Millennial's can't save for retirement -- because they have too much Starbucks and "eat out " (Marketwatch
Marketwatch reports (source on the bottom) that Millennials are basically endulging themselves too much on life's simple pleasures.
The article goes on to suggest that Millenials are making a habit of having Starbucks's as a habit and going out to eat to much.
I think a point can be made that maybe both of the above are true....on some level.
However, I think it's pretty misleading to not talk about the environment that we are "all in":
How much did that coffee (as a % of minimum wage) cost 10-20-30 yrs ago --- I would suggest MUCH less --- therefore easier to save
How much does it cost go out to eat for a hamburger and fries -- same comparison. The cost of eating out have skyrocketed vs. the wages paid today for 18-34 yr olds.
How about the cost for : Student loans/college cost, how about the cost of car/transportation etc...
I think the writer does a pretty misleading job in not addressing the economy that Millennials are being raised in.
Now -- here is the funny part as he makes Millenials out for being irresponsible --- look at the chart below. Which generation is in trouble is it the people at retirement ....it sure looks that way. Again, not picking on ANY generation , but what is the cost of Healthcare now vs 20-30 yrs ago -- it has skyrocketed. What has the economy really been like since 2007 which under 3% GDP growth for 8 yrs -- a record.
Let's face it.... we live in much different times today than 1980's and 90's. And the writers in Marketwatch don't want to say that though political leadership and more that our economy makes it hard for all --- if he/she did --- that would not be writing at Marketwatch.
I spent 2 dollars for my lunch yesterday. Home made espresso, and 짜장면 . I am 35 years old, so i am still Gen X. My sister is 34, so she is millennial, no wonder we are so different
lol.....it's obvious you are an exception in every sense. Your sister still has time. However, she will need to take study from you :-)
To add to the points you've made, look at the technological side of it. Paying for internet is a bill other generations didn't have. Not only that but the constant influx of new tech every year that's never below $500. Cell phones, laptops, PCs, Smart TVs, iPads, gaming consoles, Smart Watches etc. Things aren't as simple as they used to be and I think previous generations really need to wrap their heads around that fact.
i agree....the $200 cell phone bill or $100 cable bill wasn't part of society in the 80's....and as a % of the min wage or living wage in the 60's -- you could buy a house, a car and have a family on one wage earner --- you weren't high on the hog -- but it was done by blue collar workers for decades --- until they printed the dollar to crap and it's not worth anything now.
Like you touched on, I don't think the author addressed the difference in wealth between previous generations and millennials. Housing, Education, Food, etc. have all increased in price, on top of that, the rate of inflation has increased while wages have practically stagnated. While going to Starbucks or getting fast food everyday might not be a great use of money, doing those things isn't the sole or even the majority of the reason why millennials aren't preparing for retirement.
I agree my friend. The media does a poor job to connect the dots and provide a story containing historical facts and provide perspective. I don't think they want people to look and see -- they might want to hold people accountable -- yikes :-)
Well steemit is my retirement
Steemit is one of many vehicles which certainly may provide or need to provide with what is going on with everything.
These were the good ole' days (when I wasn't even a zygote yet)