Tuesday, June 2, 2015

Millennials Don't Want To Own Homes.. BS!

This article-- "What Everyone Gets Wrong About Millennials and Home Buying" calls out urban planners' bullshit."If you’ve come across any stories mentioning millennials and home ownership, you’ve likely heard this refrain: Young people just aren’t very interested in buying a house. Instead, the story goes, they want to rent a cool apartment, live in a city, and walk to coffee shops. But if you dig a little deeper, both Solomon’s generalization and the “millennials don’t really want to own homes” trope turn out to be largely untrue. A number of surveys have shown that the vast majority of millennials would love to own a place of their own."
This just after I read another article this morning claiming millennials are more interested in retirement planning then home ownership. Sounds like whole lot of propaganda from the 1%. These wealthy movers and shakers have everything to gain by spouting this self serving rubbish.

It would be a dream for the rich to rent to everyone beneath them. It's makes absolutely no sense for a millennial to pay 20% or more above what the landlord's mortgage cost them. If a renter were to become the homeowner it would be equivalent to a 20% discount for the same property they now occupy. Even the term "land lord' ought to repulse most renters. "Lord of the land"... I mean, really?

The tough part is coming up with the down money. Once you're past that, you're home free (pun intended).

These opportunists got that covered too. They're recommending millennials set aside retirement money by promoting the threat Social Security won't be there for them. Hence between ever fast rising rents and insecurities over Social Security young couples may never be able to save enough for a down payment. Here's the frosting on the cake. These jerks get to handle these retirement investments. Investments that can carry up to five fees never guaranteeing a positive return.

Sorry but if younger Americans trust urban planners more then their own instincts then go on to (re)elect politicians who continually threaten cuts to Social Security, they're doomed to a whole world of hurt.

So OK.. Here's The Plan
18-22: College or two year vocational education
22-30: Do whatever to zero down debts. Begin to save
30-40: Forget about investments save for down payment
40-50: Double or even triple mortgage payments. Get it paid off !
50-??: Now's the time to go full steam saving for retirement

My Advice
TO RENTERS: If someone rents throughout their life they won't have a nickel to show for it. To rent is to be forever indebted to the "land lord".

TO HOMEOWNERS: If someone pays the minimum mortgage payments while setting aside retirement contributions they're blowing away a huge amount of money. Two things will happen. (a) The mortgage will end up costing two to three times the principle. (b) No matter what someone receives from their retirement investments most of it will go back into unnecessary mortgage payments. Had they paid the mortgage off then used those prior payments to buy land (even become a "landlord" themselves) or it put into FDIC savings they'd be well ahead of the game. Age old advice is still sound advice. Never be a debtor longer then one has to.

TO RETIREMENT INVESTORS: Never gamble. Make no mistake placing bets with the investment opportunist professionals is gambling The house never loses. Most of these promises of future retirement wealth might as well be a pot of gold at the end of a rainbow.

Final Words
It completely disgust me how the media and those who control wealth try to bamboozle today's younger workers. They constantly beat the drum renting is good. At the same time providing false hope only they (unlike Social Security) will be there for them years down the road. The argument against Social Security is there are more boomers to support then there are younger workers. That's false argument Here's Why...

If they had their way today's younger workers would be forever in servitude to landlords. Grateful for urban part time service jobs. Riding bikes, mass transit and living like sardines in chicken coops. Don't fall for it.

There's no reason why today's younger workers can't have it as good as their parents did. It's simply a matter of electing the right kind of politicians. Making smart financial decisions and taking charge of their families lifestyle choices despite what they've been told. I highly doubt today's generation consider living in chicken coops, pedaling themselves to work or being subservient to the 1% would be what they see for themselves. It's up to these younger Americans to either stand up or accept the kind of crap being spoon fed to them by those who are wealthy and control the messages here locally, Washington and the media nationwide.

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