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Name:   MartiniMan - Email Member
Subject:   Millennials and money
Date:   10/10/2019 8:21:57 AM

On another topic and just for fun, I read an article that was partially blaming the modest slowdown in spending in the economy on Millennials for saving too much.  At first I thought that was the dumbest thing I've ever heard.  Then I thought about my own children, all of whom are Millennials.  They are still driving the same car they had in high school (they are 28, 24 and 22).  They are maniacal about adding money to their savings account and their 401k.  They buy furniture on Craigslist and never buy anything new.  Thye pay off whatever credit card charges they make every month and they all have cards that give cash back or frequent flyer miles and they use it for everything so they get more rewards.  They are extremely frugal, way more than I was at their age. 

Yes that is anectdotal and a tiny example but it got me to thinking about whether there is some merit to this idea.  Makes me wonder what others are seeing with Millennials and their spending habits.  And let's for once stay away from politics if you want to respond to this post.  Believe it or not, there is more to life.





Name:   flyfisher - Email Member
Subject:   Millennials and money
Date:   10/10/2019 9:35:03 AM (updated 10/10/2019 9:38:05 AM)

Martini--sounds like my daughter & son in law--shes a professional head hunter ( college presidents, deans, etc.) & son in law is in D.C. ( not sure what he does--, not discussed); they rent a townhouse in Alexandria--no debt, save like crazy--do have grand, age 4,  in private christian school, about $12k /yr.--but all used furniture, rent their clothes on line, have no cable, dont do social media--both have advanced Doctoral degrees from UA and Vandy--only luxury is a Carolina skiff they take to Chesapeak Bay; their life is the grand, church and church dinner clubs; at this pace, both are 34, i expect them to retire at 52. Thankfully my other daughter, age 32, single, microbiologist is cut from the same cloth. I taught them in the 10 th grade about saving, checking, the risks of credit cards & debt, and the importance of saving and importantly, pay bills & maintain a  good credit rating--neither had an ATM card until after college





Name:   wix - Email Member
Subject:   Millennials and money
Date:   10/10/2019 9:37:33 AM

Sounds to me like they got good training growing up.  Too many can’t get jobs, won’t work, spend every cent they get their hands on, or live in their parents basement.....





Name:   MartiniMan - Email Member
Subject:   Millennials and money
Date:   10/10/2019 10:51:41 AM

No doubt that is part of it.  We set an example for them and they see the value in living within your means and saving for retirement.  They also have the opposite example of my Mom who has lived with us for quite a while primarily because of financial needs.  We have worked diligently so that doesn't happen to us and I suspect that is part of their thinking as well.





Name:   Talullahhound - Email Member
Subject:   Millennials and money
Date:   10/10/2019 10:53:21 AM

I have a slightly different take (tongue in cheek, of course).  They were given everything their growing up lives, but when they got out of their own, they found out how expensive all that nice stuff is, so they don't buy it and squirrel away their money.  LOL

A lot of it has to do with their views on the environment.  They think there is too much waste, so they buy used everything, rent instead of owning, and they prefer to Uber over owning a car.  Totally different from those of us who were taught that the American dream was to own your own home, have it nicely furnished and to own a nice car.  We were the first generation to have bank credit cards, and saw this as a way to own nice things without having to wait to save up the money.  Until there later years, my parents never had credit cards at all.

Millennials are all about experiencing things and like to spend their money, when they do spend, on experiences and travel.  They are the ones that worry more about feelings and inclusion and apparently they are really worried about the environment.  I was induced into a "stop plastics" group on FB - I am really concerned about all the plastics and trash they have dumped into our oceans, but it has given me a lot of insight into this environmentalist thinking. 

 

 





Name:   MartiniMan - Email Member
Subject:   Millennials and money
Date:   10/10/2019 12:16:34 PM

Maybe not so tongue in cheek and likely pretty accurate.  And yes, they are definitely more atuned to waste and recycling.  As for the plastics in the ocean, the vast majority of that comes from Asia and Africa and has nothing to do with the western world.  But when you want to virtue signal you focus on the things that are close to home because you know nothing we say or do here will change the actions elsewhere.





Name:   GoneFishin - Email Member
Subject:   Millennials and money
Date:   10/10/2019 1:03:39 PM (updated 10/10/2019 1:05:34 PM)

My 13 year old granddaughter and I went grocery shopping. The teenage bagger said that beginning  Jan 2020, they were no longer going to be using plastic bags. My granddaughter said, "Your generation went to plastic to avoid cutting down trees for paper bags and to save the planet. Now, they are going back to paper to save the planet from plastic". Then she looked in the back seat and saw a package  of paper plates. You can imagine the conversation for the next 15 minutes...I told her I was doing my part to save the planet by not using water to wash dishes. At 13, she is big into "recycled" jeans and coats.

We have some interesting discussions.







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