05/19/2017

Millionaire To Millennials: If You Want To Own A House, Stop Buying $19 Avocado Toast And $4 Coffee

Jon Miltimore, Intellectual Takeout

It’s no secret that we’ve become an instant-gratification culture.

Via the Guardian:

An Australian millionaire and real estate mogul has advice for millennials struggling to purchase a home: stop buying avocado toast.

Tim Gurner, a luxury property developer in Melbourne responsible for over $3.8bn in projects, is facing heat for comments he made on 60 Minutes in Australia, implying that young people can’t afford to buy property because they’re wasting money on fancy toast and overpriced coffee.

“When I was trying to buy my first home, I wasn’t buying smashed avocado for $19 and four coffees at $4 each,” he said. “We’re at a point now where the expectations of younger people are very, very high.”

He added: “We are coming into a new reality where … a lot of people won’t own a house in their lifetime. That is just the reality.”

It’s no secret that we’ve become an instant-gratification culture. Surveys show that even Baby Boomers have saved very little; a recent NIRS (National Institute on Retirement Security) study showed that “two-thirds of households age 55-64 have savings equal to less than their annual income. A third have no savings at all.”

For millennials, the consumer appetite stands to have sharper consequences.

First, they simply have less money to spend than their grandparents; this is the result of both declining incomes and, for many, crushing debt. Second, as author Simon Sinek has pointed out, delayed gratification is a concept unknown to many millennials.

Read full article



You May Also Like:

Mueller Indictment: No Mention Of ‘Collusion,’ Russians Posed As Americans To ‘Unwitting’ Trump Staffers Aaron Klein, Breitbart

Mueller Confirms: Russia Used Anti-Trump Resistance To Stoke Division Peter Hasson, The Daily Caller

6 Statistics About School Shootings You Need To Know Hank Berrien, The Daily Wire

Clarence Thomas: I Am ‘Worn Down’ From Victimhood Culture [Watch] Cameron Cawthorne, The Washington Free Beacon

Divisive Democrats, United By Hate Peter Lemiska, American Thinker

A Gun-Control Measure Conservatives Should Consider David French, National Review

Next Test For Trump Is Stabilizing The Dollar For Sustained Growth Lawrence Kudlow, New York Sun

What Evangelicals Gain And Lose Doing Business With The President Erick Erickson, The Weekly Standard

Wrong Prescription For Skyrocketing Prescription Drug Prices Hunt Lawrence and Daniel J. Flynn

Democrats’ Endangered Dreams Of A 2018 Wave Rich Lowry, New York Post

James Damore Loses NLRB Claim Against Google William A. Jacobson, Legal Insurrection

How The Left Plays At Oppression And Encourages Tyrants Sarah Hoyt, PJ Media

5 Similarities Between Ancient Rome’s Decline And Today’s United States Joy Pullmann, The Federalist

For More go to the Home Page >>>

Join Our Email List



section

Bookshelf

FreeMarket Central

Some titles recent, all recommended -

Special Video Feature

FreeMarket Central

Voices From The 2017 International Students For Liberty Conference

section

In Search Of History

The Reagan Tax Cuts Worked

Thanks to "bracket creep," the inflation of the 1970s pushed millions of taxpayers into higher tax brackets even though their inflation-adjusted incomes were not rising. To help offset this tax increase and also to improve incentives to work, save, and invest, President Reagan proposed sweeping tax rate reductions during the 1980s. What happened? Total tax revenues climbed by 99.4 percent during the 1980s, and the results are even more impressive when looking at what happened to personal income tax revenues. Once the economy received an unambiguous tax cut in January 1983, income tax revenues climbed dramatically, increasing by more than 54 percent by 1989 (28 percent after adjusting for inflation).

 

-- Daniel J. Mitchell,

Shadow Stats Snapshot


FreeMarket Central

ShadowStats alternate economic indicators are based on the methodology of noted economist John Williams, specialist in government economic reporting.

  • Unemployment:
    FreeMarket Central BLS: 4.15%
    FreeMarket Central Shadow Stats: 21.8%
  • Inflation:
    FreeMarket Central January Year-to-Year: 2.11% (CPI-U*)
    FreeMarket Central Shadow Stats: 9.9%

*[cpi-u is the Bureau of Labor Statistics inflation rate for all urban consumers]

section