Sadly I am a millennial. Appreciate this thread, even if it is just to rant.
I agree with your assessment of the economy. It is strong (at least here locally).
College is not expensive unless you make it expensive. There are bargain ways to go to college Save 50% on College Tuition - #25 by MyBanker. When you’re a senior in HS however you’re making life decisions based on what a group of 18 year olds around you thinks is important. There’s a high amount of college status being played out there.
The extension of extremely easy, nearly unlimited college ‘aid’ money means that some of these kids are living the lifestyle of having a $40-$60k yearly income for the years they’re in school. Sure a large chunk of that goes to tuition and room/board, but drive by college campuses and you’ll see a TON of high end boutique quick service and sit down restaurants.
They graduate and then have to start repaying that debt, all while making $40-$60k. What happened to their amazing lifestyle they were so accustom to? Their $2500 laptops, $1,000 phones, and $100 dinners? They can’t be expected to give those up, They have a degree, they should be BALLLLLLING.
I was able to get a degree for about $20k, my wife was able to do hers for half that due to grants and stipends. (This is in So Cal). We sacrificed for 3-4 years, saved our pennies and bought a house. It meant saying no to a lot of things, No to going out to bottle service on the weekends, no to vegas trips, no to high end electronics, no to a fancy apartment, no to cable tv, etc.
Now we could have all of the things we said no to, but a funny thing happened. We don’t care for them anymore.
Second, The “I have no savings” is just another way of saying “I can’t stop spending money on very pricey stuff.” Ask how many of these kids have a $600+ cell phone, and who pays more than $60 a month on their cell bill. I would wager that many of them have eaten at restaurants that you have not, and have traveled to places you have not either.
They’re working, they’re living at home and they have no savings. It is mind boggling really. What if they had to move out and pay rent? Are they paying rent at home? Where’s that money going? Oh to their brand new cars, of course!
The cynic in me says the younger millennials are even more screwed because the snapchat/IG phenomenon is to “show off” your lavish lifestyle. I was lucky that I missed that entire phase by a good number of years. I know someone who has a Rolex and lives with his parents. A ROLEX AND LIVES WITH HIS PARENTS!??