Millennials & Gen Z vs Boomer Cost of Living | Luxuries vs Necessities

[0:00]The reason the boomers give a shit about buying luxuries is because back in the 80s luxuries were expensive but life was cheap. Now it's been inverted. Our life is expensive but our luxuries are cheap, so I think this is where the disconnect's happening. For example, in 1980, you could rent a great apartment for $200, but a television would run you a thousand bucks. So if you bought three TVs, that would be $3,000. A CD player was $500, a cell phone was 2,000. A personal computer was 2,500 and a microwave was $500. That's $8,500. That is three and a half years rent on luxuries, and $8,500 was also equivalent to a 20% down payment on a $40,000 home. So it was irresponsible if you didn't budget correctly to buy all these luxuries because it could be holding you back. But today it's flipped. Our biggest luxury is our rent for $2,000. We can now buy three televisions for $600. We have a Spotify account, cell phone for a thousand dollars. You can get a computer for $500, a microwave for $200. That's about $2,400 a month. So our luxuries is about one month's rent, where theirs was three and a half years rent. And if you want to put this on to a down payment, even if you took the average home of 420, let's bring it down to just $320,000. A 20% down payment on that is $64,000. So if you gave up all those luxuries, you would still owe like $61,000. This $2,400 of luxuries wouldn't even cover your closing cost of $10,000 on that home. So the whole thing's been flipped. So I think when they see us with the TVs, the avocado toast and the cell phone, they think that's the reason we can't move forward. But why we can't move forward is because housing, daycare, college, and healthcare is so expensive, but those are our necessities. These luxuries are just fun little things that we have.