> Don't worry, Doc. It's usually nothing that an extra $100- $300k won't handle.

Can confirm.

Quote from: rcjordan on April 20, 2016, 04:19:35 PM
As for the later-life parenting, I'm aware of the economic issues that are cause for postponement, ergo, but I was mostly referencing "hardwired" issues of physical aging and related life events.  IMO, a parent who is in his 50s when his kid hits the teen years is in for a whole shitload of 'convergence' problems.

Understood.  Of course it's delusional to think you can always wait just a little longer. At a certain point you can't.

I just mean that to an unprecedented degree, they aren't postponing, they are simply opting out.

Quote from: rcjordan on April 20, 2016, 04:19:35 PM
http://www.bloomberg.com/news/articles/2016-04-20/it-could-take-years-for-big-city-millennials-to-save-for-a-down-payment

Great article, by the way.

I just question whether millennials are that much different than their predecessors except for the fact that their predecessors didn't need over $140,000 to make a downpayment on a house (that would have bought the house and maybe the vacation house for their parents).

I think you're right - there are a lot not doing the math. I guess based on the small subset of millennials I know, who were mostly raised in frugal families of modest means, they ARE doing the math and they look at tying up over a million dollars in an asset that can't be moved and can't be liquidated quickly and they think it's flat out stupid. And I tend to agree with them.

But apparently my sample are all in the 5% who fall into "other" in this article in terms of reasons they are not buying a house. So I guess I have a very skewed view of millennials!

.

Exactly. Or, "said the generation that had 16 workers for every person collecting Social Security and Medicare"

Or as I like to say to the young 'uns: "Yeah, well when I was your age, if I wanted to change the channel on the TV, I had to get up, walk six feet, twist a dial and then walk six feet back to the couch."

This article is mostly marketing pap but it just now popped up on my reader sorta illustrating what's nagging me the most; they are counting on someone 'fixing it' for them.

Quotethey anticipate receiving an average of $1.06 million from inheritance

http://www.fa-mag.com/news/millennials-clueless-about-their-finances--survey-says-26425.html

Yes, it definitely bears the stamp of a press release. Doesn't make it wrong, but it does make it bullshit.

QuoteAccording to the Retirement Readiness Survey, 73 percent of millennials do not know what they are worth and 40 percent have not started saving for retirement. The survey included 2,120 American adults, including 582 millennials ages 18 to 34.

No doubt. I guess my point is that this simply makes them like their parents and probably grandparents. Go back in time and survey people in their 20s and you will rarely if ever find a high percentage who are preparing well for retirement and have the endpoint in their sights. I certainly didn't and have been playing catchup for a decade.

Nearly half of all Americans can't handle an unexpected $400 bill
http://www.theatlantic.com/magazine/archive/2016/05/my-secret-shame/476415/

Quotethey anticipate receiving an average of $1.06 million from inheritance

Okay, that is delusional. Though I wonder how the question was asked. Given the PR slant of the article, I don't trust that it was asked straight up, but I'm sort of naive that way - I generally believe people are smart, but I'm sometimes disappointed.

That said.. the last few decades have seen the largest transfer of wealth from the young to the old in the history of America, so that's not that surprising. The elderly have gone from the highest poverty rates to the highest wealth group. So I expect a lot of millennials are in that boat.

Quotethey anticipate receiving an average of $1.06 million from inheritance

This side of the pond that is difficult for most people.  The inheritance tax threshold, and the average wealth is not high enough, even with old folks with lots of money is housing.  It might happen in London, but I would be surprised if it even happened there as an average.

Average property prices in London are >$750,000, a total estate of $1 million+ won't be far away from average.

Need be quick though, they spending it fast!

http://www.theguardian.com/money/2016/apr/21/older-homeowners-unlocked-393m-from-properties-in-early-2016

Average 2.2 kids... probably less.

>>It's usually nothing that an extra $100- $300k won't handle

>2.2 kids

QuoteThe average amount borrowed was just under £76,000.

They've only hit 109k USD, so it's just one kid.

Just received a marketing "mega trends" report from SABRE and they said, according to a Pew poll of Sept 2015,

- 79% of Boomers self-identify as Boomers
- 40% of Millennials self-identify as Millennials

for whatever that's worth