March 13, 2017


  • 1. "Millennials face . . . a competitive job market" - So do non-millennials. 2. " . . . like many other millennials, is on a tight budget" - That's because they're still young, and EVERY generation is on a tight budget when it is still young. Many are still on tight budgets in middle age. This is not a special challenge facing millennials. 3. “Without financial discipline, I wouldn’t be able to live my everyday life” - Same goes for just about everyone else. 4. “It is necessary I keep track of my finances to maintain stability in my life” - Same goes for just about everyone else. 5. “If I spend too much on one thing on one day, I go without lunch or dinner the next day” - And if I spring for the Maserati, I can't pay my mortgage and my family ends up homeless. Once again, this is not a challenge unique to millennials. 6. "no [bank] branches in the area . . . pay a fee to withdraw from that ATM" - Switch to a local bank or credit union. 7. "34.1% . . . younger than 35 own a home. . . 62.9% across all age groups." - It takes a few years of working, earning, and saving before those savings really start to accumulate into anything substantial. Young people simply haven’t been working enough years. This “problem” is not unique to the millennial generation. 8. "[Under age 35 homeownership is] about a fifth below its peak from the go-go years of the mid-2000s" - The go-go years of the mid-2000s were the result of liars' loans, interest-only mortgages, and periodic refi's. It was an unsustainable bubble, and ultimately caused a global recession. The mid-2000s should not be the "normal" to which you compare today. 9. "No one really took the time to explain [credit cards] to me" - Maybe you should ASK someone? 10. "some millennials only use cash or a debit card, which doesn’t aid in building credit" - Doesn't the Credit Card Act of 2009 make it more difficult to market credit cards to people under 21 in order to "protect them"?
    Dan B