One common topic in current events is generational differences. Baby boomers often call millennials “lazy”, but the truth is, millennials have had a much more difficult time of things than boomers did.
For example, the cost of living has increased dramatically over the last 20 – 30 years, while wages have not. A middle-class boomer was easily able to purchase a home and raise a family, many times off of just one salary. However, “middle-class” millennials have trouble affording their rent, and cannot imagine being able to purchase their own home or afford the costs involved with having children.
Here are 3 goals many millennials would like to reach.
Back in the day, homeownership was something attainable for most people in their 20s and 30s. These days though, depending on where you live, it may feel impossible. Even on two good salaries, the cost of purchasing your own home may be much too high.
Whether your goal is buying a small piece of land and building your dream home, or purchasing a fixer-upper, it may be out of reach for a millennial. Many people are choosing to move to less desirable parts of the country just so they can afford their own homes. Additionally, the housing market is extremely competitive and homes sell for over their asking price all the time. Things just aren’t what they used to be.
Becoming Debt Free
Unfortunately, many millennials are in extreme amounts of debt whether it be from medical bills (due to working at jobs without insurance), student loans, or credit cards. Becoming debt-free is a huge goal for so many millennials because it often feels like they will never escape it. Luckily there are debt consolidation and elimination programs out there to try to help.
Student loans are one of the most common debt issues among this generation, because as high school students people were told to go to college no matter the cost and that it would pay off because it would help them get a good career later on. However, this did not end up being the case for so many. They went to college, racked up student loan debt, and they were never able to find jobs requiring their degrees.
Many millennials grew up thinking that they would have children in their early 20s like many of their parents did. But of course, it is common to not want to become parents until other goals have been reached such as getting a good career or buying a home. Because of this, a lot of millennials have waited much longer to have children and some are worried they may never be able to afford to become parents at all.
Hopefully, this list will help you to realize some of the struggles millennials face when trying to reach their goals. It’s not the same for every generation and their complaints are valid.