it's written, it seems like it's her PPOR not IP but I could be wrong). I think when she says "debt free" she is referring to her credit card debt, not having a paid off mortgage but again, I could be wrong.

 

[BayView]

Buying a property at 21 is better than a large number of folks at that same age.

There is always an opportunity cost to every dollar you spend.

The opportunity cost of my first 15 years of working life spending is probably in the millions of lost wealth.

At least she has started in the right direction..

It sounds as though she has still done a bit of "living" based on her 20k CC debt.

Can't have been all bad.

We've all had bad investments.

Most 21 year olds of bygone generations were buying their family home, and didn't even consider whether it was going up in value or not; they just lived in it.

 

[cimbom]

I don't think buying at 21 was the norm even for the previous generation, more like mid-late 20s or even around 30.

"First home buyers are now predominantly in their 30s and 40s," she told Radio National's business editor Sheryle Bagwell.

"So what we used to see was first timers would be somewhere between the age of 20 and 30 years old, but certainly our research has shown over half of them are now aged between 30 and 49 years old."

The report has found 57 per cent of first home buyers are now in their 30s or 40s.

http://www.abc.net.au/news/2014-10-02/first-home-buyer-average-age-increases/5785382

 

[The Dark Knight]

You can be debt free at 26, just mean that you don't buy anything like houses and go travel beyond means.

Don't bad mount gen Y, one person don't make all of them bad.
Disclaimer: I'm gen Y with lots of property debt

Agree. Don't bag us out lol we are the future remember

 

[willair]

- She expects to be married and debt free at 26

Sounds very simple ,just marry into some ones family with old school money,a lot of Men Ladies do that ..

 

[lizzie]

I don't think buying at 21 was the norm even for the previous generation, more like mid-late 20s or even around 30.

I know several 20-something couples who could easily afford to buy (well - deposit) but won't because they are very mobile in their jobs ... Melbourne one year, Sydney the next and then onto London and back again. A lot of that generation seem to be in a similar boat.

I have suggested they could buy and then turn them into rentals if/when they move, but that seems all to hard to consider.

Wonder if we'll end up with a generation of renters for that very mobility reason

 

[dan c]

http://www.theage.com.au/business/meet-the-rich-and-poor-of-generation-y-20150505-gguoxi.html

obviously sensationalised journalism, but it does reflect the mentality

I think it reflects more on the journalism and the paper than the Generation. The paper could easily find someone who bought in their early 20's and it ended up being a great decision, but this isn't the slant the Fairfax papers are taking at the moment.

Every week there is an article about ending negative gearing or unsustainable, expensive house prices, or housing bubbles. They have taken a position on the housing market, rather than reporting the whole truth.

 

[VYBerlinaV8]

I think it reflects more on the journalism and the paper than the Generation. The paper could easily find someone who bought in their early 20's and it ended up being a great decision, but this isn't the slant the Fairfax papers are taking at the moment.

+1. Nailed it.

 

[JohnMichael]

The most startling part of this article was how much less disposable income young people have in Adelaide vs the rest of Australia:

"Young people in Melbourne are 13 times more wealthy than young people in Adelaide"

This can't bode well for Adelaide property, surely? Though I guess it's coming off a much lower base. Still, didn't expect a gap of that size

 

[Tim86]

I'm gen y.

1.7 million in property debt right now. I have almost $400k in equity on top of that. Currently getting a 10.8% gross return on the 1.7 mil. Almost 4 years of investing in the Brisbane market and lots of sweat equity.

28 years old. Help from parents with deposits to get me on my way. Lucky to have supportive parents.

I find a lot of gen y's want to travel, but a lot are still hard workers, and they'll work hard to get the money to travel.

I think a bit differently and don't travel and holiday, rather I invest my money. We will see where my friends are in comparison in 10 years. But $$$ isn't the only measure. They'll probably have a lot more fun. But I think fun is overrated. Besides I'll probably make a million dollars and just before I can spend any of it I'll get cancer. But that's life.

A friend of mine is 2 years younger than me, she's an accountant. She left work 4 hours early yesterday, so only did a 13hours work day. She's got to make up for slacking off today. She doesn't get paid any overtime. And she will work from 7am -midnight at peak periods in the tax year.

There are some bloody hard working gen y'ers out there trust me.

 

[marty998]

Yep I can vouch for that, all the night owl grads at PWC and the like, they work very long hours. Even had one send me emails at 3am on a Sunday morning in the EOFY season.

Had a friend who works in interior design who once put in a 21 hours day (8am to 5am the next morning) to get a job finished for a client. She got paid for 7 of those hours.

The baby boomer who employed her then went bust because the trophy wife took off with the money and he couldn't afford the toys and the mansion and hadn't been paying his tax. He owed her a motza of unpaid Super too.

Anecdotes don't necessarily make the rule, but the ones who work hard don't have time to meet a journalist for coffee and whinge about their situation.

 

[MsAli]

There are some bloody hard working gen y'ers out there trust me.

I'm gen Y

I have "Time Hop" app on my phone which shows what I posted on Facebook x number of years ago.

4 years ago, today, it said I got to work 8:20am on Thursday and got home 12:15am Friday....

In my 2nd year of work out of university at one point I worked 19 days in a row at 17 hours a day, consistently coming home after midnight....It was mentally and physically taxing but it was GFC....had to ensure the losses were minimised. It didn't bore well in the end, my entire team except for me and two other guys was made redundant.......after these hours.

During this time a project manager wouldn't let me go home at 11pm hoping we'd get a fix from the vendor overnight. Vendor was in London....fix never came, fortunately I was able to leave office by midnight.

 

[JDP1]

The most startling part of this article was how much less disposable income young people have in Adelaide vs the rest of Australia:

"Young people in Melbourne are 13 times more wealthy than young people in Adelaide"

This can't bode well for Adelaide property, surely? Though I guess it's coming off a much lower base. Still, didn't expect a gap of that size

If u are earning a Melbourne salary whilst living in Adelaide, you are in a good position..
Wait... Correction... Adelaide is not worth even a Mil dollar salary

 

[Gill Bates]

Article also mentioned , the person had $20,000 credit card debt. Wonder what high interest that is at?

 

[wilkie0611]

I guess its true that a small minority wreck it for the greater majority, or am I really a smaller minority within the greater majority? :/

Yes im a gen y and quite happy about it im currently 27 but am really starting to realize im really bucking the trend as i talk to alot of my friends and work colleges (of a similar age) and realize there mentalities towards money, Investing and delayed gratification.

So far ive in this order to date bought a ppor at 25, got married @ 26 (very happy wifes opinion may vary), had baby 1 (my beautiful baby boy), bought ip 1, had baby 2 (my little princess) and am currently looking at going unconditional on ip 2.

Oh ill prob look into renovating ip 1 later this year.

Yes id agree that this artical does represent some of gen y but not all of us.

 

[Ace in the Hole]

This thread reminds me of a YouTube clip I watched yesterday - Hustle like an immigrant.
I'm sure you can figure out what it means.
This was in America, but it wouldn't be much different here.
Shows that in general, they truly appreciate opportunity and want success more badly than most entitled locals, by a very clear multiple.

 

[DEC]

I'm gen Y

I have "Time Hop" app on my phone which shows what I posted on Facebook x number of years ago.

4 years ago, today, it said I got to work 8:20am on Thursday and got home 12:15am Friday....

In my 2nd year of work out of university at one point I worked 19 days in a row at 17 hours a day, consistently coming home after midnight....It was mentally and physically taxing but it was GFC....had to ensure the losses were minimised. It didn't bore well in the end, my entire team except for me and two other guys was made redundant.......after these hours.

So?
I did things like this through the 80's 90's and 2000's, nothing to do with having to or minimising loss or losing a job.
Its just what people do when a job needs doing.