Are Millennials Really Bad with Money?

I'm sure you've heard the stories... Millennials are entitled, lazy, terrible with money. The real question is, is any of that true? Did we create our own issues or are there great economic issues. I'm breaking down the FACTS for you in this post. Check it out!

 Are Millennials Really Bad With Money? Here Are The Facts

Are Millennials Really Bad With Money? Here Are The Facts

I hear the same bullshit story every day from some news source about how us millennials are self-entitled, lazy, and whatever other insults they want to throw at us for the day.

The fact is we are facing economic conditions unlike our parents had to deal with or their parents. Today is different and the facts support it.

Us millennials are struggling financially and it’s not 100% our fault like the media and our parents/grandparents imply.

We are facing an uphill battle, unlike anything they had to endure.

Axios has pulled together some great data from the US Census Berea and a few other sources, and I’m going to break it down for you right here.

So the next time mom or dad give you a hard time about how we are so lazy or self-entitled you can slam them with the FACTS.

College is a Major Problem for Millennials

Today, to get a “decent” job we’re told we have to go to college. If we don’t go to college we’ll be working at a gas station the rest of our lives….

So, we do what our parents tell us and what businesses say they want.

The latest census showed that 37% of us millennials are going to college to get a 4+ year degree (at least a bachelor’s degree.)

 Millennials Attending College

Millennials Attending College

We’re spending the first 4 - 8 years of our life getting this degree that’s supposed to be some magical way to succeed in life.

Years are wasted on classes we don’t need to enter the workforce. (Art History???)

In fact, I got a bachelor’s degree in Accounting / Finance / Real Estate yet I was forced to take a police course as a elective?? Are you serious? I’m talking to you, University of Cincinnati!

All the while we are struggling pay for the INSANELY OVERPRICED AND OUTDATED CLASSES that often don’t even apply to what we are trying to learn! Thanks for ripping us off colleges!

We now have to pay on average at least $20,000 for our garbage degree.

 Millennials Cost of College

Millennials Cost of College

It get’s worse… 

On top of the overpriced college classes, we get ripped off by college book companies…

$200 for a book we could basically get online??

Not only that, they change some numbers and call it a new edition so we can’t buy a used one.

How is any of this ethical???

So what does this lead to? DEBT!

Look at the median amount of debt we are in compared to the past!

 Millennials Debt

Millennials Debt

Ok, stay with me. It gets worse…

We finish college to get this so-called “high paying” job. We go out there on the job market and find out, it was all bullshit…

The average pay hasn’t changed since the 70’s even with our debt-ridden college degrees. The median income for our age was $34,000 then and it's still $34,000 today.

 Millennials Income

Millennials Income

This is truly pathetic…

I don’t want to ever hear some baby boomer complain about us millennials when they created this job marketed that compresses our wages down to unlivable amounts even with our ridiculous college degrees.

These are the facts.

Now…

How Does This Affect Us Millennials?

It means that we struggle when starting our adult life. It’s not because we are lazy, self-entitled, and incompetent.

We do what we are supposed to do to succeed in life by going to college and trying to obtain a decent paying job, but instead, we get ripped off by colleges and book companies.

We get buried in debt from these colleges that are supposedly trying to help us.

We get crappy jobs that pay “market rates”. Translation = pay as little as they possibly can to you.

Financial companies shove credit cards down our throats from the time we turn 18 so they can try to trick us into paying them credit card interest for the rest of our lives from what little we do make starting out.

Brands push their products in our face constantly trying to suck every bit of money they can out of us.

This all leads to millennials delaying their adult life simply because they can’t afford to start their adult life.

It makes it hard for millennials to even move out of their parent's houses when they finish college.

Check out this chart showing how home ownership among our age group is going down:

 Millennial Homeownership

Millennial Homeownership

This also leads to millennials delaying the start of families and even getting married.

 Millennials Married

Millennials Married

It’s truly amazing how us millennials are used and abused by colleges, companies, and the older generations, then they have the gall to insult us.

The next time you hear the same old boring complaint about us millennials, pull out this post and show them the facts!

WHAT CAN WE DO???

This isn’t meant to be all doom and gloom. Yes, the facts show that we are fighting an uphill battle, but that is not the end of the story!

No matter how hard your struggle has been. Today is the beginning. You can start now and begin to fight debt.

You can take control of your money and no longer be taken advantage of by credit card companies.

You can still lead a successful and wealthy life if you take the right steps now.

That what’s this site is all about. Fighting back against financial greed and corruption by taking control of your money from them.

If you are just starting out, here is a great post that will get you started on your journey: The 8 Steps to Become a Money Badass.

Check it out if you haven’t already read it and join us in the fight against the financial greed and corruption that tries to take advantage of us today!


If you love what you're reading, please help me spread the word and share this post with the share buttons on the left!


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DAVID SHEPHERD

CREATOR OF LET'S AUTOMATE YOUR MONEY WITH MY LOVELY WIFE KRISTA


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